MNB Working Papers

From Magyar Nemzeti Bank (Central Bank of Hungary)
Contact information at EDIRC.
Bibliographic data for series maintained by Lorant Kaszab ( this e-mail address is bad, please contact ).

Access Statistics for this working paper series.
Is something missing from the series or not right? See the RePEc data check for the archive and series.

2025/2: This study evaluates the credit risk of sustainable loans in a preferential capital requirement programme. We utilise loanlevel data from a uniquely implemented programme from Hungary, applying logistic regressions and survival analysis techniques. We observe a significantly reduced credit risk for firms with renewable energy and electromobility loans, even after accounting for all relevant covariates. Models incorporating green characteristics predict a substantially lower credit risk for firms with green loans compared to models excluding green characteristics. These results are economically significant and robust to model specifications, alternative definitions of green firms and varying default definitions. We show that green loans' lower probability of default can justify a reduction of several percentage points in capital requirements: Balint Vargedo, Csaba Burger and Donat Kim
2025/1: The Impact of EU Grants for Research and Innovation on Firms' Performance: Gábor Kátay, Palma Filep-Mosberger and Francesco Tucci
2024/3: Impact of Acquisitions on Firmsâ€™ Performance: Marianna Endresz and Péter Gábriel
2024/2: Spillover Effects of Foreign Currency Loans: the Role of the Bank Lending Channel: Palma Filep-Mosberger, Lorant Kaszab and Zhou Ren
2024/1: Tamas Briglevics-Artashes Karapetyan-Steven Ongena-Ibolya Schindele: More Data, More Credit? Information Sharing and Bank Credit to Households: Tamas Briglevics, Artashes Karapetyan, Steven Ongena and Ibolya Schindele
2023/2: Endogenous Growth, Countercyclical Dividends, and Asset Prices: Palma Filep-Mosberger, Lorant Kaszab and Zhou Ren
2023/1: The Effect of Regulatory Requirements and ESG Promotion on Market Liquidity: Péter Csóka and Judit Hever
2022/6: Treasury Supply Shocks and the Term Structure of Interest Rates in the UK: Andras Lengyel
2022/6: A High Resolution Agent-based Model of the Hungarian Housing Market: Bence Mero, Andras Borsos, Zsuzsanna Hosszu, Zsolt Olah and Nikolett Vago
2022/5: Asset Pricing with Free Entry and Exit of Firms: Lorant Kaszab, Aleš Maršál and Katrin Rabitsch
2022/4: Income Tax Evasion Estimation in Hungary: Palma Filep-Mosberger and Adam Reiff
2022/3: A simple framework for analyzing the macroeconomic effects of inside money: Balazs Vilagi and Balázs Vonnák
2022/2: Monetary Policy and Household Loan Supply: Volume and Composition Effects: Gyozo Gyongyosi, Steven Ongena and Ibolya Schindele
2022/1: The Anatomy of Consumption in a Household Foreign Currency Debt Crisis: Gyozo Gyongyosi, Judit Rariga and Emil Verner
2021/4: Estimating the Effect of Monetary Policy with Dissenting Votes as Instrument: Balázs Vonnák
2021/3: A Model-Based Comparison of Macroprudential Tools: Eyno Rots and Barnabas Szekely
2021/2: Interest Rate Rules, Rigidities and Inflation Risks in a Macro-Finance Model: Roman Horvath, Lorant Kaszab and Aleš Maršál
2021/1: Spillover Effects in Firms' Bank Choice: Palma Filep-Mosberger, Attila Lindner and Judit Rariga
2020/7: The Effect of Public Work Programme in Hungary on Private Sector Wages: Lajos Szabó
2020/6: Shock Propagation in the Banking System with Real Economy Feedback: Andras Borsos and Bence Mero
2020/5: The bank lending channel during financial turmoil: Marianna Endresz
2020/4: Real-Time Weakness of the Global Economy: A First Assessment of the Coronavirus Crisis: Danilo Leiva-Leon, Gabriel Pérez-Quirós and Eyno Rots
2020/3: Equity Premium and Monetary Policy in a Model with Limited Asset Market Participation: Roman Horvath, Lorant Kaszab and Aleš Maršál
2020/2: Household Debt Revaluation and the Real Economy: Evidence from a Foreign Currency Debt Crisis: Emil Verner and Gyozo Gyongyosi
2019/4: The Effect of Tightness on Wages at the Regional Level in Three Central European Countries: Lajos Szabó
2019/3: Determinants of Fiscal Multipliers Revisited: Roman Horvath, Lorant Kaszab, Aleš Maršál and Katrin Rabitsch
2019/2: Fiscal Policy and the Nominal Term Premium: Roman Horvath, Lorant Kaszab and Aleš Maršál
2019/1: Macroprudential Policies in the EAGLE FLI Model Calibrated for Hungary: Gabor Fukker and Lorant Kaszab
2018/3: Bank Efficiency Differences Across Central and Eastern Europe: Barnabás Székely
2018/2: ASYMMETRIC VOLATILITY SPILLOVERS BETWEEN DEVELOPED AND DEVELOPING EUROPEAN COUNTRIES: Mattia Bevilacqua
2018/1: News- Based Indices on Country Fundamentals: Do They Help Explain Sovereign Credit Spread Fluctuations?: András Fülöp and Zalan Kocsis
2017/9: FISS - A Factor Based Index of Systemic Stress in the Financial System: Tibor Szendrei and Katalin Varga
2017/8: Impact evaluation of EU subsidies for economic development on the Hungarian SME sector: Adam Banai, Péter Lang, Gábor Nagy and Martin Stancsics
2017/7: The EAGLE model for Hungary - a global perspective: László Békési, Lorant Kaszab and Szabolcs Szentmihályi
2017/6: In Lands of Foreign Currency Credit, Bank Lending Channels Run Through?: Steven Ongena, Ibolya Schindele and Dzsamila Vonnák
2017/5: An agent based Keynesian model with credit cycles and countercyclical capital buffer: Zsuzsanna Hosszú and Bence Mérõ
2017/4: Public Wage Spillovers: The Role of Individual Characteristics and Employer Wage Policies: Almos Telegdy
2017/3: A model of bank behaviour for the assessment of the potential balance sheet impact of the NSFR liquidity requirement: Péter Lang
2017/2: Cross-Border Portfolio Diversification under Trade Linkages: Makram Khalil
2017/1: Harmonic distances and systemic stability in heterogeneous interbank networks: Gabor Fukker
2016/4: The macroeconomic forecasting model of the MNB: László Békési, Csaba Köber, Henrik Kucsera, Tímea Várnai and Balázs Világi
2016/3: Accounting versus real production responses among firms to tax incentives: bunching evidence from Hungary: Palma Filep-Mosberger
2016/2: A Long-Term Evaluation of Recent Hungarian Pension Reforms: Christoph Freudenberg, Tamas Berki and Adam Reiff
2016/1: The impact of credit supply shocks and a new FCI based on a FAVAR approach: Zsuzsanna Hosszú
2015/5: Estimates of the Non-accelerating Inflation Rate of Unemployment (NAIRU) for Hungary: Lajos Szabó
2015/4: Learning and the Market for Housing: Eyno Rots
2015/3: A General Equilibrium Approach of Retail Payments: Tamás Ilyés and Lóránt Varga
2015/2: The Impact of the Magyar Nemzeti Bank's Funding for Growth Scheme on Firm Level Investment: Marianna Endresz, Péter Harasztosi and Robert Lieli

MNB Working Papers

Papers sorted by number

Papers sorted by number