DO NATURAL DISASTERS PROMOTE LONG‐RUN GROWTH?

Economic Inquiry - Tập 40 Số 4 - Trang 664-687 - 2002
Mark Skidmore1, Hideki Toya2,3
1Skidmore: Associate Professor, University of Wisconsin–Whitewater, Whitewater, WI 53190. E-mail [email protected]
2Toya: Associate Professor, Nagoya City University, Nagoya, Japan. E-mail [email protected]
3WE would like ot thank two anonymous refereers William Blankenau, Gerhard Glomm, Hiroyuki Hashimoto, Denton marks, Yuichi Morita, Masaya Sakuragawa, Etsuro Shiojil, and weminar participants at Knasai Macroecnonomic Workshop, aMacalester College, Midwesxzt Economic Association Annual Meeting, Norhtern lowa University, Unviersiy of Wisconsin-Whitewater, adn Yokoharma National Unvirsity for helpful comments and suggestions.

Tóm tắt

In this article, we investigate the long‐run relationships among disasters, capital accumulation, total factor productivity, and economic growth. The cross‐country empirical analysis demonstrates that higher frequencies of climatic disasters are correlated with higher rates of human capital accumulation, increases in total factor productivity, and economic growth. Though disaster risk reduces the expected rate of return to physical capital, risk also serves to increase the relative return to human capital. Thus, physical capital investment may fall, but there is also a substitution toward human capital investment. Disasters also provide the impetus to update the capital stock and adopt new technologies, leading to improvements in total factor productivity.

Từ khóa


Tài liệu tham khảo

Albala‐Bertrand J., 1993, Political Economy of Large Natural Disasters, 10.1093/oso/9780198287650.001.0001

Alexander D., 1993, Natural Disasters

10.2307/2937797

10.2307/2937943

Barro R. andJ.Lee.Data Set for a Panel of 138 Countries.” Taken from the NBER Web page 1994. Available athttp://www.nber.orgftpbarro.lee.

Barro R., 1996, International Measures of Schooling Years and Schooling Quality, American Economic Review, 86, 218

10.1016/0304-3932(94)90047-7

10.1086/261304

10.1016/0014-2921(94)00100-E

10.1111/1468-0297.00146

Dacy D. C., 1969, The Economics of Natural Disasters

Davis L., 1992, Natural Disasters: From the Black Plague to the Eruption of Mt. Pinatubo

10.1016/0022-0531(72)90044-0

10.1086/261916

Easterly W. andM.Sewadeh.Global Development Network Growth Database.” Taken from the World Bank Research Departments Web page. 2002. Available athttp://www.worldbank.org/research/growth/GDNdata.htm.

Economist, 1997, A Survey of Japanese Finance, 28

EMDAT, 2000, The OFDA/CRED International Disaster Database

10.1016/0304-3932(92)90064-9

10.2307/1912196

10.3386/w5812

10.3386/w5399

10.1086/452609

Insurance Research Council and Insurance Institute for Property Loss Reduction, 1995, Coastal Exposure and Community Protection: Andrew's Legacy

Jones E. L., 1981, The European Miracle: Environments, Economies and Geopolitics in the History of Europe and Asia

10.2307/2938334

10.1016/0167-2231(94)90011-6

10.1007/BF00055792

10.1016/0167-2681(94)00041-C

10.2307/1879518

Levine R., 1992, A Sensitivity Analysis of Cross‐Country Growth Regressions, American Economic Review, 82, 942

10.1016/0304-3932(88)90168-7

Mankiw G., 1992, A Contribution to the Empirics of Economic Growth, Quarterly Journal of Economics, 106, 407, 10.2307/2118477

10.2307/1926560

New York Times, 1995, Quake in Japan: The Response, 19, A11

Otero R., 1995, Disaster Prevention for Sustainable Development: Economic and Policy Issues, 11

10.1016/S0305-750X(97)00044-2

Sachs J., 1997, Fundamental Sources of Long‐Run Growth, American Economic Review Papers and Proceedings, 87, 184

10.2307/1910436

10.2307/2296725

10.1111/j.1467-7717.1983.tb00822.x

Shaw H., 1994, Major Tokyo Quake World Cost 1.2 Trillion, Study Says, C9

10.1016/S0922-1425(00)00056-6

10.1016/0304-3932(88)90021-9

Summers R. andA.Heston.The Penn World Table (Mark 5.6).”1994. Available athttp:pwt.econ.upenn.edu.

10.1257/jel.37.1.112

Tol R., 1999, Climate, Change and Risk

Toya H., 2000, Economic Development and the Effects of Natural Disasters

WDI, 1998, World Development Indicators on CD‐ROM

10.2307/1913132

10.2307/2937848

Thông tin
Thông tin xuất bản

Economic Inquiry

Tập 40 Số 4

664-687

Thông tin tác giả