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| Content Provider | Springer Nature Link |
|---|---|
| Author | Parsons, Craig R. |
| Copyright Year | 2014 |
| Abstract | Hurricane Katrina (2005) was the most devastating natural disaster in US history since San Francisco in 1906. A budding literature on disasters and trade suggests that while the impact of natural disasters on small and/or developing countries is significant, the effects on developed countries is not significant. This paper adds to the literature by focusing on a single event for a developed country, the US. In so doing, the aggregation problems of panel studies of many disasters over many countries is avoided. The results suggest that while terrible, Katrina’s effect on US imports was not statistically significant. Estimates of the long-run cointegrating relationship of import demand detected neither the presence of extraordinarily more nor less imports during the period studied (1983:1 to 2008:2). Small, short-run decreases, then increases, can be attributed to the direct effect of a small decline in overall economic activity alone. Recent estimates for income and price elasticities are also obtained and the results compared to other recent shocks, namely, the mild recession of 1990–1991 and the recession and trade collapse in 2008. |
| Starting Page | 177 |
| Ending Page | 194 |
| Page Count | 18 |
| File Format | |
| ISSN | 16124804 |
| Journal | International Economics and Economic Policy |
| Volume Number | 13 |
| Issue Number | 2 |
| e-ISSN | 16124812 |
| Language | English |
| Publisher | Springer Berlin Heidelberg |
| Publisher Date | 2014-07-27 |
| Publisher Place | Berlin, Heidelberg |
| Access Restriction | One Nation One Subscription (ONOS) |
| Subject Keyword | Natural disaster Trade Structural break Cointegration Dynamic OLS Imports International Economics Economic Policy Macroeconomics/Monetary Economics//Financial Economics Public Finance & Economics |
| Content Type | Text |
| Resource Type | Article |
| Subject | Economics and Econometrics |
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