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This material was prepared by Fazekas Balázs (University of Debrecen) for the Ethics & Finance course within the project Localizing Economic Education for V4 Countries and Beyond. The project was co-financed by the governments of Czechia, Hungary, Poland and Slovakia through Visegrad Grants from the International Visegrad Fund. The mission of the fund is to advance ideas for sustainable regional cooperation in Central Europe. See https://visegrad.webflow.io/ for more information.
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Enforcement of Financial Regulations in HUNGARYCommentsData source
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Type of supervision (integrated "one peak", sectoral, "twin peaks" with prudential versus conduct of business)Integrated
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Name of the authority(ies)Hungarian National Bank (Magyar Nemzeti Bank - MNB)
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Creation date(s)1924 (supervisiory authority since 2013)
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Legal origin (English, French, German, Scandinavian, Communist)*Communist (origin)/German(after the change of economic regime)
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Type of law (civil, common)common
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Website url(s)https://mnb.hu/felugyelet/
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English Website (Y/N)https://www.mnb.hu/web/en/supervision
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Budget (total income 2023, as mn EUR)81.22931093 million HUF; 382,78**Annual report, https://www.mnb.hu/en/publications/reports/annual-report/annual-report-2023
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Budget (total income 2022, as mn EUR)64.17025684 million HUF; 400,25Annual report https://www.mnb.hu/en/publications/reports/annual-report/annual-report-2022
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Budget (total income 2021, as mn EUR)60.52022332 million HUF;369,00https://www.mnb.hu/en/publications/reports/annual-report/annual-report-2021
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Budget (total income 2020, as mn EUR)54.41919870 million HUF;365,13https://www.mnb.hu/en/publications/reports/annual-report/annual-report-2020
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Budget (total income 2019, as mn EUR)40.89313516 million HUF;330,52https://www.mnb.hu/en/publications/reports/annual-report/annual-report-2019
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Budget (total income 2018, as mn EUR)38.36912336 million HUF;321,51https://www.mnb.hu/en/publications/reports/annual-report/annual-report-2018
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Budget (total income 2017, as mn EUR)38.49911940 million HUF;310,14https://www.mnb.hu/en/publications/reports/annual-report/annual-report-2017
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Budget (total income 2016, as mn EUR)47.18314675 million HUF;311,02https://www.mnb.hu/en/publications/reports/annual-report/annual-report-2016
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Budget (total income 2015, as mn EUR)38.67812111 million HUF;313,12https://www.mnb.hu/en/publications/reports/annual-report/annual-report-2015
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Budget (total income 2014, as mn EUR)41.29113002 million HUF;314,89https://www.mnb.hu/en/publications/reports/annual-report/annual-report-2014
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Budget (as % of GDP, 2023)4.13%
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Budget (as % of GDP, 2022)3.80%
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Budget (as % of GDP, 2021)3.91%
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Budget (as % of GDP, 2020)3.92%
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Budget (as % of GDP, 2019)2.78%
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Budget (as % of GDP, 2018)2.81%
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Budget (as % of GDP, 2017)3.03%
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Budget (as % of GDP, 2016)4.05%
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Budget (as % of GDP, 2015)3.43%
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Budget (as % of GDP, 2014)3.88%
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GDP (2023 nominal, as bn EUR)196.59https://www.ksh.hu/stadat_files/gdp/en/gdp0004.html
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GDP (2022 nominal, as bn EUR)169.08https://www.ksh.hu/stadat_files/gdp/en/gdp0004.html
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GDP (2021 nominal, asbn EUR)154.96https://www.ksh.hu/stadat_files/gdp/en/gdp0004.html
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GDP (2020 nominal, as bn EUR)138.99https://www.ksh.hu/stadat_files/gdp/en/gdp0004.html
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GDP (2019 nominal, as bn EUR)147.35https://www.ksh.hu/stadat_files/gdp/en/gdp0004.html
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GDP (2018 nominal, as bn EUR)136.59https://www.ksh.hu/stadat_files/gdp/en/gdp0004.html
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GDP (2017 nominal, as bn EUR)127.21https://www.ksh.hu/stadat_files/gdp/en/gdp0004.html
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GDP (2016 nominal, as bn EUR)116.59https://www.ksh.hu/stadat_files/gdp/en/gdp0004.html
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GDP (2015 nominal, as bn EUR)112.89https://www.ksh.hu/stadat_files/gdp/en/gdp0004.html
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GDP (2014 nominal, as bn EUR)106.36https://www.ksh.hu/stadat_files/gdp/en/gdp0004.html
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Employees (FTE, end of year 2023)n.a.supervision is integrated into the central bank
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Employees (FTE, end of year 2022)n.a.supervision is integrated into the central bank
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Employees (FTE, end of year 2021)n.a.supervision is integrated into the central bank
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Employees (FTE, end of year 2020)n.a.supervision is integrated into the central bank
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Employees (FTE, end of year 2019)n.a.supervision is integrated into the central bank
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Employees (FTE, end of year 2018)n.a.supervision is integrated into the central bank
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Employees (FTE, end of year 2017)n.a.supervision is integrated into the central bank
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Employees (FTE, end of year 2016)n.a.supervision is integrated into the central bank
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Employees (FTE, end of year 2015)n.a.supervision is integrated into the central bank
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Employees (FTE, end of year 2014)n.a.supervision is integrated into the central bank
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Rule of law index (World Bank, 2023)0.4World Bank https://databank.worldbank.org/source/worldwide-governance-indicators/Series/RL.EST#
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Rule of law index (World Bank, 2022)0.4World Bank
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Rule of law index (World Bank, 2021)0.5World Bank
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Rule of law index (World Bank, 2020)0.5World Bank
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Rule of law index (World Bank, 2019)0.5World Bank
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Rule of law index (World Bank, 2018)0.6World Bank
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Rule of law index (World Bank, 2017)0.5World Bank
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Rule of law index (World Bank, 2016)0.4World Bank
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Rule of law index (World Bank, 2015)0.4World Bank
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Rule of law index (World Bank, 2014)0.5World Bank
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Impacts of European Regulations and Directives?
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Stock exchange (Y/N)Y
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Stock exchange nameBudapest Stock Exchange (Budapest Értéktőzsde - BÉT)
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Independent stock exchange (Y/N)Y
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Website urlhttps://www.bet.hu/
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Number of listed firms on stock exchange (as number, 2023)48
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Market capitalization (billion EUR, end of year 2023)3.9121497416 mHufMNB (https://statisztika.mnb.hu/publikacios-temak/ertekpapirok/a-rezidens-kibocsatasu-ertekpapirok-adatai-kibocsatoi-es-tulajdonosi-bontasban/idosoros-ertekpapir-adatok)
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Market capitalization (EUR, end of year 2022)2.5091004139mHufMNB (https://statisztika.mnb.hu/publikacios-temak/ertekpapirok/a-rezidens-kibocsatasu-ertekpapirok-adatai-kibocsatoi-es-tulajdonosi-bontasban/idosoros-ertekpapir-adatok)
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Market capitalization (EUR, end of year 2021)3.3831248458mHufMNB (https://statisztika.mnb.hu/publikacios-temak/ertekpapirok/a-rezidens-kibocsatasu-ertekpapirok-adatai-kibocsatoi-es-tulajdonosi-bontasban/idosoros-ertekpapir-adatok)
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Market capitalization (EUR, end of year 2020)2.608952259mHufMNB (https://statisztika.mnb.hu/publikacios-temak/ertekpapirok/a-rezidens-kibocsatasu-ertekpapirok-adatai-kibocsatoi-es-tulajdonosi-bontasban/idosoros-ertekpapir-adatok)
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Market capitalization (EUR, end of year 2019)3.6671212157mHufMNB (https://statisztika.mnb.hu/publikacios-temak/ertekpapirok/a-rezidens-kibocsatasu-ertekpapirok-adatai-kibocsatoi-es-tulajdonosi-bontasban/idosoros-ertekpapir-adatok)
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Market capitalization (EUR, end of year 2018)2.861919800mHufMNB (https://statisztika.mnb.hu/publikacios-temak/ertekpapirok/a-rezidens-kibocsatasu-ertekpapirok-adatai-kibocsatoi-es-tulajdonosi-bontasban/idosoros-ertekpapir-adatok)
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Market capitalization (EUR, end of year 2017)2.726845386mHufMNB (https://statisztika.mnb.hu/publikacios-temak/ertekpapirok/a-rezidens-kibocsatasu-ertekpapirok-adatai-kibocsatoi-es-tulajdonosi-bontasban/idosoros-ertekpapir-adatok)
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Market capitalization (EUR, end of year 2016)2.027630641mHufMNB (https://statisztika.mnb.hu/publikacios-temak/ertekpapirok/a-rezidens-kibocsatasu-ertekpapirok-adatai-kibocsatoi-es-tulajdonosi-bontasban/idosoros-ertekpapir-adatok)
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Market capitalization (EUR, end of year 2015)1.508472157mHufMNB (https://statisztika.mnb.hu/publikacios-temak/ertekpapirok/a-rezidens-kibocsatasu-ertekpapirok-adatai-kibocsatoi-es-tulajdonosi-bontasban/idosoros-ertekpapir-adatok)
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Market capitalization (EUR, end of year 2014)1.503473267mHufMNB (https://statisztika.mnb.hu/publikacios-temak/ertekpapirok/a-rezidens-kibocsatasu-ertekpapirok-adatai-kibocsatoi-es-tulajdonosi-bontasban/idosoros-ertekpapir-adatok)
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Market capitalization (as % GDP, end of year 2023)1.99%
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Market capitalization (as % GDP, end of year 2022)1.48%
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Market capitalization (as % GDP, end of year 2021)2.18%
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Market capitalization (as % GDP, end of year 2020)1.88%
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Market capitalization (as % GDP, end of year 2019)2.49%
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Market capitalization (as % GDP, end of year 2018)2.09%
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Market capitalization (as % GDP, end of year 2017)2.14%
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Market capitalization (as % GDP, end of year 2016)1.74%
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Market capitalization (as % GDP, end of year 2015)1.34%
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Market capitalization (as % GDP, end of year 2014)1.41%
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* La Porta, R., Lopez‐de‐Silanes, F., & Shleifer, A. (2006). What Works in Securities Laws? The Journal of Finance, 61(1), 1-32.
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** Exchange rates: https://www.mnb.hu/en/arfolyamok
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