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Is it possible to adjust ‘with a human face’? Differences in fiscal consolidation strategies between Hungary and Iceland

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  • Bruno Martorano

Abstract

Before the recent economic crisis, Hungary and Iceland were considered to be two excellent models of development. Hungary and Iceland were among the countries affected earliest and most by the recent macroeconomic shock, suffering a similar drop in GDP.While the Hungarian government implemented a flat tax reform in order to stimulate economic activity, the Icelandic government replaced its flat tax system with a progressive one increasing the participation of high income groups in the adjustment process. The aim of this paper is to compare the opposite adjustment paths followed by Hungary and Iceland on selected outcomes.

Suggested Citation

  • Bruno Martorano, 2014. "Is it possible to adjust ‘with a human face’? Differences in fiscal consolidation strategies between Hungary and Iceland," Papers inwopa719, Innocenti Working Papers.
  • Handle: RePEc:ucf:inwopa:inwopa719
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    References listed on IDEAS

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    1. Cornia, Giovanni Andrea & Jolly, Richard & Stewart, Frances (ed.), 1987. "Adjustment with a Human Face: Volume 1, Protecting the Vulnerable and Promoting Growth," OUP Catalogue, Oxford University Press, number 9780198286097.
    2. Azevedo, Joao Pedro & Inchauste, Gabriela & Sanfelice, Viviane, 2013. "Decomposing the recent inequality decline in Latin America," Policy Research Working Paper Series 6715, The World Bank.
    3. Jonathan Bradshaw & Yekaterina Chzhen & Gill Main & Bruno Martorano & Leonardo Menchini & Chris De Neubourg, 2012. "Relative Income Poverty among Children in Rich Countries," Papers inwopa655, Innocenti Working Papers.
    4. Bruno Martorano, 2014. "The Consequences of the Recent Economic Crisis and Government Reactions for Children," Papers inwopa722, Innocenti Working Papers.
    5. Bruno Martorano, & Giovanni Andrea Cornia & Frances Stewart, 2012. "Human Development and Fiscal Policy: Comparing the Crises of 1982-85 and 2008-11," Working Papers - Economics wp2012_23.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
    6. David Carey, 2009. "Iceland: The Financial and Economic Crisis," OECD Economics Department Working Papers 725, OECD Publishing.
    7. Csaba Tóth G. & Péter Virovácz, 2013. "Winners and Losers. An assessment of the Hungarian flat tax reform with microsimulation," Public Finance Quarterly, State Audit Office of Hungary, vol. 58(4), pages 369-385.
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    Cited by:

    1. Yekaterina Chzhen, 2014. "Child Poverty and Material Deprivation in the European Union during the Great Recession," Papers inwopa723, Innocenti Working Papers.

    More about this item

    Keywords

    crisis; financial analysis; financial systems; inequality; tax reforms; tax revenues;

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