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Society and Economy
Authors: Andreea Amarascu, Alena Pálinská, and István Magas

Rogoff, K. S. - Husain, A. M. - Mody, A. - Brooks, R. - Oomes, N. (2003): Evolution and Performance of Exchange Rate Regimes. IMF Working Paper No. 03/243. Oomes N

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Looking back to the global financial crisis of 2008–2009, Hungary was among the first countries to be forced to make use of financial assistance from the EU and the IMF. The government, the MNB (the central bank of Hungary) as well as the domestic and foreign analysts cited the high public debt and the volume of unsecured foreign-currency loans as the main reasons for the crises. Though these were real weaknesses, this diagnosis was false as much as the following treatment. First and foremost, it was the inadequate level of foreign exchange reserves that made Hungary to request outside financial assistance.

The excessive fiscal tightening urged by the MNB only led to deepening of the crises. In general, the macropolicy – both fiscal and monetary policy – before, during and after the crises turned out to be painfully pro-cyclical. Due to the lack of sufficient reserves, the MNB became virtually powerless to intervene and could only watch from the side-lines as events unfolded. The orthodox mind-set after replenishing the forex reserves prevented it from implementing a broad scale of unconventional measures to ease the crises. The fiscal authority lost its capacity long before to reduce the severity of the crises. Thus, the excessive and incorrect structure of fiscal correction coupled with an unjustified orthodox monetary policy, the contraction of the Hungarian economy went much beyond the inevitable amount.

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Nowadays globalization and sustainable development are interconnected economic factors having positive and negative effects on various aspects of human rights. Although the internationalization of human rights and the birth of their so-called third generation can be attributed to globalization, it has increased disparities regardless of anti-discrimination principles of human rights. There is a minimum level of economic development and resources essential for providing full-scale human rights coverage, for this reason both IMF and World Bank has on several occasions been charged with prescribing structural reform projects and shock therapy measures on state budgets, that significantly deteriorated the conditions in the population’s economic and social rights. The active participation in the global problem’s solution is also an important element of the UN Secretary General’s strategy which aims at turning the UN into an international organization that does not watch mass scale human rights abuses silently, is able and willing to act to promote development, security and human dignity in order to achieve global freedom. Not only the active role of the international organizations, but also the decision-making process closer to the levels accessible to people must also be reinforced to improve the human rights dimension of sustainable development.

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. Daianu , D. ( 1994 ): Inter-enterprise Arrears in a Command Economy . IMF Working Paper 54/94. Demirgüç-Kunt , A. and Detragiache , E. ( 1998 ): Financial

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Potential Impact of FSC and FAT on Bank Asset Growth, Risk, and Real Activity . In Claessens, S. — Keen, M. — Pazarbasioglu, C. (eds): Financial Sector Taxation, the IMF’s Report to the G-20 and Background Material , pp. 188 – 191 . International

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IMF ( 2016 ): Annual Report on Exchange Arrangements and Exchange Restrictions 2016. Washington, D. C. , https://www.imf.org/~/media/Files/Publications/AREAER/AREAER_2016_Overview. ashx IMF ( 2017 a): Albania

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–76. Åslund , A. – Boone , P. – Simon Johnson, S. ( 2001 ): Escaping the Under-Reform Trap . IMF Staff Papers, Special Issue , 48 ( 4 ): 88 – 108 , Washington, D.C. Åslund , A

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? Evidence from the Caribbean . IMF Working Paper, No. 82. Haggard , S. – Noland , M. ( 2007 ): Famine in North Korea: Markets, Aid and Reform . New York: Columbia University Press

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Monetary Policy Implications . Inflation and unemployment in Europe, ECB Conference, Sintra, 21-23 May 2015; and IMF Working Paper 15/230. Blanchard , O. – Furceri , D. – Pescatori

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Society and Economy
Authors: Jody Jensen, Ferenc Miszlivetz, and Zbigniew Truchlewski

Rajan, R. (2008): The Future of the IMF and the World Bank. American Economic Review 98(2): 110–115. Rajan R. The Future of the IMF and the World Bank

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