Financial and Economic Review

2014 - 2025

From Magyar Nemzeti Bank (Central Bank of Hungary)
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Volume 20, issue 4, 2021

The Growing Importance of the Economic Role of the Corporate Bond Market pp. 5-37.

Attila Becsi, Gergely Bognar and Mate Loga

Climate Change in the Capital Markets: A Study of Actively Managed Green Bond Funds pp. 38-64.

Emilia Németh-Durkó and Anita Hegedus

Financial Exclusion in the Digital Payment Space pp. 65-85.

Marta Somogyvari

Issues Relating to the Creation of a Central Database to Support Statistical Property Valuations pp. 86-117.

Gabriella Grosz, Evelyn Herbert, Gabor Izsak and Katinka Szasz

Centripetal and Centrifugal Forces in the European Union pp. 118-129.

György Szapáry

Reflections on the Essay 'Thoughts on the Dilemma of When to Introduce the Euro in Hungary' by Peter Gottfried pp. 130-143.

Elemer Tertak

What Causes Inflation? - The Relationship between Central Bank Policies and Inflation pp. 144-156.

Andras Balogh

Successful Convergence in the Visegrad Region: the Example of Czechia pp. 157-169.

Zsolt Becsey, Jr. and Aron Mate

Situation and Financing Capacity of the Hungarian Insurance Market pp. 170-179.

Andras G. Szabo and Koppany Nagy

Volume 20, issue 3, 2021

Investors' Reactions to Extreme Events in the Hungarian Stock Market pp. 5-30

Klaudia Radoczy and Akos Toth-Pajor

A Snapshot of the Ownership Network of the Budapest Stock Exchange pp. 31-58

Marton Gosztonyi

Methodological Background of the New Motor Third-Party Liability Insurance Index of the Magyar Nemzeti Bank pp. 59-79

Gabriella Meresz, Norbert Holczinger and Koppany Nagy

Examination of Applicants for Home Purchase Subsidy for Families in Terms of Prior Commitment to Having Children and Extent of Property Acquisition, Based on the Data of a Credit Institution pp. 80-109

Kata Plochl and Csilla Obadovics

Thoughts on the Dilemma of When to Introduce the Euro in Hungary pp. 110-126

Peter Gottfried

What Happened in the Neighbour? The Past Decade of Romania's Economic Convergence pp. 127-137

Katalin Kis

The Role of Gold in the Digital Age pp. 138-146.

Adam Banai, Pál Kolozsi and Sandor Ladanyi

Volume 20, issue 2, 2021

Expected Impact of the Introduction of the Leverage Ratio at the Hungarian and EU Level pp. 5-32

Beata Kocsis and Laszlo Seregdi

Analysis of Retailer and Corporate Payment Habits in Hungary pp. 33-59

Vivien Deak, Laszlo Kajdi and Istvan Nemecsko

Procyclical Effects of IFRS 9 - Illustrated by a Simulation on the Hungarian Banking System pp. 60-90

Gabor Szigel

ESG Investing: The Use of ESG Ratings in a Smart Beta Strategy pp. 91-116

Balazs Stempler

How Does the Market Price Responsible and Sustainable Investments? pp. 117-147

Barnabas Timar

Bosnia and Herzegovina's Economic Prospects and Historical Background pp. 148-169

Laura Kromjak

Volume 20, issue 1, 2021

Experiences with the Introduction of a Payment Moratorium in Hungary pp. 5-42

Áron Drabancz, Gabriella Grosz, Alexandr Palicz and Balázs Varga

Corporate Credit Risk Modelling in the Supervisory Stress Test of the Magyar Nemzeti Bank pp. 43-73

Gergõ Horváth

Decentralized Finance - The Possibilities of a Blockchain "Money Lego" System pp. 74-102

Tamás Katona

Searching for a Way Out of the Labyrinth of Digital Financial Innovations - The Trap of Regulatory Challenges in the Digital Financial System pp. 103-126

János Müller and Ádám Kerényi

The Work of Milgrom and Wilson in the Theory and Practical Application of Auctions pp. 127-151

Péter Biró and Gyula Magyarkuti

The Role of the Compliance Function in the Financial Sector in the Age of Digitalisation, Artificial Intelligence and Robotisation pp. 152-170

Gábor József Harkácsi and László Péter Szegfû

Volume 19, issue 4, 2020

Interest Savings of the Hungarian Budget between 2013 and 2019 in Comparison with Other EU Countries pp. 5-26

Gergely Kicsák, Dávid Benkõ and Noémi Végh

How Would the Magyar Nemzeti Bank's Liquidity and Funding Requirements Have Influenced the Impact of the 2008 Crisis in Hungary? pp. 27-59

Tamás Borkó, Evelyn Herbert, Barnabás Székely and Péter Szomorjai

Analysis of the Export Activity of Hungarian FinTech Companies pp. 60-82

Péter Fáykiss and Lívia Ónozó

Last Resort: European Central Bank’s Permanent Engagement in Tackling Foreign Exchange Liquidity Disruptions in the Euro Area Banking System pp. 83-106

Gábor Dávid Kiss, Gábor Zoltán Tanács, Edit Lippai-Makra and Tamás Rácz

Risks of Climate Change and Credit Institution Stress Tests pp. 107-131

Eszter Boros

Volume 19, issue 3, 2020

FX Forward Market in Hungary: General Characteristics and Impact of the COVID Crisis pp. 5-51

Anna Boldizsár, Zalan Kocsis, Zsuzsa Kékesi and Gábor Sztanó

Modelling Corporate Probability of Default – A Possible Supervisory Benchmark Model pp. 52-77

Márk Szenes and Zsófia Dabi

Principles of Proportionality in Credit Institutions’ Operational Risk Management pp. 78-101

Norbert Kozma

Mortgage Bank Refinancing – Proposals for Implementation of the European Covered Bond Directive in Hungary pp. 102-129

Gyula László Nagy, Zsombor Incze and Erik Landgraf

Transformation of Global Supply Chains in the Manufacturing Industry as a Result of the Coronavirus Pandemic pp. 130-153

Róbert Hausmann

Volume 19, issue 2, 2020

In Search of the Lost Balassa–Samuelson Effect – The Changing Role of Services in the 21st Century pp. 5-27

Veronika Tengely

Government Debt Reduction in the Old EU Member States: Is This Time Different? pp. 28-54

Miklós Losoncz and Csaba Tóth

Aggregate Fiscal Stabilisation Policy: Panacea or Scapegoat? pp. 55-87

Gabor Kiss

The Effect of Investor Short-Termism on the Capital Demand of European Listed Firms pp. 88-106

Zoltán Schepp, József Ulbert and Ákos Tóth-Pajor

An Estimation of the Magnitude and Spatial Distribution of Usury Lending pp. 107-132

Nedim Márton El-Meouch, Zita Fellner, Anna Marosi, Beáta Szabó and Ákos Urbán

Volume 19, issue 1, 2020

Inflation in the Digital Age: Inflation Measurement and Bias in the 21st Century pp. 5-36

György Matolcsy, Márton Nagy, Dániel Palotai and Barnabás Virág

Coordination(?) between Branches of Economic Policy across Euro Area pp. 37-64

Kristóf Lehmann, Olivér Nagy, Zoltán Szalai and Balázs H. Váradi

Regional Features of Card Payments in Hungary pp. 65-89

László Kajdi and István Nemecskó

Comparative Analysis of the Changes in Cash Demand in Hungary pp. 90-118

Tamás Végsõ

Studying Poverty in Economics – The Work of the 2019 Nobel Prize Laureates pp. 119-131

Klára Major

Bitcoin: Digital Illusion or a Currency of the Future? pp. 132-153

Gyöngyi Bugár and Márta Somogyvári

Volume 18, issue 4, 2019

The Need for Trust and Ethics in the Digital Age – Sunshine and Shadows in the FinTech World pp. 5-34

János Müller and Ádám Kerényi

Who Does Not Have a Bank Account in Hungary Today? pp. 35-54

Daniel Horn and Hubert Janos Kiss

Laffer Curves for Hungary pp. 55-76

Péter Gábriel and Lorant Kaszab

Banking Supervisors Tracing the Transition to IFRS 9 pp. 77-111

Attila Háda

Geopolitical Shifts in the Evolving New World Order pp. 112-129

György Szapáry and Dániel János Plósz

A Breakthrough Idea in Risk Measure Validation – Is the Way Paved for an Effective Expected Shortfall Backtest? pp. 130-145

Gyöngyi Bugár

Volume 18, issue 3, 2019

Hungary Is on the Path to Convergence pp. 5-28

György Matolcsy and Dániel Palotai

Lifting the Veil on Interest pp. 29-51

Istvan Abel, Máté Lóga, Gyula Nagy and Árpád Vadkerti

Portfolio Cleaning of Problem Project Loans in Hungary – Experiences Related to the Systemic Risk Buffer, as a Targeted Macroprudential Instrument pp. 52-82

Péter Fáykiss, Erzsébet-Judit Rariga and Márton Zsigó

Novel Modelling of the Operation of the Financial Intermediary System – Agent-based Macro Models pp. 83-113

Bence Mérõ

China in Search of Equilibrium – Transition Dilemmas of Growth and Stability pp. 114-134

Laura Komlóssy and Gyöngyi Vargáné Körmendi

Volume 18, issue 2, 2019

Who Can Refinance? The Possibilities and Limitations of Market-based Refinancing in the Case of Mortgages with a Variable Interest Rate pp. 5-30

Bálint Dancsik and Nedim Márton El-Meouch

Comparison of Manipulation-proof Measures on Hungarian Data pp. 31-51

Dávid Andor Rácz

Performance Measurement of Active Investment Strategies Using Pure Factor Portfolios pp. 52-86

Máté Fain and Helena Naffa

Issues and Types of Adverse Selection and Negative Selection pp. 87-116

László Csorba

Is Learning a Wonder Weapon of Endogenous Economic Growth? pp. 117-139

Peter Mihalyi

Volume 18, issue 1, 2019

Brave New Digital World? – Financial Technology and the Power of Information pp. 5-32

Ádám Kerényi and János Müller

Integrity of Financial Benchmarks pp. 33-59

Daniel Beres

Analysis of Households’ Investment Decisions Based on International Data pp. 60-87

Eszter Balogh, Zsuzsa Kékesi and Balázs Sisak

The Impact of Adverse Selection on Stock Exchange Specialists’ Price Quotation Strategy pp. 88-124

Kira Muratov-Szabó and Kata Váradi

Optimising Nobel Prize Laureates pp. 125-141

Dietmar Meyer