Book

Cambridge University Press Books

Hungary: Towards a Market Economy

The volume contains a selection of the papers presented at a conference held on 20/21 October 1995 in Budapest. The papers are written by Hungarian authors and have been substantially revised following comments by Western discussants.

The volume follows the evolution of the Hungarian economy once the dust of the initial shock which swept Central and Eastern Europe had begun to settle. The first part describes the macroeconomy: the evolution and practice of monetary policy in an environment increasingly dominated by market mechanisms; the link between exchange rate and inflation based on the examination of disaggregated prices; the inability so far of fiscal policy to come to grip with inherited public debt and deficits; and the associated evolution of the underground economy. The second part focuses on the microeconomy. It documents the painful and costly consolidation of the banking sector, presenting an in-depth analysis of the evolution of corporate governance in a highly unsettled environment, and concluding with an analysis of the profitability of export-oriented firms. The final part deals with the labour market. It studies employment policies, the role of the minimum wage as a social compact, as well as labour market discrimination against minorities. It includes a study on health and pension system.

This volume offers the most recent assessment of the Hungarian economy. It is wide-ranging yet precise, combining intimate knowledge of the Hungarian economy with the use of up-to-date tools of economic analysis. It will be of interest to all those interested in the process of economic transition: academic researchers, students, policy-makers and analysts.

Citation

Wyplosz, C and L Halpern (eds) (1998), ‘Hungary: Towards a Market Economy‘, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy

Citation

Wyplosz, C and L Halpern, ‘The hidden Hungarian miracle‘, in Wyplosz, C and L Halpern (eds), Hungary: Towards a Market Economy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy

Citation

Begg, D, ‘Discussion: Fiscal difficulties in the transition: the case of Hungary between 1990 and 1995‘, in Wyplosz, C and L Halpern (eds), Hungary: Towards a Market Economy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy

Citation

Gaspar, P, ‘Fiscal difficulties in the transition: the case of Hungary between 1990 and 1995‘, in Wyplosz, C and L Halpern (eds), Hungary: Towards a Market Economy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy

Citation

Perasso, G, ‘Discussion: The interest rate transmission mechanism in Hungary, 1991-1995‘, in Wyplosz, C and L Halpern (eds), Hungary: Towards a Market Economy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy

Citation

Vincze, J and B Vilagi, ‘The interest rate transmission mechanism in Hungary, 1991-1995‘, in Wyplosz, C and L Halpern (eds), Hungary: Towards a Market Economy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy

Citation

Sahay, R, ‘Discussion: The nature of Hungarian inflation‘, in Wyplosz, C and L Halpern (eds), Hungary: Towards a Market Economy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy

Citation

Vincze, J, I Zsoldos and I Hamecz, ‘The nature of Hungarian inflation‘, in Wyplosz, C and L Halpern (eds), Hungary: Towards a Market Economy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy

Citation

Landesmann, M, ‘Discussion: The hidden economies of Visegrad countries in international comparison: a household electricity approach‘, in Wyplosz, C and L Halpern (eds), Hungary: Towards a Market Economy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy

Citation

Lacko, M, ‘The hidden economies of Visegrad countries in international comparison: a household electricity approach‘, in Wyplosz, C and L Halpern (eds), Hungary: Towards a Market Economy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy

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Torok, A, ‘Corporate governance in the transition - the case of Hungary: do new structures help create efficient ownership control?‘, in Wyplosz, C and L Halpern (eds), Hungary: Towards a Market Economy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy

Citation

Svejnar, J, ‘Discussion: Corporate performance in the transition: econometric analysis of Hungarian exporting firms, 1985-1994‘, in Wyplosz, C and L Halpern (eds), Hungary: Towards a Market Economy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy

Citation

Kőrösi, G and L Halpern, ‘Corporate performance in the transition: econometric analysis of Hungarian exporting firms, 1985-1994‘, in Wyplosz, C and L Halpern (eds), Hungary: Towards a Market Economy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy

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Sgard, J, ‘Discussion: Hungary's Ponzi game‘, in Wyplosz, C and L Halpern (eds), Hungary: Towards a Market Economy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy

Citation

Szakadat, L, ‘Hungary's Ponzi game‘, in Wyplosz, C and L Halpern (eds), Hungary: Towards a Market Economy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy

Citation

Kopits, G, ‘Discussion: The minimum wage in Hungary: subsistence minimum and/or bargaining tool?‘, in Wyplosz, C and L Halpern (eds), Hungary: Towards a Market Economy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy

Citation

Koltay, J, ‘The minimum wage in Hungary: subsistence minimum and/or bargaining tool?‘, in Wyplosz, C and L Halpern (eds), Hungary: Towards a Market Economy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy

Citation

Allison, C, ‘Discussion: Welfare institutions and the transition: in search of efficiency and equity‘, in Wyplosz, C and L Halpern (eds), Hungary: Towards a Market Economy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy

Citation

Semjen, A and I Csaba, ‘Welfare institutions and the transition: in search of efficiency and equity‘, in Wyplosz, C and L Halpern (eds), Hungary: Towards a Market Economy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy

Citation

Burda, M, ‘Discussion: Regional unemployment rate differentials in Hungary, 1990-1995: the changing role of race and human capital‘, in Wyplosz, C and L Halpern (eds), Hungary: Towards a Market Economy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy

Citation

Kertesi, G and A Abraham, ‘Regional unemployment rate differentials in Hungary, 1990-1995: the changing role of race and human capital‘, in Wyplosz, C and L Halpern (eds), Hungary: Towards a Market Economy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/hungary-towards-market-economy