Central Bank of Hungary : Válogatás a nemzetközi intézmények és külföldi jegybankok publikációiból (2020.11.19-11.25.)

NEMZETKÖZI SZEMELVÉNYEK

Válogatás a nemzetközi intézmények és külföldi jegybankok publikációiból

2020. november 19. - november 25.

	TARTALOMJEGYZÉK
1.	MONETÁRIS POLITIKA, INFLÁCIÓ ...........................................................................................	3
2.	PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK .............................................................................	5
3.	MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS .............................................................	7
4.	FINTECH, KRIPTOVALUTÁK, MESTERSÉGES INTELLIGENCIA .....................................................	9
5.	ZÖLD PÉNZÜGYEK, FENNTARTHATÓ FEJLŐDÉS .....................................................................	10
6.	MAKROGAZDASÁG .............................................................................................................	12
7.	ÁLTALÁNOS GAZDASÁGPOLITIKA ........................................................................................	13
8.	KÖLTSÉGVETÉSI POLITIKA, ADÓZÁS .....................................................................................	19
9.	STATISZTIKA........................................................................................................................	20

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1. MONETÁRIS POLITIKA, INFLÁCIÓ

COVID-19 and monetary policy: Reinforcing prevailing challenges	ECB
https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp201124~bcaebee7c0.en.html	Speech
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at The Bank of Finland Monetary
Policy webinar: New Challenges to Monetary Policy Strategies.
Slides:
https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp201124_slides~a66cc5de39.en.pdf?93
2c3f24536a2c81a65be13acc419916
Interview with Les Echos	ECB
https://www.ecb.europa.eu/press/inter/date/2020/html/ecb.in201122~3a68c446f1.en.html	Interview
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Guillaume
Benoit, Elsa Conesa and Sophie Rolland, 22 November 2020.
New Policy Frameworks for a Lower-for-Longer World	IMF
https://www.imf.org/en/News/Articles/2020/11/24/sp112420-new-policy-frameworks-for-a-lower-	Speech
for-longer-world
Opening remarks by Kristalina Georgieva, Managing Director of the IMF, at the event "New Policy
Frameworks for a 'Lower-for-Longer' World" on 24 November 2020.
Rethinking the ECB's strategy in the world of low rates	BIS
https://www.bis.org/review/r201125b.htm	Central Bankers'
Speech by Mr Olli Rehn, Governor of the Bank of Finland, at the Bank of Finland webinar "New	Speech
Challenges to Monetary Policy Strategies", 24 November 2020.
The Bank's Semiannual Report on Currency and Monetary Control	BIS
https://www.bis.org/review/r201125d.htm	Central Bankers'
Statement by Mr Haruhiko Kuroda, Governor of the Bank of Japan, before the Committee on Financial	Speech
Affairs, House of Councillors, Tokyo, 24 November 2020.
An essay on Japan's monetary policy experience and lessons	BIS
https://www.bis.org/review/r201125c.htm	Central Bankers'
Article by Mr Makoto Sakurai, Member of the Policy Board of the Bank of Japan, 6 November 2020.	Speech
Consolidated financial statement of the Eurosystem as at 20 November 2020, 24/11/2020	ECB
https://www.ecb.europa.eu/press/pr/wfs/2020/html/ecb.fst201124.en.html	Press Release
Commentary
https://www.ecb.europa.eu/press/pr/wfs/2020/html/ecb.fs201124.en.html
Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates),	ECB
20/11/2020	Press Release
https://www.ecb.europa.eu/press/govcdec/otherdec/2020/html/ecb.gc201120~d6eb3cd9da.en.html
How does monetary policy affect investment in the euro area? 25/11/2020	ECB
https://www.ecb.europa.eu/pub/economic-	Publication
research/resbull/2020/html/ecb.rb201125~502883fc77.en.html
We set out to analyse the monetary policy transmission mechanism by documenting how the annual
investment of more than one million firms in Germany, Spain, France and Italy responded to monetary
policy shocks between 2000 and 2016. We show that euro area firms react differently depending on
their age and the industry they operate in: young firms and those producing durable goods react more
strongly than the average firm. This confirms that monetary policy is affecting firms' investment through

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two different channels. On the one hand, the "interest rate channel" affects demand for durable goods
more than demand for services, which in turn affects investment demand from the producers of those
goods. On the other hand, as young firms are more likely to face financing constraints, their stronger
than average reaction can be explained by the "balance sheet channel" of monetary policy transmission.
Keywords: monetary policy transmission mechanism; monetary policy shocks; investment.
Banks, low interest rates, and monetary policy transmission, 24/11/2020	ECB
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2492~8f029f769b.en.pdf?f0d6f7e2138702f1b4b	Publication
9728b3f952bcf
This paper studies how low interest rates weaken the short-run transmission of monetary policy and
contract the long-run supply of bank credit. As U.S. bond rates have fallen, the pass-through of
monetary shocks to loan and deposit rates has weakened while the spread on U.S. bank loans has risen.
I build a model in which banks earn deposit and loan spreads, deposits compete with money, and banks'
lending capacity depends on their equity. The short-run transmission of monetary policy is dampened
at low rates, because deposit spreads act as a better hedge for bank equity against unexpected
monetary shocks. In the long run, persistent low rates decrease banks' "seigniorage" revenue from
deposit spreads, hence bank equity and loan supply contract, and loan spreads increase.
Keywords: low interest rates; financial intermediation; interest rate pass-through; deposit spread; loan
spread.
Investment funds, monetary policy, and the global financial cycle, 19/11/2020	ECB
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2489~26b7eca600.en.pdf?c69bbae048421bd32c	Publication
849e8725fe81c7
This paper studies the role of international investment funds in the transmission of global financial
conditions to the euro area using structural Bayesian vector auto regressions. While cross-border
banking sector capital flows receded significantly in the aftermath of the global financial crisis, portfolio
flows of investors actively searching for yield on financial markets world-wide gained importance during
the post-crisis "second phase of global liquidity" (Shin, 2013). The analysis presented in this paper shows
that a loosening of US monetary policy leads to higher investment fund inflows to equities and debt
globally. Focussing on the euro area, these inflows do not only imply elevated asset prices, but also
coincide with increased debt and equity issuance. The findings demonstrate the growing importance of
non-bank financial intermediation over the last decade and have important policy implications for
monetary and financial stability.
Keywords: monetary policy; international spillovers; capital flows; non-bank financial intermediation.
"Low for Long" and Risk-Taking,24/11/2020	IMF
https://www.imf.org/en/Publications/Departmental-Papers-Policy-Papers/Issues/2020/11/23/Low-	Publication
for-Long-and-Risk-Taking-49733
The COVID-19 pandemic is causing an unprecedented worldwide economic contraction, leading central
banks to reduce interest rates to historically low levels and making unconventional monetary policies-
including "low for long" interest rates and asset purchases-increasingly common. Arguably, however,
the policies implemented are efficient because they encourage increased risk-taking, and they may
have, if unintentionally, increase medium- and long-runmacro-financial vulnerabilities. This paper
argues that the resulting trade-offs need to be carefully accounted for in monetary policy models and
outlines how that can be achieved in practice.

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