Instructions for action: Hungary’s reforms (Part 4)

In 1987, in Hungary, a two-level banking system with an autonomous central bank and commercial banks that were able to compete was introduced. In 1988, modern taxation was introduced, including income tax and value added tax. In 1995, direct foreign investment amounted to 4.5 billion dollars. However, in 2008, the state budget deficit increased to 8%, and the country became Read more

Instructions for action: Estonia’s reforms (Part 3)

In Estonia, inflation was over 1000% in 1992, and production fell by as much as 45%. Due to lack of fuel a plan for evacuation of urban residents to the countryside was developed. However, in 1995, inflation dropped to 29%, and in 2006, the country’s economic growth was 12%. The standard of living exceeded the average in Europe, reports “Investor”. Read more