Kovács, György and Varga, Bence (2018) Impossibility Trilemmas in Hungarian Economic History (1867–1938). Public Finance Quarterly = Pénzügyi Szemle, 63 (1). pp. 113-129.
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Abstract
This study is intended to demonstrate how Schoenmaker’s financial trilemma and the Mundell–Fleming monetary trilemma took hold in Hungarian economic history between 1867 and 1938 – an era divided into five distinct periods –; in other words, which factors enjoyed priority over others in the individual periods. We also intend to detect the existence of any trade-off between the two trilemmas and to pinpoint the area in which it took place, while also attempting to identify shifts within the individual trilemmas. Each element of the trilemmas is presented separately, including the interaction between them. According to our results, a trade-off could be observed within the monetary trilemma during the years of consolidation under the Bethlen government and in the period of the economic crisis, while it was during the Bethlen consolidation that there was a trade-off between the trilemmas.
Item Type: | Article |
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Uncontrolled Keywords: | economic history, monetary trilemma, financial trilemma |
JEL classification: | F30 - International Finance: General G28 - Financial Institutions and Services: Government Policy and Regulation N23 - Economic History: Financial Markets and Institutions: Europe: Pre-1913 N24 - Economic History: Financial Markets and Institutions: Europe: 1913- |
Subjects: | Finance |
ID Code: | 8753 |
Deposited By: | Alexa Horváth |
Deposited On: | 14 Sep 2023 07:45 |
Last Modified: | 14 Sep 2023 07:45 |
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