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2020 | OriginalPaper | Buchkapitel

6. The “Rescue Team” and Rescue Package (October–December 2008)

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

This chapter is devoted to the management of the 2008 liquidity crisis. The Hungarian Central Bank introduced several new measures, eased the collateral acceptance and reduced the haircut, reduced the required reserve ratio, galvanized the government paper market, and provided emergency assistance to individual banks, when needed. Even The Economist admitted: “The Hungarian Central Bank is impressively well-run.” These measures were well supported by the stand-by loan agreement with the IMF and the EU. Hungary was the first, but not the last on this road.

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Vorheriges Kapitel The Lehman Tsunami (September–October 2008)

Nächstes Kapitel Emerging EU Member Countries in the Storm (Spring 2009)

Article 123. (ex Article 101 TEC) “1. Overdraft facilities or any other type of credit facility with the European Central Bank or with the central banks of the Member States (hereinafter referred to as “national central banks”) in favor of Union institutions, bodies, offices or agencies, central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of Member States shall be prohibited, as shall the purchase directly from them by the European Central Bank or national central banks of debt instruments.” Available via https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:12008E123:EN:HTML

The MNB introduced a special 2-week and a 6-month credit tender. On some days in 2008–2009 the total of these loans even exceeded the pre-crisis turnover of the interbank market.

In October 2008, ten countries in the world had a base rate above 10%: Iceland (18%), Croatia (16.9%), Turkey (16.75%), Serbia (15.75%), Brazil (13.75%), Argentina (12.5%), South-Africa (12%), Russia (12%), Hungary (11.5%) and Romania (10.25%). (Source: BIS https://www.bis.org/statistics/cbpol.htm).

The World Bank agreement had never been concluded, therefore the final size of the package was 19 billion euros, and no more than 14 billion euros was drawn.

Bagehot W (1873) Lombard Street: a description of the money market. H. S. King, London. Reprint 1999 Amazon

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Economist (2008) Who’s next? The Economist, 23rd October. http://www.economist.com/node/12465279

Eichengreen B (2018) The populist temptation: economic grievance and political reaction in the modern era. Oxford University Press

IMF (2008) IMF and Hungary agree on policies to be supported by international community. IMF press release no. 08/260, October 26. https://www.imf.org/en/News/Articles/2015/09/14/01/49/pr08260

Lipsky J (2007) Hungary’s economic achievements and prospects. Speech by John Lipsky, First Deputy Managing Director of the IMF, at Hungary’s Social and Economic Council, June 4, 2007. https://www.imf.org/en/News/Articles/2015/09/28/04/53/sp060407

Mitchell W, Wray LR, Watts M (2016) Modern monetary theory and practice: an introductory text. Centre of Full Employment and Equity (CofFEE). The University of Newcastle

Portes R, Baldursson FM (2013) Gambling for resurrection in Iceland: the rise and fall of the banks. CEPR discussion papers no. 9664, September

Reinhardt CM, Rogoff KS (2011) This time is different: eight centuries of financial folly. Princeton University Press

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Wray LR (2019) Alternative paths to modern money theory. Real-world Econ Rev 89:5–22. http://www.paecon.net/PAEReview/issue89/Wray89.pdf

Titel: The “Rescue Team” and Rescue Package (October–December 2008)
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_6