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THE CURRENT AND FUTURE PERSPECTIVES OF INDEBTEDNESS OF THE MUNICIPALITIES

Year 2011, Volume: 3 Issue: 1, 1 - 11, 01.06.2011

Abstract

The economic and financial crisis had a deep impact on all countries of the world, among them, Hungary, which was hit harder than expected, as is reflected by the budget plans of 2009. The soaring unemployment rate, recession at a record high, and the lack of revenues had a shocking effect on the government, leading the Hungarian state indebtedness from around 50% in the first decade of the 2000’s to over 80% in 2010, approaching the disastrous level of 90% (Reinhart –Rogoff, 2010), in which municipalities have had an increasing share. The aim of this study is to present the background of the indebtedness of municipalities at the peak of the crisis; our objective is to reflect upon its causes, which were proven right by the national data in 2010. Furthermore, we would also like to demonstrate the composition of municipalities possessing external sources and those wanting to draw in external sources in the light of a nation-wide study

References

  • Csiszárik-Kocsir, Á. (2008): The municipalities indebtedness after the millennium, TET, no.4., pp.81-95., (Hungarian) http://tet.rkk.hu/index.php/TeT/issue/view/106
  • Data from Hungarian Central Bank (2011)
  • Hungarian Statistical Office (2007): Macroeconomy, 2008 (Hungarian), www.ksh.hu, Downloaded: 18.01.2011.,
  • Hungarian Statistical Office (2011): The KSH reported, no.5. (Hungarian), www.ksh.hu, Downloaded: 07.08.2011.,
  • Own research in 2009
  • Reinhardt, C.M. – Rogoff, K.S. (2010): From Financial Crash to Debt Crisis, National Bureau of Economic Research Working Paper, http://www.nber.org./papers/w15795 , Downloaded: 12.03.2011.,
  • Lados, M. (2003): The local governmental budgeting (Hungarian), http://www.sze.hu/~lados/RT_013/LM_RT013_06.pdf, downloaded: 07.01.2011.,
Year 2011, Volume: 3 Issue: 1, 1 - 11, 01.06.2011

Abstract

References

  • Csiszárik-Kocsir, Á. (2008): The municipalities indebtedness after the millennium, TET, no.4., pp.81-95., (Hungarian) http://tet.rkk.hu/index.php/TeT/issue/view/106
  • Data from Hungarian Central Bank (2011)
  • Hungarian Statistical Office (2007): Macroeconomy, 2008 (Hungarian), www.ksh.hu, Downloaded: 18.01.2011.,
  • Hungarian Statistical Office (2011): The KSH reported, no.5. (Hungarian), www.ksh.hu, Downloaded: 07.08.2011.,
  • Own research in 2009
  • Reinhardt, C.M. – Rogoff, K.S. (2010): From Financial Crash to Debt Crisis, National Bureau of Economic Research Working Paper, http://www.nber.org./papers/w15795 , Downloaded: 12.03.2011.,
  • Lados, M. (2003): The local governmental budgeting (Hungarian), http://www.sze.hu/~lados/RT_013/LM_RT013_06.pdf, downloaded: 07.01.2011.,
There are 7 citations in total.

Details

Other ID JA42DK57EH
Journal Section Articles
Authors

Ágnes Csiszárik-kocsir This is me

Mónika Fodor This is me

András Medve This is me

Publication Date June 1, 2011
Published in Issue Year 2011 Volume: 3 Issue: 1

Cite

APA Csiszárik-kocsir, Á., Fodor, M., & Medve, A. (2011). THE CURRENT AND FUTURE PERSPECTIVES OF INDEBTEDNESS OF THE MUNICIPALITIES. International Journal of Social Sciences and Humanity Studies, 3(1), 1-11.
AMA Csiszárik-kocsir Á, Fodor M, Medve A. THE CURRENT AND FUTURE PERSPECTIVES OF INDEBTEDNESS OF THE MUNICIPALITIES. IJ-SSHS. June 2011;3(1):1-11.
Chicago Csiszárik-kocsir, Ágnes, Mónika Fodor, and András Medve. “THE CURRENT AND FUTURE PERSPECTIVES OF INDEBTEDNESS OF THE MUNICIPALITIES”. International Journal of Social Sciences and Humanity Studies 3, no. 1 (June 2011): 1-11.
EndNote Csiszárik-kocsir Á, Fodor M, Medve A (June 1, 2011) THE CURRENT AND FUTURE PERSPECTIVES OF INDEBTEDNESS OF THE MUNICIPALITIES. International Journal of Social Sciences and Humanity Studies 3 1 1–11.
IEEE Á. Csiszárik-kocsir, M. Fodor, and A. Medve, “THE CURRENT AND FUTURE PERSPECTIVES OF INDEBTEDNESS OF THE MUNICIPALITIES”, IJ-SSHS, vol. 3, no. 1, pp. 1–11, 2011.
ISNAD Csiszárik-kocsir, Ágnes et al. “THE CURRENT AND FUTURE PERSPECTIVES OF INDEBTEDNESS OF THE MUNICIPALITIES”. International Journal of Social Sciences and Humanity Studies 3/1 (June 2011), 1-11.
JAMA Csiszárik-kocsir Á, Fodor M, Medve A. THE CURRENT AND FUTURE PERSPECTIVES OF INDEBTEDNESS OF THE MUNICIPALITIES. IJ-SSHS. 2011;3:1–11.
MLA Csiszárik-kocsir, Ágnes et al. “THE CURRENT AND FUTURE PERSPECTIVES OF INDEBTEDNESS OF THE MUNICIPALITIES”. International Journal of Social Sciences and Humanity Studies, vol. 3, no. 1, 2011, pp. 1-11.
Vancouver Csiszárik-kocsir Á, Fodor M, Medve A. THE CURRENT AND FUTURE PERSPECTIVES OF INDEBTEDNESS OF THE MUNICIPALITIES. IJ-SSHS. 2011;3(1):1-11.