Development and Finance from issue 2010/2

György Szepesi

The Hungarian Financial System and the Crisis

- Abstract -


It was two years ago in March that the financial crisis claimed its first victim: Bear Stearns, the huge US investment company went to the wall. But it was rescued. In the middle of September last year the world ‘recalled’ the collapse of Lehman Brothers, which also signalled the eruption of the latest devastating global financial crisis.1 In the last two years much has happened and continues to happen, both theoretically and in practice, and events have accelerated. The world wanted to survive the crisis, and in fact, it wanted to climb out of the recession pit as soon as possible. As to how successful these attempts will be, today (April 2010) this is still unclear. There are some promising signs but also some alarming risks on the horizon.

György Szepesi, honourable associate professor (Corvinus University Budapest)

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