Natural disasters can trigger capital flight – Bank of Italy paper

International investors move funds out of EMEs but not advanced economies, researchers say


Natural disasters can trigger international capital flight away from less developed economies, a working paper published by the Bank of Italy finds.

In Flight to climatic safety: local natural disasters and global portfolio flows, Fabrizio Ferriani, Andrea Gazzani and Filippo Natoli examine 39 countries. The sample comprises 16 advanced and 23 emerging market economies, over the period from 2009 to 2019.

The paper notes natural disasters in these countries recorded on the University of Louvain

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