Opening Up the Hungarian Economy: Conditions and Consequences of Liberalizing Trade and Capital Flows in Hungary
Conditions and Consequences of Liberalizing Trade and Capital Flows in Hungary
This chapter addresses issues related to trade (current account) liberalization in Hungary. An overview of the main issues related to external economic liberalization is presented, focusing on trade liberalization. This is followed by a review of macroeconomic developments in the country over the past decade. Then, after dealing with the conceptual and statistical difficulties involved, decomposition exercises are performed regarding changes in aggregate demand and employment; at the end of this analysis, macroeconomic characteristics of different subperiods are discussed. The next section deals with social changes and shifts in income distribution. Finally, the different lines of analysis are brought together and conclusions drawn regarding the mode of external liberalization in Hungary.
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