Brzoza-Brzezina, Michał; Kolasa, Marcin; Makarski, … - 2015
In a number of countries a substantial proportion of mortgage loans is denominated in foreign currency. In this paper … economy model with housing loans denominated in domestic or foreign currency. The model is calibrated for Poland - a typical … small open economy with a large share of foreign currency loans (FCL). We show that FCLs negatively affect the transmission …