Quality infrastructure and natural disaster resiliency: A panel analysis of Asia and the Pacific

Taghizadeh–Hesary, Farhad; Sarker, Tapan; Yoshino, Naoyuki; Mortha, Aline; Vo, Xuan Vinh

doi:10.1016/j.eap.2020.12.021

Cited by 32 publications

(12 citation statements)

References 39 publications

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“…Consistent with contemporary literature (Taghizadeh-Hesary et al, 2021), the impact of natural disaster is contingent on a plethora of factors, inter alia, the level of economic development, a justification that is consistent with some strands of the literature that, the consequences of negative signals such as terrorism are more apparent in poor countries which do not have the infrastructure and logical sophistication to hedge the corresponding negative effects (Asongu & Ssozi, 2017;Asongu & Kodila-Tedika, 2019). Khan et al (2020) have assessed the Belt and Road Initiative and established a negative nexus between natural disasters and economic prosperity in terms of gross domestic product (GDP), and GDP per capita.…”

Section: Introductionsupporting

confidence: 68%

Mitigating the Macroeconomic Impact of Severe Natural Disasters in Africa: Policy Synergies

2021

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This study evaluates the economic impact of severe natural disasters in Africa using the generalized synthetic control method. In other words, it assesses how gross domestic product (GDP) would have been affected if severe natural disasters did not occur. Moreover, it explores the determinants of the destructiveness of the impact, focusing on the role played by capital. We find that severe natural disasters induce a significant and continuous reduction of GDP many years after the event. Indeed, economic losses caused by disasters depend on the level of capital (human capital, employment and capital stock) and aspects of governance quality (political stability and absence of violence). In other words, negative synergies are apparent because while capital stock, employment and human capital unconditionally reduce the macroeconomic impact of natural disasters, the corresponding conditional or interactive effects with political stability are also negative. Policy implications are discussed.

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Section: Introductionsupporting

confidence: 68%

Mitigating the Macroeconomic Impact of Severe Natural Disasters in Africa: Policy Synergies

2021

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“…Some studies have also underlined that good quality hard infrastructure (such as energy infrastructure, including electricity and transport) is essential for bolstering countries' resilience to economic and financial shocks, as well as natural disasters (e.g., Di Caro and Ugo 2018;Hallegatte 2014;Taghizadeh-Hesar et al 2021;United Nations 2016). In light of the potential adverse effects of natural disasters on international trade flows, including exports (e.g., Gassebner et al 2010;Oh and Rafael 2010), we expect the development of hard infrastructure to be associated with greater export resilience.…”

Section: Theoretical Motivationmentioning

confidence: 99%

Development Aid and Export Resilience in Developing Countries: A Reference to Aid for Trade

Gnangnon

2022

Economies

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The COVID-19 pandemic, as with previous major crises, such as the 2008 financial crisis, has had a severe negative impact on international trade flows. The present paper aims to contribute to the debate concerning how to foster resilience against future crises, in terms of countries’ aggregate exports, by examining the effect of development aid (i.e., so-called official development assistance), particularly the impact of the Aid for Trade (AfT) component, upon export resilience. The resilience of exports refers to the ability of countries’ aggregate exports to resist shocks, regardless of whether they are environmental or external shocks. The core argument of the analysis is that development aid would affect export resilience through its impact upon productive capacities. The analysis covers 93 developing countries over the period 2002–2018. The findings indicate that the total development aid flows, including both AfT flows and NonAfT flows, exert a positive effect upon export resilience. Among AfT components, AfT for productive capacities appears to exert a greater positive effect upon export resilience than AfT for economic infrastructure and AfT for trade policy and regulation. In addition, development aid (regardless of which aid variable is considered) exerts the greatest positive effect upon export resilience in countries (such as the least developed countries—LDCs) that have the lowest productive capacities. These findings highlight the need for donor countries to supply higher development aid flows, in particular, AfT flows, to countries such as LDCs that have low productive capacities.

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“…It is very important to make these economies resilient to natural disasters, by spending more money on their prevention namely by "investing in Disaster Risk Reduction for resilience" through collaboration between public and private entities and "enhancing disaster preparedness for effective response" and to "Build Back Better in recovery, rehabilitation, and reconstruction" (UNISDR, 2019). The prevention policy for making these economies resilient includes the establishment of quality infrastructure (Taghizadeh-Hesary et al, 2020).…”

Section: Conclusion and Policy Implicationmentioning

confidence: 99%

Knowing the Unknowns – Fresh Insights From an Unknown Stock Market

Sharma

Yoshino

Taghizadeh–Hesary

2022

BEMP

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The goal of our study is to examine the impact of natural disasters on the South Pacific Stock Exchange. We use daily time-series data for Fiji’s stock market for the period 2000-2019. Our empirical framework is based on three factor regression models, namely the market model, the Fama and French three-factor model, and the Fama and French five-factor model. We find evidence that natural disasters in Fiji reduce abnormal returns in the most relevant five-factor model. Additionally, we provide evidence that different types of natural disasters have heterogeneous effects on Fiji’s stock market. Our findings are further supported by a robustness check.

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Quality infrastructure and natural disaster resiliency: A panel analysis of Asia and the Pacific

Cited by 32 publications

References 39 publications

Mitigating the Macroeconomic Impact of Severe Natural Disasters in Africa: Policy Synergies

Mitigating the Macroeconomic Impact of Severe Natural Disasters in Africa: Policy Synergies

Development Aid and Export Resilience in Developing Countries: A Reference to Aid for Trade

Knowing the Unknowns – Fresh Insights From an Unknown Stock Market

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