MNB Bulletin (discontinued)

2006 - 2014

From Magyar Nemzeti Bank (Central Bank of Hungary)
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Volume 6, issue 3, 2011

Risks of the indebtedness of the local government sector from the point of view of financial stability pp. 7-14

Ákos Aczél and Dániel Homolya

Analysis of changes in the tax and transfer system with a behavioural microsimulation model pp. 15-27

Peter Benczur, Gábor Kátay, Áron Kiss, Balazs Reizer and Mihály Szoboszlai

Pre-crisis household consumption behaviour and its heterogeneity according to income, on the basis of micro statistics pp. 28-35

Zsuzsanna Hosszú

Variance decomposition of sovereign CDS spreads pp. 36-50

Zalan Kocsis and Dénes Nagy

The role of special purpose entities in the Hungarian economy and in statistics pp. 51-60

Péter Koroknai and Rita Lénárt-Odorán

Developments in the costs of external funds of the Hungarian banking sector pp. 61-69

Judit Páles and Dániel Homolya

Volume 6, issue 2, 2011

Operational risk and its relationship with institution size in the Hungarian banking sector pp. 7-17

Dániel Homolya

MPM – The Magyar Nemzeti Bank’s monetary policy model pp. 18-24

Ágnes Horváth, Csaba Köber and Katalin Szilágyi

The exception proves the rule? Fiscal rules in the Visegrád countries pp. 25-38

Ludovit Odor and Gabor Kiss

Volume 6, issue 1, 2011

Foreign reserve strategies for emerging economies - before and after the crisis pp. 7-19

Judit Antal and Áron Gereben

The launch of HUFONIA and the related international experience of overnight indexed swap (OIS) markets pp. 20-29

Szilárd Erhart and András Kollarik

On trade vouchers called “local money” pp. 30-43

István Nándor Helmeczi and Gergely Kóczán

The reversal of the pension reform 1998 from a short-term perspective pp. 44-48

Zsuzsa Kékesi and Gabor Kiss

Volume 5, issue 4, 2010

From those lying facts to the underlying deficit pp. 7-16

Mihály Hoffmann and Gabor Kiss

Impacts of fiscal adjustments in Western European countries on the Hungarian economy pp. 17-23

Balázs Krusper and Gábor Pellényi

About the interbank HUF liquidity – what does the MNB’s new liquidity forecast show? pp. 24-32

Zoltán Molnár

Systemic level impacts of Basel III on Hungary and Europe pp. 33-42

Anikó Szombati

Volume 5, issue 3, 2010

Decline in corporate lending in Hungary and across the Central and East European region during the crisis pp. 17-28

Gergely Fábián, András Hudecz and Gábor Szigel

Potentials and limitations of non-governmental forintdenominated bond issues by non-residents pp. 29-39

Áron Gereben and István Mák

Experiences of European crisis management: the reform of economic policy coordination pp. 40-46

Gergely Kiss

Quo vadis, deficit? How high the tax level will be when the economic cycle reverses? pp. 47-56

Gabor Kiss and Zoltán Reppa

Introducing optional reserve ratios in Hungary pp. 57-66

Lóránt Varga

Volume 5, issue 2, 2010

The role of financial imbalances in monetary policy pp. 6-12

Ágnes Csermely and Zoltán Szalai

International experiences of banking crises: management tools and macroeconomic consequences pp. 13-21

Daniel Felcser and Gyöngyi Körmendi

Channelling government securities redemption into VIBER and its effects on payment systems and its participants pp. 22-30

Levente Habány and Anikó Turján

Carry trade pp. 31-43

Kornél Kisgergely

Volume 5, issue 1, 2010

Household consumption expenditures and the consumer confidence index pp. 6-19

Katalin Bodnár

Factors behind high cash usage in Hungary pp. 20-28

Anikó Bódi-Schubert

The role of foreign currency lending in the impact of the exchange rate on the real economy pp. 29-38

Judit Krekó and Marianna Endresz

Volume 4, issue 4, 2009

Systemic risk in focus – New directions of financial supervision at home and abroad pp. 6-12

Gábor Gyura and Anikó Szombati

Developments in sovereign bond issuance in the Central and Eastern European region after the Lehman collapse pp. 13-23

Norbert Kiss M. and István Mák

The role of cash in corporate financial management – Where are petty cash holdings high? pp. 24-30

Béla Simon

Risk premium shocks, monetary policy and exchange rate pass-through in small, open countries pp. 31-35

Balázs Vonnák

Volume 4, issue 3, 2009

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? pp. 6-13

Csaba Balogh

Risk developments on the retail mortgage loan market pp. 14-19

Dániel Holló

Wage setting in Hungary: evidence from a firm survey pp. 20-26

Gabor Kezdi and István Kónya

Rethinking Business Cycle Models – Workshop at the MNB pp. 27-38

Péter Karádi (ed.)

Volume 4, issue 2, 2009

The impact of the capital requirements for operational risk in the Hungarian banking system pp. 6-13

Dániel Homolya

Rounding is not to be feared pp. 14-21

Erika Leszkó

Who exports in Hungary? Export concentration by corporate size and foreign ownership, and the effect of foreign ownership on export orientation pp. 22-33

Zsuzsa Munkacsi

Measuring interest rate expectations from market yields: topical issues pp. 34-42

Klara Pinter and György Pulai

Hungarian sovereign credit risk premium in international comparison during the financial crisis pp. 43-52

Lóránt Varga

Volume 4, issue 1, 2009

Backtesting the efficiency of MNB’s Lending Survey pp. 6-14

Ákos Bakonyi and Dániel Homolya

Act one, act first – the law on fiscal responsibility pp. 15-23

Gergely Baksay and Gabor Kiss

The role of the FX swap market in the Hungarian financial system pp. 24-34

István Mák and Judit Páles

Apples and oranges? A comparison of the public expenditure of the Visegrád countries pp. 35-47

Gabor Kiss and Róbert Szemere

Volume 3, issue 3, 2008

Challenges of financial integration in the Central and East European region pp. 6-12

Éva Fischer

Hungary’s external liabilities in international comparison pp. 13-18

Péter Koroknai

Cash demand of the Hungarian economy – is the shadow economy still running smoothly? pp. 19-25

Rita Odorán and Balázs Sisak

Interest rate expectations and macroeconomic shocks affecting the yield curve pp. 26-32

Zoltán Reppa

The 200 forint denomination will be a coin pp. 33-40

Adrien Szücs

Volume 3, issue 2, 2008

Challenges of monetary policy – a global perspective and the Hungarian situation pp. 6-10

Ferenc Karvalits

The Single Euro Payments Area pp. 11-19

Sándor Dávid

Lending to local governments: Risks and behaviour of Hungarian banks pp. 20-29

Dániel Homolya and Gábor Szigel

The optimal rate of inflation and the inflation target: international experience and the Hungarian perspective pp. 30-37

Réka Juhász

Volume 3, issue 1, 2008

‘Through a glass darkly’: Fiscal expansion and macro-economic developments, 2001–2006 pp. 6-13

Cecília Hornok, Zoltán Jakab and Gabor Kiss

The structure of external financing: Is there a reason to worry about financing through debt? pp. 14-23

András Komáromi

Tax evasion and tax changes in Hungary pp. 24-34

Judit Krekó and Gabor Kiss

The sub-prime crisis and its impact on the Hungarian banking sector pp. 35-43

Márton Nagy and Viktor E. Szabó

Trends in the liquidity of Hungarian financial markets – What does the MNB’s new liquidity index show? pp. 44-51

Judit Páles and Lóránt Varga