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The Evolution of Trust in Central Banks during the Covid Crisis

Author

Listed:
  • Laszlo Bodis

    (Ministry of Culture and Innovation, Hungarian Innovation Agency)

  • Adam Kiss

    (National Research, Development and Innovation Office)

Abstract

Productivity is significantly higher in countries that consistently spend at least 3 per cent of GDP on R&D, irrespective of economic cycles. Increasing productivity is necessary to boost the competitiveness of the economy and accordingly, significant growth in domestic R&D expenditure is essential. The challenges of the Hungarian RDI ecosystem have been properly identified, and the policy actions of recent years have put in place a strategic, institutional and funding framework to achieve these goals. In the long term, the objective is to create an ecosystem that is self-sustaining on a market basis, but where the state assumes a key role in designing the regulatory environment and the funding and supporting instruments. By systematically implementing the strategy outlined in this article, Hungary may be able to boost its economic performance through innovative, Hungarian-owned firms capable of producing high value-added products.

Suggested Citation

  • Laszlo Bodis & Adam Kiss, 2025. "The Evolution of Trust in Central Banks during the Covid Crisis," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 24(1), pages 101-131.
  • Handle: RePEc:mnb:finrev:v:24:y:2025:i:1:p:101-131
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    More about this item

    Keywords

    RDI ecosystem; innovation by SMEs; economic competitiveness; value added; public incentives to promote innovation;
    All these keywords.

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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