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EN
The international financial crisis caught the Hungarian economy in the midst of a process of budgetary adjustment and prevented a period of two years' restrained growth from giving way to the recovery. Instead, the ever steeper decline in world economic demand pushed the Hungarian economy into recession. The deterioration in performance and prospects was compounded by a domestic political crisis, which increased uncertainty in economic policy. The country's declining credit rating and the drastic fall in available foreign funds after the Lehman collapse in September 2008 led to a flight of foreign investment on the government securities market, which put pressure on the exchange rate and called for rapid adjustment by financial institutions. The level of indebtedness caused volatility that narrowed the room for budgetary and monetary policies in managing the crisis. The article surveys the factors of external and internal origin that brought on a situation marked by shortage of funds, excessive indebtedness and a high proportion of foreign-exchange denominated liabilities. It examines how events in the new, post-Lehman stage in the world crisis have affected the frames and strategy of Hungarian monetary policy and its room for manoeuvre.
EN
The process of the globalization is an important phenomenon of the last decades. Globalization helps to intensify the process of the international division of the labor. On the other side, it stimulates an increase of the international capital movement. The traditional arguments toward the broad capital flows liberalization emphasize the growth benefits. But it is rather inconclusive to measure an exact contribution to economic growth. At the same time the financial liberalization may lead to the higher macroeconomic aggregates volatility. There is also some evidence about benefits of the capital flows liberalization on the microeconomic level that shows the distortional effects of the capital controls. In the paper we analyze the economic aspects of the capital flows liberalization, in terms of growth and volatility of the macroeconomic aggregates.
EN
One of the sociological features of the current economic crises had been its beginning as a media fact rather than economic reality for ordinary people in Poland. Until the very end of 2008 the offi cial strategy of Polish government was denying of present of any economic crises in Poland: 'The Polish economy as well as Polish banking system are used to be healthy and in good conditions and we will be suffer a little slow done because we are not an island'. Unfortunately it occurs not to be true. Based on discourse analysis of two major Polish daily and two weekly we would like to show the evolution of narrative describing crises in global terms and particularly at the domestic market. What was the picture of global crises at the beginning of this discussion, how it supposed to affect Poland, who serve as experts and opinion givers and finally how through the language we can observe the change from 'slow down' to 'crises'? This are basic questions we would like to answer in our text.
EN
The objective of the article is to identify similarities and differences between the Great Depression and global financial and economic crises in period 2007 – 2010. The analysis examines a hypothesis that the main causes of financial and economic crises include unbalanced developments of the macroeconomic sphere as well as existing weaknesses of banking systems, which often do not evolve in line with the development of economy fundamentals. The article is going to inspect three areas: (i) What economic policies and trends were registered in the pre-crisis period in order to identify the main causes of economic fluctuations; (ii) How economic policies responded to the course of the financial and economic crisis; (iii) What was the effect of financial crisis on the real economy development. The main task for after-crisis periods is to improve stabilization of macroeconomic policy, bank risk management system and also system for monitoring and analysing the business cycle.
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