Almost all countries announced fiscal support programs once COVID-19 hit. However, there was significant diversity in the magnitude and composition of these fiscal stimulus programs. These differences were determined by myriad political, financial, social, and economic factors - these factors...

We evaluate the change in international reserves in the aftermath of significant external shocks. We examine the response of international reserves to shocks by using a quasi-experimental setup and focusing on earthquakes. The estimation is done on a panel of 103 countries over the period...

We evaluate the 1968 H3N2 Flu pandemic’s economic cost in a cross-section of 52 countries. Using excess mortality rates as a proxy for the country-specific severity of the pandemic, we find that the average mortality rate (0.0062% per pandemic wave) was associated with declines in consumption...

Observers repeatedly predict that climate change will lead and is already causing massive migration with very large numbers of people forced to leave their homes in cataclysmic waves of climate refugees. Yet, most of the empirical research on the contemporary link between climate change and...

The COVID-19 vaccines played a pivotal role in safeguarding populations. Yet, vaccine hesitancy remained a significant barrier to increasing coverage rates, as many high-income countries faced prolonged vaccine refusal campaigns. In Japan, vaccine doses were administered under a reservation...

Globally, the single-most observable, predictable, and certain impact of climate change is sea level rise. Using a case study from the Kapiti Coast District in New Zealand, we pose a simple question: Do people factor in the warnings provided by scientists and governments about the risk of...

We quantify the impacts of droughts in New Zealand on the profitability of dairy, and sheep and beef farms. Using a comprehensive administrative database of all businesses in New Zealand, we investigate the impact of droughts on farm revenue, profits, return on capital, business equity, debt to...

We measure to cost of extreme weather events (droughts and floods) on health care in Sri Lanka. We find that frequently occurring local floods and droughts impose a significant risk to health when individuals are exposed directly to these hazards, and when their communities are exposed, even if...

The potentially adverse effects of droughts on agricultural output are obvious. Indonesian rice farmers have no financial protection from climate risk via catastrophic weather risk transfer tools. Done well, a weather index insurance (WII) program can not only provide resources that enable...

Natural hazard insurance is almost always provided through public-private partnerships. Given the dominant role of the public sector, it is surprising that equity issues have not faced more scrutiny with respect to the design of hazard insurance. We provide a detailed quantification of the...