MEASURING THE FINANCIAL SHOCKS OF NATURAL DISASTERS: A PANEL STUDY OF US STATES

被引：46

作者：

Miao, Qing ^{[1
]}

Hou, Yilin ^{[2
]}

Abrigo, Michael ^{[3
]}

机构：

[1] Rochester Inst Technol, Dept Publ Policy, Rochester, NY 14623 USA

[2] Syracuse Univ, Maxwell Sch, Ctr Policy Res, Syracuse, NY USA

[3] Philippine Inst Dev Studies, Manila, Philippines

来源：

NATIONAL TAX JOURNAL | 2018年 / 71卷 / 01期

关键词：

natural disaster; panel vector autoregression; intergovernmental transfer;

D O I：

10.17310/ntj.2018.1.01

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper employs panel vector autoregression to examine the dynamic fiscal response to natural disasters. With 50-state, 1970-2013 panel data on state government finance and disaster damage, we estimate disaster impacts on revenue, expenditure, debt issuance, and federal-state transfers. We find that following a disaster, states increase program expenditure and receive more federal transfers. Disasters have limited impact on total tax revenues but amplify fluctuations in sales, income, and property tax revenues. Our findings suggest that disaster-induced additional spending is largely financed through federal transfers, which include not only disaster relief funds but also non-disaster-related public welfare assistance.

引用

页码：11 / 44

页数：34

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