" The primary objective of the MNB shall be to achieve and maintain price stability. Without prejudice to its primary objective, the MNB shall support the economic policy of the Government using the monetary policy instruments at its disposal. "
PublicationsMNB BulletinArticles in alphabetical order

Articles in alphabetical order

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Aczél Ákos and Dániel Homolya: Risks of the indebtedness of the local government sector from the point of view of financial stability

 

Antal, Judit and Áron Gereben: Foreign reserve strategies for emerging economies - before and after the crisis

 

Bakonyi, Ákos and Dániel Homolya: Backtesting the efficiency of MNB’s Lending Survey

 

Baksay, Gergely and Gábor P. Kiss: Act one, act first – the law on fiscal responsibility

 

Balás, Tamás and Csaba Móré: How resilient are Hungarian banks to liquidity shocks?

 

Balás, Tamás and Márton Nagy: Conversion of foreign currency loans into forints

 

Balogh, Csaba: 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?

 

Benczúr Péter, Gábor Kátay, Áron Kiss, Balázs Reizer and Mihály Szoboszlai: Analysis of changes in the tax and transfer system with a behavioural microsimulation model

 

Bodnár, Katalin: Household consumption expenditures and the consumer confidence index

 

Bodnár, Katalin: Survey evidence on the exchange rate exposure of Hungarian SMEs

 

Bódi-Schubert, Anikó: Factors behind high cash usage in Hungary

 

Csávás, Csaba and Lóránt Varga: Main characteristics of non-residents’ trading on the foreign exchange and government bond markets

 

Csermely, Ágnes and András Rezessy: The theory and practice of interest rate smoothing

 

Csermely, Ágnes and Zoltán Szalai: The role of financial imbalances in monetary policy

 

Dávid Sándor: The Single Euro Payments Area

 

Delikát, Anna: Role of financial markets in monetary policy

 

Erhart, Szilárd and András Kollarik: The launch of HUFONIA and the related international experience of overnight indexed swap (OIS) markets

 

Fábián, Gergely, András Hudecz and Gábor Szigel: Decline in corporate lending in Hungary and across the Central and East European region during the crisis

 

Felcser, Dániel and Gyöngyi Körmendi: International experiences of banking crises: management tools and macroeconomic consequences

 

Fischer, Éva: Challenges of financial integration in the Central and East European region

 

Gábriel, Péter and Klára Pintér: Whom should we believe? Information content of the yield curve and analysts’ expectations

 

Gábriel, Péter and Ádám Reiff: The effect of the change in VAT rates on the consumer price index

 

Gál, Péter: Unfavourable investment data – risks to economic growth?

 

Gereben, Áron and István Mák: Potentials and limitations of non-governmental forint-denominated bond issues by non-residents

 

Gereben, Áron and Norbert Kiss M.: A brief overview of the characteristics of interbank forint/euro trading

 

Gyura, Gábor and Anikó Szombati: Systemic risk in focus – New directions of financial supervision at home and abroad

 

Habány, Levente and Dr. Anikó Turján: Channelling government securities redemption into VIBER and its effects on payment systems and its participants

 

Helmeczi, István Nándor and Gergely Kóczán: On trade vouchers called “local money”

 

Hoffmann, Mihály and Gábor P. Kiss: From those lying facts to the underlying deficit

 

Holló, Dániel: Household indebtedness and financial stability: Reasons to be afraid?

 

Holló, Dániel: Risk developments on the retail mortgage loan market

 

Homolya, Dániel: Operational risk and its relationship with institution size in the Hungarian banking sector

 

Holló, Dániel and Márton Nagy: Analysis of banking system efficiency in the European Union

 

Homolya Dániel-Szigel Gábor: Lending to local governments: Risks and behaviour of Hungarian banks

 

Homolya, Dániel : The impact of the capital requirements for operational risk in the Hungarian banking system

 

Hornok, Cecília, Zoltán M. Jakab and Gábor P. Kiss: ‘Through a glass darkly’: Fiscal expansion and macro-economic developments, 2001–2006

 

Horváth Ágnes, Köber Csaba and Szilágyi Katalin: MPM – The Magyar Nemzeti Bank’s monetary policy model

 

Hosszú Zsuzsanna: Pre-crisis household consumption behaviour and its heterogeneity according to income, on the basis of micro statistics

 

Jakab, Zoltán M. : Consequences of global imbalance corrections for Hungary

 

Juhász Réka: The optimal rate of inflation and the inflation target: international experience and the Hungarian perspective

 

Karadi, Peter (ed.): Rethinking Business Cycle Models – Workshop at the MNB

 

Karvalits Ferenc: Challenges of monetary policy - a global perspective and the Hungarian situation

 

Kékesi, Zsuzsa and Gábor P. Kiss: The reversal of the pension reform 1998 from a short-term perspective

 

Kézdi, Gábor and István Kónya: Wage setting in Hungary: evidence from a firm survey

 

Kisgergely, Kornél: Carry trade

 

Kiss, Gergely: Experiences of European crisis management: the reform of economic policy coordination

 

Kiss, Gergely: Fast credit growth: equilibrium convergence or risky indebtedness?

 

Kiss M., Norbert and István Mák: Developments in sovereign bond issuance in the Central and Eastern European region after the Lehman collapse

 

Kiss M., Norbert and Klára Pintér: How do macroeconomic announcements and FX market transactions affect exchange rates?

 

Kiss M., Norbert and Zoltán Molnár: How do FX market participants affect the forint exchange rate?

 

Kocsis Zalán and Dénes Nagy: Variance decomposition of sovereign CDS spreads

 

Komáromi, András: The effect of the monetary base on money supply – Does the quantity of central bank money carry any information?

 

Komáromi, András: The structure of external financing: Is there a reason to worry about financing through debt?

 

Koroknai, Péter: Hungary’s external liabilities in international comparison

 

Koroknai Péter and Rita lénárt-Odorán: The role of special purpose entities in the Hungarian economy and in statistics

 

Krekó, Judit and Gábor P. Kiss: Tax evasion and tax changes in Hungary

 

Krekó, Judit and Marianna Endrész: The role of foreign currency lending in the impact of the exchange rate on the real economy

 

Krusper, Balázs and Gábor Pellényi: Impacts of fiscal adjustments in Western European countries on the Hungarian economy

 

Leszkó, Erika : Rounding is not to be feared

 

Mák, István and Judit Páles: The role of the FX swap market in the Hungarian financial system

 

Molnár, Zoltán: About the interbank HUF liquidity − what does the MNB’s new liquidity forecast show?

 

Munkácsi, Zsuzsa: Who exports in Hungary? Export concentration by corporate size and foreign ownership, and the effect of foreign ownership on export  orientation

 

Nagy, Márton and Viktor E. Szabó: The sub-prime crisis and its impact on the Hungarian banking sector

 

Odor, Ludovit and Gábor P. Kiss: The exception proves the rule? Fiscal rules in the Visegrád countries

 

Odorán, Rita and Sisak, Balázs: Cash demand of the Hungarian economy – is the shadow economy still running smoothly?

 

Páles Judit and Dániel Homolya: Developments in the costs of external funds of the Hungarian banking sector

 

Páles, Judit and Lóránt Varga: Trends in the liquidity of Hungarian financial markets – What does the MNB’s new liquidity index show?

 

P. Kiss, Gábor and Róbert Szemere: Apples and oranges? A comparison of the public expenditure of the Visegrád countries

 

P. Kiss, Gábor and Zoltán Reppa: Quo vadis, deficit? How high the tax level will be when the economic cycle reverses?

 

Párkányi, Balázs: Myths and Maths: Macroeconomic Effects of Fiscal Adjustments in Hungary

 

Pintér, Klára  and György Pulai: Measuring interest rate expectations from  market yields: topical issues

 

Rabitsch, Katrin: 10th Annual Macroeconomic Research Workshop at MNB: Fiscal Rebalancing, Public Debt, and its National and Global implications

 

Reppa, Zoltán: Interest rate expectations and macroeconomic shocks affecting the yield curve

 

Rezessy, András: Considerations for setting the medium-term inflation target

 

Sánta, Lívia: The role of central banks in crisis management – how do financial crisis simulation exercises help?

 

Simon, Béla: The role of cash in corporate financial management – Where are petty cash holdings high?

 

Dr. Széplaki, Valéria : Reform of the Hungarian corporate insolvency regulation and its financial stability aspects

 

Szigel, Gábor and Péter Fáykiss: The effect of indebtedness on the financial and income position of Hungarian households

 

Szombati, Anikó: Systemic level impacts of Basel III on Hungary and Europe

 

Szücs, Adrien : The 200 forint denomination will be a coin

 

Tóth, Máté Barnabás: Monetary policy rules and a normative approach to the central bank’s objective function

 

Varga, Lóránt: Hungarian sovereign credit risk premium in international  comparison during the financial crisis

 

Varga, Lóránt: Introducing optional reserve ratios in Hungary

 

Vonnák, Balázs: Risk premium shocks, monetary policy and exchange rate pass-through in small, open countries

 

Zsámboki, Balázs: Impacts of financial regulation on the cyclicality of banks’ capital requirements and on financial stability

 
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