Hungary

Hungary became a Christian kingdom in A.D. 1000 and for many centuries served as a bulwark against Ottoman Turkish expansion in Europe. The kingdom eventually became part of the polyglot Austro-Hungarian Empire, which collapsed during World War I. The country fell under Communist rule following World War II. In 1956, a revolt and an announced withdrawal from the Warsaw Pact were met with a massive military intervention by Moscow. Under the leadership of Janos KADAR in 1968, Hungary began liberalizing its economy, introducing so-called "Goulash Communism." Hungary held its first multiparty elections in 1990 and initiated a free market economy. It joined NATO in 1999 and the EU in 2004.

Economical characteristics

 * Currency: Forint (ISO code: HUF)
 * Central bank discount rate: 6.25% (31 December 2009)
 * Commercial banks lending rate: 6.66% (31 December 2009)
 * Stock of money (M1): $30.27 billion (31 December 2009)
 * Quasi money (with M1 makes M2): $40.7 billion (31 December 2009)

Notable events:

 * Banking crisis: July 1931, 1991-1995
 * Hyperinflation: 1945-1946
 * Years in inflation: 14.1% (share of years 1918-2009 with annual inflation above 20 per cent per annum)
 * Public default: 1932-1937, 1941-1967(external)

Links

 * Hungary on Wikipedia
 * Central bank of Hungary
 * Country profile (pdf) from the Enterprise Studies page (part of the The World Bank Group)
 * Studies from the Library of Congress (1986-1998)
 * BBC country profile
 * The Czech Crisis: Part I: The Eastern European Roots by Leonard P. Liggio, September 1969