OECD economic surveys : Hungary 1996-1997 / Organisation for Economic Co-operation and Development.

Format:

Book

Author/Creator:

Organisation for Economic Co-operation and Development, issuing body.

Series:

OECD Economic Surveys: Hungary

Language:

English

Subjects (All):

Economic history.

Hungary--Economic conditions.

Hungary.

Hungary--Economic policy.

Physical Description:

1 online resource (168 pages)

Edition:

1st ed.

Place of Publication:

Paris, France : OECD Publishing, [1997]

Language Note:

English

Summary:

Assessment and recommentations I. Recent trends and prospects -Overview -The transition to sustainable growth -Short-term outlook II. Macroeconomic policies -Monetary policy -Fiscal policy III. Progress in structural reform: selected issues -The banking sector -Privatisation -Trade specialisation and trade policy -Summing up IV. Implementing the OECD Jobs Strategy -Introduction -Labour market and employment performance -Policy requirements -Assessment and scope for further action Glossary Bibliography Annexes -I. Pension reform -II. Interest rate spread -III. Measuring employment, unemployment, labour force and the working-age population -IV. Calendar of main economic events Statistical annex and structural indicators.

Contents:

Intro

Table of contents

Assessment and recommendations

I. Recent trends and prospects

Overview

Figure 1. MACROECONOMIC PERFORMANCE

The transition to sustainable growth

An export-based recovery

Figure 2. THE CLIMATE IN THE BUSINESS SECTOR

The process of adjustment

Table 1. Demand and output

Figure 3. EMPLOYMENT, UNEMPLOYMENT AND THE LABOUR FORCE

Table 2. Wages and prices

Figure 4. INFLATION DEVELOPMENTS

Trade performance and the balance of payments

Table 3. Current account of the balance of payments

Table 4. Financial/capital account of the balance of payments

Short-term outlook

Table 5. Short-term projections

II. Macroeconomic policies

Monetary policy

Establishing credibility...

Table 6. Summary of the main features of monetary policy

Figure 5. EXCHANGE RATE FUTURES AND THE EXCHANGE RATE BAND

... thanks to an improved institutional framework

Box 1. Central bank independence

Figure 6. FOREIGN EXCHANGE PURCHASES AND INTEREST RATE PREMIA

... and prudent management of interest rates

Figure 7. REAL EXCHANGE RATES

Figure 8. REAL (EX POST) SHORT-TERM INTEREST RATES

Figure 9. INTEREST RATES ON BANK LENDING AND TREASURY BILLS

Challenges to monetary policy

Achieving a faster rate of disinflation...

Figure 10. CORRELATION BETWEEN INFLATION AND EXCHANGE RATE DEPRECIATION

... calls for a new approach

Fiscal policy

The 1995-1996 budget outcomes

Table 7. Budget balances

Table 8. General government balances on a cash and accruals basis

The 1997 budget programme

Fiscal policy challenges

Table 9. Tax ratios

III. Progress in structural reform: selected issues

The banking sector

Recent developments: from consolidation to privatisation

Table 10. Breakdown of outstanding bank debts by risk catagories.

Table 11. Ownership structure of the banking system

Table 12. Breakdown of banking sector by size and ownership

The banking business now

After the clean-up, a cautious attitude prevails...

Table 13. Assets and liabilities of the banking sector

Figure 11. STOCK OF REAL CREDITS TO ENTERPRISES

... while competition begins

Figure 12. INTEREST RATE SPREADS

Figure 13. DISPERSION OF BANKING RATES

The challenges ahead

Privatisation

1995 was a very important year for the privatisation process...

Table 14. Privatisation revenues

... but issues remain to be solved

Table 15. Companies managed by the Privatisation Agency (APV Rt), 1996.

Table 16. Rights attached to the state's golden shares in energy companies

Trade specialisation and trade policy

Changes in trade specialisation have been impressive...

Table 17. Geographical breakdown of trade flows

Table 18. Revealed comparative advantages

Table 18. Revealed comparative advantages (cont.)

Table 19. Concentration indices for exports and imports

Table 20. Intra-industry trade indices

... with the help of foreign investments

Figure 14. FOREIGN DIRECT INVESTMENT AND EXPORTS

Export promotion policy is similar to other countries...

Box 2. Export promotion measures

... while imports still face constraints

Table 21. Uruguay Round commitments of Hungary: tariff reductions according to different categories of industrial products

Table 22. Global quotas on consumer goods

Summing up

IV. Implementing the OECD Jobs Strategy

Introduction

Labour market and employment performance

Figure 15. LABOUR MARKET INDICATORS

Characteristics of employment and unemployment

Figure 16. UNEMPLOYMENT AND JOB VACANCIES

Figure 17. EMPLOYMENT AND PARTICIPATION RATES

Table 23. Age-specific employment rates.

Table 24. Sectoral employment

Figure 18. UNEMPLOYMENT BY LEVEL OF EDUCATIONAL ATTAINMENT

Figure 19. REGIONAL UNEMPLOYMENT RATES

Table 25. Unreported sales

Wage dispersion

Policy requirements

Box 3. The OECD Jobs Strategy: synopsis of recommendations for Hungary

Enhancing the ability to adjust and adapt

The wage-formation system

Figure 20. WAGE DRIFT

Figure 21. MINIMUM WAGE DEVELOPMENTS

Table 26. Workers earning the minimum wage or less

Increasing the flexibility of employment and working time

Box 4. Employment protection legislation

Taxes and transfers

High payroll taxes and the problem of evasion

Table 27. Social security expenditures

Figure 22. GOVERNMENT SPENDING AND SOCIAL TRANSFERS

Table 28. Complusory taxes and contributions rates according to earnings

Figure 23. AVERAGE AND MARGINAL TAX WEDGES

Box 5. Unemployment-related benefits

Support to the unemployed

Table 29. Unemployment insurance benefits and ex ante replacement rates

Figure 24. UNEMPLOYMENT BENEFIT REPLACEMENT RATES

Other income-support schemes

Figure 25. BENEFIT RECIPIENTS BY INCOME SUPPORT SCHEME

Table 30. Incidence and duration of sick leave

Box 6. Other income-support schemes

Active labour market policies

Table 31. Employment office networks, staff members, and work-load indicators

Box 7. Active labour market programmes

Table 32. ALMP participation and expenditures by programme

Table 33. Employment impact of labour-market programmes

Increasing the knowledge base, efficiency and innovative capacity

Upgrading skills and competencies

Figure 26. ENROLLMENT RATES BY AGE, VARIOUS COUNTRIES

Product market competition

Technology and innovation

Table 34. Process and product innovation by sector and firm ownership

Assessment and scope for further action

Notes

Glossary.

Bibliography

ANNEXES

Annex I. Pension reform

Figure A1. CUMULATIVE EFFECT OF REFORMS TO PAYG BALANCE

Figure A2. PROJECTED BALANCE OF MULTI-PILLAR SYSTEM

Table A1. Impact of various pension reforms

Annex II. Interest rate spread

Table A2. Decomposition of bank spread

Table A3. Comparison of bank spreads

Table A4. Decomposition of growth in the administrative cost term

Annex III. Measuring employment, unemployment, labour force and the working-age population

Table A5. Alternative definitions of labour-force statistics

Figure A3. LFS AND ENTERPRISE-SURVEY EMPLOYMENT

Annex IV. Calendar of main economic events

STATISTICAL ANNEX AND STRUCTURAL INDICATORS

Table A. Selected background statistics

Table B. Supply and use of resources

Table C. Labour market indicators

Table D. Costs and prices

Table E. Monetary indicators

Table F. Balance of payments

Table G. General government revenue and expenditure

Table H. Financial markets

Table I. Non-financial corporations with double-entry book-keeping

BASIC STATISTICS: INTERNATIONAL COMPARISONS

BASIC STATISTICS: INTERNATIONAL COMPARISONS (cont"d)

BASIC STATISTICS: INTERNATIONAL COMPARISONS (cont'd)

MAIN SALES OUTLETS OF OECD PUBLICATIONS / PRINCIPAUX POINTS DE VENTE DES PUBLICATIONS DE L'OCDE

BOXES

TABLES

Table 4. Financial/capital account of the balance of payments.

Table 5. Short-term projections

Table 10. Breakdown of outstanding bank debts by risk catagories

Table 11. Ownership structure of the banking system

Table 23. Age-specific employment rates

Table 24. Sectoral employment

FIGURES

Figure 2. THE CLIMATE IN THE BUSINESS SECTOR.

Figure 3. EMPLOYMENT, UNEMPLOYMENT AND THE LABOUR FORCE.

Notes:

Bibliographic Level Mode of Issuance: Monograph

Description based on print version record.

Description based on publisher supplied metadata and other sources.

ISBN:

92-64-14963-5

OCLC:

1226584625