Template-Type: ReDIF-Article 1.0
Author-Name: Marianna Endrész
Author-Email: valentinyinem@mnb.hu
Author-Workplace-Name: Magyar Nemzeti Bank (central bank of Hungary)
Author-Name: Győző Gyöngyösi
Author-Email: gyongyosigy@mnb.hu
Author-Workplace-Name: Magyar Nemzeti Bank (central bank of Hungary)
Author-Name: Péter Harasztosi
Author-Email: harasztosip@mnb.hu
Author-Workplace-Name: Magyar Nemzeti Bank (central bank of Hungary)
Title: Corporate sector currency mismatch in Hungary
Abstract: Our analysis of micro data shows that the size of unhedged foreign currency lending has become significant not just in the household sector, but in the corporate sector as well. The weight of foreign currency debtors without net foreign currency income was significant prior to the crisis. During the crisis - as a result of the exchange rate depreciation - the performance of foreign currency debtors was worse in relative terms. There was a greater increase in their probability of default and a stronger fall in their investment, while their access to the loan market also deteriorated more.
Classification-JEL: F31, F34, G32, L25.
Keywords: currency mismatch, liability dollarisation, firm level data.
Journal: MNB Bulletin
Pages: 12-20
Volume: 8
Issue: 2
Year: 2013
Month: May
File-URL: http://www.mnb.hu/letoltes/endresz-gyongyosi-harasztosi.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:bullet:v:8:y:2013:i:2:p:12-20