Working Papers

Summary of a speech given by Dr. Surányi at the annual meeting of the Financial Research Institute in Visegrád, Hungary on the 28th of October, 2011

Financial Research Working Papers, October 2011

An economic downturn boosts demand for fiscal rebalancing. It can come either in the form of increased revenues or as spending cuts. Extra revenues can be generated in two major ways: 1) increasing traditional forms of taxes or 2) hitherto unknown, or unorthodox revenue raising, special taxes and levies. Latter was especially dominant in the case of Hungary.

Pension costs are a considerable expenditure of every government and are not sustainable in their present form. The crisis has brought it to attention ? but arguably not to the degree it would necessitate. Structural changes to the pension systems are thus rare and hard to come by. Most countries have started minor changes in the system, adjusted their pension ages, indexed the pension age to life expectancy or pension payments to pension contribution (defined contribution plans ?

2 августа 2011
Ласло Лендьел
Государства ЦВЕ: конец иллюзий о золотом веке

Ласло Лендьел – генеральный директор Института финансовых исследований (Будапешт, Венгрия).

Резюме: Возможно, скоро мы будем вспоминать период до 2012 г. как последний относительно длительный мирный период, в течение которого вооруженные силы преимущественно сокращали, боевые ракеты в основном демонтировали, а отношения России с соседними странами скорее «оттаивали». И когда восточноевропейские страны являлись не фронтовой полосой, а мирной и уютной территорией.

Financial Research Working Papers, July 2011

The article was published in Global Affairs:

The Last Peaceful Days? - Central and Eastern Europe: The End of Illusions about the Golden Age (in Russian: Последние мирные дни?) In: Global Affairs, July-August, 2011 (pp 102-115)

Download: http://eng.globalaffairs.ru/number/The-Last-Peaceful-Days-15326

Keywords?Eastern Europe, Russia, International Relations, Economic Crisis