One Hundred Years for One Goal: Centenary Reflections on the Mission of the Magyar Nemzeti Bank

Matolcsy, György (2024) One Hundred Years for One Goal: Centenary Reflections on the Mission of the Magyar Nemzeti Bank. FINANCIAL AND ECONOMIC REVIEW, 23 (4). pp. 13-43. ISSN 2415-9271

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Abstract

This paper pays tribute to the history of the Magyar Nemzeti Bank, which has been working to establish and maintain price and financial stability and to support sustainable growth in the Hungarian economy for the past one hundred years. We seek to find out what the Hungarian economy has looked like from a central bank perspective over the past hundred years. The study thus covers the decisive periods since 1924, encompassing the time between the two world wars, the socialist economic system built up after World War II and the milestones of the era following the regime change. The analysis is primarily intended to draw lessons from history to offer a guideline amid the challenges currently faced. The historical periods show the importance of preserving the independence of the central bank and coordinating the activities of the branches of economic policy, in order to achieve and maintain price and financial stability, support economic development and prepare for future challenges, such as the green transition. Over the past 12 years, the Magyar Nemzeti Bank has gradually opened up opportunities that support the achievement of these goals in the present day and age.

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