Template-Type: ReDIF-Article 1.0

Author-Name: Gyorgy Matolcsy
Author-Workplace-Name: Magyar Nemzeti Bank
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Title: One Hundred Years for One Goal: Centenary Reflections on the Mission of the Magyar Nemzeti Bank

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.

Classification-JEL: N14, N24, N44, E42
Keywords: economic history, monetary policy, central bank history, Hungarian economy
Pages: 13-43
Volume: 23
Issue: 4
Year: 2024
File-URL: https://hitelintezetiszemle.mnb.hu/sw/static/file/fer-23-4-st1-matolcsy.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:finrev:v:23:y:2024:i:4:p:13-43