Front Matter

Front Matter

International Monetary Fund
Published Date:
February 1998
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    Hungary: Economic Policies for Sustainable Growth

    Carlo Cottarelli, Thomas Krueger, Reza Moghadam, Perry Perone, Edgardo Ruggiero, and Rachel van Elkan


    Washington DC

    February 1998

    © 1998 International Monetary Fund

    Composition: Alicia Etchebarne-Bourdin

    Cataloging-in-Publication Data

    Hungary: economic policies for sustainable growth / Carlo Cottarelli… [et al.]—Washington, DC: International Monetary Fund, 1998

    p. cm.—(Occasional paper; ISSN 0251-6365; 159)

    ISBN 1-55775-709-7

    1. Hungary—Economic policy—1989. 2. Economic stabilization—Hungary. 3. Hungary—Economic conditions—1989. 4. International Monetary Fund—Hungary. I. Cottarelli, Carlo. II. Occasional paper (International Monetary Fund); no. 159.

    HC300.283.H85 1998

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    The following symbols have been used throughout this paper:

    • … to indicate that data are not available;

    • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    • – between years or months (e.g., 1994–95 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (e.g., 1994/95) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.


    This occasional paper is a collection of studies focusing on economic developments in Hungary, particularly during 1995–97, a period of momentous changes for the Hungarian economy. Most of these studies were prepared as background material for discussions between the International Monetary Fund and the Hungarian authorities during the last two years, while a precautionary Stand-By Arrangement (which expired on February 14, 1998) was in place.

    The paper benefited from comments from László Akar, Mark Allen, Lajos Bokros, Zoltán Bosze, Ákos Cserés, Peter Doyle, Peter Isard, Csaba László, Leslie Lipschitz, György Sándor, György Szapáry, Tamás Tétényi, Szilvia Zádor, and other members of the staff of the National Bank of Hungary and the Ministry of Finance of Hungary, as well as from participants in seminars held at the Universita “La Sapienza” of Rome and the National Bank of Croatia, including Marcello De Cecco, Domenico Mario Nuti, and Marko Škreb. The authors are also grateful to Sandor Czirjak, Jean-Jacques Dethier, Tibor Draskovics, George Kopits, Almos Kovács, Judith Neményi, Werner Riecke, Roberto Rocha, Massimo Russo, and György Surányi for comments and views received during the course of the last two years on some of the topics of this paper. They would also like to thank Patricia Emerson and Indra Perera for secretarial assistance. Martha Bonilla of the External Relations Department edited the manuscripts and coordinated production of the publication. David Maxwell provided excellent research assistance.

    The views expressed here are those of the authors and do not necessarily reflect the opinions of other members of the IMF staff or its Executive Directors.

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