El Niño is now a household term, as people worldwide confront the severe effects of its 2015–2016 episode. However, El Niño is not all bad, say economists Paul Cashin, Kamiar Mohaddes and Mehdi Raissi. Their concise article looks into the economic impact of El Niño on different countries and on the global economy. The weather pattern has boosted output in some nations, but it also tends to stoke global inflation by hiking the prices of some commodities. While the article contains good information, its prose is a bit dry. Nonetheless, getAbstract recommends it to policy makers, executives and anyone interested in the nexus between economics and climate.
In this summary, you will learn
- What an El Niño weather pattern is;
- How it affects different countries; and
- How it drives changes in global commodity prices, inflation and economic output.
About the Authors
Paul Cashin and Mehdi Raissi are economists at the International Monetary Fund. Kamiar Mohaddes is a senior lecturer and fellow at Girton College, University of Cambridge.