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How Do Natural Disasters Change Consumption Behaviour?September 8th, 2021
This study examines the effects of natural disasters on consumption in Thailand and the Philippines, using three large natural disasters for each country. A decline in consumption is observed after natural disaster in Thailand. This decline stems from a reduction in expenditures of the service sector including recreation, restaurants, and hotels, though the decline is partially offset by increased spending on non-durable goods. For the Philippines, declines in overall consumer spending are observed in response to natural disasters with no specific sectoral responses in sample. The policy implications of natural disasters are then discussed in the final part of the paper.
