MNB Bulletin (discontinued)

2006 - 2014

From Magyar Nemzeti Bank (Central Bank of Hungary)
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Volume 9, issue 2, 2014

Deflation fears in developed economies pp. 7-17

Istvan Abel, Kristóf Lehmann, Gergő Motyovszki and Zoltán Szalai

Impact of base rate cuts on bank profitability pp. 18-22

Adam Banai, Zsuzsanna Hosszú, Gyöngyi Körmendi and Bence Mérõ

Background to the pension insurance recommendation pp. 23-35

József Banyáry, Koppany Nagy, Ferenc Szebelédi, László Windisch and Zoltán Zubor

The effect on payments of the conversion of MNB bills into deposits pp. 36-44

László Bodnár, Miklós Luspay and Annamária Madarász

Theoretical considerations and practical experiences of forward guidance pp. 45-55

Orsolya Csortos, Kristóf Lehmann and Zoltán Szalai

New Numerical Fiscal Rules for the Pension Balance pp. 56-65

Gabor Kiss

Volume 9, issue 1, 2014

Corporate profitability and labour market adjustment – findings of a micro data study pp. 7-17

Peter Bauer

Part-time employment during the crisis pp. 18-27

Katalin Bodnár

What factors influence the yield curve? pp. 28-39

Dániel Horváth, Péter Kálmán, Zalan Kocsis and Imre Ligeti

Changes in the fees on payment services and the structure of payments following the introduction of the financial transaction tax pp. 40-47

Tamás Ilyés, Kristóf Takács and Lóránt Varga

The effects of the introduction of intraday clearing on turnover in Hungarian payment systems pp. 48-57

Miklós Luspay and Annamária Madarász

Interview with Professor Christopher D. Carroll pp. 58-64

Christopher Carroll, Áron Kiss and István Kónya

Volume 8, issue Special, 2013

Neutral interest rate in Hungary pp. 7-13

Dániel Baksa, Daniel Felcser, Ágnes Horváth, Norbert Kiss M., Csaba Köber, Balázs Krusper, Gábor Dániel Soós and Katalin Szilágyi

Developments in public debt in Hungary between 1998 and 2012: trends, reasons and effects pp. 14-22

Gergely Baksay, Tamas Berki, Iván Csaba, Emese Hudák, Tamas Kiss, Gergely Lakos, Zsolt Lovas and Gabor Kiss

Households: indebtedness and debt service ratio pp. 23-27

Tamás Balás

Excessive household debt: causes, trends and consequences pp. 28-36

Peter Bauer, Marianna Endresz, Regina Kiss, Zsolt Kovalszky, Ádám Martonosi, Olivér Rácz and István Schindler

Dynamics of the trade balance and developments in exports and imports pp. 37-45

Katalin Bodnár, György Molnár, Gábor Pellényi, Lajos Szabó and Judit Várhegyi

Doing it differently or The impact of the financial crisis on central bank balance sheets in emerging economies pp. 46-60

Szilárd Erhart, Gergely Kicsák, Zsolt Kuti, Zoltán Molnár and Zoltán Monostori

Macroprudential supervision in non-euro area European countries pp. 61-68

Péter Fáykiss and Anikó Szombati

Developments in the external balance of the Hungarian economy: indebtedness and adjustment pp. 69-80

Mihály Hoffmann, Balázs Kóczián and Péter Koroknai

Impact of the credit supply on the Hungarian economy pp. 81-90

Zsuzsanna Hosszú, Gyöngyi Körmendi, Bálint Tamási and Balázs Világi

Regulation on the prohibition on monetary financing - obligations and opportunities pp. 91-97

Attila Korencsi, Melinda Lakatos and György Pulai

Measures taken by the Federal Reserve System and the European Central Bank during the crisis pp. 98-107

Kristóf Lehmann, Róbert Mátrai and György Pulai

Volume 8, issue 3, 2013

Second Act – second thoughts: the Hungarian debt rule pp. 7-13

Gergely Baksay and Gabor Kiss

Assessment of macroeconomic imbalance indicators pp. 14-24

Orsolya Csortos and Zoltán Szalai

Measures of underlying inflation pp. 25-35

Péter Gábriel, György Molnár and Judit Rariga

Changes in central bank profit/loss and their determinants pp. 36-48

Mihály Hoffmann, Zsuzsa Kékesi and Péter Koroknai

Limit setting practices of banks in Hungary: Focus on counterparty limits pp. 49-60

Dániel Homolya, Melinda Lakatos, Róbert Mátrai, Judit Páles and György Pulai

Volume 8, issue 2, 2013

Nominal GDP targeting: what are central bankers talking about? pp. 7-11

Ágnes Csermely and Mate Toth

Corporate sector currency mismatch in Hungary pp. 12-20

Marianna Endresz, Gyozo Gyongyosi and Péter Harasztosi

Possible impacts of the financial crisis on potential output pp. 21-30

Péter Gábriel and Gergõ Motyovszky

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 pp. 31-42

Dániel Horváth, Zsolt Kuti and Imre Ligeti

How can an interest rate rule reflect real economic considerations? pp. 43-50

Balázs Krusper and Katalin Szilágyi

MNB panel discussion with Olivier Blanchard pp. 51-56

Olivier Blanchard and Peter Benczur

Volume 8, issue 1, 2013

Who pays the ferryman? The story of the euro area from recession to political crisis to the revision of the institutional structure pp. 7-13

Ágnes Csermely

The effects of the introduction of the intraday credit transfer pp. 14-22

Éva Divéki and István Helmeczi

Reasons for the LIBOR review and its effects on international interbank reference rate quotations pp. 23-34

Szilárd Erhart, Imre Ligeti and Zoltán Molnár

How should the central bank react to the VAT increase? pp. 35-41

Daniel Felcser

Factors underlying low investment in Hungary pp. 42-51

Ádám Martonosi

Can cash payment be limited in a modern payment system? pp. 52-61

Zita Véber and Judit Brosch

Interview with Harald Uhlig pp. 62-67

Harald Uhlig, István Kónya and Katalin Szilágyi

Volume 7, issue 3, 2012

Better safe than sorry: views of the Hungarian public on the security of payment instruments pp. 7-27

Éva Divéki and Dániel Listár

The Fed’s inflation target and the background of its announcement pp. 28-37

Daniel Felcser and Kristóf Lehmann

Identifying imbalances in the Hungarian banking system (‘early warning’ system) pp. 38-45

Dániel Holló

Developments in external borrowing by individual sectors pp. 46-56

Péter Koroknai and Rita Lénárt-Odorán

A crisis of crisis management? Debates over fiscal adjustments in the European Monetary Union pp. 57-66

Zoltán Szalai

11th Annual Macroeconomic Policy Research Workshop at MNB: Microeconomic Behavior and its Macroeconomic Implications During the Financial Crisis pp. 67-72

Stepanchuk Serhiy and Adam Reiff

Interview with Fabio Canova pp. 73-78

Fabio Canova, István Kónya and Katalin Szilágyi

Volume 7, issue 2, 2012

Card or print? How to issue cafeteria vouchers electronically? pp. 7-13

Éva Divéki

Unconventional central bank instruments in Hungary pp. 14-23

Gergely Fábián and Róbert Mátrai

International experiences with unconventional central bank instruments pp. 24-30

Kristóf Lehmann

The design and implementation of the MNB’s euro sale programme introduced in relation to early repayments pp. 31-40

György Pulai and Zoltán Reppa

Using confidence indicators for the assessment of the cyclical position of the economy pp. 41-46

Olivér Rácz

Single Euro Payments Area (SEPA): Full speed ahead! pp. 47-57

Anikó Turján and Judit Brosch

Volume 7, issue 1, 2012

How do FX market participants affect the forint exchange rate? pp. 7-17

Norbert Kiss M. and Zoltán Molnár

10th Annual Macroeconomic Research Workshop at MNB: Fiscal Rebalancing, Public Debt, and its National and Global implications pp. 18-26

Katrin Rabitsch

The effect of indebtedness on the financial and income position of Hungarian households pp. 27-42

Gábor Szigel and Péter Fáykiss