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How effective were the financial safety nets in the aftermath of Katrina?

Author

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  • Julia S. Cheney
  • Sherrie L. W. Rhine

Abstract

This paper describes the U.S. financial system?s response to the destruction caused by Hurricane Katrina and examines how financial safety nets helped meet consumers? needs in the aftermath of the storm. Overall, we find that consumers who hold deposit accounts at financial institutions are less vulnerable to financial disruptions than individuals who do not have either a checking or a savings account (the unbanked). The federal banking regulators? and financial institutions? responses to Hurricane Katrina, the financial vulnerability of unbanked families to this unexpected catastrophic event, and how the American Red Cross, FEMA, and the Gulf States? relief efforts supplied financial assistance to Katrina?s victims are also addressed. Finally, we present several strategies that can be pursued to further safeguard the U.S. population and the financial community against extraordinary events.

Suggested Citation

  • Julia S. Cheney & Sherrie L. W. Rhine, 2006. "How effective were the financial safety nets in the aftermath of Katrina?," Consumer Finance Institute discussion papers 06-01, Federal Reserve Bank of Philadelphia.
    • Handle: RePEc:fip:fedpdp:06-01
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/consumer-finance/discussion-papers/HurricaneKatrinaJan06.pdf
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    Citations

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    Cited by:

    1. Rösl, Gerhard & Seitz, Franz, 2022. "On the stabilizing role of cash for societies," IMFS Working Paper Series 167, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    2. Becchetti, Leonardo & Castriota, Stefano, 2008. "Does money affect happiness and self-esteem? The poor borrowers' perspective in a quasi-natural experiment," AICCON Working Papers 48-2008, Associazione Italiana per la Cultura della Cooperazione e del Non Profit.
    3. Rösl, Gerhard & Seitz, Franz, 2021. "Cash and crises: No surprises by the virus," IMFS Working Paper Series 150, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    4. Dubravka Ritter, 2012. "Do we still need the Equal Credit Opportunity Act?," Consumer Finance Institute discussion papers 12-03, Federal Reserve Bank of Philadelphia.
    5. Jose J. Canals-Cerda & Raluca Roman, 2021. "Climate Change and Consumer Finance: A Very Brief Literature Review," Consumer Finance Institute discussion papers 21-04, Federal Reserve Bank of Philadelphia.

    More about this item

    Keywords

    Hurricane Katrina; 2005; Unbanked;
    All these keywords.

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