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Erschienen in:
A Short Postcommunist Economic History of Emerging Europe Kapitel lesen Erstes Kapitel lesen

2020 | OriginalPaper | Buchkapitel

11. Farewell to the Central Bank (2013)

verfasst von : Júlia Király

Erschienen in: Hungary and Other Emerging EU Countries in the Financial Storm

Verlag: Springer International Publishing

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Abstract

Appointment of central bank governors is usually a political decision, and the selection process is not an open competition. In March 2013 the Minister of Finance, George Matolcsy was nominated as governor of the MNB. This chapter is a unique account of the first month of a populist illiberal central banking. When the new governor was nominated, dozens of former experts were fired or left the Hungarian Central Bank voluntarily. The atmosphere of fear and agony, the new obscure decision-taking mechanism led to the resignation of the author. The background of this step is described in detail.

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Vorheriges Kapitel Hungarian Double Dip (2011–2012)
Nächstes Kapitel Lessons and Aftermath
Fußnoten
1
Matolcsy was Minister of National Economy in 2000–2002 during the first Orbán government. At that time, the Ministry of Finance (the Treasury) was part of the Ministry of National Economy; thus Matolcsy was responsible for fiscal policy.
 
2
The report on the middle term institutional strategy of the MNB (2007–2012) has unfortunately disappeared from the homepage of the MNB.
 
3
Since only the MNB has access to the individual (corporate and bank) data of the Program, no independent analysis has yet been made. Thus, it is impossible to decide whether the Program was successful or not. According to most MNB studies, the Program was successful, boosted SME lending, and contributed to a significant GDP increase without significant social expenses. The only study (Endrész et al. 2015), which is based on the adequate difference in differences method hints at some doubts concerning the results.
 
4
Kim Scheppele is Professor of Sociology and International Affairs at Princeton University. She is an expert on authoritarian regimes, as well as Hungarian politics and law.
 
5
In October 2013, the MNB merged with the Supervisory Authority. I compare the non-supervisory part of the organization with the earlier one.
 
6
Since my resignation date in 2013, several new programs have been launched. More information about the programs is available at: https://​www.​mnb.​hu/​en/​monetary-policy/​funding-for-growth-scheme-fgs.
 
7
The so-called super government bonds yield 4.95% and can be used as a current account (redeemable at any time within 3 years), while on the still existing market, the long-term interest rate of long-term bonds is below 3%.
 
Literatur
Bokros L (2018) Populist threats to democracy in Europe: the responsibility of the mainstream parties of the west. In: Robertson-von Trotha CY (ed) Nationeurope: the polarized solidarity community. Nomos, Baden-Baden
Surányi G (2019) Vigyázzunk jobban a forintra! [Mind the forint!] HVG October 3:48–49
Metadaten
Titel
Farewell to the Central Bank (2013)
verfasst von
Júlia Király
Copyright-Jahr
2020
Buch
Hungary and Other Emerging EU Countries in the Financial Storm

Print ISBN: 978-3-030-49543-5

Electronic ISBN: 978-3-030-49544-2

Copyright-Jahr: 2020

DOI
https://doi.org/10.1007/978-3-030-49544-2_11