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Data and Code for: Household Debt Revaluation and the Real Economy

Version
V0
Resource Type
Dataset : aggregate data, program source code
Creator
  • Verner, Emil (Massachusetts Institute of Technology)
  • Gyongyosi, Gyozo (Kiel Institute for the World Economy)
Publication Date
2020-08-25
Free Keywords
foreign currency debt; household debt; international financial crisis
Description
  • Abstract

    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 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.
Temporal Coverage
  • 2000-01-01 / 2014-12-31
    Time Period: Sat Jan 01 00:00:00 EST 2000--Wed Dec 31 00:00:00 EST 2014
  • 2016-06-01 / 2019-10-03
    Collection Date(s): Wed Jun 01 00:00:00 EDT 2016--Thu Oct 03 00:00:00 EDT 2019 (Summer 2016 to Fall 2019)
Geographic Coverage
  • Hungary
Availability
Download
This study is freely available to the general public via web download.
Publications
  • Verner, Emil, and Gyozo Gyongyosi. “Household Debt Revaluation and the Real Economy: Evidence from a Foreign Currency Debt Crisis.” American Economic Review, n.d.

Update Metadata: 2020-08-28 | Issue Number: 1 | Registration Date: 2020-08-28

Verner, Emil; Gyongyosi, Gyozo (2020): Data and Code for: Household Debt Revaluation and the Real Economy. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E118481