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MNB Bulletin December 2006


The Magyar Nemzeti Bank attaches considerable importance to disseminating key results and conclusions of the central bank’s research and analysis activities related to current Hungarian economic trends of general interest in a comprehensive form. This second issue of the MNB Bulletin contains six studies, which deal with the medium-term inflation target of monetary policy, the interpretation of market expectations regarding the level of the central bank base rate, the inflationary effect of changes in the VAT rate, the operation of interbank foreign exchange trading, the possible consequences of global imbalances for Hungary and the reform of corporate insolvency regulations.

The Editorial Board

The complete volume can be downloaded here

The article of this volume can be downloaded below:

Whom should we believe? Information content of the yield curve and analysts’ expectations (by Péter Gábriel and Klára Pintér)

The effect of the change in VAT rates on the consumer price index (by Péter Gábriel and Ádám Reiff)

A brief overview of the characteristics of interbank forint/euro trading (by Áron Gereben and Norbert Kiss M.)

Consequences of global imbalance corrections for Hungary (by Zoltán M. Jakab)

Considerations for setting the medium-term inflation target (by András Rezessy)

Reform of the Hungarian corporate insolvency regulation and its financial stability aspects (by Dr. Valéria Széplaki)

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