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Chapter 5: The Hungarian Crisis

Author

Listed:
  • 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.

Suggested Citation

  • Lars Calmfors & Giancarlo Corsetti & John Hassler & Gilles Saint-Paul & Hans-Werner Sinn & Jan-Egbert Sturm & Ákos Valentinyi & Xavier Vives, 2012. "Chapter 5: The Hungarian Crisis," EEAG Report on the European Economy, CESifo, vol. 0, pages 115-130, February.
    • Handle: RePEc:ces:eeagre:v::y:2012:i::p:115-130
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