Dear Guest! If you find an error on the page or you have any technical question please call the customer service center. Phone number is 06-80-203-776. The Central Bank of Hungary.

The 2019 Chinese-language special issue of Financial and Economic Review has been published


The most popular recent papers have been published in the Chinese-language special issue of the Financial and Economic Review. The special issue contains the most popular studies and essays published between December 2017 and September 2018 and a report on the summit of Central Bank Governors from China and Central and Eastern European countries.

In their study, György Matolcsy and Dániel Palotai assess the crisis management tools used in Hungary and compare them to the Mediterranean countries of the euro area struggling with an unsustainable macroeconomic situation, similarly to Hungary. The tax reform in Hungary after 2010, the structural reform of the budget, and supporting this, the targeted measures by the Magyar Nemzeti Bank from 2013 are compared to the traditional crisis management applied by the Mediterranean euro area countries. In Hungary, harmonisation between fiscal and monetary policy established the balance between macro-financial equilibrium and growth through innovative and growth-friendly economic policy. Providing a good example, the targeted measures and experiences may be useful to other countries facing a similar situation.

Tamás Bánfi studies the construction of the euro and the euro area, and the resulting challenges Member States are to face. In his review, he explores the main criticisms of the single currency. He offers arguments and counter-arguments becoming the subjects of dispute in recent years.

Péter Fáykiss, Dániel Papp, Péter Sajtos and Ágnes Tőrös assess the regulatory tools that can be applied to encourage FinTech innovations, also focusing on financial stability. Following the revision of different international practices (Innovation Hub, Regulatory Sandbox), and analysing the legal implementation of the frameworks they present the Hungarian regulatory initiatives. They provide proof that there is no generally effective, standardised solution that meets every geopolitical requirement, when the concepts are developed, the special features of the financial intermediary system of the given country and the level of financial culture must also be taken into account.

In their study, Tamás Ilyés and Lóránt Varga examine the acceptance of payment cards in the Hungarian retail sector based on a receipt-level, detailed dataset derived from online cash registers. By examining several attributes, they establish that store-size can be considered the most important explanatory variable behind card acceptance decisions: acceptance is considerably more frequent in larger stores than in mid-sized stores. The effect of customer base and other attributes, as well as subjective variables are also analysed.

Mónika Kuti, Zsolt Bedő and Dorottya Geiszl present the latest results of international research on equity-based crowdfunding. Research on crowdfunding has managed to identify a number of success factors. They also collected all relevant factors to be aware of when creating equity-based crowdfunding platforms.


As the last piece in the issue, Péter Gábriel gives an account of the 16+1 summit of Central Bank Governors China and Central and Eastern European countries.

The writings are available on the following website:

We wish you a very pleasant reading!

Magyar Nemzeti Bank

This website uses cookies to provide a more convenient browsing experience. By using this website, you accept the use of cookies. Please read our Cookie Guidelines, for more information on cookies, including information on how to disable or delete them.I accept

Please be informed that our Data Protection Guidelines were changed to be compliant with data protection laws.I understand