Fiscal Responses after Catastrophes and the Enabling Role of Financial Development

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F15%3A86096343" target="_blank" >RIV/61989100:27510/15:86096343 - isvavai.cz</a>

Výsledek na webu

<a href="http://dx.doi.org/10.1093/wber/lht041" target="_blank" >http://dx.doi.org/10.1093/wber/lht041</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1093/wber/lht041" target="_blank" >10.1093/wber/lht041</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Fiscal Responses after Catastrophes and the Enabling Role of Financial Development

Popis výsledku v původním jazyce

Natural disasters may constitute a major shock to public finances and debt sustainability because of their impact on output and the need for government response with reconstruction and relief expenses. The question arises of whether governments can use financial development policy as the means to mitigate or insure against this negative fiscal impact. This paper uses a panel vector autoregressive model, estimated on annual data for high- and middle-income countries over 1975-2008, to study the role of debt market development and insurance penetration in enabling fiscal response after catastrophes. The authors find that countries with higher debt market development suffer smaller real consequences from disasters but that their deficits expand further following the mitigating fiscal response. Disasters in countries with high insurance penetration also experience smaller real consequences of disasters but without the need for further deficit expansions. From an ex-post perspective, the av

Název v anglickém jazyce

Fiscal Responses after Catastrophes and the Enabling Role of Financial Development

Popis výsledku anglicky

Natural disasters may constitute a major shock to public finances and debt sustainability because of their impact on output and the need for government response with reconstruction and relief expenses. The question arises of whether governments can use financial development policy as the means to mitigate or insure against this negative fiscal impact. This paper uses a panel vector autoregressive model, estimated on annual data for high- and middle-income countries over 1975-2008, to study the role of debt market development and insurance penetration in enabling fiscal response after catastrophes. The authors find that countries with higher debt market development suffer smaller real consequences from disasters but that their deficits expand further following the mitigating fiscal response. Disasters in countries with high insurance penetration also experience smaller real consequences of disasters but without the need for further deficit expansions. From an ex-post perspective, the av

Druh

J_x - Nezařazeno - Článek v odborném periodiku (Jimp, Jsc a Jost)

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

<a href="/cs/project/GA13-20613S" target="_blank" >GA13-20613S: Institucionální struktura dohledu nad finančními službami a monitorování systémového rizika ve střední Evropě</a><br>

Návaznosti

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Rok uplatnění

2015

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

World Bank Economic Review

ISSN

0258-6770

e-ISSN

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Svazek periodika

29

Číslo periodika v rámci svazku

1

Stát vydavatele periodika

GB - Spojené království Velké Británie a Severního Irska

Počet stran výsledku

21

Strana od-do

129-149

Kód UT WoS článku

000352542900005

EID výsledku v databázi Scopus

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