Governance, Risk and Financial Impact of Mega Disasters: Lessons from Japan

✍ Scribed by Akiko Kamesaka, Franz Waldenberger

• Publisher: Springer Singapore
• Year: 2019
• Tongue: English
• Leaves: 124
• Series: Economics, Law, and Institutions in Asia Pacific
• Edition: 1st ed. 2019
• Category: Library

✦ Synopsis

This book addresses researchers, practitioners, and policy makers interested in understanding the financial implications of mega-disaster risks as well as in seeking possible solutions with regard to governance, the allocation of financial risk, and resilience. The first part of this book takes the example of Japan and studies the impact of mega earthquakes on government finance, debt positions of private household and businesses, capital markets, and investor behavior by way of economic modeling as well as case studies from recent major disasters. In Japan, the probability of a mega earthquake hitting dense agglomerations is very high. Like other large-scale natural disasters, such events carry systemic risks, i.e., they can trigger disruptions endangering the stability of the social, economic, and political order. The second part looks at the experience of the Japanese government as a provider of disaster-risk finance and an active partner in international collaboration. It concludes with an analysis of the general characteristics of systemic risk and approaches to improve resilience.

✦ Table of Contents

Front Matter ....Pages i-xi
Financial Impact of Mega Disasters (Franz Waldenberger, Akiko Kamesaka)....Pages 1-12
Japan’s Disaster Risk Financing: Framework and Policies (Takahiro Tsuda)....Pages 13-34
Analysis of the Possible Impact of a Tokyo Mega Earthquake on Japanese Public Finance (Motohiro Sato)....Pages 35-46
Law and Policy Responses to Disaster-Induced Financial Distress (Julius Weitzdörfer, Simon Beard)....Pages 47-80
How the Capital Market Reacted to the Great East Japan Earthquake: A Risk Perspective (Soichiro Moridaira)....Pages 81-96
Systemic Risks: Common Characteristics and Approaches for Improving Resilience (Ortwin Renn)....Pages 97-114

✦ Subjects

Finance; Insurance; Risk Management; Capital Markets