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MNB Bulletin Special issue October 2013


Building on employees’ valuable knowledge and experience, in March 2013 the Magyar Nemzeti Bank’s management announced a two-round competition for Bank staff. Employees were asked to submit their papers written on current issues in the economy and central banking. This publication is a special issue of the MNB Bulletin, in which a collection of the entries for the competition is made available for the public. The Magyar Nemzeti Bank attaches great importance to making central bank analyses on various current economic and financial trends of general interest available to the wider public. Several papers will be found in the Bank’s other publications, thereby reducing the number of articles to be published in the Bulletin. Accordingly, 11 of the entries have been chosen, which are being published by the Bank in the special issue of the Bulletin.

Baksa, Dániel, Dániel Felcser, Ágnes Horváth, Norbert Kiss M., Csaba Köber, Balázs Krusper, Gábor Daniel Soós and Katalin Szilágyi: Neutral interest rate in Hungary

Baksay, Gergely, Tamás Berki, Iván Csaba, Emese Hudák, Tamás Kiss, Gergely Lakos, Zsolt Lovas and Gábor P. Kiss: Developments in public debt in Hungary between 1998 and 2012: trends, reasons and effects

Balás, Tamás: Households: indebtedness and debt service ratio

Bauer, Péter, Mariann Endrész, Regina Kiss, Zsolt Kovalszky, Ádám Martonosi, Olivér Rácz and István Schindler: Excessive household debt: causes, trends and consequences

Bodnár, Katalin, György Molnár, Gábor Pellényi, Lajos Szabó and Judit Várhegyi: Dynamics of the trade balance and developments in exports and imports

Erhart, Szilárd, Gergely Kicsák, Zsolt Kuti, Zoltán Molnár and Zoltán Monostori: Doing it differently or The impact of the financial crisis on central bank balance sheets in emerging economies

Fáykiss, Péter and Anikó Szombati: Macroprudential supervision in non-euro area European countries

Hoffmann, Mihály, Balázs Kóczián and Péter Koroknai: Developments in the external balance of the Hungarian economy: indebtedness and adjustment

Hosszú, Zsuzsanna, Gyöngyi Körmendi, Bálint Tamási and Balázs Világi: Impact of the credit supply on the Hungarian economy

Korencsi, Attila, Melinda Lakatos and György Pulai: Regulation on the prohibition on monetary financing - obligations and opportunities

Lehmann, Kristóf, Róbert Mátrai and György Pulai: Measures taken by the Federal Reserve System and the European Central Bank during the crisis

The complete volume can be downloaded here:

MNB Bulletin Special issue October 2013