Download or read book Fiscal Adjustment in Hungary written by and published by World Bank Publications. This book was released on with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Hungary written by International Monetary Fund and published by International Monetary Fund. This book was released on 2013-03-29 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Non-performing loans (NPLs) were found to respond to macroeconomic conditions, such as GDP growth, unemployment, and inflation; there are also strong feedback effects from the banking system to the real economy. This suggests that the high NPLs that many CESEE countries currently face adversely affect the pace of economic recovery. The note also evaluates different policy options to achieve permanent fiscal consolidation in Hungary. A fiscal consolidation based on a reduction in government transfers can stimulate labor participation, and a resulting increase in the returns to capital can increase investment and output in the long term.
Download or read book Hungary written by International Monetary Fund and published by International Monetary Fund. This book was released on 2007-01-12 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides an assessment of fiscal transparency practices in Hungary in relation to the requirements of the IMF Code of Good Practices on Fiscal Transparency. The report reveals that Hungary has increased its level of transparency in a number of areas since the last fiscal Report on the Observance of Standards and Codes in 2001. In particular, the coverage of fiscal reporting and the budget has been considerably extended. Fiscal reporting now covers virtually all of general government.
Download or read book The Composition of Fiscal Consolidation Matters written by Mr.Alejandro D. Guerson and published by International Monetary Fund. This book was released on 2013-10-04 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates policy alternatives to achieve permanent fiscal consolidation in Hungary, based on a general equilibrium calibration. The main finding is that the composition of the consolidation, as determined by the mix of revenue and expenditure measures, has important implications for growth, employment, investment, and other key macroeconomic variables. A reduction in current expenditures yields the smallest GDP contraction in the short term and can increase output in the long term by stimulating labor participation and private investment. On the other end of the spectrum, a consolidation of government investment and corporate taxes are the most costly, as disincentives for private investment result in protracted declines in GDP that compound over time to GDP losses that are multiple times the initial size of the consolidation.
Download or read book Fiscal Risks and the Quality of Fiscal Adjustment in Hungary written by Hana Polackova Brixi and published by . This book was released on 1999 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hungary's government has made great progress toward revealing the true fiscal cost of its budgetary and off-budget programs, containing the financial risks of its policies, and improving the management of public expenditures and contingent liabilities. Although far from complete, fiscal adjustment in Hungary has been successful not only in cutting the budget deficit but also in reducing less visible aspects of fiscal vulnerability.
Download or read book Hungary written by International Monetary and published by International Monetary Fund. This book was released on 2023-02-03 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: While the economy was recovering from the COVID-crisis, a succession of shocks and loose fiscal policy intensified inflation and fueled a large external deficit. Appropriately, the central bank significantly tightened monetary policy and the government plans a large fiscal adjustment. However, regulatory measures undermine the tighter fiscal and monetary policy mix. Growth is expected to slow sharply with still-elevated inflation and sizable risks can worsen the outlook.
Download or read book Hungary written by International Monetary Fund and published by International Monetary Fund. This book was released on 2008-11-17 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: This staff report for the Request for Stand-By Arrangement of Hungary examines financing conditions and economic challenges. Hungary was among the first emerging market countries to suffer from the fallout of the current global financial crisis. Compared with other emerging markets, Hungary’s higher stock vulnerabilities imply that a large amount of debt needs to be serviced and rolled over. Added risks include the large share of foreign currency lending by both domestic banks and subsidiaries of foreign parents.
Download or read book Fiscal Risks and the Quality of Fiscal Adjustment in Hungary written by Hana Polackova and published by . This book was released on 2016 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Hungary written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2019-12-05 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2019 Article IV Consultation discusses that in an increasingly uncertain global economic environment, Hungary’s growth registered one of the highest rates in Europe in 2018. The economy now appears to be running above capacity and wages are growing rapidly amid historically low unemployment. It is thus likely that growth will slow down over the medium term. Supply-side reforms can help sustain the momentum. Policies have reduced vulnerabilities substantially; however, measures to support the targeted fiscal consolidation could be more ambitious to ensure that room for fiscal policy manoeuvre is rebuilt. Wages outstripping labor productivity growth, slower export growth, and shortcomings in the business environment for small and medium enterprises call for invigorating structural reform efforts. Improvements in competitiveness are needed to sustain rapid income convergence and address demographic challenges. The government’s competitiveness program contains important elements. Focus should be on improving the business environment, enhancing the legal and regulatory framework, and increasing labor force participation.
Download or read book Hungary Article IV Consultation staff Report Staff Statement and Public Information Notice on the Executive Board Discussion written by and published by . This book was released on 2002 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Composition of Fiscal Consolidation Matters written by Alejandro Guerson and published by . This book was released on 2013 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates policy alternatives to achieve permanent fiscal consolidation in Hungary, based on a general equilibrium calibration. The main finding is that the composition of the consolidation, as determined by the mix of revenue and expenditure measures, has important implications for growth, employment, investment, and other key macroeconomic variables. A reduction in current expenditures yields the smallest GDP contraction in the short term and can increase output in the long term by stimulating labor participation and private investment. On the other end of the spectrum, a consolidation of government investment and corporate taxes are the most costly, as disincentives for private investment result in protracted declines in GDP that compound over time to GDP losses that are multiple times the initial size of the consolidation.
Download or read book Hungary Selected Issues written by and published by . This book was released on 2003 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Sustaining the Momentum of Fiscal Reform in Hungary written by Colin Forthun and published by . This book was released on 2010 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Hungary written by International Monetary Fund and published by International Monetary Fund. This book was released on 2007-07-26 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hungary’s 2007 Article IV Consultation reports that with fiscal consolidation on track for 2007 and 2008, short-term risks have receded, especially owing to the favorable international financial environment. Ensuring that the current economic slowdown does not translate into a prolonged period of low growth is important both for raising standards of living and for containing vulnerabilities. Putting the debt on a sustainable downward trend will also require a substantial decrease in the size of government expenditure in relation to GDP.
Download or read book Public Finance Reform During the Transition written by Lajos Bokros and published by World Bank Publications. This book was released on 1998-01-01 with total page 600 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public finance reform is simultaneously a process of fiscal adjustment and structural reforms in the public sector. Under socialist rule, Hungary's concept of public finance was nebulous, since there was no clear delineation between private and public sectors. As a transition country, structural reforms were aimed at creating not only sustainable institutional arrangements but were aimed at creating a government sector adapted to a market economy as well. The former socialist states were forced into abrupt transitions; and there was little time for minds and institutions to adapt. This volume aims to provide a comprehensive description of Hungary's experience of public finance reform in a former socialist economy, including: a history of the reform process; an empirical analysis of trends in public spending and revenues; evidence of Hungary's ability to move towards accession to the European Union (EU); a description of policy reforms in the public welfare system; an analysis of the reforms in key aspects of the institutional framework; and an examination of the tax system.
Download or read book Hungary Selected Issues written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2006-10-25 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: The two legs that have held up the forint in recent years-a strong "EU accession effect" and positive sentiment toward emerging markets-may no longer be strong enough to offset Hungary's weak fundamentals. Fiscal consolidation efforts should be supported by stronger budget controls and greater transparency and accountability. This paper is an effort to shed light on Hungary's employment dynamics, placed in the European Union (EU) context. Hungary's employment generation has been relatively strong, partly owing to the country's favorable initial employment distribution across sectors.
Download or read book Fiscal Adjustment in Hungary 1991 2003 written by Amalia Fugaru and published by . This book was released on 2004 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt:
