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Institutional Entrepreneurship and the Mission Creep of the National Bank of Hungary

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Institutional Entrepreneurship and Policy Change

Part of the book series: Studies in the Political Economy of Public Policy ((PEPP))

Abstract

The chapter investigates a hitherto unexamined case of central bank mission creep: that of the National Bank of Hungary (MNB) under the leadership of György Matolcsy after 2013. Based on the core ideas of the literature on institutional entrepreneurship and institutional change, a qualitative case study relying on elite interviews and document analysis is presented. This shows how and why the mission creep could stretch the Hungarian central bank’s policy portfolio beyond recognition in, inter alia, assuming development banking functions, buying commercial banks, purchasing real estate, creating research foundations and even university departments. These self-proclaimed ‘unorthodox’ measures reflected the long-held positions and institutional entrepreneurship of Matolcsy, a former minister for the economy. The case study offers new insights into the impact of institutional entrepreneurship on the medium-term evolution of economic policy institutions.

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Notes

  1. 1.

    Note: All links were downloaded on 28 April 2017. Article titles are presented in English translation.For an application of the idea of mission creep to the World Bank see: Jessica Einhorn—The World Bank’s mission creep. Foreign Affairs, September/October 2001. https://www.foreignaffairs.org/articles/2001-09-01/world-banks-mission-creep

  2. 2.

    “MNB will be more efficient”, MNB Press Releases, 7 March 2013. https://www.mnb.hu/sajtoszoba/sajtokozlemenyek/2013-evi-sajtokozlemenyek/hatekonyabb-lesz-a-magyar-nemzeti-bank

  3. 3.

    “Financial Stability Council”, MNB website. https://www.mnb.hu/penzugyi-stabilitas/penzugyi-stabilitasi-tanacs

  4. 4.

    For further information on these sources see the CV of György Matolcsy on the MNB website. https://www.mnb.hu/en/the-central-bank/management-and-control-of-the-mnb/management-of-mnb/curriculum-vitae-of-gyorgy-matolcsy

  5. 5.

    See “Banking supervision” on the EU website. https://www.bankingsupervision.europa.eu/about/thessm/html/index.en.html

  6. 6.

    “MNB-PSZÁF integration is a good move”. index.hu, 5 August 2013. http://index.hu/gazdasag/2013/08/05/jo_huzas_az_mnb-pszaf_osszevonasa/

  7. 7.

    “ECB criticism with respect to the MNB-PSZÁF merger”, vg.hu, 10 October 2013. http://www.vg.hu/gazdasag/gazdasagpolitika/itt-az-ekb-biralata-az-mnb-es-a-pszaf-osszevonasa-miatt-413528

  8. 8.

    At the end of the process, the MNB was not only responsible for regulation and supervision but was also involved in the provision of commercial financial infrastructure in the form of the acquisition of one of the most important domestic interbank clearing systems (GIRO Zrt., in April 2014) and the Budapest Stock Exchange (BÉT, in November 2015). An incorporation of the Government Debt Management Agency was also reportedly on the table. These three purchases constituted an even more straightforward case of MNB mission creep than the merger of financial supervisory, regulatory and resolution functions with monetary policy functions .

  9. 9.

    The steps towards reaching this policy aim were structured into a sequence of three phases. The first started in the summer of 2014 and included the introduction of a new interest rate swap instrument that was supposed to gradually take the place of the benchmark two-week repo instrument . In the second phase (in September 2015), the benchmark rate was changed to that of the three-month repo instead of the two-week instrument and the interest rate corridor was modified in order to push the overnight interest rate closer to negative (thus creating a disincentive vis-á-vis HUF-denominated government bonds—negative overnight interest rates were eventually achieved in March 2016). By April 2016, in the third phase, the two-week instrument was scrapped altogether, which created an estimated surplus demand of HUF 400–800 billion for government bonds. The result of this self-financing policy increased demand for liquid HUF-denominated government bonds as the premier alternative to losing money on overnight deposits or reserve accounts. This lowered yields for long-term bonds and led to even looser monetary conditions for the real economy . As MNB strategists intended, it also lowered the ratio of foreign exchange-denominated bonds in total foreign government debt with the aim of restricting it to a historic low of 24% by 2017–2018. See, inter alia, the MNB report: “Half-time Report of the MNB: 2013–2016”, p. 24. https://www.mnb.hu/letoltes/felidos-jelentes-2013-2016-hun-0303.pdf

  10. 10.

    “The Magyar Nemzeti Bank’s self-financing programme”, MNB website. http://www.mnb.hu/letoltes/the-magyar-nemzeti-bank-s-self-financing-programprogrammeme-april-2014-march-2015.pdf

  11. 11.

    “50% of banking system should be in Hungarian hands, says PM”, bbj.hu, 17 July 2012. http://bbj.hu/business/50-of-banking-system-should-be-in-hungarian-hands-says-pm_63670

  12. 12.

    “Hungary’s Orban sees two-thirds of banks in domestic hands”, reuters.com, 14 November 2014. http://www.reuters.com/article/hungary-banks-idUSL6N0T41RF20141114

  13. 13.

    “The savings and loans reintegration passed in parliament”, origo.hu, 27 June 2013. http://www.origo.hu/gazdasag/20130627-megszavaztak-a-takarekszovetkezeti-atalakitas-torvenyet.html

  14. 14.

    “It’s signed: Budapest Bank is purchased by the government”, portfolio.hu, 13 February 2015. http://www.portfolio.hu/finanszirozas/bankok/alairtak_az_allame_a_budapest_bank.210208.html

  15. 15.

    “MKB at its best: here’s how to present a loss of HUF 146 billion”, portfolio.hu, 1 April 2015. http://www.portfolio.hu/finanszirozas/bankok/sziporkazik_az_mkb_igy_kell_kozolni_egy_148_milliardos_bukot.212134.html

  16. 16.

    “Stinking smell around the privatization of MKB”, index.hu, 8 January 2015. http://index.hu/gazdasag/bankesbiztositas/2015/01/08/nagyon_buzlik_az_mkb_allamositasa/

  17. 17.

    “Are you a customer of MKB? The government is taking over your bank”, azenpenzem.hu, 24 July 2014. http://www.azenpenzem.hu/cikkek/az-mkb-ugyfele-vagy-viszi-az-allam-a-bankod/1966/

  18. 18.

    “MKB-privatization: These are the would-be buyers”, napi.hu, 30 March 2016. http://www.napi.hu/magyar_vallalatok/mkb-privatizacio_ok_vinnek_a_bankot.612379.html

  19. 19.

    It’s signed: Budapest Bank is purchased by the government”, portfolio.hu, 13 February 2015. http://www.portfolio.hu/finanszirozas/bankok/alairtak_az_allame_a_budapest_bank.210208.html

  20. 20.

    “Csányi made up with Lázár, Matolcsy ”, 444.hu, 17 December 2015. http://444.hu/2015/12/17/csanyi-kibekult-lazarral-matolcsyval-de-spederrel-meg-megy-a-haboru-orban-pedig-orul-hogy-a-fiuk-harcolnak-egymassal

  21. 21.

    “The government takes a stake in Hungarian Erste, the bank tax is reduced”, mno.hu, 9 February 2015. http://mno.hu/gazdasag/az-allam-beszall-a-magyar-erstebe-csokken-a-bankado-1272049

  22. 22.

    “Sailors and hunters give advice to György Matolcsy ”, borsodonline.hu, 11 April 2013. http://www.borsonline.hu/20130411_vitorlazo_es_vadasz_osztja_az_eszt_matolcsy_gyorgynek

  23. 23.

    “Matolcsy surprises everyone: The government is a bad owner for banks”, valasz.hu, 16 December 2015. http://valasz.hu/itthon/matolcsy-mindenkit-meghokkent-az-allam-rossz-banktulajdonos-116591

  24. 24.

    “Funding for Growth Scheme (FGS)”, MNB website. https://www.mnb.hu/en/monetary-policy/funding-for-growth-scheme-fgs

  25. 25.

    “Guest post: Hungary is ready for an upgrade”, ft.com, 4 March 2015. http://blogs.ft.com/beyond-brics/2015/03/04/guest-post-hungary-is-ready-for-an-upgrade/

  26. 26.

    “Achievements of the Magyar Nemzeti Bank, 2013–2015”, MNB website. https://www.mnb.hu/letoltes/achievements-of-the-magyar-nemzeti-bank-2013-2015.pdf

  27. 27.

    “Analysis of the first phase of the Funding for Growth Scheme”, MNB website. https://www.mnb.hu/letoltes/fgs-analysis.pdf

  28. 28.

    “MNB launches Funding for Growth Scheme spin-off”, bbj.hu, 18 February 2015. http://bbj.hu/economy/mnb-launches-funding-for-growth-scheme-spin-off_92769

  29. 29.

    “In the economic policy workshop of the Civic Hungary—Interview with György Matolcsy ”, beszelo.hu, July/August 2009. http://beszelo.c3.hu/cikkek/a-polgari-magyarorszag-gazdasagi-muhelyeben-%E2%80%93-interju-matolcsy-gyorggyel

  30. 30.

    “Institute for Growth: No target date needed, it is real convergence that matters”, portfolio.hu, 4 May 2004. http://www.portfolio.hu/gazdasag/novekedeskutato_nem_kell_celdatum_a_realkonvergencia_a_fontos.40767.html

  31. 31.

    “Funding for Lending Scheme”, Bank of England website. http://www.bankofengland.co.uk/markets/pages/fls/default.aspx

  32. 32.

    “Country Report Hungary 2016”, European Commission , 26 February 2016, p. 22. http://ec.europa.eu/europe2020/pdf/csr2016/cr2016_hungary_en.pdf

  33. 33.

    “Eiffel Palace was sold to MNB with a EUR 15 million profit”, index.hu, 15 September 2014. http://index.hu/gazdasag/2014/09/15/15_millio_euros_profittal_adtak_el_az_eiffel_palace-t_az_mnb-nek/

  34. 34.

    “MNB foundations purchased a resort for almost HUF 1 billion in Matolcsy-village”, atlatszo.hu, 9 November 2015. http://blog.atlatszo.hu/2015/11/kozel-egymilliard-forintert-vettek-mav-udulot-a-jegybank-alapitvanyai-matolcsyfalvan/

  35. 35.

    “MNB foundations want to buy further pieces of patinated real estate”, hvg.hu, 18 September 2015. http://hvg.hu/gazdasag/20150918_Ujabb_ingalanra_faj_a_foguk_az_MNBalapi

  36. 36.

    “Ákos Péter Bod and the Double Standard—Open Letter by György Matolcsy ”, MNB Press Releases, 17 September 2014. https://www.mnb.hu/archivum/Sajtoszoba/mnbhu_pressnews/mnbhu_hirek_20140917

  37. 37.

    “Corvinus University of Budapest”, MNB website. https://www.mnb.hu/a-jegybank/oktatas/budapesti-corvinus-egyetem

  38. 38.

    “Pallas Athéné Foundations”, MNB website. https://www.mnb.hu/a-jegybank/pallas-athene-alapitvanyok

  39. 39.

    According to opposition parties, this approach violated the prohibition on monetary financing. The Fidesz government responded by passing legislation that classified some pieces of information regarding the foundations’ activity. Several lawsuits later, a Supreme Court (Kúria) order established that MNB grants were public money. In the meantime, János Áder, the President of the Republic nominated by Fidesz, prompted the Constitutional Court to issue a ruling, which confirmed the negative opinion of the Supreme Court.

  40. 40.

    “The description of the Treasure Chest programme in the Statute of MNB”, MNB website. http://www.mnb.hu/a-jegybank/ertektar-programprogram/az-ertektar-programprogram-leirasa-a-magyar-nemzeti-bank-alapokmanyaban. See also: “The MNB spent a further HUF 900 million on works of art”, atlatszo.hu. http://blog.atlatszo.hu/2016/01/ujabb-900-millioert-vett-muveszeti-alkotasokat-az-mnb/

  41. 41.

    “The Matolcsy doctrine is on the agenda”, mno.hu, 28 January 2016. http://mno.hu/belfold/napirenden-a-matolcsy-doktrina-1325924

  42. 42.

    “The Statement of the MTA Economics Committee on the activities […] of MNB”. mta.hu, 10 December 2015. http://old.mta.hu/data/cikk/13/74/22/cikk_137422/KTB_ALLASFOGLALAS_-_2015_DECEMBER_10.pdf

  43. 43.

    “MNB refutes the falsehoods proclaimed in the name of the MTA Economics Committee”, MNB Press Releases, 22 January 2016. https://www.mnb.hu/sajtoszoba/sajtokozlemenyek/2016-evi-sajtokozlemenyek/az-mnb-visszautasitja-az-mta-kozgazdasagtudomanyi-bizottsaga-neveben-tett-valotlan-allitasokat

  44. 44.

    “Consumer protection in the financial sector”, Zoltán Veres, Jogelméleti Szemle. http://jesz.ajk.elte.hu/veres56.pdf

  45. 45.

    “Ákos Péter Bod and the double standard—open letter by György Matolcsy”, MNB Press Releases, 17 September 2014. https://www.mnb.hu/archivum/Sajtoszoba/mnbhu_pressnews/mnbhu_hirek_20140917

  46. 46.

    “The opponents of Simor decide the interest rate behind closed doors, whispering”, origo.hu, 27 September 2012. http://www.origo.hu/gazdasag/20120927-hogyan-zajlik-a-monetaris-tanacs-ulese-milyen-szempontok-alapjan-dontenek.html

  47. 47.

    “Matolcsy : Unorthodox crisis resolution has been successful”, hirado.hu, 29 January 2014. http://www.hirado.hu/2014/01/29/matolcsy-az-unortodox-valsagkezeles-sikeres-volt/

  48. 48.

    “Hungary’s new central bank chief will need to woo investors”, reuters.com, 1 March 2013. http://www.reuters.com/article/us-hungary-matolcsy-newsmaker-idUSBRE9200A020130301

  49. 49.

    “György Matolcsy : There is a Hungarian model and it works”, magyarhirlap.hu, 6 March 2015. http://magyarhirlap.hu/cikk/19073/Matolcsy_Gyorgy_Van_magyar_modell_es_mukodik

  50. 50.

    “The Matolcsy-effect is already discernible on MNB”, napi.hu, 28 March 2013. http://www.napi.hu/magyar_gazdasag/latszik_mar_a_matolcsy-hatas_az_mnb-n.549360.html

  51. 51.

    Viktor Zsiday, “Paradigm shift”, blog entry, 24 March 2013. http://zsiday.hu/blog/paradigmav%C3%A1lt%C3%A1s

  52. 52.

    “Chikán on the fall of Matolcsysm”, 24.hu, 19 April 2012. http://24.hu/belfold/2012/04/19/chikan-a-matolcsyzmus-bukasarol/

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Authors and Affiliations

  1. Centre for Social Sciences, Hungarian Academy of Sciences, Budapest, Hungary

    Miklós Sebők

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  1. Miklós Sebők
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  1. Department of International Relations, Koç University, Istanbul, Turkey

    Caner Bakir

  2. Feculty of Liberal Arts and Social Sciences, The Education University of Hong Kong, Hong Kong

    Darryl S. L. Jarvis

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Sebők, M. (2018). Institutional Entrepreneurship and the Mission Creep of the National Bank of Hungary. In: Bakir, C., Jarvis, D. (eds) Institutional Entrepreneurship and Policy Change. Studies in the Political Economy of Public Policy. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-70350-3_10

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