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
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)
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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Persistent link: https://EconPapers.repec.org/RePEc:aka:aoecon:v:68:y:2018:i:supplement2:p:143-163
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