Christian Beer|Steven Ongena|Marcel Peter
Borrowing in foreign currency: Austrian households as carry traders
Vienna University of Economics and Business|Tilburg University|Swiss National Bank
household borrowing foreign currency widespread phenomenon austria thirteen percent austrian households report housing loan denominated foreign currency mostly swiss franc yet despite importance peculiar character acute policy concerns know little attitudes characteristics households involved type carry trade analyze uniquely detailed financial wealth survey 2556 austrian households sketch comprehensive profile attitudes characteristics households involved employ univariate tests multivariate multinomial logit models survey data suggest risk seeking affluent married households likely take housing loan foreign currency financially literate highincome households likely take housing loan general findings partially assuage policy concerns household default risk foreigncurrency housing loans household retirement security