The outbreak of the economic crisis in 2007–2008 changed the views about economic policy worldwide, in particular, the role, tasks and responsibility of monetary policy. Hungary was hit by the crisis in a particularly vulnerable state; therefore the aim of reducing external vulnerability was a...

A 2007–2008-ban kirobbant gazdasági válság világszerte átalakította a gazdaságpolitikáról, illetve azon belül is a monetáris politika szerepéről, feladatáról, felelősségéről alkotott nézeteket. Magyarországot kiemelten sérülékeny állapotban érte el a krízis, így a...

Developments in Hungary’s external assets and external liabilities are particularly important in assessing the external vulnerability of the economy. Focusing mainly on the financing processes, this study presents an overview of the structure of the foreign funds between 1998 and 2012, and...

In its monetary policy decision-making, the central bank of Hungary primarily focuses on the achievement of price stability. Without prejudice to this objective, it supports the maintenance of financial stability and the economic policy of the Government. While the low inflation environment...

This study defines various fiscal indicators for different analytical purposes, adjusting for the distorting effect of creative accounting. It presents these indicators using the example of Hungary. The study abandons the general view that an identical balance is produced from the two...

As regards the concept of fiscal sustainability, our study finds that in this area a variety of issues can be examined with very different tools. The issues may concern the achievement of fiscal constraints over an infinite horizon, the realisation of a specific target, or the fiscal policy...

Our study aims to compare the level of redistribution, and expenditure structure of the Visegrád countries in the period between 1995–2010. For the purpose of comparability, the new methodology presented in the study filters out those components of total expenditures, which are exogenous in...

A The delay in accession to the euro zone makes the Hungarian economy vulnerable, thus the present state of public finance may be the source of serious problems. The prerequisite of accession is for the deficit measured with the European methodology to stay below 3 per cent of GDP, whereas the...