30 June 2025
The published studies in the June issue of our scientific journal are about the sustainability of China’s model of stakeholder capitalism, the geoeconomic fragmentation in the Western Balkans, and the application of artificial intelligence in the banking sector. The essays in the Our Vision column review the sustainability and climate risk analyses of gold as a central bank reserve asset, as well as the role of humanoid service robots in banking. Another essay addresses the classification and differentiation of bank account types. The feature article undertakes an economic historical review of protectionism and trade liberalisation spanning four centuries.
The close interconnection between China’s public and private sectors has contributed significantly to the country’s economic growth trajectory, yet it has also led to the accumulation of debt. The Chinese economic model is now confronted with new challenges, such as demographic shifts, the deceleration of growth, and limitations on the financing capacity of the state sector – factors that necessitate transformation. The study by Ronald W. Anderson illustrates, through provincial and urban case studies that reinforcing capital market approaches, reducing overreliance on real estate investments, and redirecting savings are indispensable for future economic development.
Geoeconomic fragmentation is one of the most pressing global economic issues of our time. Tamás Ginter’s study analyses trade trends in the Western Balkans, searching for indicators of fragmentation. The author concludes that the countries of the Western Balkans continue to trade primarily with the European Union and each other, while trade with larger, non-Western partners remains limited and mostly focused on imports.
The study by Gergely Lülök and Zoltán Sebestyén examines the latest applications of artificial intelligence in the banking industry, based on international scientific literature. The authors collect the most commonly applied methods to support banking sector processes (e.g. enhancing business efficiency, risk management). The research also highlights regulatory challenges and the importance of transparency in artificial intelligence.
Gold plays a prominent role among central bank reserve assets, primarily due to its safe-haven asset characteristics and diversification properties. Dávid Marczis, Tímea Karácsony and András Straubinger highlight that climate change may produce negative socio-economic consequences, such as heightened geopolitical tensions and rising inflation – factors that could boost demand for safe-haven assets, including gold. The authors analyse the physical and transition risk profile of gold investments.
Alexandra Prisznyák examines the anthropomorphisation of humanoid service robots in terms of their appearance, functionality, and social skills, and introduces the Robo Sapiens Bankerius as an ideal type. A questionnaire-based survey revealed that age, gender, concerns, and attitudes were not significantly correlated with robot preference. In the banking context, most users favoured less anthropomorphic humanoid designs. The analysis sheds light on the trade-offs between appearance, social skills, functionality, and other external factors.
Milán Kiss's essay demonstrates that the concept of a “bank account” is far from homogeneous: different legal and operational frameworks apply to various account types. Accurate classification is not only a regulatory issue but also a technological and business concern for both FinTech firms and incumbent financial institutions. Misunderstandings may lead to severe consequences, such as unauthorised activities, license revocation, flawed IT development, or even financial penalties. To support a deeper understanding of these distinctions, the essay outlines the institutional and service-based structure of the financial system.
How powerful is trade? Eszter Szabó and Eliza Süle's feature article approaches this question from an economic history perspective, examining the eras of protectionism and trade liberalisation from an economic historical perspective, presenting the economic, political and social implications of trade policy measures, insights that are essential for shaping future trade strategies.
In addition to the above, the June issue of the Financial and Economic Review includes one book review and one conference report.
The new issue can be viewed on the website of our Journal:
The Financial and Economic Review
We wish you a very pleasant reading.
Editorial staff of the Financial and Economic Review/Magyar Nemzeti Bank