Financial assistance for Hungarian crisis management - a case study
Following the Lehman bankruptcy, which marked the end of the „evolutive‟ stage of the global economic crisis and escalated it to what can be described, without exaggeration, as a full-blown emergency, Hungary was among the first compelled to seek assistance (in the form of a loan, not aid) from the...
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| Dokumentumtípus: | Könyv része |
| Megjelent: |
2011
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| Sorozat: | SZTE Gazdaságtudományi Kar közleményei
Studies in international economics and finance |
| Kulcsszavak: | Pénzügyi politika - Magyarország - 21. sz., Költségvetés - állami - Magyarország, Válságkezelés, Gazdasági válság - Európai Unió - 21. sz. |
| Tárgyszavak: | |
| Online Access: | http://acta.bibl.u-szeged.hu/36353 |
| Tartalmi kivonat: | Following the Lehman bankruptcy, which marked the end of the „evolutive‟ stage of the global economic crisis and escalated it to what can be described, without exaggeration, as a full-blown emergency, Hungary was among the first compelled to seek assistance (in the form of a loan, not aid) from the international financial organisations and the European Union. More than two years have passed since the signing of the agreement. This paper focuses on Hungary, which has been hard-hit by the current global economic recession, and foreign analysts were afraid that Hungary could become the scene of a major financing drama. In this country there were prior mistakes in economic policy that increased its vulnerability to external shocks. Hungary has turned to the IMF for financial assistance and carried out a complex, multi-approach program from 2008. The government‟s responses to the downturn, along with IMF conditions for assistance, are also seen to have caused harm with pro-cyclical policies. This paper describes the Hungarian crisis management alongside the Standby arrangement‟s guideline to the Hungarian budget restriction steps. The official response to the crisis seems to have made matters worse. European countries chose fiscal assessments which contain the reduction of the debt and budgetary expenses, and decided on reform programs in order to change the state budget structures since May 2010. The fiscal policies of member states of the European Union (Germany and France) – in light of the Greek public debt crisis – were directed to restrictions rather than easing moves. EU institutions were committed to implement sanctions, including the transformation of the rules concerning liquidation of the European Union. |
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| Terjedelem/Fizikai jellemzők: | 35-61 |
| ISBN: | 978-963-315-055-9 |
| ISSN: | 1588-8533 |