Gyöngyösi, Győző; Rariga, Judit; Verner, Emil - 2021
This paper studies the consumption response to an increase in the domestic value of foreign currency household debt … during a large depreciation. We use detailed consumption survey data that follows households for four years around Hungary …'s 2008 currency crisis. We find that, relative to similar local currency debtors, foreign currency debtors reduce consumption …
