NEMZETKÖZI SZEMELVÉNYEK
Válogatás a nemzetközi intézmények és külföldi jegybankok publikációiból
2021. december 16. - 2022. január 12.
TARTALOMJEGYZÉK | ||
MONETÁRIS POLITIKA, INFLÁCIÓ ................................................................................................... | ||
2. | PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK .................................................................................... | 6 |
3. | MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS................................................................. | 10 |
4. | FINTECH, KRIPTOVALUTÁK, MESTERSÉGES INTELLIGENCIA........................................................ | 13 |
5. | ZÖLD PÉNZÜGYEK, FENNTARTHATÓ FEJLŐDÉS ........................................................................... | 15 |
6. | PÉNZFORGALOM, FIZETÉSI RENDSZEREK..................................................................................... | 18 |
7. | MAKROGAZDASÁG ....................................................................................................................... | 18 |
8. | ÁLTALÁNOS GAZDASÁGPOLITIKA ................................................................................................ | 20 |
9. | KÖLTSÉGVETÉSI POLITIKA, ADÓZÁS ............................................................................................. | 27 |
10. | SZANÁLÁS...................................................................................................................................... | 30 |
11. | STATISZTIKA .................................................................................................................................. | 31 |
12. | PÉNZÜGYI ISMERETTERJESZTÉS, PÉNZÜGYI KULTÚRA ................................................................ | 34 |
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1. MONETÁRIS POLITIKA, INFLÁCIÓ
Interview with Il Sole 24 Ore | ECB |
https://www.ecb.europa.eu/press/inter/date/2022/html/ecb.in220111~6084ecdce9.en.html | Interview |
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Isabella | |
Bufacchi, 11 January 2022. | |
Interview with RTÉ | ECB |
https://www.ecb.europa.eu/press/inter/date/2022/html/ecb.in220107~054220fc2c.en.html | Interview |
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Robert Shortt | |
on 7 January and published on 7 January 2022. | |
Interview with Le Monde | ECB |
https://www.ecb.europa.eu/press/inter/date/2021/html/ecb.in211222~5f9a709924.en.html | Interview |
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Eric Albert on | |
16 December and published on 22 December. | |
Testimony at nomination hearing | BIS |
https://www.bis.org/review/r220111b.htm | Central Bankers' |
Testimony by Mr Jerome H Powell, Chair of the Board of Governors of the Federal Reserve System, | Speech |
before the US Senate Committee on Banking, Housing, and Urban Affairs, Washington DC, 11 January | |
2022. | |
Speech marking the change in office of the President of the Deutsche Bundesbank | BIS |
https://www.bis.org/review/r220111c.htm | Central Bankers' |
Speech by Dr Jens Weidmann, former President of the Deutsche Bundesbank and Chair of the Board of | Speech |
Directors of the Bank for International Settlements, to mark the change in office of the President of the | |
Deutsche Bundesbank, Frankfurt am Main, 11 January 2022. | |
Welcome remarks marking the change in office of the President of the Deutsche Bundesbank | BIS |
https://www.bis.org/review/r220111d.htm | Central Bankers' |
Welcome remarks by Prof Claudia Buch, Vice-President of the Deutsche Bundesbank, to mark the | Speech |
change in office of the President of the Deutsche Bundesbank, 11 January 2022. | |
Our monetary policy framework - continuity, clarity and commitment | BIS |
https://www.bis.org/review/r211229m.htm | Central Bankers' |
Remarks (delivered virtually) by Mr Tiff Macklem, Governor of the Bank of Canada, to the Empire Club | Speech |
of Canada, Toronto, Ontario, 15 December 2021. | |
Monetary policy and firms' behavior - transmission channels of monetary policy and Japanese firms' | BIS |
structural changes | Central Bankers' |
https://www.bis.org/review/r211223h.htm | Speech |
Speech by Mr Haruhiko Kuroda, Governor of the Bank of Japan, at the meeting of Councillors of Nippon | |
Keidanren (Japan Business Federation), Tokyo, 23 December 2021. | |
The outlook for inflation and monetary policy in the euro area | BIS |
https://www.bis.org/review/r211218a.htm | Central Bankers' |
Speech by Mr Klaas Knot, President of the Netherlands Bank, at the UBS European Conference, 9 | Speech |
November 2021. | |
Monetary policy in the emerging post-pandemic context | BIS |
https://www.bis.org/review/r211217e.htm | Central Bankers' |
Opening remarks by Mr Olli Rehn, Governor of the Bank of Finland, at the Bank of Finland-SUERF Joint | Speech |
Conference "Monetary policy approaches: a comparative appraisal", 19 October 2021. | |
3
Review of Russia's economic and financial developments in 2020 and forecast | BIS |
https://www.bis.org/review/r211216k.htm | Central Bankers' |
Speech by Ms Elvira Nabiullina, Governor of the Bank of Russia, at the plenary session of the State | Speech |
Duma of the Russian Federation, Moscow, 18 November 2021. | |
Letter from the ECB President to Mr Sven Giegold, MEP, on ECB communication, 20/12/2021 | ECB |
https://www.ecb.europa.eu/pub/pdf/other/ecb.mepletter211220_giegold~470953271d.en.pdf?b64f | Letter |
1cac3f506f5f512a8ec441abedee | |
Letter from the ECB President to Mr Chris MacManus, MEP, on ECB communication, 20/12/2021 | ECB |
https://www.ecb.europa.eu/pub/pdf/other/ecb.mepletter211220_mcmanus~45413aa9e5.en.pdf?ce | Letter |
2df579c828aeade177fed745eb42d2 | |
ECB monetary policy decisions, 16/12/2021 | ECB |
https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.mp211216~1b6d3a1fd8.en.html | Press Releases |
Related monetary policy statement: | |
https://www.ecb.europa.eu/press/pressconf/2021/html/ecb.is211216~9abaace28e.en.html | |
Related decisions taken by the Governing Council of the ECB (in addition to decisions setting interest | |
rates): | |
https://www.ecb.europa.eu/press/govcdec/otherdec/2021/html/ecb.gc211217~e4ba94a36d.en.html | |
Emerging Economies Must Prepare for Fed Policy Tightening, 10/01/2022 | IMF |
https://blogs.imf.org/2022/01/10/emerging-economies-must-prepare-for-fed-policy-tightening/ | Blog Post |
Blog post by Stephan Danninger (Chief of the Macro Policies Division in the Strategy Policy and Review | |
Department of the IMF), Kenneth Kang (Deputy Director in the Strategy, Policy and Review Department | |
of the IMF) and Hélène Poirson (Deputy Divi.sion Chief in the Macro Policy Division of the Strategy, | |
Policy, and Review Department of the IMF) | |
Emerging-Market Central Bank Asset Purchases Can Be Effective but Carry Risks, 05/01/2022 | IMF |
https://blogs.imf.org/2022/01/05/emerging-market-central-bank-asset-purchases-can-be-effective- | Blog Post |
but-carry-risks/ | |
Blog post by Tobias Adrian (Financial Counsellor and Director of the Monetary and Capital Markets | |
Department of the IMF), Christopher Erceg (Deputy Director in the Monetary and Capital Markets | |
Department of the IMF), Simon Gray (Division Chief in the Technical Assistance Division of the Monetary | |
and Capital Markets Department of the IMF) and Ratna Sahay (Deputy Director of the Monetary and | |
Capital Markets Department of the IMF). | |
Higher Shipping Costs May Lift Asia's Low Inflation, 22/12/2021 | IMF |
https://blogs.imf.org/2021/12/22/higher-shipping-costs-may-lift-asias-low-inflation/ | Blog Post |
Blog post by Yan Carrière-Swallow (Senior Economist in the Asia and Pacific Department of the IMF), | |
Pragyan Deb (Economist in the Regional Surveillance Division of the Asia Pacific Department at the IMF) | |
and Daniel Jiménez (Research Analyst at the Regional Studies Division of the Asia and Pacific | |
Department of the IMF). | |
Sectoral exchange rate pass-through in the euro area, 22/12/2021 | ECB |
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2634~5512b70663.en.pdf?e07370fa3d36e2326 | Publication |
53993b8734cd440 | |
We study exchange rate pass-through (ERPT), i.e., the impact of exchange rate movements on inflation, | |
focusing on euro area import prices at a sectorally disaggregated level. Our estimation strategy is based | |
on VAR-X models, thus incorporating both endogenous and exogenous explanatory variables. The | |
impulse response functions not only allow to study the extent but also the dynamics of ERPT. We find | |
that ERPT is heterogeneous in terms of magnitude across sectors. | |
Keywords: exchange rates, import prices, pass-through, euro area, sectoral disaggregation. | |
4
Product market structure and monetary policy: evidence from the Euro Area, 21/12/2021 | ECB |
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2632~d05437c47c.en.pdf?2a64a2ecb790b9dc4a | Publication |
159a7e086c89fc | |
Monetary policy aims at affecting corporate borrowing by influencing the marginal costs of firms, but | |
its potency can be conditioned by the degree of market competition. We first identify conditions under | |
which changes in marginal costs may have different effects on credit constraints and output under | |
different competitive environment, in a simple Cournot competition setting. We then exploit changes | |
in monetary policy to examine whether the pass-through of borrowing costs is affected by market | |
structure. First, we use as an experiment the announcement of the ECB Outright Monetary Transactions | |
(OMT) program in a triple-differences specification. | |
Keywords: monetary transmission, OMT, marginal costs, competition, credit constraints. | |
Monetary policy communication: perspectives from former policy makers at the ECB, 17/12/2021 | ECB |
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2627~e90b7da302.en.pdf?804e29b5b2ae7f81b | Working Paper |
abeb661a86573bb | |
This paper reports the results of a survey of former members of the Governing Council of the European | |
Central Bank, which sought their views on monetary policy communication practices, the related | |
challenges and the road ahead. Pronounced differences across the respondent groups are rare, | |
suggesting that there is broad consensus on the various issues. Respondents view enhancing credibility | |
and trust as the most important objective of central bank communication. They judge communication | |
with financial markets and experts as extremely important and adequate, but see substantial room for | |
improvement in the communication with the general public. | |
Keywords: monetary policy, central bank communication, survey. | |
Evidence from Japan on the reversal of monetary policy effectiveness, 11/01/2022 | BIS |
https://www.bis.org/publ/work987.pdf | Research Hub |
Working Paper | |
How does unconventional monetary policy affect corporate capital structure and investment decisions? | |
The authors study the transmission channel of quantitative easing and its potential diminishing returns | |
on investment from a corporate finance perspective. Using a rich bankfirm matched data of Japanese | |
firms with information on corporate debt and investment, the authors study how firms adjust their | |
capital structure in response to the changes in term premia. Investment responds positively to a | |
reduction in the term premium on average. However, there is a significant degree of cross-sectional | |
variation in firm response: healthier firms increase capital spending and cash holdings, while financially | |
vulnerable firms take advantage of lower long-term yields to refinance without increasing investment. | |
Keywords: transmission of unconventional monetary policy, quantitative easing, reversal rate, zombie | |
firms, corporate balance sheet, term premium, corporate investment. | |
Central Bank Credibility During COVID-19: Evidence from Japan, 31/12/2021 | BIS |
https://www.frbsf.org/economic-research/files/wp2021-24.pdf | Research Hub |
Working Paper | |
Japanese realized and expected inflation has been below the Bank of Japan's two percent target for | |
many years. The authors use the exogenous COVID-19 pandemic shock to examine the efficacy of | |
monetary and fiscal policy responses for elevating inflation expectations from an arbitrage-free term | |
structure model of nominal and real yields. The authors find that monetary and fiscal policy | |
announcements during this period failed to lift inflation expectations, which instead declined notably | |
and are projected to only slowly revert back to levels far below the announced target. Hence, their | |
results illustrate the challenges faced in raising well-anchored low inflation expectations. | |
Keywords: affine arbitrage-free term structure model, unconventional monetary policy, deflation risk, | |
deflation protection. | |
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Central Bank of Hungary published this content on 13 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 January 2022 17:20:03 UTC.