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Articles on Issue Theme

János KORNAI

Harvard University

A number of macroeconomic troubles led the Hungarian Government to the introduction of an adjustment program in July 2006. The first part of the paper analyses the current macroeconomic situation and the expected economic and social effects of the adjustment program. The determination of the government is shown by the fact that they are ready to accept the political “price” of the program (by reducing the popularity of the election winning political powers. The second part of the paper discusses the relationships concerning measures requiring immediate execution and reforms aimed at long-lasting effects and in depth institutional changes. Also, the paper reflects on the relationship between the budget deficit and the size of the state, on the proportions of state and self-support, as well as on the speed and the gradual implementation of the reforms.

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ŒCONOMICA no. 1/2007

Keywords: adjustment program, balanced growth, budget deficit, credibility, fiscal revenues and expenditures, gradualism, reform, role of the state

JEL: E61, E62, E63, E64, H62, P36

Echilibru, creştere şi reformă

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