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Anita Potocskáné Kőrösi, Tünde Bokorné Kitanics, Péter Bertalan
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DOI:10.17265/2328-7144/2017.06.002
Kaposvár University, Kaposvár, Hungary
The 1923 Global Economic Crisis (also called “The Great Depression”) that had hit the whole world, caused the economists and politicians to see more clearly. As it has become obvious several times after World War II., deep changes were needed to be done concerning economic processes. In those times, many smaller crises had risen in different countries, affecting their micro-economic structures, however neither of them had such widespread effects as the Global Financial Crisis in 2008, that has struck several economic sectors, most of all, the finance industry. Numerous studies had been carried out, examining the causes and consequences of the 2008 Crisis. In this study the authors will give an organized overview on the circumstances that characterized the outbreak of the crisis, and focus on the impacts of the events, in particular, its effects on Hungary. To manage the crisis, each country used different economic approaches, took different measures, but the main concept, that economic processes needed strict regulations, was globally accepted, or at least, identified. Regulation of the financial sector, more specifically, of accounting standards was and is of paramount importance. At the outbreak of the crisis, Hungarian economy had been in a unique situation, and directly after 2008, Hungarian economic indicators showed a more favorable economic state compared to Western European countries. This has occurred because of the government’s stabilization fiscal and economic policies in the years preceding the depression, when they had been trying to compensate the financial and economic decisions made during the previous years. But these indicators soon have changed and began to demonstrate a more realistic picture and showed the true economic state of the country. Besides the financial area, the Crisis had affected—on account of foreign currency lending—a wide range of the Hungarian society as well.
economic and financial crisis, regulation, crisis management (G01)
Economics World, Nov.-Dec. 2017, Vol. 5, No. 6, 514-528 doi: 10.17265/2328-7144/2017.06.002
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