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WELLINGTON Wholesale San Francisco Giants Jerseys , July 11 (Xinhua) -- The earthquakes that have shaken New Zealand's second city of Christchurch and the surrounding Canterbury region have had little noticeable short- term effect on the national economy, according to research out Thursday.


The findings were in line with similar studies on the economic impacts of large disasters in other high-income countries, said researcher Professor Ilan Noy, of Victoria University School of Economics and Finance.


"For instance Wholesale San Diego Padres Jerseys , the short-term macroeconomic consequences were also minimal after the 1995 Kobe earthquake in Japan and Hurricane Katrina in the United States in 2005," Noy said in a statement.


The Canterbury earthquakes were found to reduce consumer price inflation only moderately, with the first earthquake in September 2010 having a small and short-lived, adverse effect on real gross domestic product growth.


No significant changes in net migration Wholesale Pittsburgh Pirates Jerseys , private consumption, investment, exports, imports or government consumption were found Wholesale Philadelphia Phillies Jerseys , he said.


Most natural disasters had no large short-term impact on the national economy because production quickly shifted to other regions and, at the same time, regional production actually increased due to disaster-related rescue, and the clean-up Wholesale Oakland Athletics Jerseys , rehabilitation and recovery processes.


"In a similar vein, the New Zealand Treasury is predicting that the sequence of Canterbury earthquakes in 2010-2011 will have a positive effect on economic activity once rebuilding gets underway, " said Noy.


However, he stressed that the findings did not suggest the earthquakes delivered benefits or were benign economic events.


The increased economic activity was due to the need to replace assets New Zealand had before Wholesale New York Yankees Jerseys , while offsetting shocks and policy changes masked the effects of the earthquakes.


"For example, it is possible that the expansive monetary policy embarked on by the Reserve Bank offset some of the effects of the shock, and that a favourable terms-of-trade environment, especially high agricultural export prices Wholesale New York Mets Jerseys , also contributed to a rapid New Zealand recovery," he said.


The New Zealand government announced last month a total of 4.8 billion NZ dollars (3.79 billion U.S. dollars) would be invested in rebuilding major town center facilities and infrastructure in Christchurch.


Canterbury has been battered by thousands of earthquakes starting with a 7.1-magnitude quake in