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Displaying 3 of about 3 resultsHistorically, the Republic of the Marshall Islands (RMI) has faced significant challenges with its water supply. During 2015 and 2016, extremely low precipitation and an especially intense El Niño Southern Oscillation (ENSO) resulted in a severe drought. By May 2016, 21,000 people in RMI were affected – 1,257 households on the outer islands and 5,195 ho…
On September 6, 2017, Hurricane Irma hit the Islands of Barbuda and Antigua with catastrophic effects. Hurricane Irma made landfall as a category 5 storm (Saffir-Simpson scale). Compounding the situation, on September 18, Hurricane Maria (also a category 5 storm) affected the island of Antigua. Although Hurricane Maria did not make landfall, Antigua was…
This working paper presents a dynamic small open economy model to explore the macroeconomic impact of natural disasters. In addition to permanent damages to public and private capital, the disaster causes temporary losses of productivity, inefficiencies during the reconstruction process, and damages to the sovereign's creditworthiness.
This paper uses…