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Hungarian interwar economy
== After Trianon ==
Following the Treaty of Trianon on June 4, 1920, Hungary, one of the defeated powers, was reduced to nearly 32.6% of its former size. The treaty established which states would replace the former Kingdom of Hungary, with the most dramatic economic consequences of the dismantling affecting Hungary herself. Before the war Hungary depended upon the Austrian and Czech parts of the empire for the import of up to 80% of Hungary’s raw materials and a market accepting an equal percentage of Hungarian exports; the end of the Austro-Hungarian Empire left the new Hungarian State with few raw materials, a loss of its markets, and no sea access, all adding to the devastation of Hungary’s destroyed economy.
In 1920/21 the Hungarian budget predicted expenditures twice as high as the estimated revenue for the year. At the same time the country was facing unrestrained inflation so that by December 1920 the Minister of Finance, Lóránt Hegedüs, drafted a financial program striving for general deflation, tax reforms, and reduced budget expenditures. The plan failed for various reasons, including strong political opposition and the reparation payments which made it difficult to create a balanced budget for the country. In 1922, the government, which until that time had done nothing more than establish some export embargoes, finally intervened in an attempt to curtail the rapidly rising inflation. Foreign-exchange regulation was established mainly on imported goods, though these controls were only temporary. By the second half of the 1920s state intervention decreased significantly to allow a more liberal economic policy.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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