Hungarian Monetary Policy Operations Before During And After The Pandemic

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Hungarian Monetary Policy Operations Before, During, and After the Pandemic

Mr. Tonny Lybek
Hungarian Monetary Policy Operations Before During and After the Pandemic Book PDF

Author : Mr. Tonny Lybek
Publisher : International Monetary Fund
Page : 31 pages
File Size : 53,6 Mb
Release : 2023-02-26
Category : Business & Economics
ISBN : 9798400234866

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Hungarian Monetary Policy Operations Before, During, and After the Pandemic by Mr. Tonny Lybek Pdf

Within its inflation-targeting framework, the Magyar Nemzeti Bank (MNB) has frequently adjusted its monetary operations. This has raised questions about their internal consistency, appropriateness, and effectiveness. A broader assessment, implying a comparison to a counterfactual, is outside the scope of this paper. Our prior is agnostic. We find that the changes were generally well-motivated within the MNB statutory powers; prioritized, transparently explained, and monitored; and promptly adjusted, when they no longer served their purpose. Occasionally, some tools have worked at cross purposes. Government policies have at times hampered monetary policy. Simplicity comes with a premium, as complexity can blur signals.

Hungary

International Monetary,International Monetary Fund. European Dept.
Hungary Book PDF

Author : International Monetary,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 46 pages
File Size : 40,8 Mb
Release : 2023-02-03
Category : Business & Economics
ISBN : 9798400231506

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Hungary by International Monetary,International Monetary Fund. European Dept. Pdf

Hungary: Selected Issues

Beyond Neoliberalism and Neo-illiberalism

Markus Gabriel,Anna Katsman,Thomas Liess,William Milberg
Beyond Neoliberalism and Neo illiberalism Book PDF

Author : Markus Gabriel,Anna Katsman,Thomas Liess,William Milberg
Publisher : transcript Verlag
Page : 233 pages
File Size : 50,5 Mb
Release : 2024-05-31
Category : Political Science
ISBN : 9783839474877

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Beyond Neoliberalism and Neo-illiberalism by Markus Gabriel,Anna Katsman,Thomas Liess,William Milberg Pdf

In many countries, the political backlash against neoliberalism has mainly been a retreat from democracy, with a decline in independence of the judiciary and the monetary authorities, increased control of the media, and manipulation of elections for purposes of authoritarian control. The economic dynamics and the impact of neoliberalism, i.e. deregulation and liberalized markets, is just one cause of this authoritarian shift. The contributors to this volume examine the impact of neoliberal economic policies in relation to cultural and political factors and how these have promoted the recent authoritarian turn, as well as probing the economic policies and performance of the illiberal regimes.

Global Debt Report 2024 Bond Markets in a High-Debt Environment

OECD
Global Debt Report 2024 Bond Markets in a High Debt Environment Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 150 pages
File Size : 53,6 Mb
Release : 2024-03-07
Category : Electronic
ISBN : 9789264323698

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Global Debt Report 2024 Bond Markets in a High-Debt Environment by OECD Pdf

The Global Debt Report examines sovereign and corporate debt markets, providing insights into current market conditions and associated policy considerations, including possible financial stability risks. This first edition consolidates the Sovereign Borrowing Outlook, previously a separate OECD publication, and introduces new chapters on corporate bond markets and sustainable bonds.

Asset Purchase Programs in European Emerging Markets

Mr. Marco Arena,Mr. Rudolfs Bems,Mr. Nadeem Ilahi,Mr. Jaewoo Lee,William Lindquist,Mr. Tonny Lybek
Asset Purchase Programs in European Emerging Markets Book PDF

Author : Mr. Marco Arena,Mr. Rudolfs Bems,Mr. Nadeem Ilahi,Mr. Jaewoo Lee,William Lindquist,Mr. Tonny Lybek
Publisher : International Monetary Fund
Page : 81 pages
File Size : 46,7 Mb
Release : 2021-09-24
Category : Business & Economics
ISBN : 9781513593753

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Asset Purchase Programs in European Emerging Markets by Mr. Marco Arena,Mr. Rudolfs Bems,Mr. Nadeem Ilahi,Mr. Jaewoo Lee,William Lindquist,Mr. Tonny Lybek Pdf

Several emerging market central banks in Europe deployed asset purchase programs (APPs) amid the 2020 pandemic. The common main goals were to address market dysfunction and impaired monetary transmission, distinct from the quantitative easing conducted by major advanced economy central banks. Likely reflecting the global nature of the crisis, these APPs defied the traditional emerging market concern of destabilizing the exchange rate or inflation expectations and instead alleviated markets successfully. We uncover some evidence that APPs in European emerging markets stabilized government bond markets and boosted equity prices, with no indication of exchange rate pressure. Examining global and domestic factors that could limit the usability of APPs, in the event of renewed market dysfunction we see a potential scope for scaling up APPs in most European emerging markets that used APPs during the pandemic, provided that they remain consistent with the primary objective of monetary policy and keep a safe distance from the risk of fiscal dominance. As central banks in the region move towards monetary policy tightening, the tapering, ending, and unwinding of APPs must also be carefully considered. Clear and transparent communication is critical at each step of the process, from the inception to the closure of APPs, particularly when a large shock hits and triggers a major policy shift.

Emerging European Economies after the Pandemic

László Mátyás
Emerging European Economies after the Pandemic Book PDF

Author : László Mátyás
Publisher : Springer Nature
Page : 610 pages
File Size : 48,9 Mb
Release : 2022-03-11
Category : Business & Economics
ISBN : 9783030939632

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Emerging European Economies after the Pandemic by László Mátyás Pdf

This edited volume examines the development path of eight Central and Eastern European countries with an overlapping historical background that joined the European Union between 2004 and 2013, and identifies the main similarities and differences between the countries concerned. Based on wide comparative data analysis of Bulgaria, Croatia, The Czech Republic, Hungary, Poland, Romania, Slovakia, and Slovenia, each chapter in the volume provides detailed information about the state of the economy in a specific area preceding the pandemic shock. The book offers a detailed snapshot of the state of the different areas of the economy, starting from the time when the countries concerned came out of the 2008 financial crisis, up to the date when COVID-19 hit. Further, each chapter analyzes the effects of this unprecedented shock on a particular field, which is followed by highlighting the main problems the countries are facing at present and in the near future, together with identifying the available policy options. Finally, before concluding and making general and country-specific policy recommendations, some thoughts will be given to longer-term prospects. More specifically, the question of how the subject area could contribute to avoiding the "middle-income-trap" that this region may be facing will be addressed. The comprehensive approach makes this volume a must-read for scholars and students of economics, as well as policy decision-makers in Europe, interested in a better understanding of the region's economic development.

Hungary: 2021 Article IV Consultation-Press Release; and Staff Report

International Monetary,International Monetary Fund. European Dept.
Hungary 2021 Article IV Consultation Press Release and Staff Report Book PDF

Author : International Monetary,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 54 pages
File Size : 48,5 Mb
Release : 2021-06-29
Category : Business & Economics
ISBN : 9781513584430

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Hungary: 2021 Article IV Consultation-Press Release; and Staff Report by International Monetary,International Monetary Fund. European Dept. Pdf

Hungary’s economy entered the COVID-19 pandemic on a strong footing and the authorities responded swiftly and strongly to the crisis it triggered. While the lockdowns weighed heavily on activity, the fast vaccination pace is allowing an early relaxation of containment measures, and the economy has started to rebound.

Banking, Risk and Crises in Europe

Renata Karkowska,Zbigniew Korzeb,Anna Matysek-Jędrych,Paweł Niedziółka
Banking Risk and Crises in Europe Book PDF

Author : Renata Karkowska,Zbigniew Korzeb,Anna Matysek-Jędrych,Paweł Niedziółka
Publisher : Taylor & Francis
Page : 142 pages
File Size : 53,7 Mb
Release : 2023-04-13
Category : Business & Economics
ISBN : 9781000865257

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Banking, Risk and Crises in Europe by Renata Karkowska,Zbigniew Korzeb,Anna Matysek-Jędrych,Paweł Niedziółka Pdf

European economies have been plagued by successive crises, from the Global Financial Crisis (GFC) to the COVID-19 pandemic, through to the economic and geopolitical instability in Ukraine. These events, the uncertainty they generate combined with dynamic technological progress and significant sociocultural changes, have profoundly modified the character of modern finance. Understanding what happened, what mechanisms worked, and the reaction of the banking sector, bank customers, and policymakers require an in-depth and structured analysis. This book critically assesses the impact of these events, notably the COVID-19 pandemic, on the performance of the banking sector in Europe and serves as a compendium of knowledge on recent changes in European banking from two perspectives: firstly, European banking transformation, analyzing the process of what has already taken place, in particular, the GFC and COVID-19 crises; secondly, the challenges facing the operations and strategic management of European banks. It identifies specific areas of impact on the activity of commercial banks and the determining factors that will shape the economic and financial condition of banks and their customers – borrowers – in the future. Risk management, particularly credit risk, is a key focus of this volume. Each chapter, implicitly or explicitly, address a variety of questions that can help the reader to understand the complex nature of the transformation of the banking sector. The book provides a structured reference for those concerned with the impact of volatility on the business models of modern banks. As such, it will find a broad audience among students, academics, banking, financial, business, and industry professionals, policymakers, and market regulators.

Central Banking in a Post-Pandemic World

Mustafa Yağcı
Central Banking in a Post Pandemic World Book PDF

Author : Mustafa Yağcı
Publisher : Taylor & Francis
Page : 307 pages
File Size : 53,6 Mb
Release : 2023-08-25
Category : Business & Economics
ISBN : 9781000935837

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Central Banking in a Post-Pandemic World by Mustafa Yağcı Pdf

This book addresses the urgent need to examine central bank policies in response to the global supply and demand shock brought on by the Covid-19 pandemic, asking whether central banks are doing enough to address inequalities and concerns around climate change and emerging technologies. Adopting an interdisciplinary, critical perspective, the contributors to this volume provide novel theoretical, methodological, and empirical insights on central banks around the world, including in advanced, emerging and developing economies. The chapters in this book explore the evolution of central bank mandates, the policy tools central banks are utilizing, why and how monetary policy takes different shapes (including unconventional monetary policy), the key dynamics influencing central bank policies, how central banks are adapting to the new realities and addressing emerging challenges, and how monetary policy is perceived in the wider economic policy framework. With novel theoretical approaches and diverse empirical evidence from a variety of countries, this book will appeal to readers interested in central banking, monetary policy, the economics of the pandemic and political economy.

Fiscal Monitor, April 2021

International Monetary Fund
Fiscal Monitor April 2021 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 122 pages
File Size : 44,6 Mb
Release : 2021-04-07
Category : Business & Economics
ISBN : 9781513571553

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Fiscal Monitor, April 2021 by International Monetary Fund Pdf

The April 2021 edition of the Fiscal Monitor focuses on tailoring fiscal responses to the COVID-19 pandemic and adopting policies to reduce inequality and gaps

Handbook of Research on Socio-Economic Sustainability in the Post-Pandemic Era

Ole?ski, Jozef,Sachs, Jeffrey,Susai, Masayuki,?sekouras, ?annis,Gjonça, Arjan
Handbook of Research on Socio Economic Sustainability in the Post Pandemic Era Book PDF

Author : Ole?ski, Jozef,Sachs, Jeffrey,Susai, Masayuki,?sekouras, ?annis,Gjonça, Arjan
Publisher : IGI Global
Page : 426 pages
File Size : 49,5 Mb
Release : 2023-08-18
Category : Business & Economics
ISBN : 9781799897620

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Handbook of Research on Socio-Economic Sustainability in the Post-Pandemic Era by Ole?ski, Jozef,Sachs, Jeffrey,Susai, Masayuki,?sekouras, ?annis,Gjonça, Arjan Pdf

The COVID-19 pandemic intensifies underlying structural obstacles and systemic inefficiencies. However, it also provokes the accelerated adoption of innovations made possible by the already growing technological development, before being accompanied by necessary institutional and systemic adjustments. This leads to multidimensional crises, while also opening new socio-economic challenges and prospects globally. The Handbook of Research on Socio-Economic Sustainability in the Post-Pandemic Era engages global aspects of the crisis by means of standard and innovative economic policies at the national and international level. It confronts the challenges facing businesses and reveals models of effective transformations and strategies in the present circumstances. The book further investigates individual and collective societal challenges in light of sustaining our constantly upgrading humanitarian values in the 21st century. Covering topics such as fiscal adjustment measures, sustainable marketing, and state-society relations, this major reference work is a dynamic resource for government officials, sociologists, economists, business leaders, human resource managers, libraries, students and faculty of higher education, researchers, and academicians.

World Economic Outlook, April 2020

International Monetary Fund. Research Dept.
World Economic Outlook April 2020 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : INTERNATIONAL MONETARY FUND
Page : 177 pages
File Size : 43,5 Mb
Release : 2020-04-14
Category : Business & Economics
ISBN : 1513539744

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World Economic Outlook, April 2020 by International Monetary Fund. Research Dept. Pdf

The COVID-19 pandemic is inflicting high and rising human costs worldwide, and the necessary protection measures are severely impacting economic activity. As a result of the pandemic, the global economy is projected to contract sharply by –3 percent in 2020, much worse than during the 2008–09 financial crisis. In a baseline scenario--which assumes that the pandemic fades in the second half of 2020 and containment efforts can be gradually unwound--the global economy is projected to grow by 5.8 percent in 2021 as economic activity normalizes, helped by policy support. The risks for even more severe outcomes, however, are substantial. Effective policies are essential to forestall the possibility of worse outcomes, and the necessary measures to reduce contagion and protect lives are an important investment in long-term human and economic health. Because the economic fallout is acute in specific sectors, policymakers will need to implement substantial targeted fiscal, monetary, and financial market measures to support affected households and businesses domestically. And internationally, strong multilateral cooperation is essential to overcome the effects of the pandemic, including to help financially constrained countries facing twin health and funding shocks, and for channeling aid to countries with weak health care systems.

Tracking Economic and Financial Policies During COVID-19: An Announcement-Level Database

Mr. Divya Kirti,Yang Liu,Soledad Martinez Peria,Ms. Prachi Mishra,Jan Strasky
Tracking Economic and Financial Policies During COVID 19 An Announcement Level Database Book PDF

Author : Mr. Divya Kirti,Yang Liu,Soledad Martinez Peria,Ms. Prachi Mishra,Jan Strasky
Publisher : International Monetary Fund
Page : 29 pages
File Size : 40,9 Mb
Release : 2022-06-03
Category : Business & Economics
ISBN : 9798400213069

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Tracking Economic and Financial Policies During COVID-19: An Announcement-Level Database by Mr. Divya Kirti,Yang Liu,Soledad Martinez Peria,Ms. Prachi Mishra,Jan Strasky Pdf

We introduce a new comprehensive announcement-level database tracking the extraordinary fiscal, monetary, prudential, and other policies that countries adopted in response to Covid-19. The database provides detailed information, including sizes where available, for 28 granular policies adopted by 74 countries during 2020. About 5,500 policy measures were announced during this period. Importantly, the database is organized and presented in a format easy for researchers to use in empirical analyses. Announcements were highly correlated across the broad fiscal, monetary, and prudential categories and at more granular levels. Advanced economies (AEs) introduced larger fiscal measures than emerging and developing economies (EMDEs) and relied primarily on large unconventional monetary policies. Bank capital requirements were relaxed widely in both AEs and EMs, while relaxation of provisioning requirements was more common among EMs. Supervisory expectations and reporting requirements were widely relaxed.

Monetary Policy in the New Normal

Mr. Tamim Bayoumi,Mr. Giovanni Dell'Ariccia,Mr. Karl Friedrich Habermeier,Mr. Tommaso Mancini Griffoli,Fabian Valencia
Monetary Policy in the New Normal Book PDF

Author : Mr. Tamim Bayoumi,Mr. Giovanni Dell'Ariccia,Mr. Karl Friedrich Habermeier,Mr. Tommaso Mancini Griffoli,Fabian Valencia
Publisher : International Monetary Fund
Page : 49 pages
File Size : 50,9 Mb
Release : 2014-04-04
Category : Business & Economics
ISBN : 9781475516494

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Monetary Policy in the New Normal by Mr. Tamim Bayoumi,Mr. Giovanni Dell'Ariccia,Mr. Karl Friedrich Habermeier,Mr. Tommaso Mancini Griffoli,Fabian Valencia Pdf

The proposed SDN would take stock of the current debate on the shape that monetary policy should take after the crisis. It revisits the pros and cons of expanding the objectives of monetary policy, the merits of turning unconventional policies into conventional ones, how to make monetary policy frameworks more resilient to the risk of being constrained by the zero-lower bound going forward, and the institutional challenges to preserve central bank independence with regards to monetary policy, while allowing adequate government oversight over central banks’ new responsibilities. It will draw policy conclusions where consensus has been reached, and highlight the areas where more work is needed to get more granular policy advice.

International Monetary Fund Annual Report 2021

International Monetary Fund. Secretary's Department
International Monetary Fund Annual Report 2021 Book PDF

Author : International Monetary Fund. Secretary's Department
Publisher : International Monetary Fund
Page : 74 pages
File Size : 44,5 Mb
Release : 2021-10-04
Category : Business & Economics
ISBN : 9781513568812

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International Monetary Fund Annual Report 2021 by International Monetary Fund. Secretary's Department Pdf

A recovery is underway, but the economic fallout from the global pandemic could be with us for years to come. With the crisis exacerbating prepandemic vulnerabilities, country prospects are diverging. Nearly half of emerging market and developing economies and some middle-income countries are now at risk of falling further behind, undoing much of the progress made toward achieving the UN Sustainable Development Goals.