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Content
July 2014, Volume 9, Issue 2
- 7-17 Deflation fears in developed economies
by István Ábel & Kristóf Lehmann & Gergõ Motyovszki & Zoltán Szalai - 18-22 Impact of base rate cuts on bank profitability
by Ádám Banai & Zsuzsanna Hosszú & Gyöngyi Körmendi & Bence Mérõ - 23-35 Background to the pension insurance recommendation
by József Banyáry & Koppany Nagy & Ferenc Szebelédi & László Windisch & Zoltán Zubor - 36-44 The effect on payments of the conversion of MNB bills into deposits
by László Bodnár & Miklós Luspay & Annamária Madarász - 45-55 Theoretical considerations and practical experiences of forward guidance
by Orsolya Csortos & Kristóf Lehmann & Zoltán Szalai - 56-65 New Numerical Fiscal Rules for the Pension Balance
by Gábor P. Kiss
March 2014, Volume 9, Issue 1
- 7-17 Corporate profitability and labour market adjustment – findings of a micro data study
by Péter Bauer - 18-27 Part-time employment during the crisis
by Katalin Bodnár - 28-39 What factors influence the yield curve?
by Dániel Horváth & Péter Kálmán & Zalán Kocsis & Imre Ligeti - 40-47 Changes in the fees on payment services and the structure of payments following the introduction of the financial transaction tax
by Tamás Ilyés & Kristóf Takács & Lóránt Varga - 48-57 The effects of the introduction of intraday clearing on turnover in Hungarian payment systems
by Miklós Luspay & Annamária Madarász - 58-64 Interview with Professor Christopher D. Carroll
by Christopher D. Carroll & Áron Kiss & István Kónya
October 2013, Volume 8, Issue Special
- 7-13 Neutral interest rate in Hungary
by Dániel Baksa & Dániel Felcser & Ágnes Horváth & Norbert Kiss M. & Csaba Köber & Balázs Krusper & Gábor Dániel Soós & Katalin Szilágyi - 14-22 Developments in public debt in Hungary between 1998 and 2012: trends, reasons and effects
by Gergely Baksay & Tamás Berki & Iván Csaba & Emese Hudák & Tamás Kiss & Gergely Lakos & Zsolt Lovas & Gábor P. Kiss - 23-27 Households: indebtedness and debt service ratio
by Tamás Balás - 28-36 Excessive household debt: causes, trends and consequences
by Péter Bauer & Mariann Endrész & Regina Kiss & Zsolt Kovalszky & Ádám Martonosi & Olivér Rácz & István Schindler - 37-45 Dynamics of the trade balance and developments in exports and imports
by Katalin Bodnár & György Molnár & Gábor Pellényi & Lajos Szabó & Judit Várhegyi - 46-60 Doing it differently or The impact of the financial crisis on central bank balance sheets in emerging economies
by Szilárd Erhart & Gergely Kicsák & Zsolt Kuti & Zoltán Molnár & Zoltán Monostori - 61-68 Macroprudential supervision in non-euro area European countries
by Péter Fáykiss & Anikó Szombati - 69-80 Developments in the external balance of the Hungarian economy: indebtedness and adjustment
by Mihály Hoffmann & Balázs Kóczián & Péter Koroknai - 81-90 Impact of the credit supply on the Hungarian economy
by Zsuzsanna Hosszú & Gyöngyi Körmendi & Bálint Tamási & Balázs Világi - 91-97 Regulation on the prohibition on monetary financing - obligations and opportunities
by Attila Korencsi & Melinda Lakatos & György Pulai - 98-107 Measures taken by the Federal Reserve System and the European Central Bank during the crisis
by Kristóf Lehmann & Róbert Mátrai & György Pulai
October 2013, Volume 8, Issue 3
- 7-13 Second Act – second thoughts: the Hungarian debt rule
by Gergely Baksay & Gábor P. Kiss - 14-24 Assessment of macroeconomic imbalance indicators
by Orsolya Csortos & Zoltán Szalai - 25-35 Measures of underlying inflation
by Péter Gábriel & György Molnár & Judit Rariga - 36-48 Changes in central bank profit/loss and their determinants
by Mihály Hoffmann & Zsuzsa Kékesi & Péter Koroknai - 49-60 Limit setting practices of banks in Hungary: Focus on counterparty limits
by Dániel Homolya & Melinda Lakatos & Róbert Mátrai & Judit Páles & György Pulai
May 2013, Volume 8, Issue 2
- 7-11 Nominal GDP targeting: what are central bankers talking about?
by Ágnes Csermely & Máté Barnabás Tóth - 12-20 Corporate sector currency mismatch in Hungary
by Marianna Endrész & Gyõzõ Gyöngyösi & Péter Harasztosi - 21-30 Possible impacts of the financial crisis on potential output
by Péter Gábriel & Gergõ Motyovszky - 31-42 Is the CDS spread still a reliable risk indicator? The impact of the European regulation on uncovered CDS positions on market developments in the Central and Eastern European region
by Dániel Horváth & Zsolt Kuti & Imre Ligeti - 43-50 How can an interest rate rule reflect real economic considerations?
by Balázs Krusper & Katalin Szilágyi - 51-56 MNB panel discussion with Olivier Blanchard
by Olivier J. Blanchard & Péter Benczúr
January 2013, Volume 8, Issue 1
- 7-13 Who pays the ferryman? The story of the euro area from recession to political crisis to the revision of the institutional structure
by Ágnes Csermely - 14-22 The effects of the introduction of the intraday credit transfer
by Éva Divéki & István Helmeczi - 23-34 Reasons for the LIBOR review and its effects on international interbank reference rate quotations
by Szilárd Erhart & Imre Ligeti & Zoltán Molnár - 35-41 How should the central bank react to the VAT increase?
by Dániel Felcser - 42-51 Factors underlying low investment in Hungary
by Ádám Martonosi - 52-61 Can cash payment be limited in a modern payment system?
by Zita Véber & Judit Brosch - 62-67 Interview with Harald Uhlig
by Harald Uhlig & István Kónya & Katalin Szilágyi
October 2012, Volume 7, Issue 3
- 7-27 Better safe than sorry: views of the Hungarian public on the security of payment instruments
by Éva Divéki & Dániel Listár - 28-37 The Fed’s inflation target and the background of its announcement
by Dániel Felcser & Kristóf Lehmann - 38-45 Identifying imbalances in the Hungarian banking system (‘early warning’ system)
by Dániel Holló - 46-56 Developments in external borrowing by individual sectors
by Péter Koroknai & Rita Lénárt-Odorán - 57-66 A crisis of crisis management? Debates over fiscal adjustments in the European Monetary Union
by Zoltán Szalai - 67-72 11th Annual Macroeconomic Policy Research Workshop at MNB: Microeconomic Behavior and its Macroeconomic Implications During the Financial Crisis
by Stepanchuk Serhiy & Ádám Reiff - 73-78 Interview with Fabio Canova
by Fabio Canova & István Kónya & Katalin Szilágyi
June 2012, Volume 7, Issue 2
- 7-13 Card or print? How to issue cafeteria vouchers electronically?
by Éva Divéki - 14-23 Unconventional central bank instruments in Hungary
by Gergely Fábián & Róbert Mátrai - 24-30 International experiences with unconventional central bank instruments
by Kristóf Lehmann - 31-40 The design and implementation of the MNB’s euro sale programme introduced in relation to early repayments
by György Pulai & Zoltán Reppa - 41-46 Using confidence indicators for the assessment of the cyclical position of the economy
by Olivér Miklós Rácz - 47-57 Single Euro Payments Area (SEPA): Full speed ahead!
by Anikó Turján & Judit Brosch
February 2012, Volume 7, Issue 1
- 7-17 How do FX market participants affect the forint exchange rate?
by Norbert Kiss M. & Zoltán Molnár - 18-26 10th Annual Macroeconomic Research Workshop at MNB: Fiscal Rebalancing, Public Debt, and its National and Global implications
by Katrin Rabitsch - 27-42 The effect of indebtedness on the financial and income position of Hungarian households
by Gábor Szigel & Péter Fáykiss
October 2011, Volume 6, Issue 3
- 7-14 Risks of the indebtedness of the local government sector from the point of view of financial stability
by Ákos Aczél & Dániel Homolya - 15-27 Analysis of changes in the tax and transfer system with a behavioural microsimulation model
by Péter Benczúr & Gábor Kátay & Áron Kiss & Balázs Reizer & Mihály Szoboszlai - 28-35 Pre-crisis household consumption behaviour and its heterogeneity according to income, on the basis of micro statistics
by Zsuzsanna Hosszú - 36-50 Variance decomposition of sovereign CDS spreads
by Zalán Kocsis & Dénes Nagy - 51-60 The role of special purpose entities in the Hungarian economy and in statistics
by Péter Koroknai & Rita Lénárt-Odorán - 61-69 Developments in the costs of external funds of the Hungarian banking sector
by Judit Páles & Dániel Homolya
June 2011, Volume 6, Issue 2
- 7-17 Operational risk and its relationship with institution size in the Hungarian banking sector
by Dániel Homolya - 18-24 MPM – The Magyar Nemzeti Bank’s monetary policy model
by Ágnes Horváth & Csaba Köber & Katalin Szilágyi - 25-38 The exception proves the rule? Fiscal rules in the Visegrád countries
by Ludovit Odor & Gábor P. Kiss
April 2011, Volume 6, Issue 1
- 7-19 Foreign reserve strategies for emerging economies - before and after the crisis
by Judit Antal & Áron Gereben - 20-29 The launch of HUFONIA and the related international experience of overnight indexed swap (OIS) markets
by Szilárd Erhart & András Kollarik - 30-43 On trade vouchers called “local money”
by István Nándor Helmeczi & Gergely Kóczán - 44-48 The reversal of the pension reform 1998 from a short-term perspective
by Zsuzsa Kékesi & Gábor P. Kiss
December 2010, Volume 5, Issue 4
- 7-16 From those lying facts to the underlying deficit
by Mihály Hoffmann & Gábor P. Kiss - 17-23 Impacts of fiscal adjustments in Western European countries on the Hungarian economy
by Balázs Krusper & Gábor Pellényi - 24-32 About the interbank HUF liquidity – what does the MNB’s new liquidity forecast show?
by Zoltán Molnár - 33-42 Systemic level impacts of Basel III on Hungary and Europe
by Anikó Szombati
October 2010, Volume 5, Issue 3
- 17-28 Decline in corporate lending in Hungary and across the Central and East European region during the crisis
by Gergely Fábián & András Hudecz & Gábor Szigel - 29-39 Potentials and limitations of non-governmental forintdenominated bond issues by non-residents
by Áron Gereben & István Mák - 40-46 Experiences of European crisis management: the reform of economic policy coordination
by Gergely Kiss - 47-56 Quo vadis, deficit? How high the tax level will be when the economic cycle reverses?
by Gábor P. Kiss & Zoltán Reppa - 57-66 Introducing optional reserve ratios in Hungary
by Lóránt Varga
June 2010, Volume 5, Issue 2
- 6-12 The role of financial imbalances in monetary policy
by Ágnes Csermely & Zoltán Szalai - 13-21 International experiences of banking crises: management tools and macroeconomic consequences
by Dániel Felcser & Gyöngyi Körmendi - 22-30 Channelling government securities redemption into VIBER and its effects on payment systems and its participants
by Levente Habány & Anikó Turján - 31-43 Carry trade
by Kornél Kisgergely
March 2010, Volume 5, Issue 1
- 6-19 Household consumption expenditures and the consumer confidence index
by Katalin Bodnár - 20-28 Factors behind high cash usage in Hungary
by Anikó Bódi-Schubert - 29-38 The role of foreign currency lending in the impact of the exchange rate on the real economy
by Judit Krekó & Marianna Endrész
December 2009, Volume 4, Issue 4
- 6-12 Systemic risk in focus – New directions of financial supervision at home and abroad
by Gábor Gyura & Anikó Szombati - 13-23 Developments in sovereign bond issuance in the Central and Eastern European region after the Lehman collapse
by Norbert Kiss M. & István Mák - 24-30 The role of cash in corporate financial management – Where are petty cash holdings high?
by Béla Simon - 31-35 Risk premium shocks, monetary policy and exchange rate pass-through in small, open countries
by Balázs Vonnák
October 2009, Volume 4, Issue 3
- 6-13 The role of MNB bills in domestic financial markets. What is the connection between the large volume of MNB bills, bank lending and demand in the government securities markets?
by Csaba Balogh - 14-19 Risk developments on the retail mortgage loan market
by Dániel Holló - 20-26 Wage setting in Hungary: evidence from a firm survey
by Gábor Kézdi & István Kónya - 27-38 Rethinking Business Cycle Models – Workshop at the MNB
by Péter Karádi (ed.)
July 2009, Volume 4, Issue 2
- 6-13 The impact of the capital requirements for operational risk in the Hungarian banking system
by Dániel Homolya - 14-21 Rounding is not to be feared
by Erika Leszkó - 22-33 Who exports in Hungary? Export concentration by corporate size and foreign ownership, and the effect of foreign ownership on export orientation
by Zsuzsa Munkácsi - 34-42 Measuring interest rate expectations from market yields: topical issues
by Klára Pintér & György Pulai - 43-52 Hungarian sovereign credit risk premium in international comparison during the financial crisis
by Lóránt Varga
May 2009, Volume 4, Issue 1
- 6-14 Backtesting the efficiency of MNB’s Lending Survey
by Ákos Bakonyi & Dániel Homolya - 15-23 Act one, act first – the law on fiscal responsibility
by Gergely Baksay & Gábor P. Kiss - 24-34 The role of the FX swap market in the Hungarian financial system
by István Mák & Judit Páles - 35-47 Apples and oranges? A comparison of the public expenditure of the Visegrád countries
by Gábor P. Kiss & Róbert Szemere
December 2008, Volume 3, Issue 3
- 6-12 Challenges of financial integration in the Central and East European region
by Éva Fischer - 13-18 Hungary’s external liabilities in international comparison
by Péter Koroknai - 19-25 Cash demand of the Hungarian economy – is the shadow economy still running smoothly?
by Rita Odorán & Balázs Sisak - 26-32 Interest rate expectations and macroeconomic shocks affecting the yield curve
by Zoltán Reppa - 33-40 The 200 forint denomination will be a coin
by Adrien Szücs
September 2008, Volume 3, Issue 2
- 6-10 Challenges of monetary policy – a global perspective and the Hungarian situation
by Ferenc Karvalits - 11-19 The Single Euro Payments Area
by Sándor Dávid - 20-29 Lending to local governments: Risks and behaviour of Hungarian banks
by Dániel Homolya & Gábor Szigel - 30-37 The optimal rate of inflation and the inflation target: international experience and the Hungarian perspective
by Réka Juhász
April 2008, Volume 3, Issue 1
- 6-13 ‘Through a glass darkly’: Fiscal expansion and macro-economic developments, 2001–2006
by Cecília Hornok & Zoltán M. Jakab & Gábor P. Kiss - 14-23 The structure of external financing: Is there a reason to worry about financing through debt?
by András Komáromi - 24-34 Tax evasion and tax changes in Hungary
by Judit Krekó & Gábor P. Kiss - 35-43 The sub-prime crisis and its impact on the Hungarian banking sector
by Márton Nagy & Viktor E. Szabó - 44-51 Trends in the liquidity of Hungarian financial markets – What does the MNB’s new liquidity index show?
by Judit Páles & Lóránt Varga
November 2007, Volume 2, Issue 2
- 6-15 The theory and practice of interest rate smoothing
by Ágnes Csermely & András Rezessy - 16-22 Role of financial markets in monetary policy
by Anna Delikát - 23-30 Household indebtedness and financial stability: Reasons to be afraid?
by Dániel Holló - 31-38 The role of central banks in crisis management – how do financial crisis simulation exercises help?
by Lívia Sánta - 39-46 Monetary policy rules and a normative approach to the central bank’s objective function
by Máté Barnabás Tóth - 47-53 Impacts of financial regulation on the cyclicality of banks’ capital requirements and on financial stability
by Balázs Zsámboki
June 2007, Volume 2, Issue 1
- 6-11 How resilient are Hungarian banks to liquidity shocks?
by Tamás Balás & Csaba Móré - 12-21 Unfavourable investment data – risks to economic growth?
by Péter Gál - 22-30 How do macroeconomic announcements and FX market transactions affect exchange rates?
by Norbert Kiss M. & Klára Pintér - 31-37 The effect of the monetary base on money supply – Does the quantity of central bank money carry any information?
by András Komáromi
December 2006, Volume 1, Issue 2
- 6-13 Whom should we believe? Information content of the yield curve and analysts’ expectations
by Péter Gábriel & Klára Pintér - 14-20 The effect of the change in VAT rates on the consumer price index
by Péter Gábriel & Ádám Reiff - 21-26 A brief overview of the characteristics of interbank forint/euro trading
by Áron Gereben & Norbert Kiss M. - 27-34 Consequences of global imbalance corrections for Hungary
by Zoltán M. Jakab - 35-40 Considerations for setting the medium-term inflation target
by András Rezessy - 41-47 Reform of the Hungarian corporate insolvency regulation and its financial stability aspects
by Dr. Valéria Széplaki
June 2006, Volume 1, Issue 1
- 6-12 Survey evidence on the exchange rate exposure of Hungarian SMEs
by Katalin Bodnár - 13-20 Main characteristics of non-residents’ trading on the foreign exchange and government bond markets
by Csaba Csávás & Lóránt Varga - 21-26 Analysis of banking system efficiency in the European Union
by Dániel Holló & Márton Nagy - 27-33 Fast credit growth: equilibrium convergence or risky indebtedness?
by Gergely Kiss - 34-40 Myths and Maths: Macroeconomic Effects of Fiscal Adjustments in Hungary
by Balázs Párkányi