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Development of the Financial Sector in Hungary During the Transition Period

In: Financial Reform in Central and Eastern Europe

Author

Listed:
  • Rezsö Nyers
  • Gabriella Rosta Lutz

Abstract

The most important economic reform measures of the 1980s were introduced in the financial sector. Of the main reform measures, the following deserve to be mentioned: the re-establishment of trading in securities from 1982 on, followed by the development of the organisational structure and institutional framework of the capital market (1980–90), the enactment of the Law on the Issue of and Trade in Securities, the relaunching of the Stock Exchange (1990); the establishment of a two-tier banking system in 1987; the creation of independent commercial banks; the activation and growing autonomy of monetary policy and, in close connection with this, the enactment of the fundamental financial laws. Among these, the Law on the National Bank of Hungary of 1991 deserves mention. It declares the relative autonomy of the Central Bank and its monetary policy, and was followed by the enactment of the Banking Law of 1991, the Accounting Law (1991) and the Bankruptcy Law (1991), all in conformity with international practices.

Suggested Citation

  • Rezsö Nyers & Gabriella Rosta Lutz, 1995. "Development of the Financial Sector in Hungary During the Transition Period," Palgrave Macmillan Books, in: Stephany Griffith-Jones & Zdeněk Drábek (ed.), Financial Reform in Central and Eastern Europe, chapter 6, pages 127-150, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23800-2_6
    DOI: 10.1007/978-1-349-23800-2_6
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    Cited by:

    1. Meyendorff, Anna & Snyder, Edward A., 1997. "Transactional Structures of Bank Privatizations in Central Europe and Russia," Journal of Comparative Economics, Elsevier, vol. 25(1), pages 5-30, August.

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