Household Debt Revaluation and the Real Economy: Evidence from a Foreign Currency Debt Crisis
Household Debt Revaluation and the Real Economy: Evidence from a Foreign Currency Debt Crisis
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Publisher
American Economic Association
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Language
English
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Publisher
American Economic Association
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Contents
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 causes higher default rates and a collapse in spending. These responses lead to a worse local recession, driven by a decline in...
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Full title
Household Debt Revaluation and the Real Economy: Evidence from a Foreign Currency Debt Crisis
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TN_cdi_gale_incontextgauss__A655810692
Permalink
https://devfeature-collection.sl.nsw.gov.au/record/TN_cdi_gale_incontextgauss__A655810692
Other Identifiers
ISSN
0002-8282
E-ISSN
1944-7981
DOI
10.1257/aer.20181585
