Hungary: Towards a Market Economy offers the most recent and up-to-date assessment of the contemporary Hungarian economy, and follows its evolution in the immediate aftermath of the revolutions in Central and Eastern Europe. Part I describes the macroeconomy, the evolution of monetary policy, the link between the exchange rate and inflation, the inability of fiscal policy to come to terms with public debt and deficits, and the evolution of the underground economy. Part II focuses on the microeconomy; the consolidation of the banking sector, the evolution of corporate governance and an analysis of the profitability of export-orientated firms. The final part assesses the labour market and the system of welfare. Hungary: Towards a Market Economy is the latest in the successful sequence of volumes on major topics in international economics published under the auspices of the Centre for Economic Policy Research, of interest to both policy-makers and specialists.