Mr. Tonny Lybek

Macroprudential Policies and House Prices in Europe

Macroprudential policy in Europe aligns with the objective of limiting systemic risk, namely the risk of widespread disruption to the provision of fin...

Bulgaria’s EU Funds Absorption

Maximizing the Potential!

This paper focuses on EU structural and cohesion funds assistance to Bulgaria during the 2007–13 program period. Initial weaknesses resulted in a lo...

Asset Purchase Programs in European Emerging Markets

Several emerging market central banks in Europe deployed asset purchase programs (APPs) amid the 2020 pandemic. The common main goals were to address ...

Hungarian Monetary Policy Operations Before, During, and After the Pandemic

Hungary

Within its inflation-targeting framework, the Magyar Nemzeti Bank (MNB) has frequently adjusted its monetary operations. This has raised questions abo...

Credit Growth and Economic Recovery in Europe After the Global Financial Crisis

This paper reviews the empirical relationships between credit growth, economic recovery, and bank profitability in Europe after the global financial c...

Can Good Governance Lower Financial Intermediation Costs?

This paper argues that better governance practices can reduce the costs, risks and uncertainty of financial intermediation. Our sample covers high-, m...

Payment Systems, Monetary Policy and the Role of the Central Bank

A payment system encompasses a set of instruments and means generally acceptable in making payments; the institutional and organizational framework go...

Financial Sector Development in Sub-Saharan African Countries

This study takes stock of progress made so far in the financial sectors of sub-saharan African countries. It recommends further reforms and specific m...