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Banks versus Hurricanes

Author

Listed:
  • Peter Anagnostakos
  • Jason Bram
  • Benjamin Chan
  • Natalia Fischl-Lanzoni
  • Hasan Latif
  • James M. Mahoney
  • Donald P. Morgan
  • Ladd Morgan
  • Ivelisse Suarez

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.

Suggested Citation

  • Peter Anagnostakos & Jason Bram & Benjamin Chan & Natalia Fischl-Lanzoni & Hasan Latif & James M. Mahoney & Donald P. Morgan & Ladd Morgan & Ivelisse Suarez, 2023. "Banks versus Hurricanes," Liberty Street Economics 20231120, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:97345
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    File URL: https://libertystreeteconomics.newyorkfed.org/2023/11/banks-versus-hurricanes/
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    More about this item

    Keywords

    climate; banks; hurricanes; Hurricane Maria; Puerto Rico;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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