During the last two years, the Budapest Stock Exchange has undergone a unique and spectacular transformation. Unique because it accurately reflects the specific nature of the economic and political transition of the country. Despite the bold, decisive reforms of the early 1990s, which contributed radically to increasing the efficiency and profitability of businesses, the macroeconomic imbalances prevented the success of these developments. Whilst net profits of companies listed on the stock exchange shot up by 166% between 1993 and 1995, the stock index actually dropped by 12% (both measured in dollars), which clearly illustrates investors’ uncertainty in this period.
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