The National Bank of Hungary

Abstract

It was almost exactly one hundred years ago, on 24 June, 1924, that Hungary’s independent central bank, the National Bank of Hungary, began its operations. Our editorial staff commemorates this anniversary by republishing a lecture given by one of the most eminent financial economists of the time, Gyula Domány, at the Hungarian Economic Society before the adoption of the law on the central bank. In our view, the article is worthy of attention not only from an economic history point of view, as many of its conclusions provide important lessons for today.