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Monetary, Macroprudential, and Fiscal Policy

In: Emerging European Economies after the Pandemic

Author

Listed:
  • Júlia Király

    (International Business School)

  • Balázs Csontó

    (International Monetary Fund)

  • László Jankovics

    (European Fiscal Board)

  • Katalin Mérő

    (Budapest Business School)

Abstract

The chapter provides an overview of the conduct of monetary, macroprudential, and fiscal policies in the Emerging European Economies since the Global Financial Crisis, including the policy response to Covid-19 and the post-pandemic challenges. We show that changes in the institutional frameworks both at the regional and national level led to a significant expansion of the instruments available for policymakers, as well as enhanced fiscal frameworks and resilience in the financial sector. At the same time, monetary policy was constrained by several factors, including the global financial cycle, the long-term decline in interest rates, and the globalization of inflation. The large policy accommodation in response to Covid-19, including through the use of unconventional tools, helped mitigate the economic damage. The post-pandemic challenges, however, are significant, given the limited policy space, some structural factors affecting inflation and interest rates, as well as potential threats to independent institutions.

Suggested Citation

  • Júlia Király & Balázs Csontó & László Jankovics & Katalin Mérő, 2022. "Monetary, Macroprudential, and Fiscal Policy," Contributions to Economics, in: László Mátyás (ed.), Emerging European Economies after the Pandemic, chapter 0, pages 255-324, Springer.
    • Handle: RePEc:spr:conchp:978-3-030-93963-2_6
    DOI: 10.1007/978-3-030-93963-2_6
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