Former staffTom McDermott
Visiting Fellow
Tom was a researcher with the Grantham Research Institute on Climate Change and the Environment from September 2012 until December 2014. His research primarily focused on the relationship between climate and economic development. Tom went on to work as a Lecturer at Cork University.
Background
Tom holds a PhD from the School of Business, Trinity College Dublin (Ireland), where he was supervised by Frank Barry and Richard Tol, and an M.Sc. in Economics from the National University of Ireland, Galway. He has also been a visiting researcher at the United Nations University, World Institute for Development Economics Research (UNU-WIDER), in Helsinki. He was previously employed as a full time economics lecturer at Dublin City University.
Research interests
- The economics of natural disasters;
- Comparative economic development and the spatial distribution of income;
- Issues of equity in relation to climate change policy;
- Decision-making under uncertainty;
- The evolution of economic behaviours such as cooperation.
The Economics of Climate-Resilient Development
Some climate change is now inevitable and strategies to adapt to these changes are quickly developing. The question is particularly paramount for low-income countries, which are likely to be most … read more »
Model confirmation in climate economics
Paper demonstrates the potential benefits of model confirmation exercises for policy applications, demonstrating that the economic growth model used by a prominent BC-IAM had little predictive power over the 20th century. read more »
Geography, institutions and development: a review of the long-run impacts of climate change
The links among climate change, economic growth and economic development have gained increasing attention over recent years in both the academic and policy literature. However, most of the existing literature … read more »
2015
Flooded cities
Does economic activity relocate away from areas that are at high risk of recurring shocks? We examine this question in the context of floods, which are among the costliest and … read more »
Coping with climate risk: the role of institutions, governance and finance in private adaptation decisions of the poor
This paper looks at adaptation from the point of view of households. It asks how political and economic institutions may help or hinder adaptation decisions. read more »
Climate change and the geographical and institutional drivers of economic development
This paper reviews the potential effects of climate change on the prospects for long-run economic development. Produced as part of the Pathways to Resilience in Semi-arid Economies project. read more »
2014
Understanding the adaptation deficit: why are poor countries more vulnerable to climate events than rich countries?
This paper analyses the link between income and adaptation to climate events theoretically and empirically. read more »
2013
Disasters and development: Natural disasters, credit constraints and economic growth
Using a simple two-period model of the economy, we demonstrate the potential effects of natural disasters on economic growth over the medium to long term. In particular, we focus on the effect of such shocks on investment. read more »
Understanding the adaptation deficit: why are poor countries more vulnerable to climate events than rich countries?
Understanding the adaptation deficit: why are poor countries more vulnerable to climate events than rich countries? read more »
Reconciling conflicting evidence on the origins of comparative development: a finite mixture model approach
In this paper, I revisit the controversy over the fundamental sources of comparative development. In contrast to much of the previous literature, my focus is on … read more »
2012
Geography and institutions: on the origins of comparative development
In this paper, I replicate the analysis in Acemoglu et al. (2001). These authors famously show that institutions are the primary determinant of differences in income between rich and … read more »
Media disasters? Newspaper coverage and the distribution of humanitarian aid
Reference McDermott, T.K.J. July 2012. Media disasters? Newspaper coverage and the distribution of humanitarian aid. Work in progress.
The luck of the development draw: environmental volatility and the takeoff to modern economic growth
This paper tests the implications of the model developed by Acemoglu and Zilibotti [Daron Acemoglu and Fabrizio Zilibotti, 1997. Was Prometheus unbound by chance? Risk, diversification and growth. Journal … read more »
The effects of natural disasters on human capital accumulation
In this paper I investigate the effects of disasters on human capital accumulation using an extensive panel dataset on natural disasters, covering 170 countries over a 25 year period … read more »
Safe haven assets and investor behaviour under uncertainty
Financial crises and contagion have highlighted the need for safe haven assets. However, their existence, role and interactions are not well understood. We analyze the two most prominent yet … read more »
2011
On cooperation
In this essay I discuss the role of cooperation in the process of innovation. I argue for a reorientation of the way we conceptualize economic behavior, taking account of … read more »
Disasters and development: natural disasters, credit constraints and economic growth
We demonstrate, using a simple two-period equilibrium model of the economy, the potential effects of extreme event occurrences – such as natural or humanitarian disasters – on economic growth … read more »
On natural disasters and economic development
Reference McDermott, T.K.J. 2011. On natural disasters and economic development. Trinity College Dublin Journal of Postgraduate Research, v.10, pp.54-66.
2010
Is gold a safe haven? International evidence
In this essay I discuss the role of cooperation in the process of innovation. I argue for a reorientation of the way we conceptualize economic behaviour, taking account of … read more »
2013
Book Review: 'The Economic Impacts of Natural Disasters'
Since the turn of the millennium, more than one million people have been killed and 2.3 billion others have been directly affected by natural disasters around the world. Economic Impacts … read more »
2010
False dichotomy on climate change policy options
Financial Times – registration is required.
Thomas McDermott on Climate Bill
Climate change is a real and significant threat to human welfare, particularly in the poorest parts of the world. While an effective ’solution’ to this threat will require global cooperation … read more »
Book launch | The economics of climate-resilient development
Professor Sam Fankhauser and Dr Thomas McDermott host a panel debate to launch their new edited volume ‘The Economics of Climate-Resilient Development‘. The panel includes a number of the contributors to the … read more »
2013
Learning from Disasters: The effect of past experience on losses from natural disasters
Grantham Workshop Speaker: Tom Mcdermott
The Economics of Climate-Resilient Development
Some climate change is now inevitable and strategies to adapt to these changes are quickly developing. The question is particularly paramount for low-income countries, which are likely to be most … read more »
