{
  "title": "Hungary: Selected Issues",
  "publication": "IMF Staff Country Reports, December 5, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/12/04/hungary-selected-issues-48849",
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  "summary": "This Selected Issues paper describes and discusses potential implications of recent changes in Hungary’s public debt strategy.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Publication date: December 5, 2019\n- Type: IMF Staff Country Report (Country Report No. 2019/358)\n- Pages: 28\n- Volume: 2019\n- Issue: 358\n- DOI: https://doi.org/10.5089/9781513521435.002\n- Stock No: 1HUNEA2019002\n- ISBN: 9781513521435\n- ISSN: 1934-7685\n- The paper examines recent changes in Hungary’s public debt strategy with special attention to the “Hungarian Government Security Plus Scheme” (MÁP+) for physical persons, introduced in June 2019."
    },
    {
      "heading": "Key findings on MÁP+ and retail bonds",
      "content": "- MÁP+ is a retail bond program for physical persons introduced in June 2019.\n- One of the main benefits of retail bonds is that they usually are perceived as more stable funding.\n- The paper focuses mainly on the MÁP+ bond, the initial experience with this bond, and elaborates on its potential implications.\n- MÁP+ has many reasonable objectives, although some objectives are influenced by broader macroeconomic policies:\n  - Higher a savings rate of households\n  - Reduced external indebtedness\n- These objectives are noted to be \"to a major extent driven by macroeconomic policies.\""
    },
    {
      "heading": "Analysis and concerns",
      "content": "- It is argued that MÁP+ should be continuously monitored to ensure its objectives are achieved in the most cost-efficient manner and to avoid unintended distortions.\n- Going forward, the paper raises the question whether the objectives of MÁP+ can be achieved by appreciably lower cost to the budget given less expensive alternative funding sources and policy options.\n- Public debt management also needs to respond to changing market conditions."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Continuously monitor MÁP+ to:\n  - Ensure objectives are achieved cost-efficiently\n  - Avoid unintended market distortions\n- Evaluate whether alternative, less expensive funding sources and policy options could achieve the same objectives at lower budgetary cost.\n- Ensure public debt management adapts to changing market conditions."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subject: Currencies, Financial institutions, Financial transaction tax, Government debt management, Government securities, Money, Public debt, Public financial management (PFM), Taxes\n- Keywords: cash, cash hoarder, cash holding, cash payment, CR, Currencies, currency, Financial transaction tax, financing, Global, Government debt management, government securities, Government securities, ISCR, MÁP, payment system"
    },
    {
      "heading": "Additional publication context",
      "content": "- The IMF eLibrary is noted to offer over 25,000 IMF publications in multiple formats.\n- Format citation example provided in Chicago style in the source content.\n\nSource: IMF Staff Country Report \"Hungary: Selected Issues\" (Country Report No. 2019/358), December 5, 2019.\n\n---\n\n Content in this bundle\n\n- Hungary: Selected Issues; IMF Country Report No. 19/358; November 12, 2019\n  - Hungary: Selected Issues; IMF Country Report No. 19/358; November 12, 2019 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Hungary: Selected Issues; IMF Country Report No. 19/358; November 12, 2019 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 5, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513521435.002",
    "Publication date: December 5, 2019",
    "Type: IMF Staff Country Report (Country Report No. 2019/358)",
    "Pages: 28",
    "Volume: 2019",
    "Issue: 358",
    "DOI: https://doi.org/10.5089/9781513521435.002",
    "Stock No: 1HUNEA2019002",
    "ISBN: 9781513521435",
    "ISSN: 1934-7685",
    "The paper examines recent changes in Hungary’s public debt strategy with special attention to the “Hungarian Government Security Plus Scheme” (MÁP+) for physical persons, introduced in June 2019.",
    "MÁP+ is a retail bond program for physical persons introduced in June 2019.",
    "One of the main benefits of retail bonds is that they usually are perceived as more stable funding.",
    "The paper focuses mainly on the MÁP+ bond, the initial experience with this bond, and elaborates on its potential implications.",
    "MÁP+ has many reasonable objectives, although some objectives are influenced by broader macroeconomic policies:",
    "These objectives are noted to be \"to a major extent driven by macroeconomic policies.\"",
    "It is argued that MÁP+ should be continuously monitored to ensure its objectives are achieved in the most cost-efficient manner and to avoid unintended distortions.",
    "Going forward, the paper raises the question whether the objectives of MÁP+ can be achieved by appreciably lower cost to the budget given less expensive alternative funding sources and policy options.",
    "Continuously monitor MÁP+ to:",
    "Evaluate whether alternative, less expensive funding sources and policy options could achieve the same objectives at lower budgetary cost.",
    "Ensure public debt management adapts to changing market conditions.",
    "Subject: Currencies, Financial institutions, Financial transaction tax, Government debt management, Government securities, Money, Public debt, Public financial management (PFM), Taxes",
    "Keywords: cash, cash hoarder, cash holding, cash payment, CR, Currencies, currency, Financial transaction tax, financing, Global, Government debt management, government securities, Government securities, ISCR, MÁP, payment system",
    "The IMF eLibrary is noted to offer over 25,000 IMF publications in multiple formats.",
    "Format citation example provided in Chicago style in the source content.",
    "**Hungary: Selected Issues; IMF Country Report No. 19/358; November 12, 2019**"
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