Sustaining the Momentum of Fiscal Reform in Hungary:
Hungary has faced a considerable challenge to regain credibility following persistent and high fiscal deficits. Efforts during recent years have produced substantial results. The fiscal deficit has been brought down significantly and, despite the recession, fiscal consolidation has continued to help...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2010
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Online-Zugang: | Volltext |
| Zusammenfassung: | Hungary has faced a considerable challenge to regain credibility following persistent and high fiscal deficits. Efforts during recent years have produced substantial results. The fiscal deficit has been brought down significantly and, despite the recession, fiscal consolidation has continued to help restore foreign investor confidence. Short-term fiscal adjustment needed to be accompanied by measures that can durably improve Hungary's fiscal position, however, and it has; the adoption in 2009 of a pension reform and a Fiscal Responsibility Act, creating a Fiscal Council and fiscal rules hold that potential. These results should not lead to complacency. Some expenditure cuts, such as lower public salaries, may prove difficult to sustain. Fiscal consolidation in the past owed both to expenditure cuts and revenue increases. As a result, and despite an important tax reform starting in the second half of 2009 and extended from the beginning of 2010, marginal tax rates remain high, with adverse effects on the labour market and growth. Going forward, the government needs to contain public expenditure growth and improve public administration efficiency to reduce the public "footprint" on the economy and allow lower taxes. Key areas that warrant intensified efforts are public administration and health. The government should help secure a prominent role for the Fiscal Council and sufficient experience needs to accumulate before considering any substantial changes in the fiscal rules. Finally, improvements to make taxation less distortive should continue by further reducing tax wedges, and increasing the role of wealth taxes, notably for local governments. This Working Paper relates to the 2010 OECD Economic Survey of Hungary (www.oecd.org/eco/surveys/hungary) |
| Beschreibung: | 1 Online-Ressource (38 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5km7pf8fkg24-en |
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| spelling | Forthun, Colin Verfasser aut Sustaining the Momentum of Fiscal Reform in Hungary Colin Forthun and Robert P. Hagemann = Soutenir le rythme de la réforme budgétaire en Hongrie / Colin Forthun et Robert P. Hagemann Soutenir le rythme de la réforme budgétaire en Hongrie Paris OECD Publishing 2010 1 Online-Ressource (38 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers Hungary has faced a considerable challenge to regain credibility following persistent and high fiscal deficits. Efforts during recent years have produced substantial results. The fiscal deficit has been brought down significantly and, despite the recession, fiscal consolidation has continued to help restore foreign investor confidence. Short-term fiscal adjustment needed to be accompanied by measures that can durably improve Hungary's fiscal position, however, and it has; the adoption in 2009 of a pension reform and a Fiscal Responsibility Act, creating a Fiscal Council and fiscal rules hold that potential. These results should not lead to complacency. Some expenditure cuts, such as lower public salaries, may prove difficult to sustain. Fiscal consolidation in the past owed both to expenditure cuts and revenue increases. As a result, and despite an important tax reform starting in the second half of 2009 and extended from the beginning of 2010, marginal tax rates remain high, with adverse effects on the labour market and growth. Going forward, the government needs to contain public expenditure growth and improve public administration efficiency to reduce the public "footprint" on the economy and allow lower taxes. Key areas that warrant intensified efforts are public administration and health. The government should help secure a prominent role for the Fiscal Council and sufficient experience needs to accumulate before considering any substantial changes in the fiscal rules. Finally, improvements to make taxation less distortive should continue by further reducing tax wedges, and increasing the role of wealth taxes, notably for local governments. This Working Paper relates to the 2010 OECD Economic Survey of Hungary (www.oecd.org/eco/surveys/hungary) Economics Hungary Hagemann, Robert P... ctb https://doi.org/10.1787/5km7pf8fkg24-en Verlag kostenfrei Volltext |
| spellingShingle | Forthun, Colin Sustaining the Momentum of Fiscal Reform in Hungary Economics Hungary |
| title | Sustaining the Momentum of Fiscal Reform in Hungary |
| title_alt | Soutenir le rythme de la réforme budgétaire en Hongrie |
| title_auth | Sustaining the Momentum of Fiscal Reform in Hungary |
| title_exact_search | Sustaining the Momentum of Fiscal Reform in Hungary |
| title_exact_search_txtP | Sustaining the Momentum of Fiscal Reform in Hungary |
| title_full | Sustaining the Momentum of Fiscal Reform in Hungary Colin Forthun and Robert P. Hagemann = Soutenir le rythme de la réforme budgétaire en Hongrie / Colin Forthun et Robert P. Hagemann |
| title_fullStr | Sustaining the Momentum of Fiscal Reform in Hungary Colin Forthun and Robert P. Hagemann = Soutenir le rythme de la réforme budgétaire en Hongrie / Colin Forthun et Robert P. Hagemann |
| title_full_unstemmed | Sustaining the Momentum of Fiscal Reform in Hungary Colin Forthun and Robert P. Hagemann = Soutenir le rythme de la réforme budgétaire en Hongrie / Colin Forthun et Robert P. Hagemann |
| title_short | Sustaining the Momentum of Fiscal Reform in Hungary |
| title_sort | sustaining the momentum of fiscal reform in hungary |
| topic | Economics Hungary |
| topic_facet | Economics Hungary |
| url | https://doi.org/10.1787/5km7pf8fkg24-en |
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