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Unearthing the Economic and Social Consequences of Earthquakes

Author

Listed:
  • Aksoy, Cevat Giray

    (European Bank for Reconstruction and Development)

  • Chupilkin, Maxim

    (University of Oxford)

  • Koczan, Zsoka

    (EBRD, London)

  • Plekhanov, Alexander

    (EBRD, London)

Abstract

The purpose of this paper is to offer a comprehensive overview of the socio-economic effects of earthquakes. We begin with a thorough literature review. Following this, we assess policy measures taken in response to major earthquakes, drawing on existing research to formulate insights and recommendations that policymakers can use to effectively navigate the risks in the aftermath of such disasters. In addition to reviewing the literature and analyzing policy interventions, we conduct an in-depth examination of the economic repercussions of earthquakes. Our analysis utilizes data from around 80 significant earthquakes across more than 30 countries. The findings indicate that, while the overall effect of major earthquakes on GDP per capita is generally small, the impact on fiscal accounts can be substantial, although this varies significantly between economies. External trade balances tend to weaken, with a considerable decrease in exports and an ambiguous effect on imports.

Suggested Citation

  • Aksoy, Cevat Giray & Chupilkin, Maxim & Koczan, Zsoka & Plekhanov, Alexander, 2024. "Unearthing the Economic and Social Consequences of Earthquakes," IZA Discussion Papers 17108, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izadps:dp17108
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    More about this item

    Keywords

    earthquake; synthetic controls; policy responses; Türkiye;
    All these keywords.

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • H84 - Public Economics - - Miscellaneous Issues - - - Disaster Aid
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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