000			01180nam a22001457a 4500
999			_c515659 _d515659
008			210203b ||||| |||| 00| 0 eng d
100			_aVerner, Emil and Gyöngyösi, Gyozo _924075
245			_aHousehold debt revaluation and the real economy: Evidence from a foreign currency debt crisis
260			_aThe American Economic Review
300			_a110(9), Sep, 2020: p.2667-2702
520			_aWe 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 local demand, and negative spillover effects on nearby borrowers without foreign currency debt. The estimates translate into an output 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. – Reproduced
773			_aThe American Economic Review 1
906			_aFINANCIAL SECURITY
942			_cAR