Hungary and Other Emerging EU Countries in the Financial Storm
Hungary and Other Emerging EU Countries in the Financial Storm

Author: Júlia Király

Publisher: Springer Nature

Published: 2020-08-18

Total Pages: 145

ISBN-13: 3030495442

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This book analyzes the banking crisis and the events surrounding it in Hungary and other emerging EU member countries in 2007-2013. Written by Júlia Király, a former policymaker, and the Deputy Governor of the Hungarian Central Bank at the time of the crisis, it also offers a firsthand account of the processes in and responses to the financial crisis. While there is extensive literature on the crisis, most of it focuses on the US or the Eurozone, sometimes mentioning the “emerging world” in passing. However, Central and Eastern Europe experienced the crisis very differently than other emerging countries. In the pre-crisis years, the region in accession to the EU attracted abundant fresh capital, but the seemingly unconstrained global liquidity fuelled credit bubbles. After the Lehman crisis, capital rapidly fled these countries. In this part of the world, the recession proved to be much worse than elsewhere, with double-digit growth soon turning into a double-digit decline in GDP. Several countries had to turn to the IMF and the EU for stand-by credit. Based on her own inside experience as a top central banker, the author offers a personal yet professional analysis of the causes and consequences of the financial hurricane.

Hungary
Hungary

Author: International Monetary Fund. European Dept.

Publisher: International Monetary Fund

Published: 2017-05-12

Total Pages: 46

ISBN-13: 1484300475

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This Selected Issues paper reviews the relationship between real GDP growth and domestic bank lending to the private sector in Hungary after the global financial crisis, It draws on a cross-country analysis of European countries. The recessions that followed the crisis were deeper and lasted longer than the average recession. Hungary, like some other countries, experienced a creditless recovery. Although it is difficult to disentangle the causes, this analysis concludes that (1) both credit demand and supply were hurt by the crisis; (2) key factors influencing credit developments include loan quality, deposit funding, and bank capital, as well as the macroeconomic environment; and (3) lending by Hungarian banks to the private sector finally seems to be picking up.

From Crisis to Recovery
From Crisis to Recovery

Author: T. Bracke

Publisher: Springer

Published: 2012-09-18

Total Pages: 234

ISBN-13: 1137034831

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Emerging Europe has suffered a severe economic crisis in recent years, and is only gradually recovering; the prospects for a convergence with the rest of the EU are still uncertain. In this book policymakers, high-level practitioners and experts from central banks identify the main reasons for the crisis and the challenges for the recovery process.

Emerging European Economies after the Pandemic
Emerging European Economies after the Pandemic

Author: László Mátyás

Publisher: Springer Nature

Published: 2022-03-11

Total Pages: 610

ISBN-13: 3030939634

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This edited volume examines the development path of eight Central and Eastern European countries with an overlapping historical background that joined the European Union between 2004 and 2013, and identifies the main similarities and differences between the countries concerned. Based on wide comparative data analysis of Bulgaria, Croatia, The Czech Republic, Hungary, Poland, Romania, Slovakia, and Slovenia, each chapter in the volume provides detailed information about the state of the economy in a specific area preceding the pandemic shock. The book offers a detailed snapshot of the state of the different areas of the economy, starting from the time when the countries concerned came out of the 2008 financial crisis, up to the date when COVID-19 hit. Further, each chapter analyzes the effects of this unprecedented shock on a particular field, which is followed by highlighting the main problems the countries are facing at present and in the near future, together with identifying the available policy options. Finally, before concluding and making general and country-specific policy recommendations, some thoughts will be given to longer-term prospects. More specifically, the question of how the subject area could contribute to avoiding the "middle-income-trap" that this region may be facing will be addressed. The comprehensive approach makes this volume a must-read for scholars and students of economics, as well as policy decision-makers in Europe, interested in a better understanding of the region's economic development.

Financial Integration, Vulnerabilities to Crisis, and EU Accession in Five Central European Countries
Financial Integration, Vulnerabilities to Crisis, and EU Accession in Five Central European Countries

Author: Mustapha K. Nabli

Publisher: World Bank Publications

Published: 1999-01-01

Total Pages: 80

ISBN-13: 9780821345061

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'A major source of vulnerability in the CE5 is their nascent financial systems and their ability to handle large and increasing volume of capital. As the experience of East Asia demonstrates, a high priority should be given to improving the quality and performance of the banking system.'- From 'Financial Integration, Vulnerabilities to Crisis, and EU Accession in Five Central European Countries'The objective of this study is to help assess the possible vulnerabilities in a number of Central European countries as they proceed with global financial integration and EU accession. The report focuses on those countries slated to be the first in the region to join the EU, the Czech Republic, Estonia, Hungary, Poland, Slovenia (CE5). The study: • Discusses the context and presents a short description of the CE5 countries' experience in attracting capital flows • Analyzes the manifestations of vulnerability to financial crises and sustainability of foreign capital flows to the CE5 • Interprets the results and draws implications in view of the initial conditions of the various countries • Compares the EU accession of the CE5 to the Southern Mediterranean countries' accession to the EC in the 1980s • Draws conclusions and makes recommendations

Macroeconomic Imbalances
Macroeconomic Imbalances

Author: European Commission. Directorate-General for Economic and Financial Affairs

Publisher:

Published: 2012

Total Pages: 44

ISBN-13:

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On 14 February 2012, the European Commission presented its first Alert Mechanism Report (AMR) in accordance with the Regulation (EU) No. 1176/2011 on the prevention and correction of macroeconomic imbalances. The AMR serves as an initial screening device to identify Member States that warrant further in depth analysis into whether imbalances exist or risk emerging. According to Article 5 of Regulation No. 1176/2011, these country-specific ?in-depth reviews? should examine the nature, origin and severity of macroeconomic developments in the Member State concerned, which constitute, or could lead to, imbalances. On the basis of this analysis, the Commission concludes whether it considers that an imbalance exists or not, and if so whether it is excessive or not, and what type of follow-up it will recommend to the Council to address to the Member State. This in-depth review concludes that Hungary is experiencing serious macroeconomic imbalances, which are not excessive but need to be addressed. In particular, certain macroeconomic developments such as the highly negative size of the net international investment position and public debt deserve very close attention so as to reduce the important risks of adverse effects on the functioning of the economy.

Macroeconomic Imbalances - Hungary
Macroeconomic Imbalances - Hungary

Author:

Publisher:

Published: 2012

Total Pages: 0

ISBN-13: 9789279228940

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On 14 February 2012, the European Commission presented its first Alert Mechanism Report (AMR) in accordance with the Regulation (EU) No. 1176/2011 on the prevention and correction of macroeconomic imbalances. The AMR serves as an initial screening device to identify Member States that warrant further in depth analysis into whether imbalances exist or risk emerging. According to Article 5 of Regulation No. 1176/2011, these country-specific ?in-depth reviews? should examine the nature, origin and severity of macroeconomic developments in the Member State concerned, which constitute, or could lead to, imbalances. On the basis of this analysis, the Commission concludes whether it considers that an imbalance exists or not, and if so whether it is excessive or not, and what type of follow-up it will recommend to the Council to address to the Member State. This in-depth review concludes that Hungary is experiencing serious macroeconomic imbalances, which are not excessive but need to be addressed. In particular, certain macroeconomic developments such as the highly negative size of the net international investment position and public debt deserve very close attention so as to reduce the important risks of adverse effects on the functioning of the economy.

Hungary and the European Economy in Early Modern Times
Hungary and the European Economy in Early Modern Times

Author: Zsigmond Pál Pach

Publisher: Routledge

Published: 1994

Total Pages: 360

ISBN-13:

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In the age of overseas colonization and rise of intercontinental trade, Western Europe's intercontinental trade with East-Central Europe did not diminish either, but considerably increased in both quantity and significance. Commercial relations within Europe also became a substantial factor in the emerging system of world economy. The 'Western challenge' had a profound impact on this region, and the 15th-17th centuries proved to be a crucial period for the 'economic destiny' of the countries of East-Central Europe, among them Hungary. The papers are now provided with supplementary comments, giving information on research and debates since the articles were first published.

Capital Flows to Converging European Economies
Capital Flows to Converging European Economies

Author:

Publisher:

Published: 2011

Total Pages: 188

ISBN-13: 9789279191473

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Recoge: 1. Determinants of capital flows to the new EU Member States before and during the financial crisis - 2. Capital flows to converging European economies: crisis, reforms and DFI - 3. The dynamics of portfolio holdings in Emerging Europe - 4. The determinants of cross-border bank flows to emerging markets: new empirical evidence on the spread of financial crisis - 5. Cross-border flows and foreign banks in the global financial crisis, has Eastern Europe been different? - 6. The refinancing structure of banks in selected CESEE countries.