Authors: Peter Anagnostakos, Jason Bram, Benjamin Chan, Natalia Fischl-Lanzoni, Hasan Latif, James M. Mahoney, Donald P. Morgan, Ladd Morgan, and Ivelisse Suarez
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Staff Reports
Banks versus Hurricanes: A Case Study of Puerto Rico after Hurricanes Irma and Maria
Number 1078
November 2023
November 2023
JEL classification: G21, Q54
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.
Author Disclosure Statement(s)
Peter Anagnostakos
The author declares that he has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Jason Bram
I, Jason Bram, declare that I have no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Benjamin Chan
I declare that I have no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Natalia Fischl-Lanzoni
The author declares that (s)he has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Hasan Latif
With respect to the Fed research paper entitled: Banks versus Hurricanes: A Case Study of Puerto Rico after Hurricanes Irma and Maria Author(s): Peter Anagnostakos, Jason Bram, Benjamin Chan, Natalia Fischl-Lanzoni, Hasan Latif, James M. Mahoney, Donald P. Morgan, Ladd Morgan, and Ivelisse Suarez I as co-author declare that I have no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
James M. Mahoney
With respect to the Fed research paper entitled: Banks versus Hurricanes: A Case Study of Puerto Rico after Hurricanes Irma and Maria Author(s): Peter Anagnostakos, Jason Bram, Benjamin Chan, Natalia Fischl-Lanzoni, Hasan Latif, James M. Mahoney, Donald P. Morgan, Ladd Morgan, and Ivelisse Suarez I as co-author declare that I have no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Donald P. Morgan
I have no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Ladd Morgan
Re: Title: Banks versus Hurricanes: A Case Study of Puerto Rico after Hurricanes Irma and Maria I have no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html. Ivelisse Suarez
The author declares that she has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
The author declares that he has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Jason Bram
I, Jason Bram, declare that I have no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Benjamin Chan
I declare that I have no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Natalia Fischl-Lanzoni
The author declares that (s)he has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Hasan Latif
With respect to the Fed research paper entitled: Banks versus Hurricanes: A Case Study of Puerto Rico after Hurricanes Irma and Maria Author(s): Peter Anagnostakos, Jason Bram, Benjamin Chan, Natalia Fischl-Lanzoni, Hasan Latif, James M. Mahoney, Donald P. Morgan, Ladd Morgan, and Ivelisse Suarez I as co-author declare that I have no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
James M. Mahoney
With respect to the Fed research paper entitled: Banks versus Hurricanes: A Case Study of Puerto Rico after Hurricanes Irma and Maria Author(s): Peter Anagnostakos, Jason Bram, Benjamin Chan, Natalia Fischl-Lanzoni, Hasan Latif, James M. Mahoney, Donald P. Morgan, Ladd Morgan, and Ivelisse Suarez I as co-author declare that I have no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Donald P. Morgan
I have no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Ladd Morgan
Re: Title: Banks versus Hurricanes: A Case Study of Puerto Rico after Hurricanes Irma and Maria I have no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html. Ivelisse Suarez
The author declares that she has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Suggested Citation:
Anagnostakos, Peter, Jason Bram, Benjamin Chan, Natalia Fischl-Lanzoni, Hasan Latif, James M. Mahoney, Donald P. Morgan, Ladd Morgan, and Ivelisse Suarez. 2023. “Banks versus Hurricanes: A Case Study of Puerto Rico after Hurricanes Irma and Maria.” Federal Reserve Bank of New York Staff Reports, no. 1078, November. https://doi.org/10.59576/sr.1078
Anagnostakos, Peter, Jason Bram, Benjamin Chan, Natalia Fischl-Lanzoni, Hasan Latif, James M. Mahoney, Donald P. Morgan, Ladd Morgan, and Ivelisse Suarez. 2023. “Banks versus Hurricanes: A Case Study of Puerto Rico after Hurricanes Irma and Maria.” Federal Reserve Bank of New York Staff Reports, no. 1078, November. https://doi.org/10.59576/sr.1078
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