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Monetary policy challenges during the crisis in a small open dollarised economy: the case of Hungary

In: Capital flows, commodity price movements and foreign exchange intervention

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Author Info

  • Aron Gereben

    (Magyar Nemzeti Bank (Hungary))

  • Ferenc Karvalits

    (Magyar Nemzeti Bank (Hungary))

  • Zalan Kocsis

    (Magyar Nemzeti Bank (Hungary))

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This chapter was published in:

  • Bank for International Settlements, 2011. "The influence of external factors on monetary policy frameworks and operations," BIS Papers, Bank for International Settlements, number 57, July.
    This item is provided by Bank for International Settlements in its series BIS Papers chapters with number 57-12.

    Handle: RePEc:bis:bisbpc:57-12

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Paul Krugman, 1999. "Balance Sheets, the Transfer Problem, and Financial Crises," International Tax and Public Finance, Springer, vol. 6(4), pages 459-472, November.
    2. Eduardo Levy Yeyati, 2006. "Financial dollarization: evaluating the consequences," Economic Policy, CEPR & CES & MSH, vol. 21(45), pages 61-118, 01.
    3. Bank for International Settlements, 2010. "Perspectives on inflation targeting, financial stability and the global crisis," BIS Papers, Bank for International Settlements, number 51, July.
    4. Luis Felipe Céspedes & Roberto Chang & Andrés Velasco, 2004. "Balance Sheets and Exchange Rate Policy," American Economic Review, American Economic Association, vol. 94(4), pages 1183-1193, September.
    5. Julia Kiraly & Judit Antal & Marton Nagy & Viktor Szabo, 2008. "Retail credit expansion and external finance in Hungary: lessons from the recent past (1998–2007)," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial globalisation and emerging market capital flows, volume 44, pages 221-233 Bank for International Settlements.
    6. Christoph B. Rosenberg & Marcel Tirpák, 2008. "Determinants of Foreign Currency Borrowing in the New Member States of the EU," IMF Working Papers 08/173, International Monetary Fund.
    7. Guillermo A. Calvo & Alejandro Izquierdo & Luis Fernando Mejía, 2008. "Systemic Sudden Stops: The Relevance of Balance-Sheet Effects and Financial Integration," Research Department Publications 4581, Inter-American Development Bank, Research Department.
    8. Basso, Henrique S. & Calvo-Gonzalez, Oscar & Jurgilas, Marius, 2007. "Financial dollarization: the role of banks and interest rates," Working Paper Series 0748, European Central Bank.
    9. Attila Csajbók & András Hudecz & Bálint Tamási, 2010. "Foreign currency borrowing of households in new EU member states," MNB Occasional Papers 2010/87, Magyar Nemzeti Bank (the central bank of Hungary).
    10. Choi, Woon Gyu & Cook, David, 2004. "Liability dollarization and the bank balance sheet channel," Journal of International Economics, Elsevier, vol. 64(2), pages 247-275, December.
    11. Judit Krekó & Marianna Endrész, 2010. "The role of foreign currency lending in the impact of the exchange rate on the real economy," MNB Bulletin, Magyar Nemzeti Bank (the central bank of Hungary), vol. 5(1), pages 29-38, March.
    12. Barry Eichengreen & Ricardo Hausmann & Ugo Panizza, 2003. "Currency Mismatches, Debt Intolerance and Original Sin: Why They Are Not the Same and Why it Matters," NBER Working Papers 10036, National Bureau of Economic Research, Inc.
    13. Balázs Vonnák, 2010. "Risk Premium Shocks, Monetary Policy And Exchange Rate Pass-Through In The Czech Republic, Hungary And Poland," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE.
    14. Judit Páles & Zsolt Kuti & Csaba Csávás, 2011. "The role of currency swaps in the domestic banking system and the functioning the swap market during the crisis," MNB Occasional Papers 2011/90, Magyar Nemzeti Bank (the central bank of Hungary).
    15. Romain Ranciere & Aaron Tornell & Athanasios Vamvakidis, 2010. "Currency mismatch, systemic risk and growth in emerging Europe," Economic Policy, CEPR & CES & MSH, vol. 25, pages 597-658, October.
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    Cited by:
    1. Szabolcs Szikszai & Tamás Badics & Csilla Raffai & Zsolt Stenger & András Tóthmihály, 2013. "Studies in Financial Systems No 8 Hungary," FESSUD studies fstudy08, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    2. Lazăr, Dorina & Todea, Alexandru & Filip, Diana, 2012. "Martingale difference hypothesis and financial crisis: Empirical evidence from European emerging foreign exchange markets," Economic Systems, Elsevier, vol. 36(3), pages 338-350.

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