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Stabilisation Policies and Economic Transformation in Hungary, 1987-1994
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Omówiono przemiany na Węgrzech, kraju aspirującego do wstąpienia do Unii Europejskiej. Przedstawiono priorytety polityki stabilizacyjnej, problem minimalizacji skutków nierównowagi zewnętrznej (zarządzanie długiem zagranicznym), stopień zaawansowania zmian instytucjonalnych, postęp w restrukturyzacji przedsiębiorstw, przygotowania do integracji z UE, przebieg realnych procesów gospodarczych.
Given the improvement in Hungary's external position in the years 1990-92 and her recent economic growth, the question that arises is whether this country's policies of macroeconomic stabilisation and reform can now be considered a success. The article argues that reducing the balance of payments deficit as a means of keeping external indebtedness in check has remained the priority objective of Hungary's stabilisation policies since 1987. The policy targets ensuing from this have been structural adjustment and market-based reform. This framework approach has remained in place following the political shift of 1990. The author discusses six policy areas in support of her arguments: stabilisation policies, external debt management, deregulation, institutional reform, corporate restructuring, and economic integration with the European Union. To arrive at some conclusions, the final paragraph reviews real economic processes. Numerous pointers suggest that certain economic successes have been achieved. However, notwithstanding the progress that has been made towards higher economic efficiency, the rapid deterioration in external balances since mid-1992, caused by the economic recovery and the increase in domestic demand, indicates that Hungary has yet to resolve the central policy problem presented by the burden of external debt. (original abstract)
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