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|z 9781513515380
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|a 1018-5941
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|a Cantelmo, Alessandro.
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|a Macroeconomic Outcomes in Disaster-Prone Countries /
|c Alessandro Cantelmo, Giovanni Melina, Chris Papageorgiou.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2019.
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|a 1 online resource (52 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Using a dynamic stochastic general equilibrium model, we study the channels through which natural disaster shocks affect macroeconomic outcomes and welfare in disaster-prone countries. We solve the model using Taylor projection, a solution method that is shown to deal effectively with high-impact weather shocks calibrated in accordance to empirical evidence. We find large and persistent effects of weather shocks that significantly impact the income convergence path of disaster-prone countries. Relative to non-disaster-prone countries, on average, these shocks cause a welfare loss equivalent to a permanent fall in consumption of 1.6 percent. Welfare gains to countries that self-finance investments in resilient public infrastructure are found to be negligible, and international aid has to be sizable to achieve significant welfare gains. In addition, it is more cost-effective for donors to contribute to the financing of resilience before the realization of disasters, rather than disbursing aid after their realization.
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|a Mode of access: Internet
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|a Melina, Giovanni.
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|a Papageorgiou, Chris.
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|a IMF Working Papers; Working Paper ;
|v No. 2019/217
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2019/217/001.2019.issue-217-en.xml
|z IMF e-Library
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