CEU Electronic Theses and Dissertations, 2019
| Author | Oellerich, Nils |
|---|---|
| Title | Changing Bank Ownership Patterns in Hungary: Development, Economic Nationalism, and Political Lending |
| Summary | What was the purpose of and motivation behind the nationalisations and subsequent re-privatisation of Hungarian banks? Existing research suggests either ideological considerations revolving around the idea of economic nationalism as a principle motivation, or points to the distribution of ownership rights to political cronies. This thesis builds on these explanations by adopting a conceptualisation of economic nationalism as a framing and legitimisation-strategy, which does not necessarily correspond to material interests. I show that bank ownership changes are indeed politicised in a nationalist manner, therefore constituting a case of economic nationalism. However, the distributive consequences appear to be more selective than the rhetoric of national wellbeing suggests—ownership rights and credit are allocated to a select group of economic actors with close ties to the government while the alleged developmental goals are not realised. This is illustrated on the basis of an analysis of speeches held by the Hungarian Prime Minister, Viktor Orbán, and interviews with Hungarian banking experts that provide insights into the intricate ownership developments and lending practices of the banks in question. Such a two-dimensional analytical framework is ultimately relevant for economic policymaking in Central and Eastern Europe more generally given that the politicisation of economic status as well as rent-seeking incentives continue to attract scholarly attention but are a perpetual source of conceptual conflation. Only a separation of political rhetoric, and distributive consequences can provide a holistic picture of such policies. |
| Supervisor | Bruszt, László |
| Department | Political Science MA |
| Full text | https://www.etd.ceu.edu/2019/oellerich_nils.pdf |
Visit the CEU Library.
© 2007-2021, Central European University