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首页> 外文期刊>Journal of International Money and Finance >Why do firms default on their foreign currency loans? The case of Hungary
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Why do firms default on their foreign currency loans? The case of Hungary

机译：公司为什么会拖欠外币贷款？匈牙利的情况

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摘要

I isolate the effect of the choice of foreign currency on the loan performance of firms borrowing in different currencies in crisis times. I use a novel micro-level dataset from Hungary to decompose the factors contributing to the worse loan performance of foreign currency borrowers compared to local currency debtors. I find that foreign currency denomination can worsen loan performance considerably, while selection also contributes significantly to the default differences. On the one hand, per se less creditworthy firms borrowed in foreign currency and during the crisis the foreign currency shocks further weakened their loan performances. On the other hand, more creditworthy firms that were also well-prepared for the currency risks also borrowed in foreign currency. My results suggest that not the institution of foreign currency lending per se that should be blamed for the bad loan performance of foreign currency borrowers, instead one should consider the characteristics of the borrowers. (C) 2018 Elsevier Ltd. All rights reserved.
机译：在危机时期，我选择了外币选择对以不同货币借款的公司的贷款表现的影响。我使用匈牙利的一个新颖的微观数据集来分解与外币债务人相比，外币借款人的贷款表现更差的因素。我发现外币面额会大大恶化贷款表现，而选择货币对违约率也有很大影响。一方面，本身信誉欠佳的外币借款公司，在危机期间，外币冲击进一步削弱了它们的贷款表现。另一方面，也为货币风险做好充分准备的信誉较高的公司也借入了外币。我的结果表明，不应因外币借款人的不良贷款表现而归咎于外币放贷机构本身，而应考虑借款人的特征。 （C）2018 Elsevier Ltd.保留所有权利。

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