Former communist countries in Europe faced difficult choices over the past 15 years as they moved from centrally planned economies to market economies. The Hungarian transformation provides an interesting case for analysis because of its relative success. This analysis focuses on the Hungarian insurance sector as one part of Hungary's successful economic transition and integration from a centrally planned economy to a market economy. The transition of the Hungarian insurance market presents a thought-provoking case of revolutionary change from a bureaucratic monopoly with inefficient performance to a competitive, albeit oligopolistic, insurance market.
... conditions known as the Copenhagen criteria.7 The involvement of Hungary in this process was i... Hungarian government must satisfy the convergence criteria detailed in the Maastricht Treaty. Thus, ...
Under the Maastricht Treaty of 1992, a single currency called the "euro" was adopted, and economic criteria for membership in the European Monetary Union were established. The objectives of the Maastricht Treaty were to eliminate the costs connected with several European currencies, increase both currency and international stability, and stimulate economic growth and employment with a more efficient single market and European integration. The individual Member States and the European Union as a whole would benefit with free circulation of goods, services, people, and capital among the Member States ("What is," n.d., p. 2-3). On January 1, 1999, eleven of the fifteen existing European Union (EU) Member States joined the EMU: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Lux...
... discipline by meeting specific convergence criteria:. Inflation rate must be within 1.5 perce...
... the strict fiscal conditions the Maastricht Treaty imposed before the activation of the euro a.... The Maastricht criteria do not include a measure of real rather than nominnal convergence. In 2002, GDP per capita in the current EU average...
The new members of the European Union (EC8) in 2004 could not have imagined the possibility of joining the EU thirty years ago. The next goal of the EC8 is to achieve European Monetary Union (EMU) convergence in the foreseeable future. This paper looks at the progress achieved by the EC8 to accede to the European Union (EU) and the reforms, strategies and convergence goals necessary to achieve EMU membership. Using synthetic taxonomic analysis, this paper looks at which transition countries are on track to achieve EMU convergence now that EU membership is attained, and for other accession countries. Our empirical study finds that most of the EC8 countries are on track to achieve EMU membership but post-facto membership does not guarantee the maintenance of market restructuring.
... that the EC8 are able to meet the Maastricht criteria of monetary and fiscal stability in budge...
The substitutability of private and public savings has implications for the effectiveness of fiscal policy. Using annual data for the period 1970-2004, this study re-examines long-run relationships between OECD private and public savings rates. However, unlike previous work, panel data unit root and cointegration tests are employed. The results confirm substitutability where strong Ricardian Equivalence is rejected for the entire OECD panel. There is support for weak Ricardian Equivalence with less than perfect substitutability. Indeed, it is argued that existing studies most likely overstate the extent of long-run substitutability particularly with regard to EU countries.
... the EU sample have been guided by the Maastricht convergence criteria and stability pact during the...
... strategies in the euro area is the convergence of practices. There is a clear tendency to issue '... was one of the so-called convergence criteria on the basis of which it was decided whether Europ...The Maastricht Treaty stipulates that Member States should also a...
... for monetary union, including the Maastricht Convergence Criteria, the Stability and Growth Pac...
...That is, fiscal convergence (in the form of persistently similar ratios of gov...The Maastricht "convergence criteria," used to determine eligibil...
The study carries out a review of theoretical and methodological possibility to identify and build a minimal (consistent and complete) list of criteria for real economic convergence aimed at to assess the status of real economic convergence in the European Union. The essence of the study is to identify the necessary and sufficient predicates of macro-economic indicators that allow us to qualify them as criteria for real economic convergence. In the end, some methodological issues are developed and applied. To be sure on the accuracy of research, the sufficient predicates are examined concerning their independence, consistency and completeness. Based on these predicates, thorough examinations of the correlation between the process of real convergence and the nominal convergence is carrie...
... concept of convergence proposed by the Maastricht Treaty, by convergence we must understand a certai...
... to meet the 1993 Copenhagen political criteria reduces the ability of the more reluctant EU membe... into closer compliance with the Maastricht criteria. (2) . The AKP government's commitment to... the case in the early stages of EU convergence for Poland, the Czech Republic and Hungary. . From...
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