The post-Lehman phase of the financial crisis has exposed a number of weaknesses in the banking sectors of the European Union’s New Member States (NMSs). One of these is the prevalence of lending in foreign currency. While banks themselves in these countries have not taken on sizeable currency...

We examine developments in credit supply in recent years and the significance of its role using different approaches and various methods. Based on these, we can establish that credit supply is a significant factor in terms of the development of the Hungarian economy both during crisis periods...

Using Hungarian macroeconomic and financial data, we estimate a Bayesian structural VAR model suitable for macroprudential simulations. We identify standard macroeconomic and credit supply shocks by sign and zero restrictions. In contrast to the previous literature, different types of credit...

The analysis of household foreign currency (FX) lending begins with a short review of the theoretical and empirical literature. I investigate the factors that have helped or hindered such lending, particularly in Central and Eastern Europe. The study goes on to look at the experiences in Poland,...

A tanulmányban körbejárjuk a devizahitelezés problémakörét. Az első részben az elméleti és az empirikus szakirodalom eredményeit ismertetjük, megvizsgáljuk, milyen tényezők segítik/segítették vagy gátolják/gátolták a devizahitelezés kialakulását, elsősorban a...

Escalation of the global financial crisis in autumn 2008 ended the economic boom in the Central and East European region, which had been financed by external funds and accompanied by dynamic expansion in credit. During the recession, corporate loan portfolios started to decline in nearly all...

In this paper UK data is used to compare two potential sources of information regarding market uncertainty about future short interest rates. One is the so-called risk-neutral density function (RND) derived from interest rate option prices, the other is the distribution of bids submitted to an...

Accession to the Economic and Monetary Union is one of the most important steps in Hungary's European integration, which will entail abandoning the national currency and adopting the euro as domestic legal tender. For Hungary as a new member state in the EU, introduction of the euro will not be...

The focus of this paper is on the use of staff policy recommendations in central banks. Based on the responses to a recent survey conducted by the Bank of International Settlements, the paper tries to answer two questions. (1) How (to what extent) do central bank decision-makers make use of...