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Social Responsibility in the Operation of Central Banks

Author

Listed:
  • Csaba Lentner

    (National University of Public Service)

  • Krisztina Szegedi

    (University of Miskolc)

  • Tibor Tatay

    (Széchenyi István University)

Abstract

In our study, we set out from the hypothesis that the social responsibility of central banks is peculiar, since these were established decidedly for the benefit of the common good. For the interpretation of their social responsibility, we first examine the concept of corporate social responsibility (CSR) in corporate practice. After this, we transpose the interpretation of CSR, applied to the operation of central banks. We interpret the concept of economic, legal, ethical and philanthropic responsibility in connection with the activity of central banks. Using examples, we shed light on how we specifically interpret the individual components of corporate social responsibility in the central bank practice, via the activity of the Magyar Nemzeti Bank, the US Federal Reserve, the European Central Bank, and the central banks of the Netherlands, Denmark, Spain, Poland and the Czech Republic.

Suggested Citation

  • Csaba Lentner & Krisztina Szegedi & Tibor Tatay, 2017. "Social Responsibility in the Operation of Central Banks," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 16(2), pages 64-85.
    • Handle: RePEc:mnb:finrev:v:16:y:2017:i:2:p:64-85
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    References listed on IDEAS

    as
    1. Braun, Benjamin, 2016. "Speaking to the people? Money, trust, and central bank legitimacy in the age of quantitative easing," MPIfG Discussion Paper 16/12, Max Planck Institute for the Study of Societies.
    2. Carroll, Archie B., 1991. "The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders," Business Horizons, Elsevier, vol. 34(4), pages 39-48.
    3. Benjamin Braun, 2016. "Speaking to the people? Money, trust, and central bank legitimacy in the age of quantitative easing," Review of International Political Economy, Taylor & Francis Journals, vol. 23(6), pages 1064-1092, November.
    4. Urszula Szczerbowicz, 2015. "The ECB Unconventional Monetary Policies: Have They Lowered Market Borrowing Costs for Banks and Governments?," International Journal of Central Banking, International Journal of Central Banking, vol. 11(4), pages 91-127, December.
    5. Orsolya Csortos & Kristóf Lehmann & Zoltán Szalai, 2014. "Theoretical considerations and practical experiences of forward guidance," MNB Bulletin (discontinued), Magyar Nemzeti Bank (Central Bank of Hungary), vol. 9(2), pages 45-55, July.
    6. István Ábel & Orsolya Csortos & Kristóf Lehmann & Annamária Madarász & Zoltán Szalai, 2014. "Inflation targeting in the light of lessons from the financial crisis," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 13(4), pages 35-56.
    7. Masaaki Shirakawa, 2010. "Revisiting the Philosophy behind Central Bank Policy," International Finance, Wiley Blackwell, vol. 13(3), pages 485-493, December.
    8. Zeev Kril & David Leiser & Avia Spivak, 2016. "What Determines the Credibility of the Central Bank of Israel in the Public Eye?," International Journal of Central Banking, International Journal of Central Banking, vol. 12(1), pages 67-93, March.
    9. Anna Naszodi & Csaba Csavas & Daniel Felcser, 2016. "Which Aspects of Central Bank Transparency Matter? A Comprehensive Analysis of the Effect of Transparency of Survey Forecasts," International Journal of Central Banking, International Journal of Central Banking, vol. 12(4), pages 147-192, December.
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    Cited by:

    1. Zsuzsanna Győri & Yahya Khan & Krisztina Szegedi, 2021. "Business Model and Principles of a Values-Based Bank—Case Study of MagNet Hungarian Community Bank," Sustainability, MDPI, vol. 13(16), pages 1-27, August.
    2. Betgilu Oshora & Goshu Desalegn & Eva Gorgenyi-Hegyes & Maria Fekete-Farkas & Zoltan Zeman, 2021. "Determinants of Financial Inclusion in Small and Medium Enterprises: Evidence from Ethiopia," JRFM, MDPI, vol. 14(7), pages 1-19, June.
    3. Adrienn Reisinger, 2023. "Challenges in the CSR-Competitiveness Relationship Based on the Literature," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 22(1), pages 104-125.
    4. Gróf, Gyula & Janky, Béla & Bethlendi, András, 2022. "Limits of household's energy efficiency improvements and its consequence – A case study for Hungary," Energy Policy, Elsevier, vol. 168(C).

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    More about this item

    Keywords

    corporate social responsibility; CSR; central bank; public awareness; financial stability; business ethics; central bank;
    All these keywords.

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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