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Banking in Transition: Development and Current Problems in Hungary

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  • S Estrin
  • P Hare
  • M Suranyi

Abstract

Banking reform is one of the crucial components of a successful programme of transition to the market. In Hungary, the banking system was highly centralised and based on supporting the central planning system from about 1950, though some decentralisation was undertaken well before other countries in Eastern Europe. Commercial banks were split off from the central bank in 1987 and several joint ventures, mainly private banks were established. The paper analyses the main features of reforms in Hungary's banking system, and the conduct of monetary policy in a rapidly evolving banking environment. The important interactions between economic reform, politics and the banking system are also examined, including the impact of such phenomena as 'queuing' (unplanned and involuntary inter-enterprise credits) and discussion of recent banking legislation. The latter includes measures to make the central bank more independent of the government.

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Bibliographic Info

Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0068.

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Date of creation: Mar 1992
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Handle: RePEc:cep:cepdps:dp0068

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Web page: http://cep.lse.ac.uk/_new/publications/series.asp?prog=CEP

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Citations

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Cited by:
  1. Marica Frangakis, 1998. "Bank Reform in Greece with reference to Eastern Europe. The Case of the Hellenic Industrial Development Bank S.A," CERT Discussion Papers 9811, Centre for Economic Reform and Transformation, Heriot Watt University.
  2. Raiser, Martin, 1993. "Governing the transition to a market economy," Kiel Working Papers 592, Kiel Institute for the World Economy.
  3. Martin Raiser, 1993. "Old habits die hard," Intereconomics: Review of European Economic Policy, Springer, vol. 28(4), pages 170-177, July.
  4. Raiser, Martin, 1994. "Lessons for whom, from whom? The transition from socialism in China and Central Eastern Europe compared," Kiel Working Papers 630, Kiel Institute for the World Economy.
  5. Brauer, Holger & Falk, Martin & Raiser, Martin, 1996. "Labour markets in Poland and Hungary five years from the start of transition: Evidence from monthly data," Kiel Working Papers 742, Kiel Institute for the World Economy.
  6. Raiser, Martin, 1993. "The no-exit economy: Soft budget constraints and the causes of success or failure of economic reforms in developing countries," Kiel Working Papers 581, Kiel Institute for the World Economy.
  7. Raiser, Martin, 1994. "Ein tschechisches Wunder? Zur Rolle politikinduzierter Anreizstrukturen im Transformationsprozeß," Kiel Discussion Papers 233, Kiel Institute for the World Economy (IfW).
  8. Mike Wright & Judit Karsai & Zbigniew Dudzinski & Jan Morovic, 1999. "Transition and Active Investors: Venture Capital in Hungary, Poland and Slovakia," Post-Communist Economies, Taylor & Francis Journals, vol. 11(1), pages 27-46.
  9. Ábel, István & Szakadát, László, 1997. "A bankrendszer átalakulása Magyarországon 1987-1996 között
    [Transformation of the banking system in Hungary between 1987-1996]
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 635-652.
  10. Raiser, Martin & Nunnenkamp, Peter, 1993. "Output decline and recovery in Central Europe: the role of incentives before, during and after privatisation," Kiel Working Papers 601, Kiel Institute for the World Economy.
  11. Perkins, Frances C., 1994. "State enterprise reform and macro-economic stability in transition economies," Kiel Working Papers 665, Kiel Institute for the World Economy.
  12. Akbar, Yusaf H. & McBride, J. Brad, 2004. "Multinational enterprise strategy, foreign direct investment and economic development: the case of the Hungarian banking industry," Journal of World Business, Elsevier, vol. 39(1), pages 89-105, February.

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