Fiscal Resilience To Natural Disasters Lessons From Country Experiences
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Fiscal Resilience to Natural Disasters Lessons from Country Experiences by OECD,The World Bank Pdf
This report presents the results of a study that compares country practices in the management of the financial implications of disasters on government finances for a set of OECD member countries and partner economies particularly exposed to natural hazards.
Fiscal Resilience to Natural Disasters by Anonim Pdf
Natural disasters continue to cause widespread damage and losses, with fast growing economies particularly exposed. Governments often shoulder a significant share of the costs of disaster recovery and reconstruction. This is true in OECD countries and even more so in developing economies, where private insurance markets are not as well developed. The fiscal impact of disasters on a government's budget can be sizeable. Expenditures for the government arise from both explicit and implicit commitments to compensate for disaster losses. This report presents the results of a study that compares country practices in the management of the financial implications of disasters on government finances for a set of OECD member and partner countries particularly exposed to natural hazards.
How to Manage the Fiscal Costs of Natural Disasters by Mr.Serhan Cevik,Guohua Huang Pdf
This how-to note focuses on the management of the fiscal costs associated with natural disaster risks. Unlike other types of fiscal risks (for example, unexpected macroeconomic changes or materialization of contingent liabilities), a natural disaster presents a unique challenge to fiscal risk-management and budget processes because of its exogenous nature and potentially overwhelming scale. This note discusses how governments can build fiscal resilience against natural hazards and strengthen fiscal management after a disaster, including through budgeting frameworks and other fiscal policies. The note aims to answer three central questions: How large should fiscal buffers be? How should fiscal buffers be built up? How should fiscal buffers be used efficiently and transparently once a natural disaster has struck? These three questions directly relate to fiscal policy, fiscal risk management, and the budget process—all core areas of IMF expertise. To address them, the note focuses on fiscal strategies for financing recovery efforts and considers approaches to mitigate disaster impact. The note also provides guidance on how to conduct regular risk analyses of natural disasters’ potential fiscal consequences and outlines best practices for defining and accounting for the contingent liabilities associated with natural disasters in budgeting frameworks. Finally, the note touches on approaches for risk reduction, disaster risk financing strategies, and risk transfer mechanisms, such as various insurance instruments.
National Academies,Policy and Global Affairs,Committee on Science, Engineering, and Public Policy,Committee on Increasing National Resilience to Hazards and Disasters
Author : National Academies,Policy and Global Affairs,Committee on Science, Engineering, and Public Policy,Committee on Increasing National Resilience to Hazards and Disasters Publisher : National Academies Press Page : 216 pages File Size : 52,7 Mb Release : 2012-12-29 Category : Science ISBN : 9780309261500
Disaster Resilience by National Academies,Policy and Global Affairs,Committee on Science, Engineering, and Public Policy,Committee on Increasing National Resilience to Hazards and Disasters Pdf
No person or place is immune from disasters or disaster-related losses. Infectious disease outbreaks, acts of terrorism, social unrest, or financial disasters in addition to natural hazards can all lead to large-scale consequences for the nation and its communities. Communities and the nation thus face difficult fiscal, social, cultural, and environmental choices about the best ways to ensure basic security and quality of life against hazards, deliberate attacks, and disasters. Beyond the unquantifiable costs of injury and loss of life from disasters, statistics for 2011 alone indicate economic damages from natural disasters in the United States exceeded $55 billion, with 14 events costing more than a billion dollars in damages each. One way to reduce the impacts of disasters on the nation and its communities is to invest in enhancing resilience-the ability to prepare and plan for, absorb, recover from and more successfully adapt to adverse events. Disaster Resilience: A National Imperative addresses the broad issue of increasing the nation's resilience to disasters. This book defines "national resilience", describes the state of knowledge about resilience to hazards and disasters, and frames the main issues related to increasing resilience in the United States. It also provide goals, baseline conditions, or performance metrics for national resilience and outlines additional information, data, gaps, and/or obstacles that need to be addressed to increase the nation's resilience to disasters. Additionally, the book's authoring committee makes recommendations about the necessary approaches to elevate national resilience to disasters in the United States. Enhanced resilience allows better anticipation of disasters and better planning to reduce disaster losses-rather than waiting for an event to occur and paying for it afterward. Disaster Resilience confronts the topic of how to increase the nation's resilience to disasters through a vision of the characteristics of a resilient nation in the year 2030. Increasing disaster resilience is an imperative that requires the collective will of the nation and its communities. Although disasters will continue to occur, actions that move the nation from reactive approaches to disasters to a proactive stance where communities actively engage in enhancing resilience will reduce many of the broad societal and economic burdens that disasters can cause.
Large Natural Disasters--Enhancing the Financial Safety Net for Developing Countries by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept. Pdf
The Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI) are valuable components of the disaster risk financing tool kit for Fund members, especially developing countries. They help to meet urgent balance of payments needs, and are designed to play a catalytic role in mobilizing other external financing. This paper develops proposals for a higher annual access limit under the RCF and RFI, building on a November 2016 staff paper on small states’ resilience to natural disasters and climate change (IMF, 2016c). Directors generally supported the proposal in that paper to establish higher annual access limits of 60 percent of quota under the RCF and RFI for countries experiencing severe natural disaster-related damages. The focus of this paper is to specify the threshold of damage from a natural disaster that would allow members experiencing urgent balance of payments needs arising from such disasters to access emergency financing at the higher annual limit. In the November 2016 paper, staff proposed, among other things, the possibility of establishing a higher access limit under the RCF and RFI where the amount of damage reached the threshold of 30 percent of GDP. Most Directors regarded the proposed threshold of disaster damage as overly restrictive, and suggested lowering the threshold to 20 percent of GDP or lower, provided that this did not jeopardize the self-sustainability of the PRGT. For a range of future disaster outcomes, a damage threshold of 20 percent of GDP could increase projected annual average PRGT loan demand in the 1-5 percent range over the next decade, which should not pose significant risks to the robustness of PRGT self-sustainability. Cautious stewardship of PRGT resources argues against a lower disaster damage threshold, pending further experience with disaster trends and associated PRGT loan demand. This paper does not propose changes to the current cumulative access limits for the RCF and RFI. The cumulative access limits play an important role in the Fund’s financing architecture, constraining the extent to which countries can access Fund resources without implementing a Fund-supported program with upper credit tranche (UCT) conditionality and associated policies in circumstances where such a program would be more appropriate. The Board will have the opportunity to review the cumulative access limits in the context
Enhancing Macroeconomic Resilience to Natural Disasters and Climate Change in the Small States of the Pacific by Ezequiel Cabezon,Ms.Leni Hunter,Ms.Patrizia Tumbarello,Kazuaki Washimi,Mr.Yiqun Wu Pdf
Natural disasters and climate change are interrelated macro-critical issues affecting all Pacific small states to varying degrees. In addition to their devastating human costs, these events damage growth prospects and worsen countries’ fiscal positions. This is the first cross-country IMF study assessing the impact of natural disasters on growth in the Pacific islands as a group. A panel VAR analysis suggests that, for damage and losses equivalent to 1 percent of GDP, growth drops by 0.7 percentage point in the year of the disaster. We also find that, during 1980-2014, trend growth was 0.7 percentage point lower than it would have been without natural disasters. The paper also discusses a multi-pillar framework to enhance resilience to natural disasters at the national, regional, and multilateral levels and the importance of enhancing countries’ risk-management capacities. It highlights how this approach can provide a more strategic and less ad hoc framework for strengthening both ex ante and ex post resilience and what role the IMF can play.
Economic and Fiscal Impacts of Disasters in the Pacific by Asian Development Bank Pdf
Pacific island countries need to build their fiscal and economic resilience to climate change and natural disasters as these have lasting consequences on their livelihoods, economies, and fiscal balances. Climate change and natural disasters can have lasting consequences on livelihoods, economies, and fiscal balances-spanning immediate reconstruction costs and fiscal shocks to long-term halts in tourism and agriculture economies. Globally, the most exposed to these impacts are the Pacific island countries. The Asian Development Bank is working closely with its Pacific developing member countries to prepare for and respond to the effects of climate change and natural hazards. This publication examines the often-overlooked dimension of resilience planning-how to brace economies for shocks caused by climate change and hazard events. It analyzes the exposure and vulnerability of Pacific economies to disaster events and outlines key resources for building fiscal and economic resilience.
Governance, Risk and Financial Impact of Mega Disasters by Akiko Kamesaka,Franz Waldenberger Pdf
This book addresses researchers, practitioners, and policy makers interested in understanding the financial implications of mega-disaster risks as well as in seeking possible solutions with regard to governance, the allocation of financial risk, and resilience. The first part of this book takes the example of Japan and studies the impact of mega earthquakes on government finance, debt positions of private household and businesses, capital markets, and investor behavior by way of economic modeling as well as case studies from recent major disasters. In Japan, the probability of a mega earthquake hitting dense agglomerations is very high. Like other large-scale natural disasters, such events carry systemic risks, i.e., they can trigger disruptions endangering the stability of the social, economic, and political order. The second part looks at the experience of the Japanese government as a provider of disaster-risk finance and an active partner in international collaboration. It concludeswith an analysis of the general characteristics of systemic risk and approaches to improve resilience.
Macroeconomic Risk Management Against Natural Disasters by Stefan Hochrainer Pdf
Stefan Hochrainer develops a catastrophe risk management model. It illustrates which trade-offs and choices a country must make in managing economic risks due to natural disasters. Budgetary resources are allocated to pre-disaster risk management strategies to reduce the probability of financing gaps. The framework and model approach allows cross country comparisons as well as the assessment of financial vulnerability, macroeconomic risk, and risk management strategies. Three case studies demonstrate its flexibility and coherent approach.
Assessing the Enabling Environment for Disaster Risk Financing by Asian Development Bank Pdf
This diagnostics toolkit is designed to help countries assess the financial management of disaster risk and to provide a basis for them to enhance financial resilience through insurance and other risk transfer instruments. Disasters damage and destroy infrastructure and disrupt economic activities and services, potentially delaying long-term development and hampering efforts to reduce poverty in the region. Countries require a strong enabling environment for disaster risk financing to ensure the timely availability of post-disaster funding. In the report, the framework examines the state of the enabling environment and incorporates lessons from country diagnostics assessments for Fiji, Nepal, Pakistan, and Sri Lanka.
Reflective Planning Practice by Richard Willson Pdf
Reflective Planning Practice: Theory, Cases, and Methods uses structured, first-person reflection to reveal the artistry of planning practice. The value of professional reflection is widely recognized, but there is a difference between acknowledging it and doing it. This book takes up that challenge, providing planners’ reflections on past practice as well as prompts for reflecting in the midst of planning episodes. It explains a reflection framework and employs it in seven case studies written by planning educators who also practice. The cases reveal practical judgments made during the planning episode and takeaways for practice, as the planners used logic and emotion, and applied convention and invention. The practical judgments are explained from the perspective of the authors’ personal experiences, purposes, and professional style, and their interpretation of the rich context that underpins the cases including theories, sociopolitical aspects, workplace setting, and roles. The book seeks to awaken students and practitioners to the opportunities of a pragmatic, reflective approach to planning practice.
National Research Council,Division on Earth and Life Studies,Commission on Geosciences, Environment and Resources,U.S. National Committee for the Decade for Natural Disaster Reduction
Author : National Research Council,Division on Earth and Life Studies,Commission on Geosciences, Environment and Resources,U.S. National Committee for the Decade for Natural Disaster Reduction Publisher : National Academies Press Page : 85 pages File Size : 43,8 Mb Release : 1991-02-01 Category : Science ISBN : 9780309045469
A Safer Future by National Research Council,Division on Earth and Life Studies,Commission on Geosciences, Environment and Resources,U.S. National Committee for the Decade for Natural Disaster Reduction Pdf
Initial priorities for U.S. participation in the International Decade for Natural Disaster Reduction, declared by the United Nations, are contained in this volume. It focuses on seven issues: hazard and risk assessment; awareness and education; mitigation; preparedness for emergency response; recovery and reconstruction; prediction and warning; learning from disasters; and U.S. participation internationally. The committee presents its philosophy of calls for broad public and private participation to reduce the toll of disasters.
Chile: Fiscal Transparency Evaluation by International Monetary,International Monetary Fund. Fiscal Affairs Dept. Pdf
Strong fiscal institutions have contributed to Chile’s macroeconomic stability, and recent reform initiatives have focused on enhancing these institutions and fiscal transparency. This report assesses fiscal transparency practices in Chile in relation to the requirements of the IMF’s Fiscal Transparency Code and confirms that many elements of sound fiscal transparency practices are already in place. Chile’s practices meet the principles of the code at a good or advanced level for 21 out of the 36 principles. This is a good score, compared to the average for Latin American Countries and Emerging Market Economies. On a further nine principles, Chile meets the basic standard of practice. Chile’s fiscal transparency practices are very strong for fiscal forecasting and budgeting, followed by fiscal reporting, while fiscal risk analysis and management demonstrate more mixed results. Further improvements could be achieved relatively easily through the publication of some internal analyses or through a more timely or user-friendly publication of already available information.
