Banks versus Hurricanes: A Case Study of Puerto Rico after Hurricanes Irma and Maria

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 1078, Staff Reports from Federal Reserve Bank of New York

Abstract: We study Puerto Rico’s experience after the severe hurricane season of 2017 to better understand how extreme weather disasters affect bank stability and their ability to lend. Despite the devastation wrought by two category 5 hurricanes in a single month, we find relatively modest and transitory impacts on bank performance with no evident decline in lending capacity. We discuss various mitigants that help limit bank exposure to extreme weather and whether these mitigants may be vulnerable given the potential for more severe and more impactful climate events.

Keywords: climate change; physical risks; hurricanes; banks; Puerto Rico (search for similar items in EconPapers)
JEL-codes: G21 Q54 (search for similar items in EconPapers)
Pages: 30
Date: 2023-11-01
New Economics Papers: this item is included in nep-ban and nep-env
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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DOI: 10.59576/sr.1078

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