In his speech held at the 46th Economic Conference organized by the Hungarian Economic Association Ferenc Karvalits, Deputy Governor of Magyar Nemzeti Bank discussed the challenges of monetary policy, global financial turbulence and the issue of global price increases. He emphasised that the MNB...

In this paper we analyse the information content of correlations between daily changes in CDS spreads. Using factor analysis, we can break down the variance of CDS spreads into global, regional and country-specific components. Our results confirm the finding of other studies, namely that there...

The shape and dynamics of the yield curve provide useful information in the analysis of current economic and financial developments, and market expectations. This article describes the key theoretical factors affecting the yield curve and examines their role in the developments in advanced and...

This study offers some insight into indirect interbank forint/euro trading through transaction-level data from the dominant electronic trading platform used on this market. We provide an in-depth view of the structure and liquidity of interbank foreign exchange trading by using simple,...

This article deals with forint bonds issued by non-residents. We present the role of such bonds in financing the external debt in the domestic currency, as well as the typical cash flows associated with their issue and the related interest rate swaps. By buying so-called euroforint bonds issued...

The global financial crisis posed as much of a challenge for the foreign exchange reserve policies of emerging countries as it did for their economic policies and financial systems. This pushed many countries into rethinking their strategies about foreign exchange reserves. This study presents...