Impacts of Global Climate Change: an economic assessment of ENSO events on Midwest
Climate change is outlined as the agent of worldwide disasters, generating a global warming, which will cause a severe disturbance in all the Earth's sectors. El Niño Southern Oscillation (ENSO) has been amplified in the last decades, possibly because of climate change. The existing little information about the specific damages of this phenomenon in the Midwestern economies motives to find a precise method to take these measures. The rationale of this study is to examine the predicted consequences of climate change and to review some economic models. Afterward, it is assessed a comparative analysis of these models as a prelude to the development of a suitable model to measure the economic impact of ENSO in the U.S. Midwest. CGE model, IA model, Top-down and Bottom-up approaches, DICE and RICE models, and WISE econometric model were evaluated. In conclusion, climate change is not yet solved and economists continue disagreeing about it. During the ENSO events, the temperatures in the U.S. Midwest are warmer and drier than normal, affecting positively and negatively the commodity markets, agriculture and other economic sectors. CGE is the most appropriate model to measure ENSO impacts in the U.S. Midwest, because of its flexibility, simplicity, precision and extensity.
School:
University of Puerto Rico at Río Piedras
Department:
Economy and Geography
Research Advisor:
Dr. Geoffrey Hewings
Department of Research Advisor:
Geography, Economy, and Urban and Regional Planning
Year of Publication:
2004