Monetary, Macroprudential, and Fiscal Policy

Julia Király (), Balázs Csontó, László Jankovics () and Katalin Mérő ()
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László Jankovics: European Fiscal Board
Katalin Mérő: Budapest Business School

Chapter Chapter 6 in Emerging European Economies after the Pandemic, 2022, pp 255-324 from Springer

Abstract: Abstract The chapter provides an overview of the conduct of monetary, macroprudential, and fiscal policies in the Emerging European Economies since the Global Financial Crisis, including the policy response to Covid-19 and the post-pandemic challenges. We show that changes in the institutional frameworks both at the regional and national level led to a significant expansion of the instruments available for policymakers, as well as enhanced fiscal frameworks and resilience in the financial sector. At the same time, monetary policy was constrained by several factors, including the global financial cycle, the long-term decline in interest rates, and the globalization of inflation. The large policy accommodation in response to Covid-19, including through the use of unconventional tools, helped mitigate the economic damage. The post-pandemic challenges, however, are significant, given the limited policy space, some structural factors affecting inflation and interest rates, as well as potential threats to independent institutions.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:conchp:978-3-030-93963-2_6

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DOI: 10.1007/978-3-030-93963-2_6

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