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Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
MNB Working Papers No. 2020/2
Verlag: 
Magyar Nemzeti Bank, Budapest
Zusammenfassung: 
We examine the consequences of a sudden increase in household debt burdens by exploiting variation in exposure to household foreign currency debt during Hungary's late-2008 currency crisis. The revaluation of debt burdens leads to higher default rates and a collapse in spending. These responses lead to a worse local recession, driven by employment losses at non-exporting firms, and negative spillover effects on nearby borrowers without foreign currency debt. The estimates translate into a multiplier on higher debt service of 1.67. The impact of debt revaluation is particularly severe when foreign currency debt is concentrated on household, rather than firm, balance sheets.
Schlagwörter: 
household debt
foreign currency debt
currency crisis
financial crisis
business cycles
JEL: 
E2
E3
G2
F3
D12
Dokumentart: 
Working Paper
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