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

  • Miklós Sebők
Part of the Studies in the Political Economy of Public Policy book series (PEPP)


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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Copyright information

© The Author(s) 2018

Authors and Affiliations

  • Miklós Sebők
    • 1
  1. 1.Centre for Social SciencesHungarian Academy of SciencesBudapestHungary

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