| Author Name | FUJII Satoshi (Kyoto University) /KUME Koichi (Nagoya University of Commerce and Business) /MATSUNAGA Akira (Consulting Fellow, RIETI) /NAKANO Takeshi (Consulting Fellow, RIETI) |
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| Creation Date/NO. | April 2012 12-P-008 |
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Abstract
In recent years, global economic crises and natural disasters have revealed systemic risks and the vulnerability of socio-economic structures around the world. Under these circumstances, policymakers seek solutions to strengthen their society against external shocks and have become more aware of the concept of resilience of society. Resilience is characterized by reducing failure probabilities, consequences from failures, and time to recovery.
This paper surveys economic resilience. The survey first examines concepts, measurements, and empirical evidence of resilience in various research fields such as psychology, disaster prevention engineering, and economics (development economics, regional economics, macroeconomics, input-output analysis). The paper then introduces some applications of resilience to economic and industrial policies, and shows preliminary results on how factors of economic resilience worked during the global financial crisis in 2008. Finally, the paper discusses possible contributions by applying the concept of resilience to economic research and proposes a direction for future research on economic resilience.
