The Covid-19 crisis and its economic consequences for emerging countries have highlighted the role of robust, inclusive, and equitable elements of multiple contingency lines to keep these economies away from falling into a devastating cycle of rising sovereign spread. This study first summarizes...

The transmission mechanism has been dominated by direct monetary measures since the crisis of 2008. While the indirect impacts of the unconventional monetary instruments have not been fully explored yet. Monetary policy and funding conditions determine pricing sentiments for bond, stock and...

Following the latest subprime crisis, central banks introduced several unconventional instruments which had spillover effects on foreign exchange rates. The aim of our paper is to explore whether the use of zero lower bound (ZLB) and unconventional instruments has an impact on the changes in...

The Taylor rule is an important device to study the behavior of the central bank. Conventionally, the Taylor rule is constructed by optimizing a quadratic loss function with the constraint of a linear economic system. Accordingly, the response of interest rate is linear with respect to the sign...

Along with demographic, social and technological changes, the burden on the public health care system will grow with the increase in public health expenditure from the central budget; meanwhile, private expenditures continue to snatch a larger piece. The system of health funds is of paramount...

In many European Union (EU) member countries, the financial turmoil that started in 2008 resulted in a banking and/or sovereign debt crisis. The EU did not have dedicated tools to handle the situation and it became clear that neither the IMF loans, nor the ad hoc intergovernmental loans provided...

As a consequence of the crisis of 2008, public debts started to grow throughout the world, causing further economic problems for countries. Several EU Member States have been forced to use the assistance of the troika to alleviate their financing difficulties. The purpose of this paper is to...

Bank solvency is influenced by foreign currency lending – through fluctuations in the exchange rate of the currency on which the loans are based. The current paper analyses the extremity of these fluctuations and the time-variance of the currency correlations in the case of the Hungarian...

Where a country allows the free movement of capital and follows a free floating exchange rate policy, the monetary trilem-ma would suggest the existence of monetary autonomy, which is prejudiced when external shocks cause a significant decrease (divergence) or increase (contagion) in market...