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MNB Bulletin April 2008

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The Magyar Nemzeti Bank ascribes great importance to making available for the wider public central bank analyses which deal with various economic and financial developments of general interest. This publication is the first issue of the third volume of the MNB Bulletin and contains five articles. Two of the studies presented herein discuss the global and domestic impacts of the US sub-prime crisis, as well as the tightening of liquidity on the financial markets; while each of the remaining articles deals with a current issue of the Hungarian economy, such as tax avoidance and tax changes, the impact of fiscal policy on economic growth and the structure of external financing.

The complete volume can be downloaded here

The articles of this volume can be downloaded below: 

Cecília Hornok–Zoltán M. Jakab–Gábor P. Kiss: ‘Through a glass darkly’: Fiscal expansion and macro-economic developments, 2001–2006

András Komáromi: The structure of external financing: Is there a reason to worry about financing through debt?

Judit Krekó–Gábor P. Kiss: Tax evasion and tax changes in Hungary

Márton Nagy–Viktor E. Szabó: The Sub-prime Crisis and its Impact on the Hungarian Banking Sector

Judit Páles–Lóránt Varga: Trends in the liquidity of Hungarian financial markets – What does the MNB’s new liquidity index show?