Arbeitspapier
Natural catastrophes and financial development: An empirical analysis
We estimate the causal effect of natural catastrophes on financial development. We focus on largest catastrophes in developing economies in 1960-2016, employ synthetic control method to compute the counterfactual and use the credit to GDP ratio as the measure of financial development. Our estimates show that the effects of natural catastrophes are sizable, statistically significant and long-lasting. We find that a decade after the catastrophe, credit/GDP ratio remains approximately 30% below its counterfactual. This result suggests that large-scale natural catastrophes severely undermine financial intermediation in developing economies.
- Sprache
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Englisch
- Erschienen in
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Series: IES Working Paper ; No. 14/2020
- Klassifikation
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Wirtschaft
Financial Economics: General
Macroeconomic Analyses of Economic Development
Climate; Natural Disasters and Their Management; Global Warming
Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
- Thema
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Natural catastrophes
financial development
synthetic control method
- Ereignis
-
Geistige Schöpfung
- (wer)
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Horváth, Roman
- Ereignis
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Veröffentlichung
- (wer)
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Charles University in Prague, Institute of Economic Studies (IES)
- (wo)
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Prague
- (wann)
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2020
- Handle
- Letzte Aktualisierung
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20.09.2024, 08:21 MESZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Horváth, Roman
- Charles University in Prague, Institute of Economic Studies (IES)
Entstanden
- 2020