Working Papers


  • 25-May-2011

    English

    Understanding the recent surge in the accumulation of international reserves

    This paper looks at the empirical determinates of foreign currency reserve holdings across a panel of around 130 countries between 1980 and 2008.

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  • 26-April-2011

    English

    Policy frameworks in the post-crisis environment

    The financial crisis revealed flaws in pre-crisis policy frameworks.

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  • 15-April-2011

    English

    What drives inflation in the major OECD economies?

    This paper presents an empirical analysis of the determinants of inflation in the United States, Japan, the euro area and the United Kingdom, focusing on the role of resource utilisation, inflation expectations, inflation persistence and imported inflation.

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  • 15-April-2011

    English

    Global imbalances, exchange rate pegs and capital flows: a closer look

    This paper presents a stylised model in which either a savings glut or an exchange rate peg in emerging economies drives down the level of interest rates in advanced economies and, when it hits the zero-rate bound, produces a welfare loss.

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  • 15-April-2011

    English

    Interest rate pass-through during the global financial crisis: the case of Sweden

    Interest rate pass-through during the global financial crisis: the case of SwedenA stable relationship between monetary policy rates and bank lending and deposit rates faced by consumers and companies is essential for the effective transmission of monetary policy decisions.

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  • 22-March-2011

    English

    Drivers of homeownership rates in selected OECD countries

    Homeownership rates have increased significantly in many OECD countries over recent decades.

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  • 8-March-2011

    English

    How efficient are banks in Hungary?

    Apparent characteristics of the Hungarian banking market such as large profits and high margins suggest weak competitive pressures. Weak competition in turn, may reduce efficiency in a lack of pressures to converge to marginal cost and to stimulate managerial efforts to reduce X-inefficiency.

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