Csaba Lentner - East of Europe, west of Asia

Table of Contens | 7
6.3 Changes in central bank policy: the turn in monetary policy . . . . . . 156
6.3.1 New trends in leading central bank policy after the crisis . . . . . 157
6.3.2 Turn in the monetary policy of the National Bank of Hungary . . 158
6.3.3 Turn in monetary policy and recovery of lending . . . . . . . . . 159
6.3.4 Turn in monetary policy and decrease in external vulnerability . . 163
6.4 Being on the verge of an era? Economic balance of active state operation
over the past 8 years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168
6.4.1 The Hungarian model as a successful crisis management . . . . . 169
6.4.2 The Hungarian model as the policy of wage catch-up, reduction
in public utility charges as well as the expansion of family and
home foundation support . . . . . . . . . . . . . . . . . . . . . . . 172
6.4.3 Hungarian model and sustainability: conditions for a competitive
turn in Hungary . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176
Chapter 7: Theoretical, Systematic “Summary” . . . . . . . . . . . . . . 185
7.1 On classical economic principles, general requirements, optimal way
of state operation - in connection with state influence . . . . . . . . . . 185
7.1.1 From Adam Smith to John M. Keynes . . . . . . . . . . . . . . . . 185
7.1.2 On contemporary Hungarian relations in the age of dualism,
the construction of the state economy . . . . . . . . . . . . . . . . 189
7.2 On the importance of budgetary discipline and a “good tax system”
ornamented with international classics and the theoretical standards
of dualism . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193
7.2.1 On the framework of the state finances in the era of dualism
providing a foundation that remains to this day . . . . . . . . . . 193
7.2.2 Unique historical excerpts on taxation . . . . . . . . . . . . . . . . 197
7.2.3 On the organization of a good state administration and tax policy
– with reference to the era of dualism . . . . . . . . . . . . . . . . 199
7.2.4 On the Smithian and old-new dimensions of disciplinedconstructive
taxation . . . . . . . . . . . . . . . . . . . . . . . . . . 203
7.3 New forms of post-crisis central banking policies, the renaissance
of institutional thinking . . . . . . . . . . . . . . . . . . . . . . . . . . . 210
7.3.1 Crises compelling changes . . . . . . . . . . . . . . . . . . . . . . . 210
7.3.2 Revitalizing institutional thinking and appreciating the role
of the central bank . . . . . . . . . . . . . . . . . . . . . . . . . . . 213
Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221
Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 284
Macroeconomic data from the age of dualism to the present: focusing
on external economy, inflation, public debt and national production data . . . 284
A Short Summary of the Book (in Hungarian and in English) . . . . . . . . . 302
The Author’s Brief Curriculum Vitae (in Hungarian and in English) . . . . . . 303