Abstract
Countries with high levels of human development should be able to reduce the impact of natural disasters in terms of the total numbers of people killed and affected, and damage. In this study we investigate the impact of human development indicators such as income per capita and human capital (education level) on natural disaster fatalities (total deaths, total affected and total economic losses) in 79 selected countries. Using dynamic panel data analysis, we found that the level of economic development plays an important role in mitigating the impact of natural disasters such as droughts, earthquakes, extreme temperatures, floods, storms, volcanoes, landslides and wildfires. Other factors that are found to determine the number of natural disaster fatalities include population, population density, unemployment, investment, government consumption, openness, education and corruption. Using the dynamic panel data model, we found that education, investment, government consumption and openness display an inverse relationship, while population and population density have a direct positive relationship.
Highlights
For nations to sustain long-term growth of real gross domestic product (G.D.P.) it is crucial to maintain the standard of living in the long term
The purpose of the present study is to investigate the impact of human development indicators such as income per capita and human capital on ECONOMIC RESEARCH-EKONOMSKA ISTRAZIVANJA
ND is the measurement for the natural disaster fatalities proxy for the total number of deaths (TD), total affected (TA) and total economic losses (TEL) caused by eight types of natural disasters, i.e., droughts, earthquakes, extreme temperatures, floods, storms, volcanoes, wildfires and landslides
Summary
For nations to sustain long-term growth of real gross domestic product (G.D.P.) it is crucial to maintain the standard of living in the long term. To raise living standards a country should increase its average output per person over time. It has been recognised that the factors determining economic growth are the growth rates of the stocks of physical and human capital, and the rate of technological change. Investment in plant, equipment, technology, the accumulation of skills and education (human capital) are crucial for a long-term economic growth strategy. The economic importance of human capital-enhancing economic growth has been discussed by Barro (1991), Becker, Murphy and Tamura (1990), Lucas (1988) and J.
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