Foreign currency loans in EMEs supply driven: SNB paper
A Swiss National Bank paper, published on Thursday, examines the extent to which recent foreign currency loans in Bulgaria have been driven by supply and demand forces.
Martin Brown, Karolin Kirschenmann and Steven Ongena, the paper's authors, use data for 105,589 loans from 2003 to 2007 to examine the currency denomination of loans extended to small firms by a retail bank in Bulgaria.
Brown, Kirschenmann and Ongena find that 32% of the foreign currency loans disbursed in the sample are
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