Abstract
| Original language | English |
|---|---|
| Pages (from-to) | 562-581 |
| Number of pages | 20 |
| Journal | Local Government Studies |
| Volume | 39 |
| Issue number | 4 |
| Early online date | 6 Feb 2013 |
| DOIs | |
| Publication status | Published - 2013 |
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Keywords
- public sector
- weather derivatives
- rescue services
- risk analysis
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Public sector risk financing: exploring the potential use of weather derivatives by fire and rescue services. / Hood, John; Stein, Bill; Jarman, Mark .
In: Local Government Studies, Vol. 39, No. 4, 2013, p. 562-581.Research output: Contribution to journal › Article
TY - JOUR
T1 - Public sector risk financing: exploring the potential use of weather derivatives by fire and rescue services
AU - Hood, John
AU - Stein, Bill
AU - Jarman, Mark
PY - 2013
Y1 - 2013
N2 - The floods of 2007, experienced across much of England, resulted in local authority organisations, including Fire and Rescue Services, mounting large-scale responses and incurring additional and unexpected expenditure. Although central government activated funding schemes, some local authorities fell below the thresholds set and had to absorb the additional costs. This raised a question of what alternative methods were available to allow these local authority organisations to finance such unexpected costs. Weather derivatives are widely used in certain sectors to manage the financial risk that arises from undesirable weather conditions and the objective of this research is to explore the reactions of an FRS towards the use of these financial instruments in managing additional costs, such as those arising from the 2007 floods.
AB - The floods of 2007, experienced across much of England, resulted in local authority organisations, including Fire and Rescue Services, mounting large-scale responses and incurring additional and unexpected expenditure. Although central government activated funding schemes, some local authorities fell below the thresholds set and had to absorb the additional costs. This raised a question of what alternative methods were available to allow these local authority organisations to finance such unexpected costs. Weather derivatives are widely used in certain sectors to manage the financial risk that arises from undesirable weather conditions and the objective of this research is to explore the reactions of an FRS towards the use of these financial instruments in managing additional costs, such as those arising from the 2007 floods.
KW - public sector
KW - weather derivatives
KW - rescue services
KW - risk analysis
U2 - 10.1080/03003930.2012.751021
DO - 10.1080/03003930.2012.751021
M3 - Article
VL - 39
SP - 562
EP - 581
JO - Local Government Studies
JF - Local Government Studies
SN - 0300-3930
IS - 4
ER -