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2020 | OriginalPaper | Buchkapitel

2. Pre-crisis Central Banking

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

Central banks share similar functions all over the world, which reflects that their historical development is quite alike despite their geographical or political differences. If you visit the sites of central banks, the similarities are striking. This chapter describes the general and specific functions of central banks, with special regard to the dominant monetary policy framework, the inflation targeting. It summarizes the difficulties of the precrisis Hungarian Central Bank as a nonregulatory, nonsupervisory institution and analyses the reasons for the failure of inflation targeting in Hungary.

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Vorheriges Kapitel A Short Postcommunist Economic History of Emerging Europe

Nächstes Kapitel Bubbles Everywhere (The 2000s)

This chapter gives only a very brief summary of inflation targeting. For a more comprehensive analysis relevant for European markets, see Central Banking in Turbulent Times, an excellent textbook by Francesco Papadia, Director General for Market Operations at the European Central Bank from 1998 to 2012, and Tuomas Välimäki from the Bank of Finland (Papadia and Välimäki 2018).

Visegrád countries (the Visegrád Group, Visegrád Four, or V4) is a cultural and political alliance of four Central European states—the Czech Republic, Hungary, Poland, and Slovakia that are members of the European Union and NATO—for the purposes of advancing military, cultural, economic, and energy cooperation with one another. The Group originates from the 1991 meeting held in Visegrád, Hungary.

The word “Hungarikum” is officially used with a positive connotation. However, in everyday colloquial usage, people sarcastically refer to Hungarian failures as “Hungarikums.”

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These words evoked anger because of their resonance with the 1956 Hungarian Revolution. In 1956 the famous words (“we were lying day and night”) were broadcast on the radio with the promise “never more.”

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Titel: Pre-crisis Central Banking
verfasst von: Júlia Király
Verlag: Springer International Publishing
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_2