A Magyar Nemzeti Bank jelenleg az előre meghirdetetett nominális árfolyamsávra mint közbülső célra alapozott rendszerben valósítja meg monetáris politikáját. A rög- zített és a csúszva rögzített valutákat érő kihívásokra felkészülve, hosszabb távon felmerül a...

E cikkben az inflációs cél követésének rendszere mögötti közgazdasági elgondolást, illetve a magyarországi gyakorlat főbb gazdaságpolitikai tapasztalatait összegezzük. Először röviden bemutatjuk azt a modellkeretet, ami megítélésünk szerint leginkább tükröz a mai...

The debt crisis has brought to the surface key weaknesses in the institutional structure of the EU. The public securities markets of the individual countries have turned out to be potentially just as vulnerable to speculative attacks as fixed exchange rates. It has emerged as an unmanageable...

In this study enterprise leverage in Hungary is analysed with particular emphasis on the relationship between foreign equity investment and leverage. We examine the hypothesis according to which attracting foreign equity capital relatively early in the transition process might have resulted in...

During the current crisis, the question of how central banks should set their monetary policies after the key policy rate has reached the zero lower bound has provoked heated debates. One idea that has recently received attention is ‘nominal GDP targeting’, which many people believe is worth...

This series of enterprise case studies grew out from a 1995-1996 research project at IIASA. It acknowledged the importance of export development for the recovery of the economies of Central and Eastern Europe following their deep transformational recession in 1990-1994. The main goal was a...

Accession to the Economic and Monetary Union is one of the most important steps in Hungary's European integration, which will entail abandoning the national currency and adopting the euro as domestic legal tender. For Hungary as a new member state in the EU, introduction of the euro will not be...

The interest rate policy of the Magyar Nemzeti Bank typically consists of taking several smaller steps in one direction. Other central banks follow similar practices. Their interest rate policy actions are characterised by gradual changes: in other words, they avoid sudden, major changes in...

One fundamental lesson of the financial crisis is that the evolution of financial imbalances may suggest overheating in the economy, which does not necessarily entail a rise in inflation. The bursting of these bubbles may result in an abrupt overshooting of the positive output gap in the...