Central banks’ liquidity management plays a crucial role in the implementation of monetary policy. In most countries central banks influence short term interest rates through determining the equilibrium conditions of supply and demand in the market for bank reserves (liquidity). This article...

On 15 and 16 January 2003, an intensive speculative attack was launched against the exchange rate band of the forint. This study analyses the monetary policy decisions with regard to the antecedents of the speculation, the events of the speculative episode and the subsequent period of...

This paper gives a reassessment of the sustainability of the reformed Hungarian pension system with a special focus on whether the introduction of the fully funded pillar in 1998 has led to any improvement in the sustainability of the pension system. After a brief description of the 1997/1998...

The secret to successful economic convergence lies in broad-based cooperation between the public and private sectors. The tax system is a priority area, since on the one hand it generates the revenues for the functioning of the state, while on the other hand it regulates the basic conditions of...

Sikeres gazdasági felzárkózás csak az állam és a magánszektor minél több területre kiterjedő együttműködésével valósítható meg. Kiemelt terület az adórendszer, ami az állami működéshez szükséges bevételeket teremti meg, másfelől a magángazdaság feltételeit...

This paper gives a reassessment of the sustainability of the reformed Hungarian pension system with a special focus on whether the introduction of the fully funded pillar in 1998 has led to any improvement in the sustainability of the pension system. After a brief description of the 1997/1998...

A tanulmány az 1997-1998-ban megreformált magyar nyugdíjrendszer fenntarthatóságát elemzi, különös figyelmet szentelve annak a kérdésnek, hogy a tőkefedezeti pillér bevezetése javította-e a nyugdíjrendszer fenntarthatóságát. A nyugdíjrendszer reformjának rövid bemutatása...