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Debt trap - monetary indicators of Hungary's indebtedness

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  • Sági, Judit
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    Abstract

    In the circumstances of the financial crisis, sovereign debts have increased with an effect on foreign exchange rates (NEERs), CDS spreads, market liquidity and debt exposures in foreign currencies. This study aims to examine the features of the Hungarian sovereign debt by analysing the possible interactions among the variables and also the monetary aspects of debt financing. At the end, some conclusions are drawn from a monetary perspective.

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    File URL: http://mpra.ub.uni-muenchen.de/40343/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 40343.

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    Date of creation: 2012
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    Handle: RePEc:pra:mprapa:40343

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    Keywords: nominal FX rate; real effective FX rate; CDS;

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    1. Egert, Balazs, 2007. "Central bank interventions, communication and interest rate policy in emerging European economies," Journal of Comparative Economics, Elsevier, vol. 35(2), pages 387-413, June.
    2. M.B. Devereux & Ch. Engel, 2003. "Exchange Rate Pass-Through, Exchange Rate Volatility, and ExchangeRate Disconnect," DNB Staff Reports (discontinued) 77, Netherlands Central Bank.
    3. András Rezessy, 2010. "Analysing currency risk premia in the Czech Republic, Hungary, Poland and Slovakia," MNB Working Papers 2010/7, Magyar Nemzeti Bank (the central bank of Hungary).
    4. Balazs Vonnak, 2008. "The Hungarian monetary transmission mechanism: an assessment," BIS Papers chapters, in: Bank for International Settlements (ed.), Transmission mechanisms for monetary policy in emerging market economies, volume 35, pages 235-257 Bank for International Settlements.
    5. Rebecca L Driver & Peter F Westaway, 2005. "Concepts of equilibrium exchange rates," Bank of England working papers 248, Bank of England.
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