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Gergely Hudecz

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Function/Position
Principal Economist, Economics and Market Analysis

Gergely Hudecz is a Principal Economist in the Economic and Market Analysis Division at the European Stability Mechanism (ESM). He is leading the work on market analysis in the Chief Economist Department. He also provides regular input to the ESM’s Investment Management Committee on the global outlook.

Prior to joining the ESM in 2018, Gergely was Co-Head of Economic Research and Head of Country Analysis at Pharo, a macro-hedge fund, and served as an economist at Credit Suisse in London and Paris, covering emerging markets and euro area economies. He started his career at Budapest Economics, a research consultancy specialised in transition economics and structural change. He holds a PhD degree from the Corvinus University of Budapest, and spent time at IEP Science Po Paris and at Oxford’s St Antony’s and Nuffield colleges.

In addition to his focus on financial markets, Gergely has research interests in convergence, inequality, and the international role of the euro.

My blog entries

Robert Blotevogel , Gergely Hudecz , Elisabetta Vangelista
How the euro area overcame fragmentation during the pandemic
Economic and market analysis

How the euro area overcame fragmentation during the pandemic

Rolf Strauch, Gergely Hudecz
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Economic and market analysis

Strengthening the international role of the euro

A greater global use of the euro would attract investors and help financial stability.
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My discussion papers

Gergely Hudecz , Edmund Moshammer, Alexander Raabe, Gong Cheng
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Discussion Papers

The euro in the world

Gergely Hudecz , Edmund Moshammer
discussion-paper-724-466
Discussion Papers

Regional disparities in Europe: should we be concerned?

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My working papers

Gergely Hudecz , Elisabetta Vangelista, Robert Blotevogel
working-paper-724-466
Working papers

Asset purchases and sovereign risk premia in the euro area during the pandemic

We analyse the impact of ECB asset purchases on sovereign risk premia during the Covid-19 pandemic. Using an enhanced event study design, we trace the impact of asset purchases over time, distinguishing between announcements, expectations, and implementation effects. The analysis draws on a new granular cross-country dataset of the ECB’s asset purchases and market expectations. We find large announcement effects, particularly in countries with lower sovereign credit ratings. Expectations about the final size of ECB asset purchases (‘the stock’) and actually implemented net purchases (‘the flows’) affected risk premia at the time of severe market stress with large cross-country variations. Overall, the ECB’s asset purchases were highly effective in warding off risks of financial fragmentation in the euro area during the pandemic. 
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