Thesis supervisor: Gábor Dávid Kiss
Location of studies (in Hungarian): University of Szeged Abbreviation of location of studies: SZTE
Description of the research topic:
Balance sheet expansion can have many reasons. Foreign reserves can be increased alone via discrete programs of accumulation or devaluation of national currency. Quantitative easing is a broader expansion of central bank balance sheet and monetary base without altered composition of conventional assets, so the expansion is not reduced on reserves only. Non-standard measures like these are used when interest rate hits zero, so the traditional instrument of central bank losses much of its stimulating power, because environment can no longer be captured solely by the level of a very short-term interest rate. Central bank balance sheet expansion under quantitative easing helps to reduce the risk premiums of high quality assets through their increased prices. This behavior maintains financing liquidity under turbulent times – even in a different currency! Qualitative easing happens when central bank balance sheet size remains untouched, while composition of asset holdings changed to introduce unconventional and lower quality assets in order to stabilize market or to bail out an insolvent and illiquid banking system. The intent of measures can be different: it can focus on the re-establishment and enhancement of transmission channels like money market spreads and risk premiums at longer maturities, or it can exploit neglected transmission channels.
Own publications related to the topic:
• Kiss, Gábor Dávid ; Balog, Enikő (2018): Conventional and unconventional balance sheet practices and their impact on currency stability. INTERNATIONAL JOURNAL OF MONETARY ECONOMICS AND FINANCE 11: 1 pp. 76-94. , 18 p.
• Kiss, Gábor Dávid ; Schuszter, Tamás (2015): The Euro Crisis and Contagion among Central and Eastern European Currencies: Recommendations for Avoiding Lending in a Safe Haven Currency such as CHF. PRAGUE ECONOMIC PAPERS 24: 6 pp. 678-698. , 21 p.
• Kiss, Gábor Dávid ; Kosztopulosz, Andreász (2013): The Adequacy of Inflation-Targeting Monetary Policy and Euro Zone Participation for the Central-East European Countries pp. 178-210. In: Farkas, Beáta (ed.) The Aftermath of the Global Crisis in the European Union. Newcastle upon Tyne, Cambridge Scholars Publishing, 280 p.
Key publications of the topic:
• Belke A. (2016): Global liquidity and strategies of exit from unconventional monetary policies. ECONOMIC RESEARCH, 29. 286-313
• Cúrdia V., Woodford M. (2011): The central bank balance sheet as an instrument of monetary policy. JOURNAL OF MONETARY ECONOMICS, 58. 54-79
• Frankel J. A. (2011): Monetary Policy in Emerging Markets. In Friedman, B., Woodford, M., [eds.]: HANDBOOK OF MONETARY ECONOMICS. 1D. North Holland. Elsevier
• Shirai, S. (2014): ‘Japan’s monetary policy in a challenging environment’, EURASIAN ECON. REV., 4, pp.3–24.
Required language skills: angol Number of students who can be accepted: 1
Deadline for application: 2020-12-31
2024. IV. 17. ODT ülés Az ODT következő ülésére 2024. június 14-én, pénteken 10.00 órakor kerül sor a Semmelweis Egyetem Szenátusi termében (Bp. Üllői út 26. I. emelet).
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