최신자료
The Foreign Currency Fisher Channel: Evidence from Households
We study how foreign currency debt exposure shapes household adjustment to a large exchange rate depreciation. Using household survey and bank customer data during Hungary‘s 2008 currency crisis, we find that foreign currency borrowers cut consumption one-for-one with increased debt service, consistent with a foreign currency Fisher channel. Both the quantity and quality of expenditures decline, indicating a ＂flight from quality.＂ Debt revaluation has a limited effect on overall labor supply, but there is substitution toward foreign income and home production. Our findings point to the relevance of open-economy models with incomplete markets, heterogeneous foreign currency exposures, and liquidity constraints.
많이 본 자료
![[2025.07] 대출규제](/userdata/main/incContent/sideLink/23/aaaqQGcnBTcOc8zW9uLNz20251015165742zqfnw.png)
![[사람이 되고 싶어요2] 환율의 변화](/userdata/main/incContent/sideLink/22/aaaqQGcnBTcOc8zW9uLNz20251015165408vtzoa.jpg)
