Experiences of the Hungarian EU funding in the 2014-2020 budgetary period

The aim of the paper is to analyse the implementation of Hungarian EU funding in the most recent budgetary period which ended in 2020. The research examines the intervention fields aimed by the operational programmes and the statistics of grant applications as well. In addition, the study gives a detailed analysis about the economic development programme compared to the one in the previous financial cycle. Overall, the aim is to seek the funding practice in Hungary regarding to the sectoral priorities and the characteristic of regional allocation.

Financial Stability Governance and Central Bank Communications

We investigate how central banks' governance frameworks influence their financial stability communication strategies and assess the effectiveness of these strategies in preventing a worsening of financial cycle conditions. We develop a simple conceptual framework of how central banks communicate about financial stability and how communication shapes the evolution of the financial cycle. We apply our framework using data on the governance characteristics of 24 central banks and the sentiment conveyed in their financial stability reports. We find robust evidence that communications by central banks participating in interagency financial stability committees more effectively mitigate a deterioration in financial conditions and advert a potential financial crisis. After observing a deterioration in conditions, such central banks also transmit a calmer message, suggesting that the ability to use policy tools other than communications strengthens incentives not to just "cry wolf".