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Disaster Risk Management and Fiscal Policy: Narratives, Tools, and Evidence Associated with Assessing Fiscal Risk and Building Resilience

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dc.contributor.authorMechler, Reinhard
dc.contributor.authorMochizuki, Junko
dc.contributor.authorHochrainer-Stigler, Stefan
dc.date.accessioned2016-05-04T17:45:51Z
dc.date.available2016-05-04T17:45:51Z
dc.date.issued2016-04
dc.description.abstractThis paper addresses the question whether and how co-benefits, through disaster resilience building, can be further promoted. Co-benefits are defined as positive externalities that arise deliberately as a result of a joint strategy that pursues several objectives synergistically at the same time, such as disaster risk management and development goals, or disaster risk management and climate change adaptation. Of particular interest is the question of how the economic and broader benefits of disaster risk management can be recognized and realized by those in charge of fiscal policy decisions. The paper considers the interplay between public disaster risk management investment and fiscal policy, and provides an overview of the current debate as well as assessment methods, tools, and policy options. In fiscal budgeting, it has been standard practice to focus on direct liabilities and recurrent spending. Costs of disasters are often dealt with after the fact only, rather than being considered as contingent liabilities. As a consequence, the full costs of disasters have often not been budgeted for, and, with a price signal missing, there is lack of clear incentives for investing in disaster risk management. Overall, the paper identifies four steps and three dividends to be harnessed: (i) understanding fiscal risk; (ii) protecting public finance through risk financing instruments, the first dividend; (iii) managing disaster risk comprehensively, the second dividend; and (iv) pursuing a synergistic, co-benefits strategy of concurrently managing disaster risks and promoting development, the third dividend.en
dc.identifierhttp://documents.worldbank.org/curated/en/2016/04/26213117/disaster-risk-management-fiscal-policy-narratives-tools-evidence-associated-assessing-fiscal-risk-building-resilience
dc.identifier.doi10.1596/1813-9450-7635
dc.identifier.urihttps://hdl.handle.net/10986/24209
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 7635
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectALLIANCE
dc.subjectRISK PROFILES
dc.subjectCONTINGENT LIABILITIES
dc.subjectRISKS
dc.subjectCAPITAL MARKETS
dc.subjectINSURANCE TRANSACTIONS
dc.subjectDISASTER RECOVERY
dc.subjectEXCISE TAXES
dc.subjectRISK REDUCTION
dc.subjectINTEREST
dc.subjectFACTORING
dc.subjectGUARANTEES
dc.subjectTERRORIST
dc.subjectSTRATEGIES
dc.subjectPROGRAMS
dc.subjectINFORMATION
dc.subjectSERVICES
dc.subjectDISTRIBUTION OF INCOME
dc.subjectHEALTH CARE
dc.subjectHOUSING
dc.subjectNATURAL CATASTROPHES
dc.subjectDISASTER ACTIVITIES
dc.subjectFISCAL POLICY
dc.subjectINCENTIVES
dc.subjectRECOVERY OPERATIONS
dc.subjectDISASTER
dc.subjectPROJECTS
dc.subjectDISASTER‐PRONE COUNTRIES
dc.subjectDAMAGES
dc.subjectEMERGENCY ASSISTANCE
dc.subjectFISCAL GAPS
dc.subjectDISASTER PREVENTION
dc.subjectLEVEL PLAYING FIELD
dc.subjectDISASTER EVENTS
dc.subjectEARTHQUAKES
dc.subjectHURRICANES
dc.subjectCATASTROPHES
dc.subjectDISASTER RELIEF
dc.subjectPUBLIC POLICY
dc.subjectSAVINGS
dc.subjectCATASTROPHE REINSURANCE
dc.subjectTSUNAMI
dc.subjectRELIEF
dc.subjectNATURAL DISASTER
dc.subjectTRANSPORT
dc.subjectFLOODS
dc.subjectSTATE GUARANTEES
dc.subjectEXTERNALITIES
dc.subjectNATURAL HAZARD
dc.subjectEMERGENCIES
dc.subjectNATURAL DISASTERS
dc.subjectCRITERIA
dc.subjectDEBT
dc.subjectMARKETS
dc.subjectPUBLIC FINANCE
dc.subjectDISASTERS
dc.subjectSOCIAL SECURITY
dc.subjectLOANS
dc.subjectENTERPRISES
dc.subjectDISASTER EVENT
dc.subjectRESERVES
dc.subjectFAMINE
dc.subjectNATURAL RESOURCES
dc.subjectFINANCE
dc.subjectGRANTS
dc.subjectINFRASTRUCTURE
dc.subjectTAXES
dc.subjectCONTINGENT LIABILITY
dc.subjectREINSURANCE
dc.subjectEQUITY
dc.subjectGOVERNMENT LIABILITIES
dc.subjectLEVEL‐PLAYING FIELD
dc.subjectREGULATIONS
dc.subjectEMERGENCY
dc.subjectDISASTER REDUCTION
dc.subjectDISASTER RISK
dc.subjectCLIMATE CHANGE
dc.subjectDROUGHT
dc.subjectFINANCIAL STABILITY
dc.subjectSOVEREIGN RISK
dc.subjectPUBLIC POLICIES
dc.subjectVALUE
dc.subjectRISK EVALUATION
dc.subjectLOSSES
dc.subjectBANK
dc.subjectEXTREME EVENTS
dc.subjectCOMMERCIAL DEBT
dc.subjectCREDIT
dc.subjectCLAIMS
dc.subjectVICTIMS
dc.subjectNATURAL CATASTROPHE
dc.subjectDISASTER INSURANCE
dc.subjectRELIEF OPERATIONS
dc.subjectDISASTER MANAGEMENT
dc.subjectBALANCE SHEET
dc.subjectDEVASTATION
dc.subjectFOOD‐AID
dc.subjectRISK‐TRANSFER
dc.subjectFLOOD
dc.subjectURBAN DEVELOPMENT
dc.subjectRISK TRANSFER
dc.subjectPUBLIC DEBT
dc.subjectINSURANCE SYSTEM
dc.subjectINSURANCE
dc.subjectLOSS
dc.subjectAGENTS
dc.subjectLAND
dc.subjectLANDSLIDE
dc.subjectRISK INSURANCE
dc.subjectDISASTER AID
dc.subjectHURRICANE
dc.subjectRISK
dc.subjectMITIGATION
dc.subjectFINANCIAL MARKETS
dc.subjectDISASTER RISKS
dc.subjectEMERGENCY MANAGEMENT
dc.subjectDISASTER RISK REDUCTION
dc.subjectGOVERNMENT INSURANCE
dc.subjectTAX ADMINISTRATION
dc.subjectCONTINGENCY PLANNING
dc.subjectREVENUE
dc.subjectRISK MANAGEMENT
dc.subjectLENDING
dc.subjectINSURANCE COMPANIES
dc.subjectRISK AVERSION
dc.subjectEXTREME EVENT
dc.subjectADB
dc.subjectGOVERNMENTS
dc.subjectLIABILITIES
dc.subjectRISK ASSESSMENTS
dc.subjectGOVERNMENT LIABILITY
dc.subjectLAND‐USE
dc.subjectNATURAL HAZARDS
dc.subjectRELIEF EFFORTS
dc.subjectRISK ASSESSMENT
dc.subjectRECONSTRUCTION
dc.subjectRISK ANALYSIS
dc.subjectINCOME GROUPS
dc.subjectRISK‐ REDUCTION
dc.titleDisaster Risk Management and Fiscal Policyen
dc.title.subtitleNarratives, Tools, and Evidence Associated with Assessing Fiscal Risk and Building Resilienceen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleDisaster Risk Management and Fiscal Policy: Narratives, Tools, and Evidence Associated with Assessing Fiscal Risk and Building Resilience
okr.date.disclosure2016-04-12
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/2016/04/26213117/disaster-risk-management-fiscal-policy-narratives-tools-evidence-associated-assessing-fiscal-risk-building-resilience
okr.guid739221468195567307
okr.identifier.doi10.1596/1813-9450-7635
okr.identifier.externaldocumentum090224b08428abcc_2_0
okr.identifier.internaldocumentum26213117
okr.identifier.reportWPS7635
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2016/04/12/090224b08428abcc/2_0/Rendered/PDF/Disaster0risk00building0resilience0.pdfen
okr.topicFinance and Financial Sector Development::Insurance & Risk Mitigation
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.topicUrban Development::Hazard Risk Management
okr.topicEnvironment::Natural Disasters
okr.unitClimate Change Cross-Cutting Solutions Area; Global Facility for Disaster Reduction and Recovery
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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