The Kingdom of Hungary, sometimes referred to as the Regency or the Horthy era, existed as a country from 1920 to 1946 under the rule of Regent Miklós Horthy. Horthy nominally represented the Hungarian monarchy. In reality there was no king. Attempts by Charles IV to return to the throne were prevented by Horthy.
Hungary under Horthy was characterized by its conservative, nationalist and fiercely anti-communist character. The government was based on an unstable alliance of conservatives and right-wingers. Foreign policy was characterized by revisionism — the total or partial revision of the Treaty of Trianon, which had seen Hungary lose over 70% of its historic territory along with over three million Hungarians, who mostly lived in the border territories outside the new borders of the kingdom. Hungary's interwar politics were dominated by an obsession with the territorial losses suffered in this treaty.
Germany's influence in Hungary has led some historians to consider that the country increasingly became a client state of Germany after 1938.