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Household Finance after a Natural Disaster: The Case of Hurricane Katrina
Household Finance after a Natural Disaster: The Case of Hurricane Katrina
Our Price: $25.00
By Justin Gallagher (au); Daniel Hartley (au)
Year: 2014
Pages: 53
Binding Paperback
ISBN 978-1-4578-5698-3

Product Code: 1457856980

Natural disasters caused at least $113 billion of damage per year worldwide during the first decade of the 21st century. Sixteen of the 24 most costly natural disasters from 1970-2009 occurred in the US, while the remaining eight were in other highly developed countries. Many scientists believe that global climate change will increase the number of severe weather events such as hurricanes. Little is known about how affected residents are able to cope with the financial shock of a natural disaster. This study investigates the impact that flooding from a major US hurricane had on household finance. Spikes in credit card borrowing and overall delinquency rates for the most flooded residents are modest in size and short-lived. Greater flooding results in larger reductions in total debt. Lower debt levels appear to be driven by homeowners using flood insurance to repay their mortgages rather than to rebuild. Debt reductions are larger in census tracts where mortgages were likely to be originated by nonlocal lenders. Tables and figures. This is a print on demand report.

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