Financial Crisis, Creditor‐Debtor Conflict, and Populism
研究匈牙利货币危机期间，外币家庭贷款导致的债务人困境如何显著且持久地增加了对极右翼民粹政党的支持，该政党通过主张激进债务减免来争取债务人选民。
ABSTRACT We study the impact of debtor distress on support for a populist far‐right political party during a financial crisis. Our empirical approach exploits variation in exposure to foreign currency household loans during a currency crisis in Hungary. Foreign currency debt exposure leads to a large, persistent increase in support for the populist far right. We document that the far right advocated for foreign currency debtors' interests by proposing aggressive debt relief and was rewarded with support from these voters. Our findings are consistent with theories emphasizing that conflict between creditors and debtors can shape political outcomes after financial crises.