Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

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

11/26/2020 | 10:07am EST

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

2

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

3

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.

4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Central Bank of Hungary published this content on 26 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 November 2020 15:06:00 UTC


© Publicnow 2020
Latest news "Economy & Forex"
10:52aEASA EUROPEAN AVIATION SAFETY AGENCY : New Working Arrangement between AEROCIVIL and EASA signed
PU
10:46aUsing Payments Data to Nowcast Macroeconomic Variables During the Onset of COVID-19
PU
10:44aBANK OF ENGLAND : Changes to publication of capital expenditure and Channel Islands and Isle of Man data - January 2021...
PU
10:43aBiden appoints U.S. consumer watchdog veteran as acting director after Trump appointee resigns
RE
10:39aU.S. labor market gradually healing; housing, manufacturing power ahead
RE
10:38aREPORT : Hotel and travel outlook in 2021
PU
10:38aWORLD BANK : In Armenia, Human Capital Investments are the Key to Resilient Growth in the Era of COVID-19
PU
10:36aOPEC+ compliance with oil cuts at 99% in December, sources say
RE
10:30aWall Street hovers near record highs after Biden bounce
RE
10:29aECB stays put but warns about surge in infections
RE
Latest news "Economy & Forex"