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Budgeting in Hungary

Author

Listed:
  • Dirk-Jan Kraan
  • Daniel Bergvall
  • Ian Hawkesworth
  • Philipp Krause

Abstract

This review of the Hungarian budget process was carried out in May 2006. The review covers budget formulation, budget execution, parliamentary approval, accounting and auditing, and sub-national financing. Hungary has modernised its budget process over the last ten years, first as part of the pre-accession programme and then, since EU accession in 2004, in connection with the Convergence Programme 2005-08. Nevertheless, there remain some shortcomings which include the focus on the actual (non-cyclically adjusted) deficit, the focus on the budget year rather than the medium term, the lack of rules of budgetary discipline, and the lack of transparency concerning forecasts and outcomes. Hungary’s long-term growth record and general economic outlook are good, but institutional reform to correct these shortcomings is important for fiscal consolidation and macroeconomic stability.

Suggested Citation

  • Dirk-Jan Kraan & Daniel Bergvall & Ian Hawkesworth & Philipp Krause, 2007. "Budgeting in Hungary," OECD Journal on Budgeting, OECD Publishing, vol. 6(3), pages 1-61.
    • Handle: RePEc:oec:govkaa:5l9dnzg9gq44
    DOI: 10.1787/budget-v6-art14-en
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    Cited by:

    1. Zsolt Darvas & Valentina Kostyleva, 2011. "The fiscal and monetary institutions of CESEE countries," Working Papers 494, Bruegel.
    2. Sabrina Bellanca & Loredana Cultrera & Guillaume Vermeylen, 2015. "Analysis of Public Accounting Systems in the European Union," Research in World Economy, Research in World Economy, Sciedu Press, vol. 6(3), pages 23-35, September.

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