Hungarian Forint Research Articles

PCV34 ANNUAL HEALTH INSURANCE TREATMENT COST OF PHLEBITIS AND THROMBOPHLEBITIS: A NATIONWIDE, REAL-WORLD COST OF ILLNESS STUDY

Phlebitis and thrombophlebitis arecommon diseases resulting in significant health insurance cost and societal burden in many developed countries.The aim of our study was to calculate the annual health insurance treatment cost of phlebitis and thrombophlebitis in Hungary. The data derive from the financial database of the Hungarian National Health Insurance Fund Administration (NHIFA), the only health care financing agency in Hungary. We analyzed the health insurance treatment cost and the number of patients for the year 2017. The following cost categories were included into the study: out-patient care, laboratory diagnostics, medical imaging, acute in-patient care, chronic in-patient care and drugs. Phlebitis and thrombophlebitis were identified with the following codes of the International Classification of Diseases 10threvision: I80. The number of patients underwent outpatient care was 98,672 (57.0 % women and 43.0 % men) with a mean age of 60.78 years (women: 61.27 years; men: 60.09 years). Number of patients admitted to in-patient hospital care was 15,323 (54.1 % women and 45.9 % men) with a significantly higher mean age of 64.48 years (women: 66.820 years; men: 61.72 years). For the treatment of patients with phlebitis and thrombophlebitis in 2017 the Hungarian National Health Insurance Fund Administration spent 5.114 billion Hungarian Forint (HUF) which equals 16.540 million Euros (EUR). Major cost drivers were acute inpatient care (75.3 % of total health insurance costs), pharmaceuticals (12.8 %) and outpatient care (4.2 %). Phlebitis and thrombophlebitis represent a significant burden with outstanding public health importance for the health insurance system and for the society. Frequency of the disease is higher both in outpatient and inpatient care for women. There is a significant difference (3.6 years) in the onset of the disease between women and men in outpatient.

PIT5 NATIONWIDE HEALTH INSURANCE TREATMENT COST OF INTRACRANIAL INJURIES IN HUNGARY: COST OF ILLNESS STUDY BASED ON REAL WORLD DATA

Injuries are a major cause of morbidity and mortality in developing and in industrialized regions. The aim of our study was to calculate the annual health insurance treatment cost of intracranial injury in Hungary. The data were derived from the financial database of the Hungarian National Health Insurance Fund Administration (NHIFA), the only health care financing agency in Hungary. We analyzed the number of patients and the health insurance treatment cost for the year 2017. The following cost categories were included into the study: out-patient care, laboratory diagnostics, medical imaging, acute in-patient care, chronic in-patient care and drugs. Patients with intracranial injury were identified with the following codes of the International Classification of Diseases 10threvision: S06. Number of patients admitted to in-patient hospital care was 17,643 (40.9 % women and 59.1 % men) with a mean age of 40.84 years (women: 41.57 years; men: 40.33 years). The number of patients underwent outpatient care was 41,453 (42.4 % women and 57.6 % men) with a mean age of 40.05 years (women: 41.98 years; men: 38.52 years). For the treatment of patients with intracranial injuries in 2017 the Hungarian National Health Insurance Fund Administration spent 8.942 billion Hungarian Forint (HUF) which equals 28.920 million Euros (EUR). Major cost drivers were acute inpatient care (95.6 % of total health insurance costs), chronic inpatient care (2.7 %) and outpatient care (1.3 %). Intracranial injuries represent a significant burden for the Hungarian health insurance system. The disease is more common in men (57-59 %) than women. There is no significant difference (1-3 years) in the onset of the disease between women and men.

PMS24 NATIONWIDE, REAL-WORLD HEALTH INSURANCE TREATMENT COST OF SCOLIOSIS IN HUNGARY: A COST OF ILLNESS STUDY

Scoliosis and related medical problems are of public health importance andgenerates a considerable economic burden. The aim of our study was to calculate the annual health insurance treatment cost of scoliosis in Hungary. The data were derived from the financial database of the Hungarian National Health Insurance Fund Administration (NHIFA), the only health care financing agency in Hungary. We analyzed the number of patients and the health insurance treatment cost for the year 2017. The following cost categories were included into the study: out-patient care, laboratory diagnostics, medical imaging, acute in-patient care, chronic in-patient care and drugs. Patients with scoliosis were identified with the following codes of the International Classification of Diseases 10threvision: M41. The number of patients underwent outpatient care was 175,726 (68.1% women and 31.9% men) with a mean age of 42.26 years (women: 45.59 years; men: 35.33 years). Number of patients admitted to in-patient hospital care was 11,249 (76.9% women and 23.15% men) with a mean age of 60.4 years (women: 62.0 years; men: 55.07 years). For the treatment of patients with scoliosis in 2017 the Hungarian National Health Insurance Fund Administration spent 2.961 billion Hungarian Forint (HUF) which equals 9.576 million Euros (EUR). Major cost drivers were acute inpatient care (37.8% of total health insurance costs). out-patient care (37.4%) and chronic inpatient care (20.4%). Scoliosisrepresents a significant burden for the Hungarian health insurance system. The disease is more common in women (68-76 %) than men. There is a significant difference (7-10 years) in the onset of the disease between women and men.

PIH32 ANNUAL HEALTH INSURANCE TREATMENT COST OF ENDOMETRIOSIS IN HUNGARY: A NATIONWIDE COST OF ILLNESS STUDY BASED ON REAL WORLD DATA

Endometrios is of public health importance andwith considerable economic burden. The aim of our study was to calculate the annual health insurance treatment cost ofendometriosis in Hungary. The data were derived from the financial database of the Hungarian National Health Insurance Fund Administration (NHIFA), the only health care financing agency in Hungary. We analyzed the number of patients and the health insurance treatment cost for the year 2017. The following cost categories were included into the study: out-patient care, laboratory diagnostics, medical imaging, acute in-patient care, chronic in-patient care and drugs. Patients with endometriosiswere identified with the following codes of the International Classification of Diseases 10threvision: N80. The number of patients underwent outpatient care was 15,667 (99.9 % women and 0.1 % men) with a mean age of 37.96 years (women: 37.9 years; men: 52.0 years). Number of patients admitted to in-patient hospital care was 3,577 (100 % women) with a mean age of 35.5 years. For the treatment of patients with endometriosisin 2017 the Hungarian National Health Insurance Fund Administration spent 1.675 billion Hungarian Forint (HUF) which equals 5.419 million Euros (EUR). Major cost drivers were acute inpatient care (73.4 % of total health insurance costs), pharmaceuticals (19.8 %) and out-patient care (5.7 %). Endometriosis represents a significant burden for the Hungarian health insurance system. The disease is more common women (99.9 %), although we found 16 male cases.

PSS4 HEALTH INSURANCE BURDEN OF CONDUCTIVE AND SENSORINEURAL HEARING LOSS IN HUNGARY: A NATIONWIDE, REAL WORLD TREATMENT COST OF ILLNESS STUDY

Hearing loss is of social importance and generates a considerable health insurance burden. The aim of our study was to calculate the annual health insurance treatment cost of conductive and sensorineural hearing loss in Hungary. The data were derived from the financial database of the Hungarian National Health Insurance Fund Administration (NHIFA), the only health care financing agency in Hungary. We analyzed the number of patients and the health insurance treatment cost for the year 2017. The following cost categories were included into the study: out-patient care, laboratory diagnostics, medical imaging, acute in-patient care, chronic in-patient care and drugs. Patients with conductive and sensorineural hearing losswere identified with the following codes of the International Classification of Diseases 10threvision: H90. The number of patients underwent outpatient care was 172,282 (55.3% women and 44.7% men) with a mean age of 57.4 years (women: 60.1 years; men: 54.09 years). Number of patients admitted to in-patient hospital care was 9,776 (58.0 % women and 42.0 % men) with a mean age of 53.32 years (women: 57.75 years; men: 47.22 years). For the treatment of patients conductive and sensorineural hearing lossin 2017 the Hungarian National Health Insurance Fund Administration spent 2.011 billion Hungarian Forint (HUF) which equals 6.502 million Euros (EUR). Major cost drivers were acute inpatient care (61.9 % of total health insurance costs), out-patient care (30.7 %) and chronic inpatient care (4.9 %). Conductive and sensorineural hearing loss represents a significant burden for the Hungarian health insurance system. The disease is slightly common in women (55-58%) than men. There is a significant difference (6-10 years) in the onset of the disease between women and men.

Price competition and reimbursement of biosimilar granulocyte-colony stimulating factor in Hungary

ABSTRACTObjectives: We analyzed the bid approach of the Hungarian National Health Insurance Fund Administration (NHIFA) based on the results of two consecutive bids on colony stimulating factor (CSF).Methods: The Hungarian NHIFA database was used to analyze the changes in the number of patients treated with CSF and reimbursement paid by NHIFA, 12 months preceding and following the bids.Results: 13,974 patients received granulocyte-CSF treatment during 12 months prior to bidding. A 4.5% decrease (13,352) and further 1.3% decrease (13,185) in the total number of patients were observed during the first and second years, respectively. The annual health insurance subsidy paid during 12 months prior to the bids was. 7.49 billion Hungarian Forint (HUF) or 26.8 million Euro (EUR). In the first year following the bid, we found a 3.3 billion HUF (12.4 million EUR) decrease in health insurance subsidy (44% reduction). A further 7.9% reduction was observed during the second year, resulting in an annual health insurance subsidy of 3.59 billion HUF (12.1 million EUR).Conclusion: During the 2 years bid (public procurement procedure), the National Health Insurance Fund Administration managed to reduce the health insurance subsidy paid for the reimbursement of both original and biosimilar G-CSF products.

A tisztességtelen szerződési feltételek vizsgálatának hazai bírói gyakorlata a devizahiteles perekben

There is no doubt that the foreign currency loan litigations have been at the heart of the Hungarian civil justice in the second decade of the 21st century. When the financial crisis struck Hungary in 2008, the Hungarian Forint continuously depreciated against the EUR and Swiss Francs that resulted a significant increase of the monthly debt payments. The massive collapsing of foreign-currency-based loans and huge losses by citizens have led to numerous litigations before the Hungarian courts. The overwhelming majority of these actions aimed at establishing the invalidity of retail consumer contracts based on the fault of financial institutions and lack of proper information. On the one hand, intensive legislative work began to balance consumer protection and other interests, and on the other hand, courts adjudicated these cases and the uniform conduct of courts were enhanced through uniformity decisions of the Kúria (Supreme Court of Hungary). In litigation, particular emphasis was placed on providing consumers with adequate information and judicial review of unfair contract terms. Since the regulation of this area has been heavily sourced by the EU law, the courts have in many cases referred questions for a preliminary ruling to the Court of Justice of the European Union. The first such request was the Kásler case (C-26/13) that was followed by a dozen other inquiries. This paper examines the effects of the decisions made on the basis of the judgements and presents the most frequently invoked unfair contract terms and their Hungarian judicial practice.&nbsp

PCV57 - HEALTH INSURANCE COST OF HYPERTENSIVE HEART DISEASE IN HUNGARY: A NATIONWIDE COST OF ILLNESS STUDY

Hypertensive heart disease is a common disease resulting in significant health insurance cost and societal burden in many developed countries.The aim of our study was to calculate the annual health insurance treatment cost of hypertensive heart disease in Hungary. The data derive from the financial database of the Hungarian National Health Insurance Fund Administration (NHIFA), the only health care financing agency in Hungary. We analyzed the health insurance treatment cost and the number of patients for the year 2017. The following cost categories were included into the study: out-patient care, laboratory diagnostics, medical imaging, acute in-patient care, chronic in-patient care and drugs. Hypertensive heart disease was identified with the following codes of the International Classification of Diseases 10threvision: I11. The number of patient underwent outpatient care was 43,194 (54.4 % women and 45.6 % men) with a mean age of 67.79 years (women: 69.44 years; men: 65.83 years). Number of patients admitted to in-patient hospital care was 29,598 (55.3 % women and 44.7 % men) with a higher mean age of 71.24 years (women: 73.39 years; men:68.57 years). For the treatment of patients with hypertensive heart disease in 2017 the Hungarian National Health Insurance Fund Administration spent 8.097 billion Hungarian Forint (HUF) which equals 26.189 million Euros (EUR). Major cost drivers were acute inpatient care (86.7 %), chronic inpatient care (5.8 %) and out-patient care (3.7 %). Hypertensive heart disease represents a significant burden for the health insurance system. Proportion of women is higher both in outpatient and inpatient care. There is a significant difference (outpatient: 3.6 years; inpatient: 4.8 years) in the onset of the disease between women and men. Reimbursement of acute inpatient care is the major cost driver for hypertensive heart disease in Hungary.

PMU49 - HEALTH INSURANCE COST OF PSORIASIS IN HUNGARY: COST OF ILLNESS STUDY BASED ON REAL WORLD DATA

Psoriasis is an increasing cause of morbidity in developing and in industrialized regions. The aim of our study was to calculate the annual health insurance treatment cost of psoriasisin Hungary. The data were derived from the financial database of the Hungarian National Health Insurance Fund Administration (NHIFA), the only health care financing agency in Hungary. We analyzed the number of patients and the health insurance treatment cost for the year 2017. The following cost categories were included into the study: out-patient care, laboratory diagnostics, medical imaging, acute in-patient care, chronic in-patient care and drugs. Patients with psoriasis were identified with the following codes of the International Classification of Diseases 10threvision: L40. Number of patients admitted to in-patient hospital care was 5,333 (50.6 % women and 49.4 % men) with a mean age of 59.78 years (women: 59.93 years; men: 59.62 years). The number of patient underwent outpatient care was 41,614 (50.8 % women and 49.2 % men) with a mean age of 53.40 years (women: 53.86 years; men: 52.93 years). For the treatment of patients with psoriasis in 2017 the Hungarian National Health Insurance Fund Administration spent 2.569 billion Hungarian Forint (HUF) which equals 8.309 million Euro (EUR). Major cost drivers were pharmaceuticals (38.7 % of total health insurance costs), acute inpatient care (37.0 %) and outpatient care (14.4 %). Psoriasisrepresent a significant burden for the Hungarian health insurance system. This disease proved to be equally common among Hungarian women and men. There was no significant difference in the onset of the disease between women and men.

PCV58 - HEALTH INSURANCE TREATMENT COST OF SECONDARY HYPERTENSION IN HUNGARY: A NATIONWIDE COST OF ILLNESS STUDY

Secondary hypertension is a common disease resulting in significant health insurance cost and societal burden in many developed countries.The aim of our study was to calculate the annual health insurance treatment cost of secondary hypertension in Hungary. The data derive from the financial database of the Hungarian National Health Insurance Fund Administration (NHIFA), the only health care financing agency in Hungary. We analyzed the health insurance treatment cost and the number of patients for the year 2017. The following cost categories were included into the study: out-patient care, laboratory diagnostics, medical imaging, acute in-patient care, chronic in-patient care and drugs. Secondary hypertension was identified with the following codes of the International Classification of Diseases 10threvision: I15. The number of patient underwent outpatient care was 5,740 (55.1 % women and 44.9 % men) with a mean age of 57.94 years (women: 60.48 years; men: 54.83 years). Number of patients admitted to in-patient hospital care was 2.929 (59.2 % women and 40.8 % men) with a higher mean age of 61.98 years (women: 64.55 years; men:58.11 years). For the treatment of patients with secondary hypertension in 2017 the Hungarian National Health Insurance Fund Administration spent 780.266 million Hungarian Forint (HUF) which equals 2.523 million Euros (EUR). Major cost drivers were acute inpatient care (72.8 % of total health insurance costs), pharmaceuticals (17.7 %) and chronic inpatient care (5.5 %). Secondary hypertension represents a significant burden for the health insurance system. The occurrence of the disease is more common in women both in outpatient and inpatient care. There is a significant difference (outpatient: 5.64 years; inpatient: 6.54 years) in the onset of the disease between women and men. Reimbursement of inpatient care is the major cost driver for secondary hypertension in Hungary.

PMS7 - Health Insurance Burden of Sport Related Medical Conditions: Treatment Cost of The Injuries of Lower Leg

Sport related injuries are of public health importance and generates a considerable health insurance burden. The aim of our study was to calculate the annual health insurance treatment cost of injuries of muscle, fascia and tendon at lower leg level in Hungary. The data were derived from the financial database of the Hungarian National Health Insurance Fund Administration (NHIFA), the only health care financing agency in Hungary. We analyzed the number of patients and the health insurance treatment cost for the year 2016. The following cost categories were included into the study: out-patient care, laboratory diagnostics, medical imaging, acute in-patient care, chronic in-patient care and drugs. Patients with injury of muscle, fascia and tendon at lower leg level were identified with the following codes of the International Classification of Diseases 10th revision: S86. The number of patient underwent outpatient care was 12,218 (27.4% women and 72.6% men) with a mean age of 45.81 years (women: 47.33 years; men: 45.23 years). Number of patients admitted to in-patient hospital care was 1,139 (15.9% women and 84.1% men) with a mean age of 44.69 years (women: 48.28 years; men: 44.01 years). For the treatment of patients with injuries of muscle, fascia and tendon at lower leg level in 2016 the Hungarian National Health Insurance Fund Administration spent 213.8 million Hungarian Forint (HUF) which equals 0.759 million American Dollars (USD) or 0.823 million Japanese Yen (JPY). Major cost drivers were acute inpatient care (69.2% of total health insurance costs) and out-patient care (26.3%). Injury of muscle, fascia and tendon at lower leg level represents a significant burden for the Hungarian health insurance system. The disease is more common in men (72-84%) than women. There is a significant difference (2-4 years) in the onset of the disease between women and men.

PCN29 - Health Insurance Cost of Malignant Neoplasm of Bronchus and Lung in Hungary: Cost of Illness Study Based on Real World Data

Malignant neoplasm of bronchus and lung represents a leading cause of death in developed countries. The aim of our study was to calculate the annual health insurance treatment cost of malignant neoplasm of bronchus and lung in Hungary. The data were derived from the financial database of the Hungarian National Health Insurance Fund Administration (NHIFA), the only health care financing agency in Hungary. We analyzed the number of patients and the health insurance treatment cost for the year 2016. The following cost categories were included into the study: out-patient care, laboratory diagnostics, medical imaging, acute in-patient care, chronic in-patient care and drugs. Patients with malignant neoplasm of bronchus and lung were identified with the following codes of the International Classification of Diseases 10th revision: C34. Number of patients admitted to in-patient hospital care was 22,896 (40.7 % women and 59.3 % men) with a mean age of 64.64 years (women: 64.41 years; men: 64.79 years). The number of patient underwent outpatient care was 209,640 (44.3 % women and 55.7 % men) with a mean age of 64.64 years (women: 64.16 years; men: 65.02 years). For the treatment of patients with malignant neoplasm of bronchus and lung in 2016 the Hungarian National Health Insurance Fund Administration spent 12.02 billion Hungarian Forint (HUF) which equals 42.707 million American Dollars (USD) or 46.3 million Japanese Yen (JPY). Major cost drivers were acute inpatient care (65.2 % of total health insurance costs), pharmaceuticals (22.2 %) and outpatient care (9.1 %). Malignant neoplasm of bronchus and lung represent a significant burden for the Hungarian health insurance system. The disease is more common in men (55-59 %) than women. The average age of the onset of the disease was almost the same (64 years) in both women and men.

PMS14 - Health Insurance Burden of Sport Related Medical Problems: Treatment Cost of Dislocation and Sprain of Joints and Ligaments At Ankle

Sport related injuries are of public health importance and generates a considerable economic burden. The aim of our study was to calculate the annual health insurance treatment cost of dislocation and sprain of joints and ligaments at ankle, foot and toe level in Hungary. The data were derived from the financial database of the Hungarian National Health Insurance Fund Administration (NHIFA), the only health care financing agency in Hungary. We analyzed the number of patients and the health insurance treatment cost for the year 2016. The following cost categories were included into the study: out-patient care, laboratory diagnostics, medical imaging, acute in-patient care, chronic in-patient care and drugs. Patients with dislocation and sprain of joints and ligaments at ankle, foot and toe level were identified with the following codes of the International Classification of Diseases 10th revision: S93. The number of patient underwent outpatient care was 144,809 (51.7% women and 48.3% men) with a mean age of 33.26 years (women: 36.29 years; men: 30.02 years). Number of patients admitted to in-patient hospital care was 467 (46.9% women and 53.1% men) with a mean age of 33.84 years (women: 35.20 years; men: 32.65 years). For the treatment of patients with this condition in 2016 the Hungarian National Health Insurance Fund Administration spent 425.6 million Hungarian Forint (HUF) which equals 1.51 million American Dollars (USD) or 1.64 million Japanese Yen (JPY). Major cost drivers were out-patient care (59.1% of total health insurance costs), medical imaging (24.6%) and acute inpatient care (11.9%). Dislocation and sprain of ankle represents a significant burden for the Hungarian health insurance system. The disease is equally common in men and women. There is a significant difference (2-6 years) in the onset of the disease between women and men.

PCV23 - Health Insurance Cost Of Atherosclerosis In Hungary: Cost Of Illness Study Based On Real World Data

Atherosclerosis is of public health importance and generates a considerable economic burden. The aim of our study was to calculate the annual health insurance treatment cost of atherosclerosis of native arteries of the extremities in Hungary. The data were derived from the financial database of the Hungarian National Health Insurance Fund Administration (NHIFA), the only health care financing agency in Hungary. We analyzed the number of patients and the health insurance treatment cost for the year 2016. The following cost categories were included into the study: out-patient care, laboratory diagnostics, medical imaging, acute in-patient care, chronic in-patient care and drugs. Patients with atherosclerosis of native arteries of the extremities were identified with the following codes of the International Classification of Diseases 10th revision: I70.2. The number of patient underwent outpatient care was 80,011 (36.3 % women and 63.7 % men) with a mean age of 67.49 years (women: 69.37 years; men: 66.42 years). Number of patients admitted to in-patient hospital care was 14,998 (35.7 % women and 64.3 % men) with a mean age of 67.61 years (women: 70.10 years; men: 66.23 years). For the treatment of patients with atherosclerosis of native arteries of the extremities in 2016 the Hungarian National Health Insurance Fund Administration spent 5.8 billion Hungarian Forint (HUF) which equals 20.67 million American Dollars (USD) or 22.4 million Japanese Yen (JPY). Major cost drivers were acute inpatient care (58.4 % of total health insurance costs), medical imaging (13.9 %) and out-patient care (9.4 %). Atherosclerosis of native arteries of the extremities represents a significant burden for the Hungarian health insurance system. The disease is more common in men (63-64 %) than women. There is a significant difference (3-4 years) in the onset of the disease between women and men.

Financial stress and its non-linear impact on CEE exchange rates

This paper studies the reaction of selected CEE (satellite) currencies to increased financial stress in the euro area (core) and also in global financial markets. We suggest that this reaction might be non-linear; the “safe haven” status of a satellite currency may hold in calm periods, but breaks down when risk aversion is elevated. A stylized model of portfolio allocation between assets denominated in euro and the satellite currency suggests the presence of two regimes characterized by different reactions of the exchange rate to an increased stress in the euro area. In the “diversification” regime, the satellite currency appreciates in reaction to an increase in the expected variance of EUR assets, while in the “flight to safety” regime, the satellite currency depreciates in response to increased expected volatility. We suggest that the switch between regimes is related to changes in risk aversion, driven by the level of strains in the financial system as captured by financial stress indicators. Using the Bayesian Markov-switching VAR model, the presence of these regimes is identified in the case of the Czech koruna, the Hungarian forint and the Polish zloty.

PHP107 - Deficit of the Hungarian Health Insurance Fund Between 1994-2014

The Hungarian health insurance budget showed a huge deficit between 2003-2005. The aim of the study to analyse the deficit of the Hungarian National Health Insurance Fund Administration (OEP), the one and only health insurance fund in Hungary. Data derive from the financial database of the Hungarian National Health Insurance Fund Administration, covering the period 1994-2014. We calculated the deficit of the Fund as difference between revenues and expenditures both in nominal and real values and as a percent of expenditures. In each year between 1994-2014 we found a deficit at the Fund. Between 1994-2002 the deficit was moderate and varied between 3-11 % of expenditures. Between 2003-2005 the deficit increased up to 22-23 % of expenditures. In 2005, there was 6.03 billion USD (1204 billion Hungarian Forint, HUF) revenue, 7.91 billion USD (1579 billion HUF) expenditure, thus the deficit reached 1.9 billion USD (375 billion HUF) which is 23,8 % of expenditures. Between 2006-2008 the deficit decreased to 1.6 % of revenues. Following the outbreak of word economic crisis in 2008, the deficit of the fund increased again to 5-10 % of revenues for the years 2009-2011. For 2013 and 2014 the deficit declined again significantly to less than 0.05 % of revenues. Although between 2003-2005, there was a huge deficit in the Hungarian health insurance budget, in 2006 and 2007 one managed to close the widening gap between revenues and expenditures, which increased again following the outbreak of word economic crises in 2008. For 2013-2014 the fund operated without deficit.

Constitutional Justice in Credit Crises. The Hungarian Case

Abstract The economic crisis of 2008 brought about a rapid depreciation in the exchange rate of the Hungarian forint (HUF). Debtors in Hungary had borrowed money in foreign currencies—especially the Swiss franc—and now found themselves in a significantly deteriorating situation. The consequences of increased indebtedness reached all levels of society. On various grounds, consumers took out numerous civil law proceedings to challenge consumer loan agreements. Questions raised by these lawsuits were, several times, brought to Hungary’s Supreme Court, and were then taken to the legislature. The legislative acts and judicial decisions that ensued were subsequently reviewed by the Constitutional Court of Hungary. This article analyses the case law the Constitutional Court applied in this crisis situation, and brings out the lack of balancing capacity in the constitutional adjudication. Referring to the principles of basic Rule of Law, the author makes a critical assessment of the new constitutional ideas, measures and legal solutions that emerged.

Economic burden of varicella in children 1\u201312\xa0Years of age in Hungary, 2011\u20132015

BackgroundAlthough live-attenuated varicella-zoster virus (VZV) vaccines have been proven to be safe and effective in preventing varicella and real-word evidence shows routine childhood immunization programs are effective in dramatically reducing varicella associated morbidity and mortality, varicella vaccine is not included in the National Immunization Program (NIP) in Hungary. The purpose of this study was to evaluate the clinical and economic burden associated with varicella in Hungary.MethodsThis was a multicenter, retrospective, chart review study of patients aged 1–12 years with a primary varicella diagnosis between 2011 and 2015. Healthcare resource utilization (HCRU) associated with varicella, unit costs, and work loss were used to estimate direct and indirect costs. All costs are presented in 2015 HUF / Euros (€).Results156 children with varicella were included (75 outpatients, 81 inpatients), with a mean age of 4.4 (SD: 2.0) and 3.7 (SD: 2.1) years, respectively. One or more complications were reported by 12.0% of outpatients and 92.6% of inpatients, the most common being dehydration, skin and soft tissue infections, pneumonia, keratoconjunctivitis, and cerebellitis. HCRU estimates included use of over-the-counter (OTC) medications (96.0% outpatients, 53.1% inpatients), prescription medications (9.3% outpatients, 70.4% inpatients), tests/procedures (4.0% outpatients, 97.5% inpatients), and consultation with allied health professionals (2.7% outpatients, 30.9% inpatients). The average duration of hospital stay (inpatients) was 3.6 (95% CI: 3.2, 4.1) days. The total combined direct and indirect cost per varicella case was 228,146.7 Hungarian Forint (HUF)/€ 736.0 for inpatients and 49,790.6 HUF/€ 106.6 for outpatients. The overall annual cost of varicella in Hungary for children aged <15 years in 2015 was estimated at 1,903,332,524.3 HUF/ € 6,139,980.4.ConclusionVaricella is associated with substantial clinical burden in Hungary, resulting in the utilization of a significant amount of healthcare resources. These results support the need for routine vaccination of all healthy children to reduce the varicella-associated disease burden.

True or spurious long memory in European non-EMU currencies

We examine the Croatian Kuna, the Czech Koruna, the Hungarian Forint, the Polish Złoty, the Romanian Leu, and the Swedish Krona whether their Euro exchange rates volatility exhibits true or spurious long memory. Recent research reveals long memory in foreign exchange rate volatility and we confirm this finding for these currency pairs by examining the long memory behavior of squared residuals by means of the V/S test. However, by using the ICSS approach we also find structural breaks in the unconditional variance. Literature suggests that structural breaks might lead to spurious long memory behavior. In a refined test strategy, we distinguish true from spurious long memory for the six exchange rates. Our findings suggest that Czech Koruna and Hungarian Forint only feature spurious long memory, while the rest of the series have both structural breaks and true long memory. Lastly, we demonstrate how to extend existing models to jointly model both properties yielding superior fit and better Value-at-Risk forecasts. The results of our work help to avoid misspecification and provide a better understanding of the properties of the foreign exchange rate volatility.

Debt Overhang and the Macroeconomics of Carry Trade

The depreciation of the Hungarian forint in 2009 left Hungarian borrowers with a skyrocketing value of foreign currency debt. The resulting losses worsened debt overhang in to debt-ridden firms and eroded bank capital. Therefore, although Hungarian banks had partially isolated their balance sheets from exchange rate risk by extending FX-denominated loans, the ensuing debt overhang in borrowing firms exposed the banks to elevated credit risk. Firms, households and banks had run up the open FX-positions hoping to profit from low foreign rates in the run-up to Euro adoption. This example of carry trade in emerging Europe motivates our analysis of currency mismatch losses in different sectors in the economy, and the macroconsequences of reallocating losses from the corporate to the banking sector ex post. We develop a small open economy New Keynesian DSGE model that accounts for the implications of domestic currency depreciation for corporate debt overhang and incorporates an active banking sector with financial frictions. The model, calibrated to the Hungarian economy, shows that, in periods of unanticipated depreciation, allocating currency mismatch losses to the banking sector generates a milder recession than if currency mismatch is placed at credit constrained firms. The government can intervene to reduce aggregate losses even further by recapitalizing banks and thus mitigating the effects of currency mismatch losses on credit supply.