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• Credit papers in Hungary. An overview

  17-22

  Árpád Barta

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  The study focuses on the credit paper market’s revival and its development after the change in the political system. The bond appeared as early as the beginning of the 80s in the years of socialism. Its basic mission was to rearrange the household savings, making them available for the corporate and municipal sphere. These investments were basically risk-free. The change in the political system reshaped this market fundamentally. The government papers became dominant and, in addition to bonds, treasury bills entered the market. Its main function, even today, is to finance the budget and pay the instalments and interests in relation with the already accumulated debts. In 2010 perhaps a new age started: two corporate bonds entered the market. Both of the two corporations have realised another issue since then and they seem to have followers as well. The economic slowdown and the low rate of bank crediting may help to boost this market.