Central Bank of Hungary : Válogatás a nemzetközi intézmények és külföldi jegybankok publikációiból (2021.03.04-03.10.)

NEMZETKÖZI SZEMELVÉNYEK

Válogatás a nemzetközi intézmények és külföldi jegybankok publikációiból

2021. március 4. - március 10.

TARTALOMJEGYZÉK

• 1.MONETÁRIS POLITIKA, INFLÁCIÓ................................................................................................... 3

• 2.PÉNZÜGYI STABILITÁS, PÉNZÜGYIPIACOK.................................................................................... 4

• 3.MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS................................................................... 4

• 4. FINTECH, KRIPTOVALUTÁK, MESTERSÉGES INTELLIGENCIA .......................................................... 5

• 5. ZÖLD PÉNZÜGYEK, FENNTARTHATÓ FEJLŐDÉS ............................................................................. 6

• 6. PÉNZFORGALOM, FIZETÉSI RENDSZEREK ....................................................................................... 7

• 7. MAKROGAZDASÁG ......................................................................................................................... 7

• 8. ÁLTALÁNOS GAZDASÁGPOLITIKA .................................................................................................. 8

• 9. KÖLTSÉGVETÉSI POLITIKA, ADÓZÁS ............................................................................................. 12

• 10. SZANÁLÁS ...................................................................................................................................... 13

• 11. STATISZTIKA .................................................................................................................................. 13

1. MONETÁRIS POLITIKA, INFLÁCIÓ

Monetary policy during and after Covid-19 erahttps://www.bis.org/review/r210310d.htm Speech by MrMasayoshi Amamiya,Deputy Governor of the Bank of Japan, at the Yomiuri Economic Forum in Tokyo, Akita (via webcast), 8 March 2021.	BIS Central Bankers' Speech
The European Central Bank's monetary policy - response to the pandemic crisis and future challengeshttps://www.bis.org/review/r210304g.htm Speech by MrPablo Hernández de Cos, Governor of the Bank of Spain and Chairman of the Basel Committee on Banking Supervision, at the Universidad Autónoma de Madrid, 3 March 2021.	BIS Central Bankers' Speech
Inflation - a tiger by the tail?https://www.bis.org/review/r210304j.htm Pre-recorded speech by MrAndrew G Haldane,Executive Director and Chief Economist of the Bank of England, given online, 26 February 2021.	BIS Central Bankers' Speech
Consolidated financial statement of the Eurosystem as at 5 March 2021,09/03/2021https://www.ecb.europa.eu/press/pr/wfs/2021/html/ecb.fst210309.en.html Commentary:https://www.ecb.europa.eu/press/pr/wfs/2021/html/ecb.fs210309.en.html	ECB Press Release
Monetary policy surprises and their transmission through term premia and expected interest rates, 10/03/2021https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2021/monetary-policy-surprises-and-their-transmission-through-term-premia-and-expected-interest-rates.pdf Monetary policy moves the yield curve. How much is due to expected interest rates versus term premia? And does it matter for macroeconomic outcomes? Using an affine term structure model, the authors shed new light on these questions. Estimation is subject to restrictions addressing estimation bias in expected interest rates obtained by previous studies. High-frequency yield curve decompositions around FOMC announcements into term premia and expected interest rates then provides instruments for a local projection model. The effects of interest rate expectations and term premia are found equally important for the transmission mechanism and broadly consistent with macroeconomic theory. Keywords: High-frequency data, monetary policy transmission mechanism, restricted affine term structure models, yield curve decomposition, local projection method, Bayesian estimation	BIS Research Hub Working Paper
The dynamics of bank rates in a negative-rate environment - the Swiss case, 10/03/2021https://www.snb.ch/n/mmr/reference/working_paper_2021_05/source/working_paper_2021_05.n.pdf This paper documents the change in banks' interest rate setting behaviour in a negative-rate environment. In a positive-rate environment, the pricing of mortgages and deposits follows the dynamics of capital market rates for comparable maturities. When capital market rates fall below zero, the dynamic of mortgage and deposit rates changes. Because deposit rates tend to be sticky at zero and do not fall with short-term capital market rates into negative territory, banks' liability margin shrinks. In an attempt to preserve their overall interest margin, banks raise long-term mortgage rates in response to a decline in short-term capital market rates, while they continue to decrease long-term mortgage rates when long-term market rates fall. Overall, the results imply that a policy rate cut reduces bank rates less in a negative-rate environment than in a positive-rate environment. Keywords: Interest rate pass-through, mortgages, monetary policy	BIS Research Hub Working Paper

2. STABILITÁS, PÉNZÜGYI PIACOK

The tale of the three stabilities - price stability, financial stability and economic stabilityhttps://www.bis.org/review/r210304d.htm Speech by MrFrançois Villeroy de Galhau,Governor of the Bank of France, at the Financial Stability Review Conference, 3 March 2021.	BIS Central Bankers' Speech
Fewer currencies, please, 09/03/2021https://www.omfif.org/2021/03/fewer-currencies-please/?utm_source=omfifupdate Before the rise of central banking, the world was dominated by unified currency areas. As early as 1937, Austrian economist Friedrich von Hayek warned that the central banking fad, if it continued, would lead to currency chaos. His forebodings were justified. The obvious solution is for vulnerable emerging market countries to do away with their central banks and domestic currencies. Since 1904, Panama has used the dollar as its official currency. Emerging market countries should follow its lead.	OMFIF Commentary
China Spotlight: Foreign Investments in Onshore Bonds, 10/04/2021https://www.iif.com/Publications/ID/4322/China-Spotlight-Foreign-Investments-in-Onshore-Bonds Foreign investments in Chinese onshore bonds surged in 2020 despite the pandemic and flight to safety. Foreign holdings concentrate on sovereign bonds and shun risky corporate and local government bonds. Bond inflows in 2020 were driven by index inclusion, attractive local yields, and a strengthening RMB. We expect bond inflows to moderate in 2021 yet remain robust over the next several years.	IIF Publication*

3. MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS

EBA assesses consumer trends for 2020/2021, 10/03/2021https://www.eba.europa.eu/eba-assesses-consumer-trends-20202021	EBA Press Release
EBA issues revised list of ITS validation rules, 10/03/2021https://www.eba.europa.eu/eba-issues-revised-list-its-validation-rules-2	EBA Press Release
The EBA consults on guidance on how to grant authorisation as credit institution, 10/03/2021https://www.eba.europa.eu/eba-consults-guidance-how-grant-authorisation-credit-institution	EBA Press Release
EBA issues new supervisory reporting and disclosures framework for investment firms, 05/03/2021https://www.eba.europa.eu/eba-issues-new-supervisory-reporting-and-disclosures-framework-investment-firms	EBA Press Release
ESMA issues latest double volume cap data, 05/03/2021https://www.esma.europa.eu/press-news/esma-news/esma-issues-latest-double-volume-cap-data-4	ESMA Press Release

* Az IIF weboldalán található elemzések csak az IIF-tagok számára elérhető előzetes regisztrációt követően. Igény esetén az elemzést továbbítjuk az érdeklődők részére.