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Political Economy of Natural Disasters
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Political Economy of Natural Disasters

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Risk".

Deadline for manuscript submissions: closed (20 March 2022) | Viewed by 54603

Special Issue Editor

Prof. Dr. Mohammad Reza Farzanegan

E-Mail Website
Guest Editor
Center for Near and Middle Eastern Studies (CNMS), Philipps-Universität Marburg, 35032 Marburg, Germany
Interests: political economy; development economics; empirical institutional economics; natural resource management

Special Issue Information

Dear Colleagues,

The topic of natural disasters, especially in the context of climate change, is increasingly becoming the focus of public and scientific attention. Developing a common understanding of the economic size of loss due to natural disasters in addition to sociocultural consequences may increase pressure for regulatory reforms in different sections and especially in construction and land management projects, public education, and disaster insurance systems. The role of natural disasters in the context of economic development has been widely discussed in literature, albeit with inconclusive results.

This Special Issue focuses on the broad topic of “Political Economy of Natural Disasters” and includes novel research on the socioeconomic and political effects of disasters such as earthquakes, drought, sandstorm, flood and COVID-19 pandemic, among others.

We invite submissions of original research that meet our usual standards for rigor. Papers going beyond the narrow boundaries of economics (interdisciplinary approaches) are particularly welcome. The theoretical arguments should be supported by econometric tests and suggestive evidence. We also welcome review articles, policy and opinion pieces on natural disaster management, case studies, and replication studies of key works in the field of Political Economy of Natural Disasters.

Prof. Dr. Mohammad Reza Farzanegan
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • Natural disaster hazard
  • Climate change
  • Flood
  • Earthquake
  • Sand and dust storm
  • Drought
  • Water deficit
  • Tsunamis
  • Hurricanes
  • Disaster management
  • Political economy
  • Quantitative analysis
  • COVID-19 pandemic
  • Economic development
  • Economic analysis
  • Economic recovery
  • Risk
  • Federal policy
  • Government regulatory

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Further information on MDPI's Special Issue policies can be found here.

Published Papers (6 papers)

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Research

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16 pages, 1388 KiB  
Article
Disasters and Investment: Assessing the Performance of the Underlying Economy Following a Large-Scale Stimulus in the Built Environment
by David Dyason
J. Risk Financial Manag. 2022, 15(6), 263; https://doi.org/10.3390/jrfm15060263 - 10 Jun 2022
Cited by 1 | Viewed by 2756
Abstract
Disasters are often followed by a large-scale stimulus supporting the economy through the built environment, which can last years. During this time, official economic indicators tend to suggest the economy is doing well, but as activity winds down, the sentiment can quickly change. [...] Read more.
Disasters are often followed by a large-scale stimulus supporting the economy through the built environment, which can last years. During this time, official economic indicators tend to suggest the economy is doing well, but as activity winds down, the sentiment can quickly change. In response to the damaging 2011 earthquakes in Canterbury, New Zealand, the regional economy outpaced national economic growth rates for several years during the rebuild. The repair work on the built environment created years of elevated building activity. However, after the peak of the rebuilding activity, as economic and employment growth retracts below national growth, we are left with the question of how the underlying economy performs during large scale stimulus activity in the built environment. This paper assesses the performance of the underlying economy by quantifying the usual, demand-driven level of building activity at this time. Applying an Input–Output approach and excluding the economic benefit gained from the investment stimulus reveals the performance of the underlying economy. The results reveal a strong growing underlying economy, and while convergence was expected as the stimulus slowed down, the results found that growth had already crossed over for some time. The results reveal that the investment stimulus provides an initial 1.5% to 2% growth buffer from the underlying economy before the growth rates cross over. This supports short-term economic recovery and enables the underlying economy to transition away from a significant rebuild stimulus. Once the growth crosses over, five years after the disaster, economic growth in the underlying economy remains buoyant even if official regional economic data suggest otherwise. Full article
(This article belongs to the Special Issue Political Economy of Natural Disasters)
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19 pages, 355 KiB  
Article
Private Support for Public Disaster Aid
by Thomas Husted and David Nickerson
J. Risk Financial Manag. 2021, 14(6), 247; https://doi.org/10.3390/jrfm14060247 - 1 Jun 2021
Cited by 3 | Viewed by 2171
Abstract
Despite its growing economic and political importance, this is the first study in economics to investigate public opinion in the United States regarding both the allocation of government disaster aid to stricken households and communities as well as total expenditures by government on [...] Read more.
Despite its growing economic and political importance, this is the first study in economics to investigate public opinion in the United States regarding both the allocation of government disaster aid to stricken households and communities as well as total expenditures by government on such aid. This is also the first study to bridge a gap in previous research on disasters by comparing and contrasting our results to related behavioral studies from political science, social psychology and sociology. Combining individual data from the 2006 General Social Survey with county-level information about the local environment of survey respondents, we estimate probit models to ascertain the magnitude and significance of the socioeconomic, demographic, political and experiential determinants of public opinion on these issues. Among other results, we find that Black survey respondents strongly support increasing total aid expenditures and aid to affected households and communities while income, age and a conservative political ideology largely exert a negative influence on these same variables. Surprisingly, the effects of prior experience with disasters and educational level have only a weak effect on the allocation of aid and none on the level of expenditures on aid. These and other results are consistent with only a portion of previous findings from other disciplines. Several implications of our results for current federal disaster policy are discussed and we also suggest directions for further research into this important topic. Full article
(This article belongs to the Special Issue Political Economy of Natural Disasters)
26 pages, 896 KiB  
Article
Post-Disaster Spillovers: Evidence from Iranian Provinces
by Sven Fischer
J. Risk Financial Manag. 2021, 14(5), 193; https://doi.org/10.3390/jrfm14050193 - 22 Apr 2021
Cited by 10 | Viewed by 3192
Abstract
This paper studies the relationship between natural disasters and economic growth in the disaster-prone country of Iran, using a spatial Durbin panel model and covering the time period from 2010 to 2016 and including 29 provinces. The results of the empirical investigation suggest [...] Read more.
This paper studies the relationship between natural disasters and economic growth in the disaster-prone country of Iran, using a spatial Durbin panel model and covering the time period from 2010 to 2016 and including 29 provinces. The results of the empirical investigation suggest that there is a statistically significant positive relationship between the spatially-lagged occurrence of natural disasters and the change of the first difference of the natural logarithm of GDP per capita. Moreover, the estimations support the findings of previous cross-country studies, namely that we cannot find empirical evidence for a statistically significant direct effect of natural disasters on economic growth in the short term. When including time-lags, we can see a statistically significant positive effect of natural disasters on economic growth after two years. When taking into account the disaster type, which is mainly earthquake and flood in the case of Iran, the results suggest that the positive spillover effects are, rather, driven by earthquakes, and that there is a direct positive effect of floods in the short run. These findings extend existing literature and add new insights that are not just relevant for the case of Iran. The novelty of this study is that established and innovative approaches are used to study natural disasters on the provincial level, instead of the country level, and also take into account spatial spillover effects after disaster events that have been rarely discussed in literature. Full article
(This article belongs to the Special Issue Political Economy of Natural Disasters)
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10 pages, 486 KiB  
Article
Globalization and the Outbreak of COVID-19: An Empirical Analysis
by Mohammad Reza Farzanegan, Mehdi Feizi and Hassan F. Gholipour
J. Risk Financial Manag. 2021, 14(3), 105; https://doi.org/10.3390/jrfm14030105 - 5 Mar 2021
Cited by 53 | Viewed by 18528
Abstract
The purpose of this study is to examine the relationship between the extension of globalization and coronavirus disease 2019 (COVID-19) case fatality rate (CFR) calculated on 28 July 2020 in more than 150 countries. Our regression analyses show that countries with higher levels [...] Read more.
The purpose of this study is to examine the relationship between the extension of globalization and coronavirus disease 2019 (COVID-19) case fatality rate (CFR) calculated on 28 July 2020 in more than 150 countries. Our regression analyses show that countries with higher levels of socio-economic globalization are exposed to higher levels of CFR. The positive association between the level of globalization of countries and their COVID-19 fatality rate remains robust, controlling for cross-country differences in economic development and demographics, health care costs, health care capacity, quality of governance and continental dummies. Full article
(This article belongs to the Special Issue Political Economy of Natural Disasters)
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25 pages, 2240 KiB  
Article
First to React Is the Last to Forgive: Evidence from the Stock Market Impact of COVID 19
by Sherif. M. Hassan and John M. Riveros Gavilanes
J. Risk Financial Manag. 2021, 14(1), 26; https://doi.org/10.3390/jrfm14010026 - 6 Jan 2021
Cited by 22 | Viewed by 7477
Abstract
The COVID 19 pandemic has had wide-ranging and severe effects on global economies. Stock markets as usual were the first to react, with drop rates as much as the global financial crises of 2008. This study uses daily data to model the dynamic [...] Read more.
The COVID 19 pandemic has had wide-ranging and severe effects on global economies. Stock markets as usual were the first to react, with drop rates as much as the global financial crises of 2008. This study uses daily data to model the dynamic impact of the COVID 19 pandemic on the first affected countries’ stock market indices and the global commodity markets. The panel least squares Vector Auto-Regressive (VAR) estimation results confirm the negative short-termed impact of the virus spread rate on the returns of the stock market indices. The spread rate is also significant to explain changes related to the prices of platinum, silver, West Texas Intermediate (WTI), and Brent crude oil. Full article
(This article belongs to the Special Issue Political Economy of Natural Disasters)
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Review

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25 pages, 2733 KiB  
Review
Causes and Effects of Sand and Dust Storms: What Has Past Research Taught Us? A Survey
by Christian Opp, Michael Groll, Hamidreza Abbasi and Mansour Ahmadi Foroushani
J. Risk Financial Manag. 2021, 14(7), 326; https://doi.org/10.3390/jrfm14070326 - 15 Jul 2021
Cited by 37 | Viewed by 17410
Abstract
Barren ground and sites with low coverage by vegetation (e.g., dunes, soil surfaces, dry lakes, and riverbeds) are the main source areas of sand and dust storms (SDS). The understanding of causes, processes (abrasion, deflation, transport, deposition), and influencing factors of sandy and [...] Read more.
Barren ground and sites with low coverage by vegetation (e.g., dunes, soil surfaces, dry lakes, and riverbeds) are the main source areas of sand and dust storms (SDS). The understanding of causes, processes (abrasion, deflation, transport, deposition), and influencing factors of sandy and dusty particles moving by wind both in the boundary layer and in the atmosphere are basic prerequisites to distinguish between SDS. Dust transport in the atmosphere modulates radiation, ocean surface temperature, climate, as well as snow and ice cover. The effects of airborne particles on land are varied and can cause advantages and disadvantages, both in source areas and in sink or deposition areas, with disturbances of natural environments and anthropogenic infrastructure. Particulate matter in general and SDS specifically can cause severe health problems in human respiratory and other organs, especially in children. Economic impacts can be equally devastating, but the costs related to SDS are not thoroughly studied. The available data show huge economic damages caused by SDS and by the mitigation of their effects. Management of SDS-related hazards utilizes remote sensing techniques, on-site observations, and protective measures. Integrated strategies are necessary during both the planning and monitoring of these measures. Such integrated strategies can be successful when they are developed and implemented in close cooperation with the local and regional population and stakeholders. Full article
(This article belongs to the Special Issue Political Economy of Natural Disasters)
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