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2025
- 2025/2 This study evaluates the credit risk of sustainable loans in a preferential capital requirement programme. We utilise loanlevel data from a uniquely implemented programme from Hungary, applying logistic regressions and survival analysis techniques. We observe a significantly reduced credit risk for firms with renewable energy and electromobility loans, even after accounting for all relevant covariates. Models incorporating green characteristics predict a substantially lower credit risk for firms with green loans compared to models excluding green characteristics. These results are economically significant and robust to model specifications, alternative definitions of green firms and varying default definitions. We show that green loans' lower probability of default can justify a reduction of several percentage points in capital requirements
by Balint Vargedo & Csaba Burger & Donat Kim - 2025/1 The Impact of EU Grants for Research and Innovation on Firms' Performance
by Gabor Katay & Palma Filep-Mosberger & Francesco Tucci
2024
- 2024/3 Impact of Acquisitions on Firms’ Performance
by Marianna Endresz & Peter Gabriel - 2024/2 Spillover Effects of Foreign Currency Loans: the Role of the Bank Lending Channel
by Palma Filep-Mosberger & Lorant Kaszab & Zhou Ren - 2024/1 Tamas Briglevics-Artashes Karapetyan-Steven Ongena-Ibolya Schindele: More Data, More Credit? Information Sharing and Bank Credit to Households
by Tamas Briglevics & Artashes Karapetyan & Steven Ongena & Schindele Ibolya
2023
- 2023/4 Recovering Stock Analysts’ Loss Functions from Buy/Sell Recommendations
by Viola Monostoriné Grolmusz - 2023/3 Optimal Forecast Combination Under Asymmetric Loss and Regime-Switching
by Viola Monostoriné Grolmusz - 2023/2 Endogenous Growth, Countercyclical Dividends, and Asset Prices
by Palma Filep-Mosberger & Lorant Kaszab & Zhou Ren - 2023/1 The Effect of Regulatory Requirements and ESG Promotion on Market Liquidity
by Peter Csoka & Judit Hever
2022
- 2022/6 A High Resolution Agent-based Model of the Hungarian Housing Market
by Bence Mero & Andras Borsos & Zsuzsanna Hosszu & Zsolt Olah & Nikolett Vago - 2022/6 Treasury Supply Shocks and the Term Structure of Interest Rates in the UK
by Andras Lengyel - 2022/5 Asset Pricing with Free Entry and Exit of Firms
by Lorant Kaszab & Ales Marsal & Katrin Rabitsch - 2022/4 Income Tax Evasion Estimation in Hungary
by Palma Filep-Mosberger & Adam Reiff - 2022/3 A simple framework for analyzing the macroeconomic effects of inside money
by Balazs Vilagi & Balazs Vonnak - 2022/2 Monetary Policy and Household Loan Supply: Volume and Composition Effects
by Gyozo Gyongyosi & Steven Ongena & Ibolya Schindele - 2022/1 The Anatomy of Consumption in a Household Foreign Currency Debt Crisis
by Gyozo Gyongyosi & Judit Rariga & Emil Verner
2021
- 2021/4 Estimating the Effect of Monetary Policy with Dissenting Votes as Instrument
by Balazs Vonnak - 2021/3 A Model-Based Comparison of Macroprudential Tools
by Eyno Rots & Barnabas Szekely - 2021/2 Interest Rate Rules, Rigidities and Inflation Risks in a Macro-Finance Model
by Roman Horvath & Lorant Kaszab & Ales Marsal - 2021/1 Spillover Effects in Firms' Bank Choice
by Palma Filep-Mosberger & Attila Lindner & Judit Rariga
2020
- 2020/7 The Effect of Public Work Programme in Hungary on Private Sector Wages
by Lajos Tamás Szabó - 2020/6 Shock Propagation in the Banking System with Real Economy Feedback
by Andras Borsos & Bence Mero - 2020/5 The bank lending channel during financial turmoil
by Marianna Endrész - 2020/4 Real-Time Weakness of the Global Economy: A First Assessment of the Coronavirus Crisis
by Danilo Leiva-Leon & Gabriel Pérez-Quirós & Eyno Rots - 2020/3 Equity Premium and Monetary Policy in a Model with Limited Asset Market Participation
by Roman Horvath & Lorant Kaszab & Ales Marsal - 2020/2 Household Debt Revaluation and the Real Economy: Evidence from a Foreign Currency Debt Crisis
by Emil Verner & Győző Gyöngyösi
2019
- 2019/4 The Effect of Tightness on Wages at the Regional Level in Three Central European Countries
by Lajos Tamás Szabó - 2019/3 Determinants of Fiscal Multipliers Revisited
by Roman Horvath & Lóránt Kaszab & Ales Marsal & Katrin Rabitsch - 2019/2 Fiscal Policy and the Nominal Term Premium
by Roman Horvath & Lóránt Kaszab & Ales Marsal - 2019/1 Macroprudential Policies in the EAGLE FLI Model Calibrated for Hungary
by Gábor Fukker & Lóránt Kaszab
2018
- 2018/3 Bank Efficiency Differences Across Central and Eastern Europe
by Barnabás Székely - 2018/2 Asymmetric Volatility Spillovers Between Developed And Developing European Countries
by Mattia Bevilacqua - 2018/1 News- Based Indices on Country Fundamentals: Do They Help Explain Sovereign Credit Spread Fluctuations?
by András Fülöp & Zalán Kocsis
2017
- 2017/9 FISS - A Factor Based Index of Systemic Stress in the Financial System
by Tibor Szendrei & Katalin Varga - 2017/8 Impact evaluation of EU subsidies for economic development on the Hungarian SME sector
by Ádám Banai & Péter Lang & Gábor Nagy & Martin Stancsics - 2017/7 The EAGLE model for Hungary - a global perspective
by László Békési & Lorant Kaszab & Szabolcs Szentmihályi - 2017/6 In Lands of Foreign Currency Credit, Bank Lending Channels Run Through?
by Steven Ongena & Ibolya Schindele & Dzsamila Vonnák - 2017/5 An agent based Keynesian model with credit cycles and countercyclical capital buffer
by Zsuzsanna Hosszú & Bence Mérõ - 2017/4 Public Wage Spillovers: The Role of Individual Characteristics and Employer Wage Policies
by Álmos Telegdy - 2017/3 A model of bank behaviour for the assessment of the potential balance sheet impact of the NSFR liquidity requirement
by Péter Lang - 2017/2 Cross-Border Portfolio Diversification under Trade Linkages
by Makram Khalil - 2017/1 Harmonic distances and systemic stability in heterogeneous interbank networks
by Gabor Fukker
2016
- 2016/4 The macroeconomic forecasting model of the MNB
by László Békési & Csaba Köber & Henrik Kucsera & Tímea Várnai & Balázs Világi - 2016/3 Accounting versus real production responses among firms to tax incentives: bunching evidence from Hungary
by Pálma Mosberger - 2016/2 A Long-Term Evaluation of Recent Hungarian Pension Reforms
by Christoph Freudenberg & Tamás Berki & Ádám Reiff - 2016/1 The impact of credit supply shocks and a new FCI based on a FAVAR approach
by Zsuzsanna Hosszú
2015
- 2015/5 Estimates of the Non-accelerating Inflation Rate of Unemployment (NAIRU) for Hungary
by Lajos Tamás Szabó - 2015/4 Learning and the Market for Housing
by Eyno Rots - 2015/3 A General Equilibrium Approach of Retail Payments
by Tamás Ilyés & Lóránt Varga - 2015/2 The Impact of the Magyar Nemzeti Bank's Funding for Growth Scheme on Firm Level Investment
by Marianna Endresz & Peter Harasztosi & Robert P. Lieli - 2015/1 Explaining Bond and Equity Premium Puzzles Jointly in a DSGE Model
by Lorant Kaszab & Ales Marsal
2014
- 2014/3 Carry Trade, Uncovered Interest Parity and Monetary Policy
by Dániel Felcser & Balázs Vonnák - 2014/2 Early warning indicators: financial and macroeconomic imbalances in Central and Eastern European countries
by Orsolya Csortos & Zoltán Szalai - 2014/1 Corporate Foreign Currency Borrowing and Investment. The Case of Hungary
by Marianna Endrész & Péter Harasztosi
2013
- 2013/3 Global, Regional and Country-Specific Components of Financial Market Indicators: An Extraction Method and Applications
by Zalán Kocsis - 2013/2 Sticky Price Inflation Index: An Alternative Core Inflation Measure
by Ádám Reiff & Judit Várhegyi - 2013/1 The Hungarian Monetary Policy Model
by Katalin Szilágyi & Dániel Baksa & Jaromir Benes & Ágnes Horváth & Csaba Köber & Gábor D. Soós
2012
- 2012/8 Currency mismatch and the sub-prime crisis: firm-level stylised facts from Hungary
by Mariann Endrész & Gyõzõ Gyöngyösi & Péter Harasztosi - 2012/7 Assessing changes of the Hungarian tax and transfer system: A general-equilibrium microsimulation approach
by Péter Benczúr & Gábor Kátay & Áron Kiss - 2012/6 Which Aspects of Central Bank Transparency Matter? Constructing a Weighted Transparency Index
by Csaba Csávás & Szilárd Erhart & Dániel Felcser & Anna Naszodi - 2012/5 The role of external and country specific factors in Hungarian inflation developments
by Balázs Krusper - 2012/4 Need for Speed: Is Faster Trade in the EU Trade-creating?
by Cecília Hornok - 2012/3 Is there a carry trade channel of monetary policy in emerging countries?
by Kornél Kisgergely - 2012/2 Voting by monetary policy committees: evidence from the CEE inflation-targeting countries
by Alexander Jung & Gergely Kiss - 2012/1 The Sectoral Effects of Monetary Policy in Hungary: A Structural Factor Analysis
by Gábor Pellényi
2011
- 2011/12 Growth in Hungary 1994-2008: The role of capital, labour, productivity and reallocation
by Péter Harasztosi - 2011/11 The elasticity of taxable income of high earners: Evidence from Hungary
by Áron Kiss & Pálma Mosberger - 2011/10 What drives cash demand? Transactional and residual cash demand in selected countries
by Sisak Balázs - 2011/9 Downward wage rigidity in Hungary
by Gábor Kátay - 2011/8 Asset prices and financial imbalances in CEE countries: macroeconomic risks and monetary strategy
by Zoltán Szalai - 2011/7 Identification of credit supply shocks in a Bayesian SVAR model of the Hungarian economy
by Bálint Tamási & Balázs Világi - 2011/6 Convergence and Distortions: the Czech Republic, Hungary and Poland between 1996–2009
by István Kónya - 2011/5 Fiscal Calculus in a New Keynesian Model with Labor Market Frictions
by Alessia Campolmi & Ester Faia & Roland Winkler - 2011/4 Labor Market Participation, Unemployment and Monetary Policy
by Alessia Campolmi & Stefano Gnocchi - 2011/3 Beating the Random Walk in Central and Eastern Europe by Survey Forecasts
by Anna Naszódi - 2011/2 Testing the asset pricing model of exchange rates with survey data
by Anna Naszódi - 2011/1 Business fixed investment and credit market frictions. A VECM approach for Hungary
by Marianna Endrész
2010
- 2010/12 Household inflation expectations and inflation dynamics
by Péter Gábriel - 2010/11 A Structural Vector Autoregressive (SVAR) model for the Hungarian labour market
by Zoltán M. Jakab & Éva Kaponya - 2010/10 Is exchange rate – customer order flow relationship linear? Evidence from the Hungarian FX market
by Yuliya Lovcha & Alejandro Perez-Laborda - 2010/9 Inter-industry wage differentials in EU countries: what do cross-country time varying data add to the picture?
by Philip Du Caju & Gábor Kátay & Ana Lamo & Daphne Nicolitsas & Steven Poelhekke - 2010/8 Optimality criteria of hybrid inflation-price level targeting
by László Bokor - 2010/7 Analysing currency risk premia in the Czech Republic, Hungary, Poland and Slovakia
by András Rezessy - 2010/6 Trade policy: home market effect versus terms of trade externality
by Alessia Campolmi & Harald Fadinger & Chiara Forlati - 2010/5 The role of financial market structure and the trade elasticity for monetary policy in open economies
by Katrin Rabitsch - 2010/4 Optimal simple monetary policy rules and welfare in a DSGE Model for Hungary
by Zoltán M. Jakab & Henrik Kucsera & Katalin Szilágyi & Balázs Világi - 2010/3 Inflation asymmetry, menu costs and aggregation bias – A further case for state dependent pricing
by Péter Karádi & Ádám Reiff - 2010/2 Firm-level adjustment costs and aggregate investment dynamics – Estimation on Hungarian data
by Ádám Reiff - 2010/1 Risk premium shocks, monetary policy and exchange rate pass-through in the Czech Republic, Hungary and Poland
by Balázs Vonnák
2009
- 2009/5 Driving Forces Behind Changes in the Aggregate Labour Force Participation in Hungary
by Gábor Kátay & Benedek Nobilis - 2009/4 Capital liberalization and the US external imbalance
by Elvira Prades & Katrin Rabitsch - 2009/3 Macroeconomic announcements, communication and order flow on the Hungarian foreign exchange market
by Michael Frömmel & Norbert Kiss M. & Klára Pintér - 2009/2 Minimumwage and tax evasion: theory and evidence
by Mirco Tonin - 2009/1 A joint macroeconomic-yield curve model for Hungary
by Zoltán Reppa
2008
- 2008/9 An estimated DSGE model of the Hungarian economy
by Zoltán M. Jakab & Balázs Világi - 2008/8 Do Firms ProvideWage Insurance Against Shocks? – Evidence from Hungary
by Gábor Kátay - 2008/7 The Elasticity of Taxable Income: Estimates and Flat Tax Predictions Using the Hungarian Tax Changes in 2005
by Péter Bakos & Péter Benczúr & Dóra Benedek - 2008/6 Driving Factors of Growth in Hungary - a Decomposition Exercise
by Gábor Kátay & Zoltán Wolf - 2008/5 Oil price shocks: Demand vs Supply in a two-country model
by Alessia Campolmi - 2008/4 The use of staff policy recommendations in central banks
by Attila Csajbók - 2008/3 Density forecast evaluation and the effect of risk-neutral central moments on the currency risk premium: tests based on EUR/HUF option-implied densities
by Csaba Csávás - 2008/2 Macro stress testing with sector specific bankruptcy models
by Marianna Valentinyi-Endrész & Zoltán Vásáry - 2008/1 Are the exchange rates of EMU candidate countries anchored by their expected euro locking rates?
by Anna Naszódi
2007
- 2007/6 Optimal monetary policy committee size: Theory and cross country evidence
by Szilárd Erhart & Jose-Luis Vasquez-Paz - 2007/5 Money Velocity in an Endogenous Growth Business Cycle with Credit Shocks
by Szilárd Benk & Max Gillman & Michal Kejak - 2007/4 How Frequently Does the Stock Price Jump? – An Analysis of High-Frequency Data with Microstructure Noises
by Jin-Chuan Duan & András Fülöp - 2007/3 The Hungarian Monetary Transmission Mechanism: an Assessment
by Balázs Vonnák - 2007/2 Convergence, capital accumulation and the nominal exchange rate
by Péter Benczúr & István Kónya - 2007/1 A Structural Empirical Analysis of Retail Banking Competition: the Case of Hungary
by József Molnár & Márton Nagy & Csilla Horváth
2006
- 2006/11 Pillar I treatment of concentrations in the banking book – a multifactor approach
by Zoltán Varsányi - 2006/10 Credit Growth in Central and Eastern Europe: Convergence or Boom?
by Gergely Kiss & Márton Nagy & Balázs Vonnák - 2006/9 The effect of the MNB’s communication on financial markets
by Péter Gábriel & Klára Pintér - 2006/8 Customer order flow, information and liquidity on the Hungarian foreign exchange market
by Áron Gereben & György Gyomai & Norbert Kiss M. - 2006/7 Is there a bank lending channel in Hungary? Evidence from bank panel data
by Csilla Horváth & Judit Krekó & Anna Naszódi - 2006/6 Risk in Dynamic Arbitrage: Price Effects of Convergence Trading
by Péter Kondor - 2006/5 Monetary Transmission Mechanism in Transition Economies: Surveying the Surveyable
by Balázs Égert & Ronald MacDonald - 2006/4 How does monetary policy affect aggregate demand? A multimodel approach for Hungary
by Zoltán M. Jakab & Viktor Várpalotai & Balázs Vonnák - 2006/3 Bank Efficiency in the Enlarged European Union
by Dániel Holló & Márton Nagy - 2006/2 Layoffs as Part of an Optimal Incentive Mix: Theory and Evidence
by Anders Frederiksen & Elõd Takáts - 2006/1 Determinants of Spreads on Sovereign Bank Loans: The Role of Credit History
by Péter Banczúr & Cosmin Ilut
2005
- 2005/07 Location of manufacturing FDI in Hungary: How important are inter-company relationships?
by Gábor Békés - 2005/06 Exchange Rate Smoothing in Hungary
by Péter Karádi - 2005/05 A New Method for Combining Detrending Techniques with Application to Business Cycle Synchronization of the New EU Members
by Zsolt Darvas & Gabor Vadas - 2005/04 Mind the Gap – International Comparison of Cyclical Adjustment of the Budget
by Gábor P. Kiss & Gábor Vadas - 2005/03 Fiscal Divergence and Business Cycle Synchronization: Irresponsibility is Idiosyncratic
by Zsolt Darvas & Andrew K. Rose & György Szapáry - 2005/02 Economic Fluctuations in Central and Eastern Europe - the Facts
by Péter Benczúr & Attila Rátfai - 2005/01 Estimating the Effect of Hungarian Monetary Policy within a Structural VAR Framework
by Balázs Vonnák
2004
- 2004/12 Investment Behavior, User Cost and Monetary Policy Transmission - the Case of Hungary
by Gábor Kátay & Zoltán Wolf - 2004/11 Structural breaks and financial risk management
by Marianna Valentinyi-Endrész - 2004/9 Competition in the Hungarian Banking Market
by Csaba Móré & Márton Nagy - 2004/8 Interest rate pass-through in Hungary
by Csilla Horváth & Judit Krekó & Anna Naszódi - 2004/7 Mind the Gap – Watch the Ways of Cyclical Adjustment of the Budget Balance
by Gábor P. Kiss & Gábor Vadas - 2004/6 Fiscal Policy, Business Cycles and Labor-Market Fluctuations
by Florin O. Bilbiie & Roland Straub - 2004/5 Dual inflation and real exchange rate in new open economy macroeconomics
by Balázs Világi - 2004/4 The Stability and Growth Pact from the Perspective of the New Member States
by Gábor Orbán & György Szapáry - 2004/3 Estimating the Impact of SBTC on Input Demand Elasticities in Hungary
by Hajnalka Tarjáni - 2004/2 Target zone rearrangements and exchange rate behavior in an options-based model
by Anna Naszódi - 2004/1 Business Cycle Synchronisation in the Enlarged EU: Comovements in the New and Old Members
by Zsolt Darvas & György Szapáry
2003
- 2003/13 Analyzing Fiscal Policy and Growth with a Calibrated Macro Model
by Péter Benczúr & András Simon & Viktor Várpalotai - 2003/12 Relationship between Market Structure and Bank Performance: Empirical Evidence for Central and Eastern Europe
by Csaba Móré & Márton Nagy - 2003/11 The Optimal Euro Conversion Rate in a Stochastic Dynamic General Equilibrium Model
by Balázs Világi - 2003/10 The Role of Foreign Banks in Five Central and Eastern European Countries
by Katalin Mérõ & Marianna Endrész Valentinyi - 2003/9 Real Effects of Nominal shocks: a 2-sector Dynamic Model with Slow Capital Adjustment and Money-in-the-utility
by Péter Benczúr - 2003/8 Univariate Potential Output Estimations for Hungary
by Zsolt Darvas & Gábor Vadas - 2003/7 Capital Stock Estimation in Hungary: A Brief Description of Methodolgy and Results
by Gábor Pula - 2003/6 Modelling Household's Savings and Dwellings Investment - a Portfolio Choice Approach
by Gábor Vadas - 2003/5 Explaining the Exchange Rate Pass-Through in Hungary: Simulations with the NIGEM Model
by Zoltán M. Jakab & Mihály András Kovács - 2003/4 Disaggregated Cost Pass-Through Based Econometric Inflation-Forecasting Model for Hungary
by Viktor Várpalotai - 2003/1 The behavior of the nominal exchange rate at the beginning of disinflations
by Péter Benczúr
2002
- 2002/5 CEC5: On The Estimated Size of the Balassa-Samuelson Effect in CEC5 Countries
by András Mihály Kovács (ed.) - 2002/3 Hungary in the NIGEM model
by Zoltán M. Jakab & András Mihály Kovács
2001
- 2001/5 Banking Sector Reform in Hungary: Lessons Learned, Current Trends and Prospects
by György Szapáry - 2001/4 Financial Stability, Monetary Policy and Integration: Policy Choices for Transition Economies
by János Vincze - 2001/3 On Price Level Stability, Real Interest Rates and Core Inflation
by János Vincze & Sándor Valkovszky - 2001/2 Liquidity Constraints and Consumer Impatience
by János István Tóth & Zsófia Árvai - 2001/1 Optimal Indebtendness of a Small Open Economy with Precautionary Behavior
by András Simon & Viktor Várpalotai
2000
- 2000/9 Potential Output and Foreign Trade in Small Open Economies
by András Simon & Zsolt Darvas - 2000/8 Savings of Hungarian Households 1995 – 2000
by Zsófia Árvai & Péter Menczel - 2000/7 Maastricht and the Choice of Exchange Rate Regime in Transition Countries During The Run-Up to EMU
by György Szapáry - 2000/6 Financial crises in transition countries: models and facts
by Zsófia Árvai & János Vincze - 2000/5 What are Consumer Price Statistics Good for?
by Barnabás Ferenczi & Sándor Valkovszky & János Vincze - 2000/4 Forecasting Hungarian Export Volume
by Zoltán M. Jakab & Mihály András Kovács & Szabolcs Lõrincz - 2000/2 Estimates of and Problems with Core Inflation in Hungary
by Sándor Valkovszky & János Vincze - 2000/1 How Far has Trade Integration Advanced? An analysis of actual and potential trade of three Central and Eastern European countries
by Zoltán M. Jakab & Mihály András Kovács & András Oszlay
1999
- 1999/10 Financial Contagion under Different Exchange Rate Regimes
by Zsolt Darvas & György Szapáry - 1999/8 Changes in the Implicit Debt Burden of the Hungarian Social Security System
by Péter Benczúr - 1999/7 Information in T-bill Auction Bid Distributions
by Attila Csajbók - 1999/6 Determinants of Real Exchange Rate Fluctuations in Hungary
by Zoltán M. Jakab & Mihály András Kovács - 1999/5 Labour market developments in Hungary from a Central Bank perspective Stylised Facts
by Barnabás Ferenczi - 1999/3 Capital Stock and Economic Development in Hungary
by Zsolt Darvas & András Simon - 1999/1 Leverage and foreign ownership in Hungary
by Ágnes Csermely & János Vincze
1998
- 1998/5 Fiscal Consolidation, Public Debt Containment and Disinflation – (Hungary’s Experience in Transition)
by Gyula Barabás & István Hamecz & Judit Neményi - 1998/4 The Role of General Government in Hungary
by Gábor P. Kiss - 1998/3 The components of the real exchange rate in Hungary
by Mihály András Kovács & András Simon - 1998/2 Zero-coupon yield curve estimation from a central bank perspective
by Attila Csajbók