This study defines various fiscal indicators for different analytical purposes, adjusting for the distorting effect of creative accounting. It presents these indicators using the example of Hungary. The study abandons the general view that an identical balance is produced from the two...

This study defines various fiscal indicators for different analytical purposes, adjusting for the distorting effect of creative accounting. It presents these indicators using the example of Hungary. The study abandons the general view that an identical balance is produced from the two...

In this paper we investigate the possible effects of fiscal tightening in Hungary from two perspectives. First, simulations in an estimated neo-Keynesian model are used to characterise the effects of different scenarios for fiscal consolidations. We show that the composition of fiscal shocks is...

Cyclically adjusted budget balance (CAB) is a widely cited and widely used concept in the evaluation of fiscal situations. The key idea behind it involves the identification of potential levels of economic variables. There are two recently used methods: the aggregate approach and the...

As regards the concept of fiscal sustainability, our study finds that in this area a variety of issues can be examined with very different tools. The issues may concern the achievement of fiscal constraints over an infinite horizon, the realisation of a specific target, or the fiscal policy...

Our study aims to compare the level of redistribution, and expenditure structure of the Visegrád countries in the period between 1995–2010. For the purpose of comparability, the new methodology presented in the study filters out those components of total expenditures, which are exogenous in...

A The delay in accession to the euro zone makes the Hungarian economy vulnerable, thus the present state of public finance may be the source of serious problems. The prerequisite of accession is for the deficit measured with the European methodology to stay below 3 per cent of GDP, whereas the...

Organized by the State Audit Office and the National Bank of Hungary with assistance from the Ministry of Finance on May 19 2006, the conference on a Fiscal Responsibility Framework (FRF) responded to the topical issue of the lasting grievances and the continuous deterioration of the...