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The role of institutional factors in the development of budget deficit in Hungary.

100%
Gyorffy D.
Kozgazdasagi Szemle (Economic Review)
|
2005
|
vol. 52
|
issue 10
755-773
EN
The magnitude of the budget deficit in Hungary has recently become one of the most urgent problems of economic policy, endangering both the target date of entry into the Euro zone and sustainable growth. The recent apparent difficulties of consolidation raise the question of how the chronic high deficit can be explained. The study answers by examining the political-economy literature on deficit, which has tended recently to emphasize the importance of institutional regulation, rather than economic factors. The main conclusion offered by a survey of Hungary's system of regulation is that the weaknesses of the budget process allow short-term interests to dominate in decision-making, so that in times of slowing growth and political tensions, the tendency to deficit is much increased. Reform of the public-finance regulations is therefore essential to creating a balanced budget in the long term.
2

Social confidence and budget deficit

100%
Gyorffy D.
Kozgazdasagi Szemle (Economic Review)
|
2007
|
vol. 54
|
issue 3
274-290
EN
The study examines how confidence in the state affects the establishment and maintenance of budget equilibrium. The main supposition is that in countries where society's confidence in the political system is low there are factors contributing to budget deficit on the revenue and expenditure sides: on the revenue side, there is a greater inclination to evade tax, and on the expenditure side, a temptation to populism and difficulty in obtaining a consensus for reform. The positive link between confidence and budget equilibrium is explored first through statistical analysis of experience so far in the Euro zone, and secondly through qualitative comparison of consolidation in Sweden and in Hungary in the mid-1990s. The main conclusion drawn from recognizing the relation between confidence and equilibrium is that the chance of durable budget equilibrium is small in a low-confidence environment, where cycles of overspending and restriction can be expected instead.
3

Global challenges and international economic adjustment. Institutionalization of economic-policy discipline in Sweden

100%
Gyorffy D.
Kozgazdasagi Szemle (Economic Review)
|
2006
|
vol. 53
|
issue 6
540-559
EN
The global liberalization of capital markets that began in the 1980s significantly narrowed the scope of economic policy in small, open countries with their own currency. Despite a high level of state redistribution, the case of Sweden exemplifies successful adaptation to the new challenges through institutionalization of economic-policy discipline. Taking the constraints of integrated capital markets into account, the regulation based approach to monetary and fiscal policy resembles the earlier Swedish model in serving four basic economic-policy goals: growth, high employment, social equality, and price stability. Apart from this community of goals, the two periods are linked by economic-policy consensus and social trust - a basic requirement for success under either system.
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