Is it possible to adjust ‘with a human face’? Differences in fiscal consolidation strategies between Hungary and Iceland

Bruno Martorano ()

Innocenti Working Papers

Abstract: Before the recent economic crisis, Hungary and Iceland were considered to be two excellent models of development. Hungary and Iceland were among the countries affected earliest and most by the recent macroeconomic shock, suffering a similar drop in GDP.While the Hungarian government implemented a flat tax reform in order to stimulate economic activity, the Icelandic government replaced its flat tax system with a progressive one increasing the participation of high income groups in the adjustment process. The aim of this paper is to compare the opposite adjustment paths followed by Hungary and Iceland on selected outcomes.

Keywords: crisis; financial analysis; financial systems; inequality; tax reforms; tax revenues (search for similar items in EconPapers)
Pages: 22
Date: 2014
New Economics Papers: this item is included in nep-eec, nep-pbe and nep-tra
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Citations: View citations in EconPapers (1)

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Journal Article: Is It Possible to Adjust ‘With a Human Face’? Differences in Fiscal Consolidation Strategies between Hungary and Iceland (2015)
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