Central Bank of Hungary : Válogatás a nemzetközi intézmények és külföldi jegybankok publikációiból (2021.01.07-01.13.)

NEMZETKÖZI SZEMELVÉNYEK

Válogatás a nemzetközi intézmények és külföldi jegybankok publikációiból

2021. január 7. - 13.

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

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1. MONETÁRIS POLITIKA, INFLÁCIÓ

Interview with Der Standard	ECB
https://www.ecb.europa.eu/press/inter/date/2021/html/ecb.in210112~1c3f989acd.en.html	Interview
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by András
Szigetvári on 7 January 2021 und published on 12 January 2021
Monetary policy, technology and inequality	BIS
https://www.bis.org/speeches/sp210113.htm	Management
Speech based on remarks by Mr Luiz Awazu Pereira da Silva, Deputy General Manager of the BIS, at	Speech
the Centre for Economic Policy Research / International Monetary Fund / Peterson Institute for
International Economics roundtable: "Central banking and inequality: Covid-19 and beyond",
11 December 2020
US economic outlook and monetary policy	BIS
https://www.bis.org/review/r210111a.htm	Central Bankers'
Speech (via webcast) by Mr Richard H Clarida, Vice Chair of the Board of Governors of the Federal	Speech
Reserve System, at the C Peter McColough Series on International Economics Council on Foreign
Relations, New York City, 8 January 2021
Consolidated financial statement of the Eurosystem, 13/01/2021	ECB
https://www.ecb.europa.eu/press/pr/wfs/2021/html/ecb.fst210112.en.html	Press Release
Commentary:
https://www.ecb.europa.eu/press/pr/wfs/2021/html/ecb.fs210112.en.html
Can consumers' inflation expectations help stabilise the economy?, 12/01/2021	ECB
https://www.ecb.europa.eu/pub/economic-	Publication
research/resbull/2021/html/ecb.rb210112~f5d940bff2.en.html
Economists have argued that when interest rates set by policymakers cannot go any lower, the economy
can be stabilised if consumers expect the rate of inflation to increase. Yet, the evidence for this
stabilising effect has been very mixed. This article reviews new evidence from a monthly survey of over
25,000 individual consumers across the euro area showing that consumers are indeed more ready to
spend if they expect inflation to be higher in the future. While generalised in the population, the
stabilising effect is stronger when nominal interest rates are constrained at the lower bound.
Keywords: inflation, stabilising effect
Central banks want more buying room in 2021, 07/01/2021	OMFIF
https://www.omfif.org/2021/01/sovereigns-to-test-the-long-end-of-the-	Commentary
curve/?utm_source=omfifupdate
If 2020 was a borrowing binge, 2021 is lined up to be a refinancing one, with central banks venturing
further up the yield curve. This year's borrowing has been funded by short maturities, instruments that
can be tapped at short notice and have a range of buyers. Central bank purchases have suppressed
yields, and yield curves across the G7 are shallower than a year ago. Moving up the curve gives central
banks more buying room, which they will need as asset purchase programmes continue into 2021.

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2. PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK

EFSF raises €5 billion, attracts record order book, 12/01/2021	EU
https://www.esm.europa.eu/press-releases/efsf-raises-%E2%82%AC5-billion-attracts-record-order-	Press Release
book
Sovereign credit and exchange rate risks: evidence from Asia-Pacific local currency bonds, 13/01/2021	BIS
https://www.bis.org/publ/work918.htm	Working Paper
The authors study the dynamic properties of sovereign bonds in emerging market economies and their
associated risk premiums. They focus on the properties of credit spreads, exchange rates, and their
interaction. Relying on the term structure of local currency bonds issued by Asia-Pacific sovereigns, they
find that local variables are significant in the dynamics of currency and credit risk, and the components
of bond risk premiums reflecting these risks. Local currency bonds dramatically improve the investment
frontier.
Keywords: emerging bond markets, credit risk, currency risk, Twin Ds, affine model

3. MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS

EBA points to a further rise in capital and leverage ratios, whereas profitability remains strongly	EBA
subdued, 13/01/2021	Press Release
https://www.eba.europa.eu/eba-points-further-rise-capital-and-leverage-ratios-whereas-profitability-
remains-strongly-subdued
MoUs with UK authorities in the area of insurance and pensions, 08/01/2021	EIOPA
https://www.eiopa.europa.eu/content/mous-uk-authorities-area-of-insurance-and-pensions-0	Press Release
ESMA agrees position limits under MIFID II, 13/01/2021	ESMA
https://www.esma.europa.eu/press-news/esma-news/esma-agrees-position-limits-under-mifid-ii-8	Press Release
ESMA reminds firms of the MiFID II rules on reverse solicitation, 13/01/2021	ESMA
https://www.esma.europa.eu/press-news/esma-news/esma-reminds-firms-mifid-ii-rules-reverse-	Press Release
solicitation
Publication of transparency calculations update after the end of the Brexit transition period,	ESMA
08/01/2021	Press Release
https://www.esma.europa.eu/press-news/esma-news/publication-transparency-calculations-update-
after-end-brexit-transition-period
CFTC and ESMA Sign Enhanced MOU Related to Certain Recognized Central Counterparties,	ESMA
07/01/2021	Press Release
https://www.esma.europa.eu/press-news/esma-news/cftc-and-esma-sign-enhanced-mou-related-
certain-recognized-central
Guide on the supervisory approach to consolidation in the banking sector, 12/01/2021	ECB/SSM
https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.guideconsolidation2101~fb6f871dc2.e	Publication
n.pdf?90c3740eaa9939fd7151ecd4d322444b	+
	Press Release
Related press release:

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