Az új magyar adósságszabály értékelése

This study investigates Hungary's debt regulations, specified in the Act on Economic Stability, which are planned to come into effect in 2015. The investigation is based on three of the eight criteria defined by Kopits and Symansky (2001). The regulations do not fully meet the criterion of accurate definition, as it is doubtful whether the nominal debt rule remains in effect below a 50 per cent debt ratio. In terms of compliance, the rule performs well, as it ensures that the debt ratio declines below the 50 per cent defined by the Constitution. The authors point out that inflation is given the wrong sign in the regulations, so that its application will significantly amplify the impact of macroeconomic shocks in some cases. So the regulations perform poorly in terms of adaptive ability to current macroeconomic conditions, i. e. on grounds of flexibility. [PUBLICATION ABSTRACT]