Credit Euroization in the New EU Member States
Pavel Harnych
Broschiertes Buch

Credit Euroization in the New EU Member States

Causes, Consequences and Some Lessons from Hungary

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The extent of credit denominated in a foreign currency has been a hot issue in the Central and Eastern Europe since the advent of the Great Recession in 2008, as the risk associated with previous boom of FX loans has materialized. Therefore, this book examines several topics related to this phenomenon. Is the exchange rate regime or credibility of the central bank a main driver of credit euroization? Which obstacles for monetary policy stem from a large FX indebtedness? Is there a significant relation between pre-crisis FX credit growth on one hand, and the GDP growth, surge in non-performing ...