Banks versus Hurricanes

Peter Anagnostakos, Jason Bram, Benjamin Chan, Natalia Fischl-Lanzoni (), Hasan Latif, James M. Mahoney, Donald Morgan, Ladd Morgan and Ivelisse Suarez
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Natalia Fischl-Lanzoni: https://futuretech.mit.edu/team/natalia-fischl-lanzoni

No 20231120, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: The impacts of hurricanes analyzed in the previous post in this series may be far-reaching in the Second District. In a new Staff Report, we study how banks in Puerto Rico fared after Hurricane Maria struck the island on September 17, 2017. Maria makes a worst case in some respects because the economy and banks there were vulnerable beforehand, and because Maria struck just two weeks after Hurricane Irma flooded the island. Despite the immense destruction and disruption Maria caused, we find that the island’s economy and banks recovered surprisingly quickly. We discuss the various protections—including homeowners’ insurance, federal aid, and mortgage guarantees—that helped buttress the island’s economy and banks.

Keywords: climate; banks; hurricanes; Hurricane Maria; Puerto Rico (search for similar items in EconPapers)
JEL-codes: G2 Q54 (search for similar items in EconPapers)
Date: 2023-11-20
New Economics Papers: this item is included in nep-ban and nep-env
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