The interchange fee applied in four-party card systems transfers incomes in the payment card business from merchants to cardholders. Assessment of the interchange fee and the interpretation of its role have prompted serious professional debate in recent years. Beyond the professional debate,...

The study applies two approaches for the estimation of the social costs of main payment instruments (cash, debit card and credit card transactions, credit transfers, direct debits, business-to-business direct debits, postal inpayment money orders, postal outpayment money orders for pensions)...

This paper examines the interaction between minimum wage legislation and tax evasion by employed labor. I develop a model in which firms and workers may agree to report less than the true amount of earnings to the fiscalauthorities. I show that introducing a minimum wage creates a spike in the...

Recent financial market trends, such as convergence and the spread of conglomerates have changed the nature and structure of the financial sector’s risk profile. The paper investigates this issue from a regulatory policy aspect. Regulatory failures in the 1990s (BCCI, Barings) and the...

The capital stock in Hungary was estimated using two approaches: one based on the historical time series of investments and the other based on direct survey data. The two approaches resulted in significantly different levels of net capital stock estimations: the level estimated by cumulating...

This paper presents new evidence on the flexibility of the Hungarian labor market, with special emphasis on wages. The results are based on a new survey on wage setting among Hungarian firms. The survey is part of the Eurosystem Wage Dynamics Network (WDN), and it is a harmonized questionnaire...