Hungary: foreign trade issues in the context of accession to the EU, Volumes 23-441

With progress in industrial restructuring demonstrated by the evolving composition of exports, Hungary seems well poised to take advantage of becoming part of the European single market. However, threats remain. This study examines present trade policies and makes recommendations for improvement. This publication is a Technical Paper sponsored by the Poverty Reduction and Economic Management Network of the World Bank's Europe and Central Asia Division. It is part of a comprehensive series regarding the many important factors that influence European Union (EU) accession in the Central and East European countries (CEEC). The topics in the series cover both the social and economic aspects of accession across a broad range of sectors. The series also provides background information for specific acceding countries. These publications will be of interest to EU member and candidate countries, their ministries, and any one studying the accession issue. Published By Oxford University Press For The World Bank. Some People May Believe That Crises Are An Inevitable Feature Of The Capitalist System. Others Hold That Exchange-rate Crises Will Vanish As More And More Countries Adopt Floating Exchange Rates... But, Some Of Us Believe That Crises Can Be Avoided Or At Least Limited By Good Economic Management, And That Having A Reasonable Idea Of Where The Equilibrium Exchange Rate Lies Is An Essential Requirement For Good Macro Management... --john Williamson, Chief Economist, South Asia Region, World Bank Exchange Rate Misalignment Provides A Comprehensive Treatment Of The Conceptual And Empirical Issues Concerning Measuring Exchange Rate Misalignment In Developing Countries. The Report Hopes To Provide Policymakers And Their Advisors With A Compendium Of Practical Techniques For Estimating Equilibrium Real Exchange Rates. The Book Analyzes, In Detail, Four Methodologies For The Empirical Estimation Of The Long-run Equilibrium Real Exchange Rate. The Findings Of The Report Include: * An Assessment Of Alternative Empirical Measures Of The Internal And External Real Exchange Rates. * An Up-to-date Survey Of The Literature On Estimating Equilibrium Exchange Rates In Both Industrial And Developing Countries. * A Detailed Presentation Of Currently Available Methodologies For Empirically Estimating The Equilibrium Exchange Rate In Developing Countries. The Analytical Depth And Practical Techniques Provided In Exchange Rate Misalignment Make This Book An Invaluable Resource For Policymakers And Foreign Exchange Specialists In The Public And Private Sector. The demise of whatever was left of central planning, coupled with rapidly declining Soviet capability to sustain "soft" settlements in intra-CMEA trade, provided the catalyst for a reorientation of Hungary's commercial relations.