Válogatás a nemzetközi intézmények és külföldi jegybankok publikációiból (2021.12.16-2022.01.12.)

NEMZETKÖZI SZEMELVÉNYEK

Válogatás a nemzetközi intézmények és külföldi jegybankok publikációiból

2021. december 16. - 2022. január 12.

	TARTALOMJEGYZÉK
1.	MONETÁRIS POLITIKA, INFLÁCIÓ ...................................................................................................	3
2.	PÉNZÜGYI STABILITÁS, PÉNZÜGYI PIACOK ....................................................................................	6
3.	MIKROPRUDENCIÁLIS FELÜGYELET ÉS SZABÁLYOZÁS.................................................................	10
4.	FINTECH, KRIPTOVALUTÁK, MESTERSÉGES INTELLIGENCIA........................................................	13
5.	ZÖLD PÉNZÜGYEK, FENNTARTHATÓ FEJLŐDÉS ...........................................................................	15
6.	PÉNZFORGALOM, FIZETÉSI RENDSZEREK.....................................................................................	18
7.	MAKROGAZDASÁG .......................................................................................................................	18
8.	ÁLTALÁNOS GAZDASÁGPOLITIKA ................................................................................................	20
9.	KÖLTSÉGVETÉSI POLITIKA, ADÓZÁS .............................................................................................	27
10.	SZANÁLÁS......................................................................................................................................	30
11.	STATISZTIKA ..................................................................................................................................	31
12.	PÉNZÜGYI ISMERETTERJESZTÉS, PÉNZÜGYI KULTÚRA ................................................................	34

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1. MONETÁRIS POLITIKA, INFLÁCIÓ

Interview with Il Sole 24 Ore	ECB
https://www.ecb.europa.eu/press/inter/date/2022/html/ecb.in220111~6084ecdce9.en.html	Interview
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Isabella
Bufacchi, 11 January 2022.
Interview with RTÉ	ECB
https://www.ecb.europa.eu/press/inter/date/2022/html/ecb.in220107~054220fc2c.en.html	Interview
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Robert Shortt
on 7 January and published on 7 January 2022.
Interview with Le Monde	ECB
https://www.ecb.europa.eu/press/inter/date/2021/html/ecb.in211222~5f9a709924.en.html	Interview
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Eric Albert on
16 December and published on 22 December.
Testimony at nomination hearing	BIS
https://www.bis.org/review/r220111b.htm	Central Bankers'
Testimony by Mr Jerome H Powell, Chair of the Board of Governors of the Federal Reserve System,	Speech
before the US Senate Committee on Banking, Housing, and Urban Affairs, Washington DC, 11 January
2022.
Speech marking the change in office of the President of the Deutsche Bundesbank	BIS
https://www.bis.org/review/r220111c.htm	Central Bankers'
Speech by Dr Jens Weidmann, former President of the Deutsche Bundesbank and Chair of the Board of	Speech
Directors of the Bank for International Settlements, to mark the change in office of the President of the
Deutsche Bundesbank, Frankfurt am Main, 11 January 2022.
Welcome remarks marking the change in office of the President of the Deutsche Bundesbank	BIS
https://www.bis.org/review/r220111d.htm	Central Bankers'
Welcome remarks by Prof Claudia Buch, Vice-President of the Deutsche Bundesbank, to mark the	Speech
change in office of the President of the Deutsche Bundesbank, 11 January 2022.
Our monetary policy framework - continuity, clarity and commitment	BIS
https://www.bis.org/review/r211229m.htm	Central Bankers'
Remarks (delivered virtually) by Mr Tiff Macklem, Governor of the Bank of Canada, to the Empire Club	Speech
of Canada, Toronto, Ontario, 15 December 2021.
Monetary policy and firms' behavior - transmission channels of monetary policy and Japanese firms'	BIS
structural changes	Central Bankers'
https://www.bis.org/review/r211223h.htm	Speech
Speech by Mr Haruhiko Kuroda, Governor of the Bank of Japan, at the meeting of Councillors of Nippon
Keidanren (Japan Business Federation), Tokyo, 23 December 2021.
The outlook for inflation and monetary policy in the euro area	BIS
https://www.bis.org/review/r211218a.htm	Central Bankers'
Speech by Mr Klaas Knot, President of the Netherlands Bank, at the UBS European Conference, 9	Speech
November 2021.
Monetary policy in the emerging post-pandemic context	BIS
https://www.bis.org/review/r211217e.htm	Central Bankers'
Opening remarks by Mr Olli Rehn, Governor of the Bank of Finland, at the Bank of Finland-SUERF Joint	Speech
Conference "Monetary policy approaches: a comparative appraisal", 19 October 2021.

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Review of Russia's economic and financial developments in 2020 and forecast	BIS
https://www.bis.org/review/r211216k.htm	Central Bankers'
Speech by Ms Elvira Nabiullina, Governor of the Bank of Russia, at the plenary session of the State	Speech
Duma of the Russian Federation, Moscow, 18 November 2021.
Letter from the ECB President to Mr Sven Giegold, MEP, on ECB communication, 20/12/2021	ECB
https://www.ecb.europa.eu/pub/pdf/other/ecb.mepletter211220_giegold~470953271d.en.pdf?b64f	Letter
1cac3f506f5f512a8ec441abedee
Letter from the ECB President to Mr Chris MacManus, MEP, on ECB communication, 20/12/2021	ECB
https://www.ecb.europa.eu/pub/pdf/other/ecb.mepletter211220_mcmanus~45413aa9e5.en.pdf?ce	Letter
2df579c828aeade177fed745eb42d2
ECB monetary policy decisions, 16/12/2021	ECB
https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.mp211216~1b6d3a1fd8.en.html	Press Releases
Related monetary policy statement:
https://www.ecb.europa.eu/press/pressconf/2021/html/ecb.is211216~9abaace28e.en.html
Related decisions taken by the Governing Council of the ECB (in addition to decisions setting interest
rates):
https://www.ecb.europa.eu/press/govcdec/otherdec/2021/html/ecb.gc211217~e4ba94a36d.en.html
Emerging Economies Must Prepare for Fed Policy Tightening, 10/01/2022	IMF
https://blogs.imf.org/2022/01/10/emerging-economies-must-prepare-for-fed-policy-tightening/	Blog Post
Blog post by Stephan Danninger (Chief of the Macro Policies Division in the Strategy Policy and Review
Department of the IMF), Kenneth Kang (Deputy Director in the Strategy, Policy and Review Department
of the IMF) and Hélène Poirson (Deputy Divi.sion Chief in the Macro Policy Division of the Strategy,
Policy, and Review Department of the IMF)
Emerging-Market Central Bank Asset Purchases Can Be Effective but Carry Risks, 05/01/2022	IMF
https://blogs.imf.org/2022/01/05/emerging-market-central-bank-asset-purchases-can-be-effective-	Blog Post
but-carry-risks/
Blog post by Tobias Adrian (Financial Counsellor and Director of the Monetary and Capital Markets
Department of the IMF), Christopher Erceg (Deputy Director in the Monetary and Capital Markets
Department of the IMF), Simon Gray (Division Chief in the Technical Assistance Division of the Monetary
and Capital Markets Department of the IMF) and Ratna Sahay (Deputy Director of the Monetary and
Capital Markets Department of the IMF).
Higher Shipping Costs May Lift Asia's Low Inflation, 22/12/2021	IMF
https://blogs.imf.org/2021/12/22/higher-shipping-costs-may-lift-asias-low-inflation/	Blog Post
Blog post by Yan Carrière-Swallow (Senior Economist in the Asia and Pacific Department of the IMF),
Pragyan Deb (Economist in the Regional Surveillance Division of the Asia Pacific Department at the IMF)
and Daniel Jiménez (Research Analyst at the Regional Studies Division of the Asia and Pacific
Department of the IMF).
Sectoral exchange rate pass-through in the euro area, 22/12/2021	ECB
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2634~5512b70663.en.pdf?e07370fa3d36e2326	Publication
53993b8734cd440
We study exchange rate pass-through (ERPT), i.e., the impact of exchange rate movements on inflation,
focusing on euro area import prices at a sectorally disaggregated level. Our estimation strategy is based
on VAR-X models, thus incorporating both endogenous and exogenous explanatory variables. The
impulse response functions not only allow to study the extent but also the dynamics of ERPT. We find
that ERPT is heterogeneous in terms of magnitude across sectors.
Keywords: exchange rates, import prices, pass-through, euro area, sectoral disaggregation.

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Product market structure and monetary policy: evidence from the Euro Area, 21/12/2021	ECB
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2632~d05437c47c.en.pdf?2a64a2ecb790b9dc4a	Publication
159a7e086c89fc
Monetary policy aims at affecting corporate borrowing by influencing the marginal costs of firms, but
its potency can be conditioned by the degree of market competition. We first identify conditions under
which changes in marginal costs may have different effects on credit constraints and output under
different competitive environment, in a simple Cournot competition setting. We then exploit changes
in monetary policy to examine whether the pass-through of borrowing costs is affected by market
structure. First, we use as an experiment the announcement of the ECB Outright Monetary Transactions
(OMT) program in a triple-differences specification.
Keywords: monetary transmission, OMT, marginal costs, competition, credit constraints.
Monetary policy communication: perspectives from former policy makers at the ECB, 17/12/2021	ECB
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2627~e90b7da302.en.pdf?804e29b5b2ae7f81b	Working Paper
abeb661a86573bb
This paper reports the results of a survey of former members of the Governing Council of the European
Central Bank, which sought their views on monetary policy communication practices, the related
challenges and the road ahead. Pronounced differences across the respondent groups are rare,
suggesting that there is broad consensus on the various issues. Respondents view enhancing credibility
and trust as the most important objective of central bank communication. They judge communication
with financial markets and experts as extremely important and adequate, but see substantial room for
improvement in the communication with the general public.
Keywords: monetary policy, central bank communication, survey.
Evidence from Japan on the reversal of monetary policy effectiveness, 11/01/2022	BIS
https://www.bis.org/publ/work987.pdf	Research Hub
	Working Paper
How does unconventional monetary policy affect corporate capital structure and investment decisions?
The authors study the transmission channel of quantitative easing and its potential diminishing returns
on investment from a corporate finance perspective. Using a rich bankfirm matched data of Japanese
firms with information on corporate debt and investment, the authors study how firms adjust their
capital structure in response to the changes in term premia. Investment responds positively to a
reduction in the term premium on average. However, there is a significant degree of cross-sectional
variation in firm response: healthier firms increase capital spending and cash holdings, while financially
vulnerable firms take advantage of lower long-term yields to refinance without increasing investment.
Keywords: transmission of unconventional monetary policy, quantitative easing, reversal rate, zombie
firms, corporate balance sheet, term premium, corporate investment.
Central Bank Credibility During COVID-19: Evidence from Japan, 31/12/2021	BIS
https://www.frbsf.org/economic-research/files/wp2021-24.pdf	Research Hub
	Working Paper
Japanese realized and expected inflation has been below the Bank of Japan's two percent target for
many years. The authors use the exogenous COVID-19 pandemic shock to examine the efficacy of
monetary and fiscal policy responses for elevating inflation expectations from an arbitrage-free term
structure model of nominal and real yields. The authors find that monetary and fiscal policy
announcements during this period failed to lift inflation expectations, which instead declined notably
and are projected to only slowly revert back to levels far below the announced target. Hence, their
results illustrate the challenges faced in raising well-anchored low inflation expectations.
Keywords: affine arbitrage-free term structure model, unconventional monetary policy, deflation risk,
deflation protection.

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