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Pieces of a Puzzle (A Concise Monetary History of the 2008 Hungarian Financial Crisis)

Julia Király ()

Acta Oeconomica, 2018, vol. 68, issue supplement2, 143-163

Abstract: In 2008, Hungary was heavily hit by the global financial crisis, and had to turn to the IMF among the first. The paper analyses the road leading to the post-Lehman liquidity crisis from the point of view of Magyar Nemzeti Bank (MNB), the central bank of Hungary. Based on the minutes and the press releases* of the Monetary Council (MC), a comprehensive account is given why the puzzle was put together too late.

Keywords: global financial crisis; decoupling; inflation targeting; monetary policy; MPC; communication; Hungary (search for similar items in EconPapers)
JEL-codes: B26 E5 F32 G01 G18 G21 (search for similar items in EconPapers)
Date: 2018
Note: * Press releases are immediately published after the MC meetings, while the more detailed Minutes of the Meetings, which include the individual opinions of the members, are published two weeks later.
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Handle: RePEc:aka:aoecon:v:68:y:2018:i:supplement2:p:143-163