This article delves into the causes of the 2008 financial crisis, particularly focusing on its inception marked by the collapse of the mortgage market, which cascaded into the bankruptcy of numerous banks. The crisis stemmed from volatile real estate prices, leading to loans being issued to borrowers without sufficient collateral, exacerbating insolvency. In Hungary, the situation was exacerbated as most housing loans were denominated in Swiss francs, causing repayment obligations to soar due to rapid fluctuations in the exchange rate. State intervention became imperative amidst rising insolvency rates. Motivated by a longstanding interest in the economic ramifications of low interest rates, the authors aim to probe the factors influencing loan repayment motivations. Their research centers on the evolution and functions of state interest rate regulation, while also scrutinizing late fees and interest provisions related to tax and civil law claims to evaluate their impact on timely payments. Embracing an interdisciplinary approach blending historical, economic, and legal perspectives, the article underscores the necessity for well-calibrated regulatory interventions to mitigate the excesses of unrestricted free markets, especially in light of evolving global economic dynamics. It also underscores the importance of prudent regulations, given theories suggesting that persistently low interest rates may lead to economic distortions beyond a certain threshold, while acknowledging the constraints of interest rate adjustments.

debt; exchange rate; interest; nonperforming loans; repayment

Act CXXXIX of 2013 on the Hungarian National Bank (in Hungarian). https://net.jogtar.hu/jogszabaly?docid=a1300139.tv).

Act on taxation (in Hungarian) 2017 CL. https://net.jogtar.hu/jogszabaly?docid=a1700150.tv (Access: 12.12.2023)

Annus, I. (2021). Az EU mintaállamai. In Az Európai Unió a 21. Században (pp. 277–306).

Aristotle (1981): The Politics (First book, paragraph 11). Penguin Classics, ISBN: 978-0140444216 pp 512

Bajánházy, I (2014) - State finances in the Roman Republic (in Hungarian), teaching aid, Miskolc, pp 35

Bakos, T., Szőke, B., Tóth, E. I., Malatyinszki, Sz., Dávid, L. D. (2024). The Impact of The Financial Culture of Small and Medium-Sized Enterprises and Budgetary Bodies on Financial Planning, JOURNAL OF ECOHUMANISM 3 : 8 pp. 8629-8639. , 11 p. (2024)

Bihari, M & Pokol, B. (2009): Political science - Politics and the modern state. Parties and ideologies (in Hungarian). Knowledge of Generations, ISBN: 9789631967852, pp 112

Caballero, R.J., Farhi, E. & Gourinchas, P.O. (2008) An Equilibrium Model of “Global Imbalances” and Low Interest Rates American Economic Review 98(1), pp 358-393 https://escholarship.org/uc/item/7xc0g8mm (Access: 03.01.2024)

Cassel, G. (2018) The Nature and Necessity of Interest (Reprint Edition). Forgotten Books, ISBN: 978-1330469590, pp158-171

CXXXIX Act on the Hungarian National Bank (in Hungarian) 2013. https://mkogy.jogtar.hu/jogszabaly?docid=a1300139.TV (Access: 12.12.2023)

Dávid, L., & Szűcs, C. (2009). Building of networking, clusters and regions for tourism in the Carpathian Basin via information and communication technologies. NETCOM - NETWORKS AND COMMUNICATIONS STUDIES, 23(1–2), 63–74.

Dávid, L., Baros, Z., Patkós, C., & Anja, T. (2012). Lake Tourism and Global Climate Change: an integrative approach based on Finnish and Hungarian case-studies. CARPATHIAN JOURNAL OF EARTH AND ENVIRONMENTAL SCIENCES, 7(1), 121–136.

Deaton, A (1992) Understanding Consumption. Clarendon Press, Oxford, ISBN: 9780198288244, p256

Eucken, W. (1934) Kapitaltheoretische Unterschungen, Verlag Gustav Fischer, pp 194

Friedman, M. (2008) Milton Friedman on Economics: Selected Papers. University of Chicago Press Journals, 2008 ISBN: 978-0226263496 pp 180

Hammurabi (2015) The Code of Hammurabi CreateSpace Independent Publishing Platform, ISBN: 978-1519649522, pp 60

Harsanyi, J.C. (1968) Games with Incomplete Information Played by ‘Bayesian’ Players, I-III. Coast III. The Basic Probability Distribution of the Game. Management Science, 14(7), pp. 486–502. www.jstor.org/stable/2628894 (Access: 17.12.2023)

Heller, F. (1945) The history of economic theory (in Hungarian), Transdanubia Pécs University Publishing House and Printing RT, ISBN: 9789639345362, pp 602

Holy Bible Old and New Testament (2023) (quoted points) Jesus Book, ISBN: 979-8862828528 pp 817

Jenei, Sz., Módos-Szalai, Sz, Fruzsina, L., Sylvia, M., Varga, E., & József, P. (2024). The workforce challenges of disabled people in Hungary and Slovakia during the COVID-19 pandemic. Alter, 18(3), 23–49.

Keynes, J. M. (2016) The General Theory of Employment, Interest, and Money, First Harvest/Harcourt, London, ISBN: 978-0156347112, pp 416

Köműves, Z., Nagy, M. Z., & Szabó, S. (2021). A vezetési stílus vizsgálata munkavállalói szemüvegen keresztül. ÚJ MUNKAÜGYI SZEMLE, 2(3), 34–45.

Kőmüves, Z., Poór, J., & Karácsony, P. (2022). Vezetői motiváció a munkaerő-megtartás szolgálatában, különös tekintettel a dél-dunántúli régió kis- és középvállalkozásaira. MARKETING ÉS MENEDZSMENT, 56(2), 72–82. http://doi.org/10.15170/MM.2022.56.02.07

Kőmüves, Z., Hollósy-Vadász, G., & Szabó, S. (2021). Pályakezdők a munkaerőpiacon. TUDÁSMENEDZSMENT, 22(2), 158–173. http://doi.org/10.15170/TM.2021.22.2.10

Kőműves, Z., Szabó, S., Szabó-Szentgróti, G., & Hollósy-Vadász, G. (2022). Munkaerő-gazdálkodási körkép a dél-dunántúli régióban a pandémia idején. MODERN GEOGRÁFIA, 17(3), 13–27. http://doi.org/10.15170/MG.2022.17.03.02

Krekó, J., Balogh, Cs., Lehmann, K., Mátrai, R., Pulai Gy., Vonnák, B. (2013) International experiences and domestic possibilities of using non-conventional central bank instruments. MNB Occasional Papers, 100, ISSN 1585-5678, pp 56 https://www.mnb.hu/letoltes/op100.pdf (Access: 23.12.2023)

Lentner Cs. (2015) The Structural Outline of the Development and Consolidation of Retail Foreign Currency Lending, Public Finance Quarterly, 60(3) pp 297-311 http://real.mtak.hu/36554/1/a_lentnercs_2015_3.pdf (Access: 25.12.2023)

Luther, M. (2004) Works of Martin Luther (online), God Rules, https://godrules.net/library/luther/NEW1luther_a0.htm (Access: 02.01.2024)

Madarász, A & Novák, Zs. (2018) Level of interest rates in the light of the changing interest rate policy in Hungary between 1924 and 2015-How did the central bank base rate get to its historic low levels? Financial and Economics Revciew, 14(4), pp. 87–107.

Mezey, B. & Gosztonyi G. (eds.) (2020): Hungarian constitutional history (in Hungarian). Osiris Publishing House, ISBN: 9789632763279, p 560.

Miháffy, B. (trans.) (2018) Kurán - The Holy Quran (in Hungarian), EDHI International Foundation Inc. http://mek.oszk.hu/06500/06534/06534.pdf (Access: 12.08.2023) pp57-58

Módosné Szalai, S., & Jenei, S. (2021). Cégkultúra, vezetői személyiség, HR szervezet és a vállalati CSR tevékenység: I. Elméleti alapok. OPUS ET EDUCATIO: MUNKA ÉS NEVELÉS, 8(2), 197–206. http://doi.org/10.3311/ope.440

Módosné, S. S., Botond, G. K., Arnold, T., Norbert, G., Dhruv, P. S., Lóránt, D. D., & Szonja, J. (2025). NUTS2 regions of the Visegrad countries during the Covid-19 pandemic and recovery. REGIONAL STATISTICS, 15(3), 1–21. http://doi.org/10.15196/RS150302

Molnár, E. (2010) Books of the Talmud (reprint, in Hungarian), Garai Irodalmi és Nyomdai Rt http://mek.oszk.hu/13800/13804/pdf/13804_6.pdf. ISBN: 9789633290446 pp 25 (Access: 12.12.2023)

Mádl, P., & Annus, I. (2017). Trend eller tradition. In Brücken für Europa (pp. 53–69). http://doi.org/10.5771/9783845281452-53

Mádl, P., & Annus, I. (2019). A svéd irodalom magyarországi fogadtatása – a kezdetektől 1900-ig. Budapest: Argumentum Kiadó. http://doi.org/10.21862/978-963-446-807-3

Muellbauer, J. & Lattimore, R. (1999): The Consumption Function: A Theoretical and Empirical Overview. in Handbook of Applied Econometrics. Macroeconomics. Wiley-Blackwell, Oxford, ISBN: 978-0631215585, pp 482

Nee, V. (2005). New Institutionalism, economic and sociological. In Smelser, N. and Swedberg, R, Handbook for Economic Sociology, Princeton: Princeton University Press. ISBN: 9780691121260 pp. 3-71.

Ogutu, H., El, A. Y., & Dávid, L. D. (2023). Current Trends in Sustainable Organization Management: A Bibliometric Analysis. OECONOMIA COPERNICANA, 14(1), 11–45. http://doi.org/10.24136/oc.2023.001

Orosz, I. (2018) János Kálvin and the freedom of interest collection (in Hungarian), Új Nézőpont, 5(1) pp5-16

Robson, J. M. (2017) Collected Works of John Stuart Mill: Xi. Essays on Philosophy and the Classics, Routledge, ISBN 9781138096929, pp 1251

Schmoller, G. (1900) Grundriss der allgemeinen Volkswirtschaftslehre. II. vol. Duncker & Humblot, pp 502

Scott, S. P. (2001) The Civil Law: Including the Twelve Tables, the Institutes of Gaius, the Rules of Ulpian, the Opinions of Paulus, the Enactments of Justinian, and the Constitutions, The Lawbook Exchange, Ltd., Volume IV 32. Title (1) par.

Senior, N., W. (2002) An Outline of the Science of Political Economy. University Press of the Pacific, ISBN: 978-1410203854, pp. 260

Tacitus (2003) The Annals, Book VI, point 16 Penguin Classics ISBN 978-0140440607, pp 464

Yarovenko, H., Vasilyeva, T., Ustinovichius, L., & Remsei, S. (2024). Illicit practices: Experience of developed countries. Journal of International Studies, 17(2), 146–177. https://doi.org/10.14254/2071-8330.2024/17-2/8

Zelles, T., Bilinovics-Sipos, J., & Remsei, S. (2024). Literature Review: Understanding the role of reporting. In Economic and Social Development: 111th International Scientific Conference on Economic and Social Development – “Navigating into the Future: The new Employee Experience” (pp. 99–107).