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EXCERPTS ON NEW HUNGARIAN STATE FINANCES FROM LEGAL, ECONOMIC AND INTERNATIONAL ASPECTS.

Additional Information
IZVACI O NOVIM MAĐARSKIM DRŽAVNIM FINANCIJAMA S PRAVNOG, EKONOMSKOG I MEĐUNARODNOG STAJALIŠTA.
crisis management
European Union
Europska unija
fiscal and monetary policy
fiskalna i monetarna politika
Hungary
IMF
konsolidacija državnih financija
Mađarska
MMF
proračun utemeljen na pravilima
rulebased budget
state financial consolidation
upravljanje krizama
Europska unija
fiskalna i monetarna politika
konsolidacija državnih financija
Mađarska
MMF
proračun utemeljen na pravilima
upravljanje krizama
Language of Keywords: English; Bosnian
921130 Public Finance Activities
919110 International and other extra-territorial public administration
928120 International Affairs
523920 Portfolio Management
The Hungarian national economy, struggling with public finance debts, low efficiency in budgetary policy and a weak control potential, had reached a state of crisis by the middle of the 2000s, which deepened further by the time of the 2007-2008 crisis. From 2010 onwards, as opposed to the conventional crisis management method of the International Monetary Fund (IMF) and the European Union, which was based on budgetary restrictions, adjustments were made to the budget. In 2013, the Hungarian central bank, which did not use conventional crisis management instruments either, joined in, thus becoming an institutional part of the state financial system. It was confirmed that the central bank can help fiscal consolidation and growth potential while still being able to preserve its independence. Conditions were established for the - non-conventional - rules of both fiscal and monetary interventions within the highest level national regulatory framework of the law, compliance with which is ensured by legislative and institutional guarantees. [ABSTRACT FROM AUTHOR]
Mađarsko nacionalno gospodarstvo, koje je rješavalo dugove javnih financija, slabu učinkovitost u proračunskoj politici i slab kontrolni potencijal, sredinom 2000-ih zahvatila je kriza koja se dodatno produbila 2007. i 2008. godine. Prilagodba proračuna provodi se od 2010. godine, unatoč uobičajenoj metodi upravljanja kriznim situacijama Međunarodnog monetarnog fonda (MMF) i Europske unije, koja se temeljila na proračunskim ograničenjima. Godine 2013. Mađarska središnja banka koja nije koristila konvencionalne instrumente upravljanja krizom, postala je institucionalni dio državnog financijskog sustava. Potvrdilo se da središnja banka može pomoći fiskalnoj konsolidaciji i potencijalu rasta, i unatoč tome zadržati svoju neovisnost. Uspostavljeni su uvjeti - nekonvencionalnih - pravila za fiskalne i monetarne intervencije unutar najvišeg nacionalnog regulatornog zakonskog okvira čija se usklađenost osigurava zakonodavnim i institucionalnim jamstvima. [ABSTRACT FROM AUTHOR]
Copyright of Pravni Vjesnik is the property of Pravni fakultet Sveucilista J. J. Strossmayera u Osijeku and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
1PhD, Full Professor, Head of Public Finance Research Institute at National University of Public Service - Public Administration Faculty, Budapest
0352-5317
10.25234/pv/5996
130936846

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