novel measure of eurozone exit risk. We find that while domestic bank stocks are not significantly affected by domestic exit …In the course of eurozone exit, the underlying stocks of American Depositary Receipts (ADRs) would be redenominated … real sector, exposure to eurozone exit risk is heterogeneous among industries and is less negative for more indebted …

yield environment at a scale that was never seen before. Central banks like the Central Bank of Hungary (MNB) had to make a … yields. The Bank decided to embrace a new approach, i.e. put in place a risk budget framework in reserve management. This … Bank and to prudently keep the risk of the portfolio within the predefined levels. In practice, the risk budget is a risk …