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The joining negotiations in rapport with the EMU
75-87Views:116The study surveys the field that deals with the Eastward expansion of the European Economic and Monetary Union /EMU/ after the joining negotiations, involving the probable legal, political and economic dilemmas and problems of the introduction of euro in Hungary. The joining contract and the relevant documents unambiguosly outlining the items within the monetary integration for the Hungarian economy can be planned. It also examines the chosen monetary integration for the Hungarian economy can be planned. It also examines the chosen monetary-political systems of the candidate for membership countries from the relevant European regulation point of view, just as the possibility of individual solutions.
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The question of duality in post-transition economic development
71-90Views:169One of the main questions of the FDI-based economic development model is how the local embeddedness of technologically advanced, globally operating multinational firms can be increased. The global economic integration of smaller, locally owned firms could be enhanced by the stimulating spillover effects stemming from multinationals. However, if the two main sectors of the economy function in isolation from each-other, stimulation effects cannot appear. This paper studies the features and extent of structural duality in Hungary, and the preconditions for deepening economic ties between the two sectors and
of the utilization of positive externalities stemming from the presence of large multinational firms.JEL classification: F23, L53
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A behavioral economics approach to perceived inflation
46-71.Views:253Recent years have brought an era of extremely low inflation both in Hungary and in the EU. However, the inflation perceived by consumers has not followed precisely the same path. In the article I attempt to shed light on the underlying causes of this discrepancy, using the concepts of behavioral economics. A summary of the results of the relevant literature and an empirical analysis of Hungarian perceived inflation patterns (both on the aggregate level and for demographic groups) form the backbone of the article. The main findings of the research show that there is a significant bias in the inflation perceptions of Hungarian individuals, caused by psychological phenomena. The extent of the bias varies among sociodemographic groups, but not in exactly the same way as one would expect from the literature.
Journal of Economic Literature (JEL) codes: E03
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The aspects of the Hungary's Adult Training
36-55Views:191The study surveys the most important aspects of the national adult training from educational economy point of view. The authors examine the national limits of legal rule of adult training. They present the different sub-systems of adult training i.e. the educational system, the non-educational system and the working place training characteristics of participation making international comparison too. We look over the target groups of adult-training and the participants motivation of the teaching arena. We also have a look at the domestic costs of the different froms of adult-training, and the division of this expenditure among the participants.
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Revealed comparative advantage in Hungarian agriculture: a chaotic or coherent pattern?
59-82Views:114We describe the evolving pattern of Hungarian agri-food trade using recently developed empirical procedures based around the classic Balassa Index at various aggregation level and different bechmark between 1992 and 2002. Our results shows a significant geographical differences and across sub-sectors of 1, 2, and 3 digit SITC classification. The extent of trade specialisation exhibits a declining trend for all benchmarks; Hungary has lost comparative advantage for a number of product groups over time. The indices of specialisation have also tended to converge. For particular product groups, the indices display greater variation. They are stable for product groups with comparative disadvantage, but product groups with weak to strong comparative advantage show significant variation.
Journal of Economic Literature (JEL) classification: Q12
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The emergence of digital transformation in the automotive industry - Industry 4.0 in Hungary
3-28Views:425It is no exaggeration to say that the digital transformation can be seen as both a paradigm shifts and a real technological revolution (Perez, 2010, Mergel, et al., 2019). In order to get to know the preparedness of the Hungarian automotive industry players in the topic, we conducted an empirical research in October - December 2020. The main goal was to determine the level of automotive actors in the digital transformation process. Company leaders were primarily asked about their progress in the digital transition process, its opportunities and challenges, organizational culture, and potential human resource management responses. This study focuses on the digital transition concentrating on the following dimensions: strategy and leadership, human resources, business processes, supply chain, manufacturing, products and services. Based on the results, we classified the examined Hungarian automotive industry actors into clusters.
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Human Capital and EU-Enlargement
83-92Views:84The enlargement of the European Union is an almost everywhere accepted necessity, but at the same time of course also a compromise. Economies or regions of different economic, social, institutional, etc. development become united in Europe with a territory from the Atlantic to the Eastern borders of Poland, Slovakia and Hungary, from the Baltic Sea to the Mediterranean Sea. This integration process going along with the worldwide globalisation will imply a new distribution, or a redistribution of the factors of production. First of all the human capital will be touched by this development.2 One of the most important results found by social sciences in the 20th century is the realisation of the immense role played by human factors in the process of economic development. The extremely high efficiency of human capital and the high mobility could diminish the regional differences in the economic development and therefore in the social life. But even this is one reason for the mentioned re-allocation of the human capital. In the frame of a very simple static model (See e. g. Bishi – Kopel [2002]) the flow of human capital between different regions – called the European Union and the New Member States – will be analysed. The introduction of search costs extends the field of policy-analysis.
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Több hitel, nagyobb kockázat
185-200Views:151The main goal of this paper is to analyse the characteristics of the rapid credit growth in Hungary in recent years. The availability of credit is crucial for households who want to smooth their consumption and for firms, while the amount of credit affects the monetary transmission mechanism and financial stability risks. We analyse the reasons for the credit expansion and demonstrate that the increase in the amount of credit can improve the efficiency of the monetary transmission mechanism, We analyse the micro risks induced by credit growth. Finally we demonstrate Krugman's model (1999) in connection with the Asian crises and then we try to prove that the growth of foregin-currency denominated credit decreases the ability of monetary policy to affect aggregate demand.
Journal of Economic Literature (JEL) classification: E51.
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Monetary Impacts and Overshooting of Agricultural Prices in Hungary
39-49Views:113This paper employs the theoretical model developed by Shagaian et al. 2002, to analyse the response of various sectors of the Hungarian national economy to changes in the money supply. Johansen co-integration and vector error correction methodology is used to test whether agricultural prices overshoot their long-run equilibrium path if a monetary shock hits the system. Our results emphasise that agricultural prices do adjust faster to changes in macroeconomic conditions, in particular money supply, than industrial prices, thus affecting relative prices in the short-run; however, strict long-run money neutrality does
not hold. The result is that flexible sectors of the national economy, such as agriculture or services, bear the burden of adjustment, with significant consequences for farms’ viability.Journal of Economic Literature (JEL) classifications: C32, E51, P22, Q11.
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The Consistency of Charitable Behaviour and Its Fund Raising Implications
71-86Views:117This paper tries to take an initial step toward a deeper understanding of the differences and similarities between corporate, individual and 1% philanthropy. Though both corporate and individual giving have
a huge international literature (e.g. Adam 2004; Archambault & Boumendi 1998; Burlingame 1997, 2001; Halfpenny 1999; Schervish & Haven, 1997; Wang & Graddy 2008; Zamagni,1995) and 1% philanthropy is also discussed by several, mainly Eastern European authors (e.g. Bódi 2001; Chano 2008; Gerencsér & Oprics 2007; Török & Moss 2004; Vajda & Kuti 2002), the connections between these different kinds of philanthropic activities have not yet been scrutinized. Correspondingly, very little attention has been paid to the issues of how third sector organizations could develop an efficient ‘fund raising mix’; how they should combine their efforts to solicit contributions from different kinds of donors. In order to answer these questions, the author takes an interdisciplinary approach; she uses several different types of analytical and statistical methods. The statistical analysis of the donors’ motivation is based on the results of three empirical surveys of individual giving, 1% philanthropy and corporate donations which were carried out in Hungary over the last couple of years. The third sector organizations’ fund raising behaviour is analyzed using both official statistical data (KSH 1998–2008) and information gathered through interviews (Laki & Szalai 2004; T. Puskás 2006) and case studies (Kotler & Lee 2007; Török 2005b).Journal of Economic Literature (JEL) code: D64, M14, L31
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Has the monopoly in Hungarian telecommunication ceased?
126-146Views:11The article speaks about the natural monopolies of telecommunication, the regulation of competition and within this, the structure and regulation of the telecom industry, examining how this monopoly disappeared. It searches for answers in order to find out where the competitions stands in the Hungarian market and its place in the future. Professionals and consumers of the mainly liberal telecom market in Hungary, since 2001, are expecting that the new open towards international competing will cause greater proficiency and lower costs. In the beginning of the article, its author emphasizes the views in connection with the definition of competition and a form of the imperfect competition, natural monopoly; later speaking about the regulation of competition in general. In the third part of the article, she writes about the special regulations of the competitive telecom market, mentioning Hungarian experiences and showing the structure of the market.
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The importance of foreign direct investment in Hungarian economy on the Millenary
10-25Views:113In the last two decades foreign direct investments has increased tremendously all over the world. Therefore the study of their economic influences and consequences is in the centre of international and Hungarian research. The paper without aiming at completeness gives a short summary of their influences on the recipient country, which is followed by the analysis of the Hungarian statistical data. These investments are of primary importance in Hungary. They played an important role in putting the country on an export-governed growth path at a time when inner accumulation did not make this possible. Their import demand exceeding export can be considered as an infavourable influence, with which FDI contributed to foreign trade deficit to a great extent. The annual capital influx helos compensate for the deficit of the balance of payment, however a major part of this deficit results from the withdrawal of the earnings realised with the help of FDI, which has been at a growing rate since 1998. The figures of the Hungarian companies (between 1998 and 2001) show that the duality of the Hungarian economy is not spreading.
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Varieties of development paths in post communist countries with special regard to the transition in Hungary
5-25Views:142Transition in Central and Eastern Europe was carried out in various ways. However, the different countries’ current economic structure, institutions and main economic performance measures are rather similar. The question asked is whether these countries follow a specific kind of development model? What seems likely is that they differ substantially from CIS countries in many aspects. But they also seem to differ from existing models of capitalism more than they do from each-other. Based on this information, the varieties of capitalism literature assumes that such a model does indeed exist. However, no comprehensive positive description of the model has so far been provided. This paper tries to define the main elements of the CEE capitalist models. These are small open economies, with close integration into the world economy through foreign investments, a relatively limited and declining role of state redistribution, the problems of dual economic structure and insufficient job creation, a relatively large shadow economy and “business capture”-type cronyism. Further research is required to properly describe the elements and interactions among them.
Journal of Economic Literature (JEL) classifications: D72, E65, P31