Working Papers


  • 14-June-2012

    English

    International capital mobility and financial fragility: Part 5. Do investors disproportionately shed assets of distant countries under increased uncertainty? Evidence from the global financial crisis

    The global crisis of 2008-09 went in hand with sharp fluctuations in capital flows. To some extent, these fluctuations may have been attributable to uncertainty-averse investors indiscriminately selling assets about which they had poor information, including those in geographically distant locations.

  • 14-June-2012

    English

  • 14-June-2012

    English

    International capital mobility and financial fragility: Part 4. Which structural policies stabilise capital flows when investors suddenly change their mind? Evidence from bilateral bank data

    The global financial crisis of 2007-09 and the ensuing sovereign debt crisis in Europe provide evidence that portfolio rebalancing of financial investors can contribute to spread financial turmoil across countries.

  • 11-June-2012

    English

    Credit crises and the shortcomings of traditional policy responses

    Economic downturns which have their roots in preceding credit excesses and debt overhang have tended historically to be long lasting, whether the financial sector remained healthy or not.

  • 30-May-2012

    English

    Ensuring stability and efficiency of the Hungarian financial sector

    Loan creation has not recovered after the crisis owing to a combination of demand and supply factors.

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  • 13-March-2012

    English

    Assessing the sensitivity of Hungarian debt sustainability to macroeconomic shocks under two fiscal policy reactions

    Hungarian debt level has steadily increased since 2001, with the debt-to-GDP ratio reaching about 84% at end-2011.

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  • 13-March-2012

    English

    Do house prices impact consumption and interest rate? Evidence from OECD countries using an agnostic identification procedure

    This paper investigates the existence of significant spillovers from the housing sector onto the wider economy for the seven major OECD countries using Uhlig's (2005) agnostic identification procedure.

  • 2-January-2012

    English

    Public spending efficiency in the Czech Republic: fiscal policy framework and the main spending areas of pensions and healthcare

    The Czech fiscal position is generally sound and policy making is prudent. However, the fiscal framework was not strong enough to contain spending in the upturn and it would benefit from independent budget oversight.

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  • 2-January-2012

    English

    Explaining the interest-rate-growth differential underlying government debt dynamics

    The differential between the interest rate paid to service government debt and the growth rate of the economy is a key concept in assessing fiscal sustainability.

  • 21-December-2011

    English

    Current issues in managing government debt and assets

    The management of government debt and assets has important implications for fiscal positions.

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