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Monetary Stabilisation Policies in Hungary: Constraints and Opportunities

In: Economic Transition in Hungary and East Germany

Author

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  • Johannes Stephan

Abstract

Whereas the breaking-up of the monobank into a two-tier banking system was primarily aimed at establishing coherent institutional conditions for financial management and intermediation under a hard budget constraint, subsequent reforms were aimed at gradually exposing the Hungarian economy to (international) competition via integration: price and import liberalisation, as well as the reduction of all kinds of subsidies effected a gradual shift of the economy to the new price regime which was governed by the conditions of supply and demand on the world market. Inflation and exchange rate instability therefore became the most obvious and immediate fields of concern for economic reform policy.

Suggested Citation

  • Johannes Stephan, 1999. "Monetary Stabilisation Policies in Hungary: Constraints and Opportunities," Studies in Economic Transition, in: Economic Transition in Hungary and East Germany, chapter 6, pages 150-176, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-0-230-59658-0_6
    DOI: 10.1057/9780230596580_6
    as

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