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Self-insurance Against Natural Disasters: The Use of Pension Funds in Pacific Island Countries

Author

Listed:
  • Mr. Si Guo
  • Mr. Futoshi Narita

Abstract

Pacific island countries are exposed to significant risks from natural disasters. As a disaster relief measure, Fiji allowed pre-retirement pension withdrawls in the wake of Cyclone Winston in 2016. Motivated by this policy action, we provide a normative analysis of the use of early pension withdrawals after disasters, by setting up a life-cycle saving model with myopic households facing large natural disaster shocks. The model demonstrates the key trade-off between building up sufficient retirement savings and ensuring the access to savings against natural disaster shocks, and sheds light on welfare implications of early pension withdrawals.

Suggested Citation

  • Mr. Si Guo & Mr. Futoshi Narita, 2018. "Self-insurance Against Natural Disasters: The Use of Pension Funds in Pacific Island Countries," IMF Working Papers 2018/155, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2018/155
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    Cited by:

    1. Hidetaka Nishizawa & Mr. Scott Roger & Huan Zhang, 2019. "Fiscal Buffers for Natural Disasters in Pacific Island Countries," IMF Working Papers 2019/152, International Monetary Fund.
    2. Sainsbury, Tristram & Breunig, Robert & Watson, Timothy, 2022. "COVID-19 Private Pension Withdrawals and Unemployment Tenures," IZA Discussion Papers 15399, Institute of Labor Economics (IZA).

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