Revista OEconomica

Tudor Constantin BĂLAN - Cycles of Freedom: Are Our Rights Today Permanently Secured, or Are We in a Transitional Phase? The Cases of Great Britain, the United States, and Russia

Marius-Cristian PANĂ, Adela BĂLAN - Economic Freedom and Prosperity: A Comparative Analysis of Welfare Determinants at the International Level

Ana Octavia ALBU - When Accurate Forecasts Still Produce Waste: Demand Shocks and Over-Forecasting Risk in Food Retail

Adrian-Ioan DAMOC - The Persian Pivot and the Reconfiguration of Geopolitical Realism: Iran and Venezuela in Strategic Competition among the United States, China, and Russia

Emmanuel Olusegun STOBER - Coercive Diplomacy in the Gulf and the Limits of the Strike-Forward Strategy: Toward a Middle-Power Coalition for Regional Stability

Sorin-Nicolae CURCĂ - On the Informational Entropy of Economic Shock

Florin DĂNESCU - The Banking Sector as Critical Infrastructure in the Logic of Hybrid Conflict: Post-2014 Legislative Convergence in Central and Eastern Europe and the Case of Romania

Alexandru POPOVICI - The Contribution of the Music Industry to GDP and Employment: A Comparative Analysis

Mohammed AL-NASSERY - Implications of the War in the Middle East: An Analysis of the Economic, Security, Humanitarian, and Political Dimensions

Mihai LĂCĂTUŞ - GDP as a Means, Not an End: Inequality as the Missing Variable in Fiscal Policy Design – A 60-Country Analysis of Economic Growth and Subjective Well-Being

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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