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首页> 外文期刊>Journal of banking & finance >Borrowing in foreign currency: Austrian households as carry traders
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Borrowing in foreign currency: Austrian households as carry traders

机译：外币借款：奥地利家庭作为套利交易者

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摘要

Household borrowing in a foreign currency is a widespread phenomenon in Austria. Thirteen percent of Austrian households report their housing loan to be denominated in foreign currency, mostly Swiss franc. Yet, despite its importance, peculiar character, and acute policy concerns, we know little about the attitudes and characteristics of the households involved in this type of carry trade. We analyze a uniquely detailed financial wealth survey of 2556 Austrian households to sketch a comprehensive profile of the attitudes and characteristics of the households involved. We employ both univariate tests and multivar-iate multinomial logit models. The survey data suggest that risk seeking, affluent, and married households are more likely to take a housing loan in a foreign currency. Financially literate or high-income households are more likely to take a housing loan in general. These findings partially assuage policy concerns about household default risk on foreign-currency housing loans or household retirement security.
机译：在奥地利，外币家庭借贷是一种普遍现象。奥地利有13％的家庭报告其住房贷款以外币计价，大部分为瑞士法郎。然而，尽管它具有重要性，特殊性和敏锐的政策关注，但我们对参与这种套利交易的家庭的态度和特征知之甚少。我们分析了2556个奥地利家庭的独特而详细的金融财富调查，以勾勒出所涉家庭的态度和特征的全面概况。我们采用单变量检验和多元多项式logit模型。调查数据表明，寻求风险的，富裕的和已婚家庭更有可能以外币获得住房贷款。一般而言，有金融知识或高收入家庭更容易获得住房贷款。这些发现在一定程度上缓解了政策上对外币住房贷款或家庭退休保障的家庭违约风险的担忧。

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