The economy of Hungary is a high-income mixed economy, ranked as the 9th most complex economy according to the Economic Complexity Index. Hungary is a member of the Organisation for Economic Co-operation and Development (OECD) with a very high human development index and a skilled labour force, with the 13th lowest income inequality in the world. The Hungarian economy is the 53rd-largest economy in the world with $265.037 billion annual output, and ranks 41st in the world in terms of GDP per capita measured by purchasing power parity. Hungary has an export-oriented market economy with a heavy emphasis on foreign trade; thus the country is the 35th largest export economy in the world. The country had more than $100 billion of exports in 2015, with a high trade surplus of $9.003 billion, of which 79% went to the European Union (EU) and 21% was extra-EU trade. Hungary's productive capacity is more than 80% privately owned, with 39.1% overall taxation, which funds the country's welfare economy. On the expenditure side, household consumption is the main component of GDP and accounts for 50% of its total, followed by gross fixed capital formation with 22% and government expenditure with 20%.
In economics, hyperinflation is a very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as they usually switch to more stable foreign currencies. When measured in stable foreign currencies, prices typically remain stable.
The economy of North Macedonia has become more liberalized, with an improved business environment, since its independence from Yugoslavia in 1991, which deprived the country of its key protected markets and the large transfer payments from Belgrade. Prior to independence, North Macedonia was Yugoslavia's poorest republic. An absence of infrastructure, United Nations sanctions on its largest market, and a Greek economic embargo hindered economic growth until 1996.
The economy of Moldova is an emerging upper-middle income economy, with a high Human Development Index. Moldova is a landlocked Eastern European country, bordered by Ukraine on the East and Romania to the West. It is a former Soviet republic and today a candidate member to the European Union.
Following the ratification of article 231 of the Treaty of Versailles at the conclusion of World War I, the Central Powers were made to give war reparations to the Allied Powers. Each of the defeated powers was required to make payments in either cash or kind. Because of the financial situation in Austria, Hungary, and Turkey after the war, few to no reparations were paid and the requirements for reparations were cancelled. Bulgaria, having paid only a fraction of what was required, saw its reparation figure reduced and then cancelled. Historians have recognized the German requirement to pay reparations as the "chief battleground of the post-war era" and "the focus of the power struggle between France and Germany over whether the Versailles Treaty was to be enforced or revised."
In economics and political science, fiscal policy is the use of government revenue collection and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variables developed in reaction to the Great Depression of the 1930s, when the previous laissez-faire approach to economic management became unworkable. Fiscal policy is based on the theories of the British economist John Maynard Keynes, whose Keynesian economics theorised that government changes in the levels of taxation and government spending influence aggregate demand and the level of economic activity. Fiscal and monetary policy are the key strategies used by a country's government and central bank to advance its economic objectives. The combination of these policies enables these authorities to target inflation and to increase employment. Additionally, it is designed to try to keep GDP growth at 2%–3% and the unemployment rate near the natural unemployment rate of 4%–5%. This implies that fiscal policy is used to stabilise the economy over the course of the business cycle.
The Treaty of Trianon often referred to as the PeaceDictate of Trianon or Dictate of Trianon in Hungary, was prepared at the Paris Peace Conference and was signed in the Grand Trianon château in Versailles on 4 June 1920. It formally ended World War I between most of the Allies of World War I and the Kingdom of Hungary. French diplomats played the major role in designing the treaty, with a view to establishing a French-led coalition of the newly formed states. It regulated the status of the Kingdom of Hungary and defined its borders generally within the ceasefire lines established in November–December 1918 and left Hungary as a landlocked state that included 93,073 square kilometres (35,936 sq mi), 28% of the 325,411 square kilometres (125,642 sq mi) that had constituted the pre-war Kingdom of Hungary. The truncated kingdom had a population of 7.6 million, 36% compared to the pre-war kingdom's population of 20.9 million. Though the areas that were allocated to neighbouring countries had a majority of non-Hungarians, in them lived 3.3 million Hungarians – 31% of the Hungarians – who then became minorities. The treaty limited Hungary's army to 35,000 officers and men, and the Austro-Hungarian Navy ceased to exist. These decisions and their consequences have been the cause of deep resentment in Hungary ever since.
The Bretton Woods system of monetary management established the rules for commercial relations among the United States, Canada, Western European countries, and Australia among 44 other countries after the 1944 Bretton Woods Agreement. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states. The Bretton Woods system required countries to guarantee convertibility of their currencies into U.S. dollars to within 1% of fixed parity rates, with the dollar convertible to gold bullion for foreign governments and central banks at US$35 per troy ounce of fine gold. It also envisioned greater cooperation among countries in order to prevent future competitive devaluations, and thus established the International Monetary Fund (IMF) to monitor exchange rates and lend reserve currencies to nations with balance of payments deficits.
Nicolae Văcăroiu is a Romanian politician, member of the Social Democratic Party (PSD), who served as Prime Minister between 1992 and 1996. Before the 1989 Revolution he worked at the Committee for State Planning, together with Theodor Stolojan. He was the President of the Senate of Romania for almost eight years, during two legislatures.
A transition economy or transitional economy is an economy which is changing from a centrally planned economy to a market economy. Transition economies undergo a set of structural transformations intended to develop market-based institutions. These include economic liberalization, where prices are set by market forces rather than by a central planning organization. In addition to this trade barriers are removed, there is a push to privatize state-owned enterprises and resources, state and collectively run enterprises are restructured as businesses, and a financial sector is created to facilitate macroeconomic stabilization and the movement of private capital. The process has been applied in China, the former Soviet Union and Eastern bloc countries of Europe and some Third world countries, and detailed work has been undertaken on its economic and social effects.
The economy of the Socialist Federal Republic of Yugoslavia (SFRY) was a unique system of socialist self-management that operated from the end of World War II until the country's dissolution in the 1990s. The Yugoslav economy was characterized by a combination of market mechanisms and state planning, with a focus on worker self-management and a decentralized approach to decision-making. Despite facing numerous challenges, including political instability and external pressures, the Yugoslav economy achieved significant growth and modernization during its existence, with a particularly strong emphasis on education, health care, and social welfare. However, the system ultimately proved unsustainable in the face of the global economic changes of the 1980s and the political tensions that led to the breakup of Yugoslavia in the 1990s. Despite common origins, the Yugoslav economy was significantly different from the economies of the Soviet Union and other Eastern European socialist states, especially after the Yugoslav-Soviet break-up in 1948. The occupation and liberation struggle in World War II left Yugoslavia's infrastructure devastated. Even the most developed parts of the country were largely rural, and the little industry of the country was largely damaged or destroyed.
The Hungarian National Bank is the central bank of Hungary and as such part of the European System of Central Banks (ESCB). It was established in 1924 as a successor entity of the Austro-Hungarian Bank.
"Price scissors" refers to an economic phenomenon when for a certain group or sector of productive population, the overall valuation from their production for sale outside this group drops below the valuation of the demand of this group for goods produced outside the group after a period of reasonable equilibrium. A typical example is when changing world price levels cause a country’s exports to plummet in value, while the valuation of its imports remains relatively stable.
The economic history of Brazil covers various economic events and traces the changes in the Brazilian economy over the course of the history of Brazil. Portugal, which first colonized the area in the 16th century, enforced a colonial pact with Brazil, an imperial mercantile policy, which drove development for the subsequent three centuries. Independence was achieved in 1822. Slavery was fully abolished in 1888. Important structural transformations began in the 1930s, when important steps were taken to change Brazil into a modern, industrialized economy.
After the collapse of a short-lived Communist regime, according to historian István Deák:
Edwin Walter Kemmerer was an American economist, who became famous as an economic adviser to foreign governments in many countries, promoting plans based on strong currencies, the gold standard, central banks, central bank independence, and balanced budgets. He helped design the U.S. Federal Reserve System in 1911, edited the American Economic Bulletin and the American Economic Review, and became president of the American Economic Association in 1926.
The Kingdom of Hungary, referred to retrospectively as the Regency and the Horthy era, existed as a country from 1920 to 1946 under the rule of Regent Miklós Horthy, who officially represented the Hungarian monarchy. In reality there was no king, and attempts by King Charles IV to return to the throne shortly before his death were prevented by Horthy.
The London Agreement on German External Debts, also known as the London Debt Agreement, was a debt relief treaty between the Federal Republic of Germany and creditor nations. The Agreement was signed in London on February 27, 1953, and came into force on September 16, 1953.
Hyperinflation affected the German Papiermark, the currency of the Weimar Republic, between 1921 and 1923, primarily in 1923. It caused considerable internal political instability in the country, the occupation of the Ruhr by France and Belgium, and misery for the general populace.
The economic history of Ecuador covers the period of the economy of Ecuador in Ecuadoran history beginning with colonization by the Spanish Empire, through independence and up to modern-day.
