Hungarian Monetary Policy Operations Before During And After The Pandemic
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Hungarian Monetary Policy Operations Before During And After The Pandemic
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Author : Mr. Tonny Lybek
language : en
Publisher: International Monetary Fund
Release Date : 2023-02-26
Hungarian Monetary Policy Operations Before During And After The Pandemic written by Mr. Tonny Lybek and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-02-26 with Business & Economics categories.
Within its inflation-targeting framework, the Magyar Nemzeti Bank (MNB) has frequently adjusted its monetary operations. This has raised questions about their internal consistency, appropriateness, and effectiveness. A broader assessment, implying a comparison to a counterfactual, is outside the scope of this paper. Our prior is agnostic. We find that the changes were generally well-motivated within the MNB statutory powers; prioritized, transparently explained, and monitored; and promptly adjusted, when they no longer served their purpose. Occasionally, some tools have worked at cross purposes. Government policies have at times hampered monetary policy. Simplicity comes with a premium, as complexity can blur signals.
Beyond Neoliberalism And Neo Illiberalism
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Author : Markus Gabriel
language : en
Publisher: transcript Verlag
Release Date : 2024-05-07
Beyond Neoliberalism And Neo Illiberalism written by Markus Gabriel and has been published by transcript Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-05-07 with Philosophy categories.
In many countries, the political backlash against neoliberalism has mainly been a retreat from democracy, with a decline in independence of the judiciary and the monetary authorities, increased control of the media, and manipulation of elections for purposes of authoritarian control. The economic dynamics and the impact of neoliberalism, i.e. deregulation and liberalized markets, is just one cause of this authoritarian shift. The contributors to this volume examine the impact of neoliberal economic policies in relation to cultural and political factors and how these have promoted the recent authoritarian turn, as well as probing the economic policies and performance of the illiberal regimes.
Hungary
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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2023-02-03
Hungary written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-02-03 with Business & Economics categories.
Hungary: Selected Issues
Global Debt Report 2024 Bond Markets In A High Debt Environment
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2024-03-07
Global Debt Report 2024 Bond Markets In A High Debt Environment written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-03-07 with categories.
The Global Debt Report examines sovereign and corporate debt markets, providing insights into current market conditions and associated policy considerations, including possible financial stability risks. This first edition consolidates the Sovereign Borrowing Outlook, previously a separate OECD publication, and introduces new chapters on corporate bond markets and sustainable bonds.
Asset Purchase Programs In European Emerging Markets
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Author : Mr. Marco Arena
language : en
Publisher: International Monetary Fund
Release Date : 2021-09-24
Asset Purchase Programs In European Emerging Markets written by Mr. Marco Arena and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-24 with Business & Economics categories.
Several emerging market central banks in Europe deployed asset purchase programs (APPs) amid the 2020 pandemic. The common main goals were to address market dysfunction and impaired monetary transmission, distinct from the quantitative easing conducted by major advanced economy central banks. Likely reflecting the global nature of the crisis, these APPs defied the traditional emerging market concern of destabilizing the exchange rate or inflation expectations and instead alleviated markets successfully. We uncover some evidence that APPs in European emerging markets stabilized government bond markets and boosted equity prices, with no indication of exchange rate pressure. Examining global and domestic factors that could limit the usability of APPs, in the event of renewed market dysfunction we see a potential scope for scaling up APPs in most European emerging markets that used APPs during the pandemic, provided that they remain consistent with the primary objective of monetary policy and keep a safe distance from the risk of fiscal dominance. As central banks in the region move towards monetary policy tightening, the tapering, ending, and unwinding of APPs must also be carefully considered. Clear and transparent communication is critical at each step of the process, from the inception to the closure of APPs, particularly when a large shock hits and triggers a major policy shift.
Central Banking And Monetary Policy Implementation
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Author : Sylvio Antonio Kappes
language : en
Publisher: Edward Elgar Publishing
Release Date : 2025-06-09
Central Banking And Monetary Policy Implementation written by Sylvio Antonio Kappes and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-06-09 with Business & Economics categories.
This informative book discusses the evolution of monetary policy, particularly since the subprime crisis. The contributors analyse diverse examples of the implementation of monetary policies across a range of countries, from those with major central banks such as Canada and Switzerland to developing economies such as Brazil and Nigeria, exploring how the practical workings of these measures can vary.
Hungary 2021 Article Iv Consultation Press Release And Staff Report
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Author : International Monetary Fund. European Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2021-06-29
Hungary 2021 Article Iv Consultation Press Release And Staff Report written by International Monetary Fund. European Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-06-29 with Business & Economics categories.
Hungary’s economy entered the COVID-19 pandemic on a strong footing and the authorities responded swiftly and strongly to the crisis it triggered. While the lockdowns weighed heavily on activity, the fast vaccination pace is allowing an early relaxation of containment measures, and the economy has started to rebound.
The New European Central Bank Taking Stock And Looking Ahead
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Author : Thomas Beukers
language : en
Publisher: Oxford University Press
Release Date : 2022-11-28
The New European Central Bank Taking Stock And Looking Ahead written by Thomas Beukers and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-11-28 with Law categories.
The European Central Bank (ECB) was first introduced in the European legal order on the occasion of the Treaty of Maastricht (1992). An official EU institution which is governed by EU law, the ECB of modern times differs vastly from its inception in 1998, which manifests in three main ways: monetary policy options, consideration of concerns other than low inflation in its policy-making, and its role in the Banking Union. This edited collection offers a retrospective and prospective account of the ECB, charting its evolution in detail with chapters written by leading academics and practitioners. Part 1 examines the substantive changes to monetary policy introduced by the ECB as a consequence of the financial and sovereign debt crisis by considering their legal basis. Part 2 moves beyond monetary policy by shifting to the new roles that the ECB has been called upon to play, notably in banking supervision and resolution. Parts 3 and 4 deal with transformations to inter- and intra-institutional relations, and take stock of these transformations, reflecting on the nature of the ECB of current times and which direction it could be heading in the future. The authors analyse the most salient and controversial elements of the ECB's crisis response, including unconventional monetary policy measures and the ECB's risk management strategy. Beyond monetary policy, the book further examines the role played by objectives such as financial stability and environmental sustainability, the ECB's relationship to the Lender of Last Resort function, as well as its new responsibilities in the Banking Union.
The Role Of Crises In Shaping Financial Systems
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Author : Małgorzata Iwanicz-Drozdowska
language : en
Publisher: Taylor & Francis
Release Date : 2022-10-18
The Role Of Crises In Shaping Financial Systems written by Małgorzata Iwanicz-Drozdowska and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-10-18 with Business & Economics categories.
The Role of Crises in Shaping Financial Systems: From the Global Financial Crisis to COVID-19 underscores the role of crises as turning points for the financial sector and its interactions with the real economy. It sheds new light on the financial industry through the lens of three recent crises – the global financial crisis, the sovereign debt crisis, and the COVID-19 pandemic. The book provides in-depth insight into the financial systems in European Economic Area countries, accentuating the role of crises in shaping the condition and development of the financial arena. The authors pay special attention to the differences between “old” and “new” Europe, i.e. countries that joined the EU in 2004 or later. It explores the implications of recent turbulences for financial institutions, financial markets, and public finance, and their relationship with the economy. The book examines low or negative interest rates, non-standard monetary policy, fiscal stimulus, dense safety nets, regulatory inflation, weak profitability of the financial sector, and the sovereign-bank nexus. Post-crisis developments are assessed, comprehensively and empirically, from both macro- and microeconomic perspectives to help readers understand the nature of policy measures and their socio-economic implications. The authors outline their predictions for the future of financial systems, focusing on the structural changes and legacy of the COVID-19 crisis and global financial interlinkages. The book adopts both theoretical and practical approaches to explore the key issues and, as such, will appeal to academics and students of financial economics and international finance, as well as policymakers and financial regulators.
Unconventional Monetary Policies In Emerging Markets And Frontier Countries
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Author : Chiara Fratto
language : en
Publisher: International Monetary Fund
Release Date : 2021-01-22
Unconventional Monetary Policies In Emerging Markets And Frontier Countries written by Chiara Fratto and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-01-22 with Business & Economics categories.
The COVID-19 crisis induced an unprecedented launch of unconventional monetary policy through asset purchase programs (APPs) by emerging market and developing economies. This paper presents a new dataset of APP announcements and implementation from March until August 2020 for 27 emerging markets and 8 small advanced economies. APPs’ effects on bond yields, exchange rates, equities, and debt spreads are estimated using different methodologies. The results confirm that APPs were successful in significantly reducing bond yields in EMDEs, and these effects were stronger than those of policy rate cuts, suggesting that such UMP could be important tools for EMDEs during financial market stress.