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Recent crises in emerging markets have been heavily driven by balance-sheet or net-worth effects. Episodes in countries as far-flung as Indonesia and Argentina have shown that exchange rate adjustments that would normally help to restore balance can be destabilizing, even catastrophic, for...
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In this paper, I study channels through which risk-appetite shocks to global investors, i.e., global financial shocks, are transmitted to emerging market economies(EMEs). I focus on how transmission channels have changed as EMEs have become able to borrow abroad in the form of equity and local...
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. Disregarding countries that joined the euro area, Hungary was the only state where household FX loans were completely phased out …. The aim of the paper is to provide a structured presentation of the circumstances of the FX loan conversion in Hungary and … household FX loans in Hungary from the point of view of the legal considerations, the interest rate environment, the …
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In the 2000s, after the introduction of inflation targeting, most monetary transmission channels were weak in Hungary …
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