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 … concentrated on household, rather than firm, balance sheets. …

This paper studies the consumption response to an increase in the domestic value of foreign currency household debt … with nonhomothetic preferences and "flight from quality." We find no effect on overall household labor supply, consistent …

between household debt levels, financial stability risks, and the ongoing implications of the ‘debt overhang’ for economic … growth. However, accurately measuring the household debt burden remains problematic. Aggregate measures of household … indebtedness (e.?g. household liabilities relative to income) fail to fully capture the debt servicing burdens of households …