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Corporate sector currency mismatch in Hungary

Author

Listed:
  • Marianna Endrész

    (Magyar Nemzeti Bank (central bank of Hungary))

  • Gyõzõ Gyöngyösi

    (Magyar Nemzeti Bank (central bank of Hungary))

  • Péter Harasztosi

    (Magyar Nemzeti Bank (central bank of 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.

Suggested Citation

  • Marianna Endrész & Gyõzõ Gyöngyösi & Péter Harasztosi, 2013. "Corporate sector currency mismatch in Hungary," MNB Bulletin (discontinued), Magyar Nemzeti Bank (Central Bank of Hungary), vol. 8(2), pages 12-20, May.
    • Handle: RePEc:mnb:bullet:v:8:y:2013:i:2:p:12-20
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    File URL: http://www.mnb.hu/letoltes/endresz-gyongyosi-harasztosi.pdf
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    More about this item

    Keywords

    currency mismatch; liability dollarisation; firm level data.;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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