Front Matter

Front Matter

Karen Swiderski
Published Date:
September 1992
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    Financial Programming and Policy: The Case of Hungary

    Edited by Karen A. Swiderski

    IMF Institute

    International Monetary Fund

    August 1992

    ©1992 International Monetary Fund

    Library of Congress Cataloging-in-Publication Data

    Financial programming and polic0y: the case of Hungary/edited by Karen Swiderski

    p. cm.

    ISBN 9781557753045

    1. Finance—Hungary. 2. Hungary—Economic policy—1989- 3. Hungary—Economic conditions—1989- A. Swiderski, Karen, 1955-.

    HG186.H8F56 1992




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    Case studies of selected countries have traditionally played an important role in the financial programming courses offered by the IMF Institute. The basic aim of these courses has been to familiarize participants with the issues that arise in formulating a consistent set of macroeconomic policies. Against the background of a rapidly changing situation in Eastern Europe and in the republics of the former Soviet Union, the present case study of Hungary was developed to better address the specific needs of countries in transition from centrally-planned to market economies.

    The period covered extends through 1990. Since then, Hungary’s political and economic situation has undergone marked changes, an account of which can be found in various issues of the National Bank of Hungary’s Quarterly Review. The data used in the study have generally been taken from official sources but, in a few instances, the presentation has been modified for expositional purposes. In addition, it has not been possible to include revisions to official data that have been made since the completion of the study.

    The various chapters of the study are designed to provide the basic material needed to develop consistent projections of macroeconomic developments in Hungary for 1990, and their implications for the medium-term. The workshop series guides participants in the development of a so-called reference scenario, based on an assumption of unchanged policies. The reference scenario serves as a benchmark for developing a normative program scenario, which participants are expected to elaborate in the final weeks of the course. Program scenarios are explicitly based on hypothetical policy packages designed to achieve a desired set of objectives. Comparison of the reference and program scenarios should provide an indication of the impact of the policy measures adopted.

    Karen Swiderski, Deputy Chief of the English Division, served as coordinator and editor of the volume. Jeffrey Davis, Chief of the English Division, was responsible for overall supervision of the project. In addition to contributing to the text, Janos Somogyi, Deputy Chief of the External Training Division, put the data base together. Other contributors included Angel L. Antonaya, Leyla U. Ecevit, William L. Hemphill, John Karlik and Jukka Paljarvi, all of the English Division.

    The authors gratefully acknowledge comments received from colleagues in the European I Department and the IMF Institute. Any opinions expressed are those of the authors and do not reflect the views of the Hungarian authorities, Executive Directors of the IMF, or IMF staff. The authors bear sole responsibility for any errors.

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