Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/284038 
Year of Publication: 
2023
Series/Report no.: 
Staff Report No. 1078
Publisher: 
Federal Reserve Bank of New York, New York, NY
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.
Subjects: 
climate change
physical risks
hurricanes
banks
Puerto Rico
JEL: 
G21
Q54
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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