Central Bank of Hungary : Válogatás a nemzetközi szervezetek újdonságaiból (2020.06.25-07.01.)

07/02/2020 | 10:14am

VÁLOGATÁS

az ECB, az ESRB, az EU, az EBA, az EIOPA, az ESMA,

az IMF, a BIS, az FSB, az OECD és a IOSCO

dokumentumaiból

2020. JÚNIUS 25 - JÚLIUS 1.

TARTALOMJEGYZÉK

1. MONETÁRIS POLITIKA, INFLÁCIÓ ........................................................................................................................... 3

2. PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK ............................................................................................................. 4

3. MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS ............................................................................................ 5

4. FINTECH, KRIPTOVALUTÁK, MESTERSÉGES INTELLIGENCIA .................................................................................... 7

5. ZÖLD PÉNZÜGYEK, FENNTARTHATÓ FEJLŐDÉS ....................................................................................................... 8

6. PÉNZFORGALOM, FIZETÉSI RENDSZEREK ................................................................................................................ 9

7. MAKROGAZDASÁG ................................................................................................................................................ 9

8. ÁLTALÁNOS GAZDASÁGPOLITIKA ......................................................................................................................... 10

9. KÖLTSÉGVETÉSI POLITIKA, ADÓZÁS ..................................................................................................................... 11

10. SZANÁLÁS .......................................................................................................................................................... 11

11. STATISZTIKA ....................................................................................................................................................... 12

1. MONETÁRIS POLITIKA, INFLÁCIÓ

Interview with Reuters news agency https://www.ecb.europa.eu/press/inter/date/2020/html/ecb.in200701_1~3fdbba5640.en.html Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Balázs Korányi, Francesco Canepa and Frank Siebelt, 1 July 2020

ECB Interview

Interview with La Stampa https://www.ecb.europa.eu/press/inter/date/2020/html/ecb.in200701~601bc1b5ff.en.html

Interview with Luis de Guindos, Vice-president of the ECB, conducted by Marco Zatterin on 26 June 2020 and published on 1 July 2020

ECB Interview

The price of uncertainty and uncertainty about prices: monetary policy in the post-COVID-19 economy, https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200701.en.html

Keynote speech by Fabio Panetta at a Capital Markets webinar organised by the European Investment Bank and the European Stability Mechanism, Frankfurt am Main, 1 July 2020

ECB Speech

The ECB's monetary policy during the coronavirus crisis - necessary, suitable and proportionate https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200627~6009be389f.en.html

Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Petersberger Sommerdialog, 27 June 2020

Slides: https://www.ecb.europa.eu/pub/pdf/annex/ecb.sp200627_slides.en.pdf?14d3fa084c154449f9a24e2d0942eab7

ECB Speech

Letter from the ECB President to Mr Sven Simon, MEP, on monetary policy, 29/06/2020 https://www.ecb.europa.eu/pub/pdf/other/ecb.mepletter200629_Simon~ece6ead766.en.pdf?5a3578338b576002406cc3d4c4859005

ECB Letter

Letter from the ECB President to Mr Nuno Melo, MEP, on monetary policy, 29/06/2020 https://www.ecb.europa.eu/pub/pdf/other/ecb.mepletter200629_Melo~c9f2b38ad6.en.pdf?eb7c813810d77d474cd340f135bc8a14

ECB Letter

Letter from the ECB President to Mr Piernicola Pedicini, MEP, on monetary policy, 29/06/2020 https://www.ecb.europa.eu/pub/pdf/other/ecb.mepletter200629_Pedicini~5413f962ab.en.pdf?800df4e24b91cb8c48a7f6f6d8ce1c27

ECB Letter

Consolidated financial statement of the Eurosystem, 26/06/2020 https://www.ecb.europa.eu/press/pr/wfs/2020/html/ecb.fst200630.en.html

Commentary: https://www.ecb.europa.eu/press/pr/wfs/2020/html/ecb.fs200630.en.html

ECB Press Release

Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates),

26/06/2020 https://www.ecb.europa.eu//press/govcdec/otherdec/2020/html/ecb.gc200626~01f8790541.en.html

ECB Press Release

New Eurosystem repo facility to provide euro liquidity to non-euro area central banks, 25/06/2020 https://www.ecb.europa.eu//press/pr/date/2020/html/ecb.pr200625~60373986e5.en.html

ECB Press Release

The use of the Eurosystem's monetary policy instruments and its monetary policy implementation framework between the first quarter of 2018 and the fourth quarter of 2019, 29/06/2020 https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op245~d266f43b70.en.pdf?856e5acc5a253881ad4d66209100%1778

This paper provides a comprehensive overview of the use of the Eurosystem's monetary policy instruments and the operational framework, from the first quarter of 2018 to the last quarter of 2019. It reviews the context of Eurosystem market operations; the design and operation of the Eurosystem's counterparty and collateral frameworks; the fulfilment of minimum reserve requirements; participation in credit operations and recourse to standing facilities; and the conduct of outright asset purchase programmes. The paper also discusses the impact of monetary policy on the Eurosystem's balance sheet, excess liquidity and money market liquidity conditions.

Keywords: monetary policy implementation, central bank counterparty framework, central bank collateral framework, central bank liquidity management, non-standard monetary policy measures

ECB Occasional Paper

Monetary policy, markup dispersion, and aggregate TFP, 25/06/2020 https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2427~270138fffa.en.pdf?c039567689e08b686de1424240af5ee1

The authors document three new empirical facts: (i) monetary policy shocks increase the markup dispersion across firms, (ii) they increase the relative markup of firms with stickier prices, and (iii) firms with stickier prices have higher markups. This is consistent with a New Keynesian model in which price rigidity is heterogeneous across firms. In the model, firms with more rigid prices optimally set higher markups and their markups increase by more after monetary policy shocks. The consequent increase in markup dispersion explains a negative aggregate TFP response. In a calibrated model, monetary policy shocks generate substantial fluctuations in aggregate productivity.

Keywords: monetary policy, markup dispersion, heterogeneous price rigidity, aggregate productivity

ECB Publication

2. PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK

Bank contagion in general equilibrium, 30/06/2020 https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2432~b0044d8485.en.pdf?cd4d3efc1f7723df5bacf44dfdd5a70e

In this paper, I incorporate a complex network model into a state of the art stochastic general equilibrium framework with an active interbank market. Banks exchange funds one another generating a complex web of interbanking relations. With the tools of network analysis it is possible to study how contagion spreads between banks and what is the probability and size of a cascade (a sequence of defaults) generated by a single initial episode. Those variables are a key component to understand systemic risk and to assess the stability of the banking system. In extreme scenarios, the system may experience a phase transition when the consequences of one single initial shock affect the entire population. I show that the size and probability of a cascade evolve along the business cycle and how they respond to exogenous shocks. Financial shocks have a larger impact on contagion probability than real shocks that, however, are long lasting. Additionally I find that monetary policy faces a trade off between financial stability and macroeconomic stabilization. Government spending shocks, on the contrary, have smaller effects on both.

Keywords: Contagion, Network Analysis, DSGE, Interbank Market, Heterogenous Agents

ECB Publication

Bank lending in the knowledge economy, 26/06/2020 https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2429~c7e30ec0e2.en.pdf?55b736aa571eb0640d78057b1492cf1b

The authors study the composition of bank loan portfolios during the transition of the real sector to a knowledge economy where firms increasingly use intangible capital. Exploiting heterogeneity in bank exposure to the compositional shift from tangible to intangible capital, they show that exposed banks curtail commercial lending and reallocate lending to other assets, such as mortgages. It is estimated that the substantial growth in intangible capital since the mid-1980s explains around 30% of the secular decline in the share of commercial lending in banks' loan portfolios. The authors provide suggestive evidence that this reallocation increased the riskiness of banks' mortgage lending.

Keywords: corporate intangible capital, bank lending, commercial loans, real estate loans

ECB Publication

Global Financial Stability Report Update: Financial Conditions Have Eased, but Insolvencies Loom Large, 25/06/2020 https://www.imf.org/en/Publications/GFSR/Issues/2020/06/25/global-financial-stability-report-june-2020-update

Risk asset prices have rebounded following the precipitous fall early in the year, while benchmark interest rates have declined, leading to an overall easing of financial conditions. Swift and bold actions by central banks aimed at addressing severe market stress have boosted market sentiment, including in emerging markets, where asset purchases have been deployed in a number of countries for the first time, helping bring about the easing in financial conditions. Amid huge uncertainties, a disconnect between financial markets and the evolution of the real economy has emerged, a vulnerability that could pose a threat to the recovery should investor risk appetite fade. Other financial system vulnerabilities may be crystallized by the COVID-19 pandemic. High levels of debt may become unmanageable for some borrowers, and the losses resulting from insolvencies could test bank resilience in some countries. Some emerging and frontier market economies are facing refinancing risks, and market access has dried up for some countries. Authorities, while continuing to support the real economy, need to closely monitor financial vulnerabilities and safeguard financial stability.

Related transcript: https://www.imf.org/en/News/Articles/2020/06/25/tr062520-transcript-press-conference-release-global-financial-stability-report-update

Transcript of the Press Conference on the Release of the Global Financial Stability Report Update on 25 June 2020

IMF Publication

Financial Conditions Have Eased, but Insolvencies Loom Large, 25/06/2020 https://blogs.imf.org/2020/06/25/financial-conditions-have-eased-but-insolvencies-loom-large/

Blog Post by Tobias Adrian (Financial Counsellor and Director of the Monetary and Capital Markets Department of the IMF) and Fabio M. Natalucci (Deputy Director of the Monetary and Capital Markets Department of the IMF)

IMF Blog Post

3. MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS

The prudential response to the Covid-19 crisis https://www.bis.org/speeches/sp200630a.htm

Speech by Mr Claudio Borio,Head of the Monetary and Economic Department of the BIS, on the occasion of the Bank'sAnnual General Meeting,Basel, 30 June 2020

BIS Management

Speech

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Central Bank of Hungary published this content on 02 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 July 2020 14:13:01 UTC

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