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Record Nr. |
UNINA9910154898703321 |
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Autore |
Acevedo Mejia Sebastian |
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Titolo |
Gone with the Wind : : Estimating Hurricane and Climate Change Costs in the Caribbean / / Sebastian Acevedo Mejia |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2016 |
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ISBN |
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1-4755-4478-2 |
1-4755-4481-2 |
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Descrizione fisica |
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1 online resource (41 pages) : illustrations, tables |
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Collana |
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Disciplina |
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Soggetti |
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Climatic changes - Caribbean Area - Mathematical models |
Hurricanes - Economic aspects - Caribbean Area - Mathematical models |
Gross domestic product - Caribbean Area - Mathematical models |
Environmental Economics |
Natural Disasters |
Environmental Conservation and Protection |
Energy |
Valuation of Environmental Effects |
Climate |
Natural Disasters and Their Management |
Global Warming |
Criteria for Decision-Making under Risk and Uncertainty |
Economywide Country Studies: Latin America |
Caribbean |
Alternative Energy Sources |
Natural disasters |
Climate change |
Environmental management |
Environment |
Greenhouse gas emissions |
Renewable energy |
Climatic changes |
Greenhouse gases |
Renewable energy sources |
Antigua and Barbuda |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Nota di bibliografia |
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Includes bibliographical references. |
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Sommario/riassunto |
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This paper studies the economic costs of hurricanes in the Caribbean by constructing a novel dataset that combines a detailed record of tropical cyclones’ characteristics with reported damages. I estimate the relation between hurricane wind speeds and damages in the Caribbean; finding that the elasticity of damages to GDP ratio with respect to maximum wind speeds is three in the case of landfalls. The data show that hurricane damages are considerably underreported, particularly in the 1950s and 1960s, with average damages potentially being three times as large as the reported average of 1.6 percent of GDP per year. I document and show that hurricanes that do not make landfall also have considerable negative impacts on the Caribbean economies. Finally, I estimate that the average annual hurricane damages in the Caribbean will increase between 22 and 77 percent by the year 2100, in a global warming scenario of high CO2 concentrations and high global temperatures. |
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