Special issue of the Public Finance Quarterly

2013. 05. 09. 00:00

The latest issue of the Public Finance Quarterly deals with the challenges which the renewing Hungarian monetary policy has to face. The articles explain the opportunities of the central bank and the financial policy in light of the current economic and social changes, and they present the current position of the economic profession within the reflection related to monetary policy.

Due to the current changes in mainstream economic thinking and the change in leadership at the National Bank of Hungary, we decided to prepare a thematic publication, with a focus on monetary policy.

The opening article is a recapitulation of a SAO study according to scientific standards. Mr. Gyula Pulay, Mr. János Máté, Ms. Ildikó Németh and Ms. Andrásné Zelei investigated the budgetary risks of monetary policy with regard to the implementation of the debt rule.

Mr. Pál Péter Kolozsi, senior auditor of the State Audit Office of Hungary, examined the connections between monetary policy, interest groups and the financial crisis. Mr. László György and Mr. József Veress, professors of the Budapest University of Technology and Economics analysed the causes of external financial vulnerability by comparing the examples of Singapore and Hungary. Mr. István Dedák investigated the macroeconomic implications of the debt crisis and debt financing, by comparing central bank financing to international borrowing. Last but not least, Mr. György Csáky published an article on IMF loans drawn by Hungary from 1996 to 2008.

The 1/2013 issue of the Public Finance Quarterly can be found here, while the archive of previous issues can be reached via this link.