{
  "title": "Hungary: Selected Issues",
  "publication": "IMF Staff Country Reports, May 12, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/05/12/hungary-selected-issues-44909",
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  "summary": "This Selected Issues paper reviews the relationship between real GDP growth and domestic bank lending to the private sector in Hungary after the global financial crisis, It draws on a cross-country analysis of European countries.",
  "publishDate": "2017-05-12",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Summary of paper",
      "content": "- Title: Hungary: Selected Issues\n- Publication date: May 12, 2017\n- Series: Country Report No. 2017/124\n- Issue: 124\n- Pages: 46\n- Volume: 2017\n- DOI: https://doi.org/10.5089/9781484300473.002\n- Stock No: 1HUNEA2017002\n- ISBN: 9781484300473\n- ISSN: 1934-7685\n- Subjects: Bank credit, Banking, Credit, Financial crises, Global financial crisis of 2008-2009, Money, Revenue administration, Tax return filing compliance\n- Keywords: bank, Bank credit, CR, Credit, Europe, Global, Global financial crisis of 2008-2009, grey economy, ISCR, PWS contract, PWS participant, PWS program, PWS wage, PWS worker, Tax return filing compliance, wage, worker"
    },
    {
      "heading": "Major findings and characterization of the post-crisis period",
      "content": "- The paper reviews the relationship between real GDP growth and domestic bank lending to the private sector in Hungary after the global financial crisis.\n- The analysis draws on a cross-country analysis of European countries.\n- The recessions that followed the crisis were deeper and lasted longer than the average recession.\n- Hungary experienced a creditless recovery, similar to some other countries.\n- Lending by Hungarian banks to the private sector finally seems to be picking up."
    },
    {
      "heading": "Core analytical conclusions",
      "content": "- Both credit demand and credit supply were hurt by the crisis.\n- Key factors influencing credit developments include:\n  - loan quality\n  - deposit funding\n  - bank capital\n  - the macroeconomic environment"
    },
    {
      "heading": "Implicit policy-relevant implications (as reflected in the analysis)",
      "content": "- Addressing loan quality, deposit funding, and bank capital is central to restoring robust private-sector lending.\n- Improving the macroeconomic environment supports the recovery of credit supply and demand.\n- Monitoring and supporting the nascent pick-up in lending by Hungarian banks is important for sustaining the recovery.\n\nInternational Monetary Fund. European Dept. \"Hungary: Selected Issues\", IMF Staff Country Reports 2017, 124 (2017).\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2017/05/12/hungary-selected-issues-44909"
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    "Published: May 12, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484300473.002",
    "Title: Hungary: Selected Issues",
    "Publication date: May 12, 2017",
    "Series: Country Report No. 2017/124",
    "Issue: 124",
    "Pages: 46",
    "Volume: 2017",
    "DOI: https://doi.org/10.5089/9781484300473.002",
    "Stock No: 1HUNEA2017002",
    "ISBN: 9781484300473",
    "ISSN: 1934-7685",
    "Subjects: Bank credit, Banking, Credit, Financial crises, Global financial crisis of 2008-2009, Money, Revenue administration, Tax return filing compliance",
    "Keywords: bank, Bank credit, CR, Credit, Europe, Global, Global financial crisis of 2008-2009, grey economy, ISCR, PWS contract, PWS participant, PWS program, PWS wage, PWS worker, Tax return filing compliance, wage, worker",
    "The paper reviews the relationship between real GDP growth and domestic bank lending to the private sector in Hungary after the global financial crisis.",
    "The analysis draws on a cross-country analysis of European countries.",
    "The recessions that followed the crisis were deeper and lasted longer than the average recession.",
    "Hungary experienced a creditless recovery, similar to some other countries.",
    "Lending by Hungarian banks to the private sector finally seems to be picking up.",
    "Both credit demand and credit supply were hurt by the crisis.",
    "Key factors influencing credit developments include:",
    "Addressing loan quality, deposit funding, and bank capital is central to restoring robust private-sector lending.",
    "Improving the macroeconomic environment supports the recovery of credit supply and demand.",
    "Monitoring and supporting the nascent pick-up in lending by Hungarian banks is important for sustaining the recovery.",
    "**Country Report**"
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