Variations on Crisis Management – Through Examples from Hungary after the Change of Regime

Lentner, Csaba (2020) Variations on Crisis Management – Through Examples from Hungary after the Change of Regime. POLGÁRI SZEMLE: GAZDASÁGI ÉS TÁRSADALMI FOLYÓIRAT, 16 (Spec.). pp. 117-134. ISSN 1786-6553

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Abstract

The samplings included in this study provide insight into the major crisis management measures applied during the more than three-decades of market economy construction that replaced the socialist planned economy system, eroded from the late 1980’s. Due to space constraints, the author merely tackles the 1995 economic policy adjustment package, the 2006 autumn adjustment of the convergence trajectory, and the main elements of the comprehensive public finance reform after 2010, and makes reference to the methodology of dealing with the pandemic crisis “unfolding” from the spring of 2020. In addition to public finance measures, the paper also seeks to account for social impacts. This study basically compares the restraint on solvent demand, favoured by the International Monetary Fund and by the World Bank, with the Keynesian economy boosting measures, through the evaluation of the Hungarian practice, which has followed these patterns, and concludes that in times of crisis the expansion of solvent demand by instruments available for the government and for the central bank is the more efficient solution, especially in an emerging Central European market economy.

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