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MNB Bulletin January 2013


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. The January 2013 issue of the MNB Bulletin provides an overview of the major stages of the euro-area crisis, takes an account of the effects of intraday credit transfers, examines the case of the LIBOR review, reports on the central bank dilemmas related to the VAT increase, investigates the causes of low investment rates in Hungary and summarises the issues raised in relation to the limitation of cash payments. In addition, the current issue features an interview with Harald Uhlig, Professor at the University of Chicago.

Csermely, Ágnes: Who pays the ferryman? The story of the euro area from recession to political crisis to the revision of the institutional structure

Divéki, Éva and István Helmeczi: The effects of the introduction of the intraday credit transfer

Erhart, Szilárd, Imre Ligeti and Zoltán Molnár: Reasons for the LI BOR review and its effects on international interbank reference rate quotations

Felcser, Dániel: How should the central bank react to the VAT increase?

Martonosi, Ádám: Factors underlying low investment in Hungary

Uhlig, Harald: Interview with Harald Uhlig

Véber, Zita and Brosch Judit: Can cash payment be limited in a modern payment system?

The complete volume can be downloaded here:

MNB Bulletin January 2013

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