THE IMPACT OF EXTREME RISK EVENTS ON THE ECONOMY

Ionela-Daniela Gä‚itan
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Ionela-Daniela Gä‚itan: „Ștefan cel Mare†University Suceava, Romania

EcoForum, 2016, vol. 5, issue 1, 13

Abstract: In this paper I wanted to highlight the impact of extreme risk events on the economy. The issue that I will approach in this paper is one of great importance, taking into account that extreme risk events that occur are different and are becoming more frequent and harder to control. The quickly development of these eventsrequires the implementation of a suitable risk management system. The complexity of this issue involves different approaches that can be interrelated in: computer science, mathematics, risk management, crisis management, andmodeling and simulation of extreme risk events. Natural disasters are rare events, but when they occur are causing a huge damage and an adequate management is necessary to return to a state of normality in a short time. To achieve our goal, in the first part of the paper, we presented the problems that an extreme risk event causes in a country when they occur. In the last part of the paper I presented analytical, statistical and econometric methods used in analysis of the impact on the economy of extreme risk events. Natural disasters, which are extreme risk events, rarely produce, but when they occur causing hugedamage and an adequate management is necessary to return to a state of normality in a short time.

Keywords: extreme risk events; impact; methods; natural disaster (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:scm:ecofrm:v:5:y:2016:i:1:p:13

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