Subdued global economic activity, declining energy and commodity prices, the appearance of new technological innovations and inflation expectations anchored at historically low levels around the world were all factors that have tended to result in declining inflation rates at the global level since 2013. The relationship between globalization and inflation is a popular research topic among economists. According to the majority of the body of literature, globalization's and external factors' influence on national inflation rates increased in recent years. In this paper we investigate, how external and domestic drivers affect the Hungarian inflation. Hungary is an interesting case study, since openness of the country grew significantly, thus Hungary became one of the most open economy in the EU. The Hungarian experience can thus be interesting for countries with an increasing trend of openness. Using several statistical methods, we examined and analyzed the impact of external and domestic drivers of the Hungarian inflation, and how these external factors varied in time and how their effect on the domestic inflation has changed. Our results show, that the role of external factors in domestic inflation developments strengthened in the past period, and especially after 2012, the changes in inflation in Hungary were mainly influenced by external effects.

A következő évtizedek egyik legnagyobb kihívásának a környezeti fenntarthatóság elérése és fenntartása ígérkezik, amivel kapcsolatban az utóbbi években a jegybankok is egyre aktívabb, támogatóbb hozzáállást mutatnak. Új monetáris politikai megközelítés van kialakulóban, ugyanakkor nem egyértelmű, hogy a jegybankok miképp vállalhatnak részt a zöld átmenetben. Jelen esszében röviden bemutatjuk az ezzel kapcsolatos legrelevánsabb kérdéseket, azaz hogy miképp hat a jegybankok legfontosabb célját jelentő árstabilitásra a klímaváltozás és a gazdaság zöld átalakulása, mi következik a zöld átmenet és az árstabilitási cél közötti potenciális konfliktusból a jegybankok zöld aktivitása tekintetében, illetve hogy a fentiekből adódóan milyen kihívásokkal szembesülnek a fenntarthatósági célt is szem előtt tartó jegybankok.

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One of the biggest challenges in the coming decades is the achievement and maintenance of environmental sustainability, regarding which the central banks have also shown an increasingly active and supportive attitude in recent years. A new monetary policy approach is emerging, but it is unclear how central banks can participate in the green transition. In this paper, we briefly present the most relevant issues in this regard, namely how price stability, which is the most important objective of central banks, is affected by climate change and the green economic transformation; what follows from the potential conflict between the goals of green transition and price stability in terms of the green activity of central banks; and what challenges are faced as a result by central banks that also have the sustainability goal in mind.