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The IMF, the EU and the Sovereign Borrower: the Case of Hungary 2008-2010


  • Péter Ákos Bod

    () (Corvinus University)


There have been intensive debates in Hungarian public life on the ways of regaining economic sovereignty and enlarge the room of manoeuvre of the national government vis-á-vis international financial institutions. The paper addresses the concepts of sovereignty and offiscal room of manoeuvre of a (new) EU member state, and the nature of sovereign debtors' dependence on foreign finance in the post-2008financial context. The author concludes that contrary to wide spread beliefs, nation states do have options regarding relations to supranational and international bodies, yet the preconditions of successful manoeuvring are hard to attain.

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  • Péter Ákos Bod, 2010. "The IMF, the EU and the Sovereign Borrower: the Case of Hungary 2008-2010," Theory Methodology Practice (TMP), Faculty of Economics, University of Miskolc, vol. 6(02), pages 3-9.
  • Handle: RePEc:mic:tmpjrn:v:6:y:2010:i:02:p:3-9

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    References listed on IDEAS

    1. N. Gregory Mankiw, 1985. "Small Menu Costs and Large Business Cycles: A Macroeconomic Model of Monopoly," The Quarterly Journal of Economics, Oxford University Press, vol. 100(2), pages 529-538.
    2. Taylor, John B, 1980. "Aggregate Dynamics and Staggered Contracts," Journal of Political Economy, University of Chicago Press, vol. 88(1), pages 1-23, February.
    3. James Tobin, 1993. "Price Flexibility and Output Stability: An Old Keynesian View," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 45-65, Winter.
    4. Fischer, Stanley, 1977. "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 85(1), pages 191-205, February.
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    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation


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