In this note, the instruments supporting risk retention and risk financing at the national and regional/international levels will be the sole focus. Risk transfer, including insurance, is a very broad subject and requires a separate discussion; however, when a hybrid solution involves a transfer...

Earthquakes, floods, cyclones, and such other hazards each year affect approximately 200 million people. Developing countries absorbed 98 percent of these disasters and accounted for nine out of ten disaster-related deaths in the period 1991-2005. In fact, low and middle income countries suffer...

This study examines the role of leadership in the development of transportation infrastructure, specifically bridges, in the Indian state of Bihar during the 2000s. Drawing from interviews and quantitative data, we show that leadership was a critical factor in fostering institutional change in...

The debate on whether natural disasters cause significant macroeconomic impacts and indeed hinder development is ongoing. Most analyses along these lines have focused on impacts on gross domestic product. This paper looks beyond this standard national accounting aggregate, and examines whether...

East Asia has experienced a dramatic decrease in output growth volatility over the past 20 years. This is good news, as output growth volatility affects poor households because of coping strategies that have long-term, harmful consequences, and the overall economy through its negative impact on...

This paper analyzes the drivers and consequences of sudden stops of capital flows. It focuses on the impact of external vulnerability on the depth and length of sudden stop crises. The authors analyze 43 developing and developed countries between 1993 and 2006. They find evidence that external...

This paper analyzes the impact of banking crises on manufacturing exports exploiting the fact that sectors differ in their needs for external financing. Relying on data from 23 banking crises episodes involving both developed and developing countries during the period 1980-2000 the authors...