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Chapter 5: The Hungarian Crisis

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Author Info

  • Lars Calmfors
  • Giancarlo Corsetti
  • John Hassler
  • Gilles Saint-Paul
  • Hans-Werner Sinn
  • Jan-Egbert Sturm
  • Ákos Valentinyi
  • Xavier Vives

Abstract

This chapter summarises recent developments in Hungary and aims to shed some light on why Hungary failed to live up to the expectations of the early 1990s. Section 5.2 analyses Hungary’s growth performance since 1990, and is followed by an analysis of its labour markets in Section 5.3. Section 5.4 assesses its fiscal policy and Section 5.5 explains why Hungary was one of the first countries in Europe to be bailed-out, and how the Hungarian economy responded to crises. Lastly, Section 5.6 assesses the economic policy measures implemented by Hungary since mid-2010, and their implications for future growth and employment. The chapter closes with some general conclusions.

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Bibliographic Info

Article provided by CESifo Group Munich in its journal EEAG Report on the European Economy.

Volume (Year): (2012)
Issue (Month): (02)
Pages: 115-130

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Handle: RePEc:ces:eeagre:v::y:2012:i::p:115-130

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  1. Brzoza-Brzezina, Michał & Chmielewski, Tomasz & Niedźwiedzińska, Joanna, 2010. "Substitution between domestic and foreign currency loans in Central Europe. Do central banks matter?," Working Paper Series 1187, European Central Bank.
  2. Tonin, Mirco, 2011. "Minimum Wage and Tax Evasion: Theory and Evidence," IZA Discussion Papers 5660, Institute for the Study of Labor (IZA).
  3. Margarida Duarte & Diego Restuccia, 2009. "The Role of the Structural Transformation in Aggregate Productivity," Working Papers tecipa-348, University of Toronto, Department of Economics.
  4. Zsombor Cseres-Gergely, 2007. "Inactivity in Hungary - the persistent effect of the pension system," Budapest Working Papers on the Labour Market 0701, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  5. Herrendorf, Berthold & Valentinyi, Akos, 2005. "What Sectors Make the Poor Countries So Unproductive?," CEPR Discussion Papers 5399, C.E.P.R. Discussion Papers.
  6. Velasco, Andres, 1987. "Financial crises and balance of payments crises : A simple model of the southern cone experience," Journal of Development Economics, Elsevier, vol. 27(1-2), pages 263-283, October.
  7. Gabor Kertesi & Janos Kollo, 2002. "Labour Demand with Heterogeneous Labour Inputs after the Transition in Hungary, 1992-1999 - and the Potential Consequences of the Increase of Minimum Wage in 2001 and 2002," Budapest Working Papers on the Labour Market 0205, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
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