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  1. Credit constrained firms and government subsidies: evidence from a European Union program
    Autor*in: Goel, Tirupam; Lang, Péter; Balogh, Eszter; Banai, Ádám; Stancsics, Martin; Takáts, Előd; Telegdy, Álmos
    Erschienen: December 2021
    Verlag:  Magyar Nemzeti Bank, Budapest

    In this paper a new instrument for monetary policy shocks is presented. Exogenous variation of the policy rate may come from frictions of collective decision-making. Dissenting votes indicate how far the final decision of the decision making body is... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    In this paper a new instrument for monetary policy shocks is presented. Exogenous variation of the policy rate may come from frictions of collective decision-making. Dissenting votes indicate how far the final decision of the decision making body is from the mean of the members' individually preferred interest rates and thus correlate with the policy shocks caused by the decision-making frictions. Measures of dissent are used as external instrument in a structural VAR. Results for the U.S. show significant effect of the Fed's interest rate policy on real variables with the expected sign. On the other hand, the estimated effect on nominal variables is reminiscent of the price puzzle. Usual remedies, such as inclusion of commodity prices, inflation expectations or starting the sample in the middle of the eighties do not change the qualitative results casting doubt on the usual interpretation that the price puzzle is a statistical artifact.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/269175
    Schriftenreihe: MNB working papers ; 2021, 5
    Schlagworte: SMEs Subsidies; Credit Constraints; Emerging Market Economies; Difference-in-differences; Credit Registry microdata
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  2. Credit constrained firms and government subsidies
    evidence from a European Union program
    Autor*in: Goel, Tirupam; Lang, Péter; Balogh, Eszter; Banai, Ádám; Stancsics, Martin; Takáts, Előd; Telegdy, Álmos
    Erschienen: 2021
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Sprache: Englisch
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    Format: Online
    Schriftenreihe: BIS working papers ; no 984 (December 2021)
    Schlagworte: SMEs; subsidies; credit constraints; emerging market economies; difference-in-differences; credit registry micro-data
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  3. The missing links
    a global study on uncovering financial network structures from partial data
    Autor*in: Anand, Kartik; Lelyveld, Iman van; Banai, Ádám; Friedrich, Soeren; Garratt, Rod; Hałaj, Grzegorz; Fique, Jose; Hansen, Ib; Martínez Jaramillo, Serafín; Lee, Hwayun; Molina-Borboa, José Luis; Nobili, Stefano; Rajan, Sriram; Salakhova, Dilyara; Silva, Thiago Christiano; Silvestri, Laura; Souza, Sergio Rubens Stancato de
    Erschienen: [2017]
    Verlag:  European Systemic Risk Board, Frankfurt am Main, Germany

    Capturing financial network linkages and contagion in stress test models are important goals for banking supervisors and central banks responsible for micro- and macroprudential policy. However, granular data on financial networks is often lacking,... mehr

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    Capturing financial network linkages and contagion in stress test models are important goals for banking supervisors and central banks responsible for micro- and macroprudential policy. However, granular data on financial networks is often lacking, and instead the networks must be reconstructed from partial data. In this paper, we conduct a horse race of network reconstruction methods using network data obtained from 25 different markets spanning 13 jurisdictions. Our contribution is two-fold: first, we collate and analyze data on a wide range of financial networks. And second, we rank the methods in terms of their ability to reconstruct the structures of links and exposures in networks.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789295081932
    Weitere Identifier:
    hdl: 10419/193558
    Schriftenreihe: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 51 (July 2017)
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  4. Home high above and home deep down below
    lending in Hungary
    Autor*in: Banai, Ádám; Király, Júlia; Nagy, Márton
    Erschienen: 2011
    Verlag:  World Bank, Europe and Central Asia Region, Office of the Chief Economist, Washington, DC

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    Weitere Identifier:
    Schriftenreihe: Policy research working paper ; 5836
    Schlagworte: Kreditgeschäft; Ungarn
    Umfang: Online-Ressource (PDF-Datei: 32 S., 2,38 MB), graph. Darst.
  5. Impact evaluation of EU subsidies for economic development on the Hungarian SME sector
    = Gazdaságfejlesztési célú európai uniós támogatások hatásvizsgálata a magyar kkv-szektorra
    Autor*in: Banai, Ádám; Lang, Péter; Nagy, Gábor; Stancsics, Martin
    Erschienen: July 2017
    Verlag:  Magyar Nemzeti Bank, Budapest

    Although EU funds play a pivotal role not only for Hungary but for the entire European Union as well, there is debate regarding their effectiveness in the literature. This paper investigates the impact of direct economic development subsidies... mehr

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    Although EU funds play a pivotal role not only for Hungary but for the entire European Union as well, there is debate regarding their effectiveness in the literature. This paper investigates the impact of direct economic development subsidies extended in the context of the Cohesion Policy programmes as part of the 2007-2013 programming period of the European Union, on Hungarian micro, small and medium-sized enterprises. Based on a micro database, we assess the effects of the beneficiaries' first subsidies on various performance indicators, using a combination of propensity score matching and fixed effects panel regression. According to our results, economic development funds had a significant positive impact on the number of employees, sales revenue, gross value added and in some cases, operating profit. However, the labour productivity of beneficiaries was not significantly affected by any of the support schemes. Furthermore, by explicitly comparing non-refundable subsidies (grants) and refundable assistance (financial instruments) extended under the Structural Funds and the Cohesion Fund, we find that there is no significant difference in their effectiveness.

     
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    Sprache: Englisch
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    Format: Online
    Weitere Identifier:
    hdl: 10419/189891
    Schriftenreihe: MNB working papers ; 2017, 8
    Umfang: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  6. The effect of house prices on bank risk
    empirical evidence from Hungary
    Autor*in: Banai, Ádám; Vágó, Nikolett
    Erschienen: 2018
    Verlag:  Economic Research Department, Warsaw

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    Schriftenreihe: NBP working paper ; no. 289
    Schlagworte: Wohnungsmarkt; Immobilienpreis; Bankrisiko; Hypothek; Finanzmarktaufsicht; Ungarn
    Umfang: 34 Seiten, Illustrationen
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  7. The MNB's house price index methodology
    = Az MNB lakásárindex módszertana
    Autor*in: Banai, Ádám; Vágó, Nikolett; Winkler, Sándor
    Erschienen: May 2017
    Verlag:  Magyar Nemzeti Bank, Budapest

    This study presents the detailed method of the MNB's house price index and the results of the new price indices. The index family is considered to be a novelty among Hungarian housing market statistics in several regards. Firstly, the national index... mehr

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    This study presents the detailed method of the MNB's house price index and the results of the new price indices. The index family is considered to be a novelty among Hungarian housing market statistics in several regards. Firstly, the national index was derived from a database starting in 1990, and thus the national index is regarded as the longest in comparison to the house price indices available so far. The long time series allows us to observe and compare the real levels of house prices across several cycles. Another important innovation of this index family is its ability to capture house price developments by region and settlement type, which sheds light on the strong regional heterogeneity underlying Hungarian housing market developments.

     
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    Format: Online
    Weitere Identifier:
    hdl: 10419/189843
    Schriftenreihe: MNB occasional papers ; 127
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  8. Modelling the credit risk of the Hungarian SME sector
    = A magyar kis- és középvállalati szektor hitelkockázatának modellezése
    Autor*in: Banai, Ádám; Körmendi, Gyöngyi; Lang, Péter; Vágó, Nikolett
    Erschienen: December 2016
    Verlag:  Magyar Nemzeti Bank, Budapest

    In banking practice, quantifying the probability of default is one of the most important elements of the lending decision, therefore it is also vital from a financial stability perspective. The aim of our research was to model the probability of... mehr

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    In banking practice, quantifying the probability of default is one of the most important elements of the lending decision, therefore it is also vital from a financial stability perspective. The aim of our research was to model the probability of default as precisely as possible in the case of micro, small and medium-sized enterprises. By linking the data from the Central Credit Information System (KHR) and companies' financial statements, a database was created that covers all the SMEs with loan contract, thus we were able to examine credit risk based on a uniquely large group of enterprises. In our research, we created models that enabled us to produce estimates based on certain corporate features about the probability of default of micro, small and medium-sized enterprises. Our analysis revealed that modelling these size categories separately and managing non-linear effects in the case of several variables are especially important. In addition, the impact of the macroeconomic environment on credit risk also proved to be important in the fitting of our estimates.

     
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    Format: Online
    Weitere Identifier:
    hdl: 10419/173445
    Schriftenreihe: MNB occasional papers ; 123
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen