Review of the MNB’s performance in 2020
Papers series of the Vienna University of Economics and Business in Vienna also included an analysis, prepared with the assistance of an MNB author, of the macrofinancial impacts of trend inflation. Among Hungarian journals, the Financial and Economic Review published thirteen studies, two essays, nine book reviews and five conference reports by MNB experts in its 2020 issues. In addition, the Hungarian Economic Review (Közgazdasági Szemle) published two studies, written by MNB authors, on the estimation of the liquidity demand function of the Hungarian banking system and on the ethical explanation of financial crises. Numerous applied research results were also published in the MNB’s internal publications. Seven studies on topics of relevance to central banking were published in the MNB Working Papers series, and two in the publication MNB Occasional Papers. In addition to its Hungarian and English language issues, Financial and Economic Review also released a special issue in Chinese in 2020.
3.16 PUBLICATIONS AND CONFERENCES ORGANISED BY THE MNB Four new publications were added to the MNB’s series of economic and monetary policy textbooks launched in 2015: the second, revised edition of Economic balance and growth 2010-2019. From the last to the first by György Matolcsy, 10 x 10 years in numbers – The economic history of Hungary for the last 100 years, Long-term sustainability and the euro – How to rethink the Maastricht criteria? and a commemorative publication entitled New dimensions in payments: The history of the introduction of instant payments in Hungary. The MNB’s publication portfolio was expanded with several new reports: for the first time, the Productivity Report, the FinTech and Digitalisation Report and – by merging two previous periodicals – the Report on Insurance, Funds, Capital Market Risk and Consumer Protection were published. New publications are the Environmental Statement and the booklet entitled Corporate Bond Issuance Guide for the MNB’s Bond Funding for Growth Scheme. The MNB remains committed to organising high-quality, highly professional international conferences as part of its international engagement. Although the pandemic significantly hampered this effort in 2020, it was an achievement that the key flagship events were successfully organised partly in physical form and partly in the virtual space.
Regular publications Inflation Report The Inflation Report is published quarterly in order to enable the public to understand and follow the Bank’s policies. The Report provides a regular presentation of past and expected future trends in inflation, evaluates the macroeconomic developments that determine inflation and provides a summary of the forecasts and considerations on the basis of which the Monetary Council makes its decisions. Report on Financial Stability Published twice a year, this Report outlines the position of the Bank regarding the changes experienced in the financial system and describes the effect of these changes on the stability of the financial system. The analysis in the Report focuses on the forward-looking assessment of long-term trends and risks. Growth Report The annual Growth Report is intended to present Hungary’s longer-term growth path (occasionally encompassing an entire business cycle) and its determinants, also using standard and alternative indicators. The Report provides an annual overview of the most important trends shaping economic growth over the short, medium and longer term. Productivity Report The Productivity Report, published once a year, helps to understand the drivers, characteristics, distribution and dynamics of the key factor of economic growth and catching-up, and thus brings us closer to the formulation and implementation of productivity reforms. The Report does this in a complex manner, examining a wide range of efficiency indicators, including labour productivity as well as innovation, digitalisation and ecological productivity. Housing Market Report The MNB’s semi-annual Housing Market Report presents the current trends in the Hungarian housing market. The purpose of the publication is to provide a comprehensive overview of the short-term and long-term trends affecting the residential property market and present the regional differences in the domestic market. Housing market developments are closely related not only to financial
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