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Mobilizing Social and Organizational Resources in Project Type Cooperation: A Case Study in Networking in Interactive Media Firms
25-40Views:119The paper aims at the identification and interpretation of specific coordination problems faced by project-based work organisations using the example of an interactive portal development for a leading
Hungarian economic weakly. The study provides a brief overview of the most important theoretical approaches concerning project-based work organisations and the characteristics of the new or interactive
media sector, which may act as a new model in the fast growing knowledge economy. The interactive portal development is typical of the so-called studio-model of project-based firms (PBF) characterised by
the novel and singular character of the product or service and by the uncertain and fluid nature of the necessary knowledge and skills. The study calls attention to the project manager’s key role in combining
formal and tacit skills and in the coordination of actors’ behaviour which is driven by different logics. In addition, the authors stress the importance of the client’s key role in designing and developing the
interactive media service.JEL classifications: L86; M54; Z13
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Adósságválságtól a NAFTA első évtizedéig – Mexikó gazdaságfejlődésének kérdőjelei
43-65Views:171Az 1982-es adósságválság végett vetett Mexikó csaknem negyven éven át tartó, dinamikus gazdasági növekedéssel jellemezhető fejlődési korszakának. A krízis Mexikót fejlesztési stratégiájának átgondolására és orientációjának megváltoztatására kényszerítette, kezdetét kellett vennie egy olyan fájdalmas, de szükséges folyamatnak, melynek célja egyrészt az előző évtizedekben kialakult makroökonómiai egyensúlytalanságok leépítése, másrészt az állam által irányított importhelyettesítésre alapozó fejlesztési politikától, mikroökonómiai reformok sorával, a piaci erők szabadabb érvényesülésével a gazdasági szerkezet racionalizálása felé való elmozdulás volt. Az ország az 1980-as évek első generációs reformjait követően, az 1990-es évek elmaradó második generációs reformjainak hiányában azonban nem tudta megváltoztatni azt a gazdasági és külkereskedelmi szerkezetet, amely már az „elveszett” évtized végére kialakult, és amely csak kevés növekedési impulzust tudott adni a gazdaság többi részének. A kezdeti alacsony fejlettségi szint miatt és az 1990-es években elmaradó további reformok hiányában Mexikó csak korlátozott mértékben tudta kihasználni a NAFTA-ból származó potenciális és előzetesen nagyon várt előnyöket.
Journal of Economic Literature (JEL) kód: F15, O54.
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The Cross-border Mergers’ Market and Financial Characteristics from the Perspective of Foreign Direct Investments in Hungary
30-46Views:183One of the methods with which foreign corporations practice direct investment is CrossBorder Mergers and Acquisitions (CBM&A). This can be proved by statistics: globally until the mid 1990s CBM&A accounted for about 50% of total Foreign Direct Investments (FDI) and reached 100% in 2000. This trend was not typical in Hungary. However, it reached 100% in 2009. I have two goals in this study: the first is to analyse how this phenomenon occurred in Hungary. In my study I analyse not only the correlation of CBM&A and FDI, but also foreign portfolio investments. My other goal is to analyse the characteristics of CBM&As from the perspective of FDI. I analysed the 343 decisions made by the Competition Authority. Finally, I compared these results with the features of FDI, which support and complement the results gained through statistical calculations.
Journal of Economic Literature (JEL) classification: F21
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The prospects of uniformization of the internal market of electricity in the European Union
3-22Views:223The European internal market of electricity is not yet uniform, although it has been moving toward this direction for the last two decades. The energy market position of the consumers has been strengthening, the liquidity and the cross-border trade of the European electricity markets has been increasing. The stronger competition limited the wholesale prices. Despite the backsliding or stagnating household and industrial consumption, however, the retail prices and the costs have been increasing. The EU has to carry on reforming the electricity market in order to satisfy the need for more flexible energy-systems, to increase the competition, to make the consumers react to price changes in a more flexible way, to create more cost-effective governmental/market measures to handle price volatilities, to finance investments, and to minimise cost increases. The most recent comprehensive recommendations of the European Committee intend to create a new electricity market model, however, it yet remains to see the reception of these on behalf of the member countries.
Journal of Economic Literature (JEL) code: Q48
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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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Zsákban táncolva, avagy az egyetemi innovációs stratégia sajátosságai
Views:124Az alábbi írásban igyekszem az egyetemek néhány olyan fejlődési és működési (szervezetszociológiai és oktatás-gazdaságtani) sajátosságát felvázolni, amelyeket egy egyetemi innovációs stratégia elkészítése során − ha annak nem pusztán deklaratív, szimbolikus céljai vannak − nélkülözhetetlen figyelembe venni. Fontos megjegyezni, hogy a szimbolikus célú tervek, (küldetés)nyilatkozatok, víziók, stratégiák stb. egyáltalán nem idegenek az egyetemektől, sőt a mai napig lényeges elemei egy-egy egyetem közösségének megteremtésében.
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Az oktatás költségei és finanszírozása
11-50Views:228A tanulmány az oktatás-gazdaságtan néhány alapfogalom – az oktatás gazdaságosságának, eredményességének és hatékonyságának – definiálása után áttekinti a legfontosabb aktorok motivációit az oktatás
finanszírozását illetően, azaz, hogy miért fizeti az oktatást az egyén, a munkaadó, az állam, és a fenntartók. Ezt követően bemutatja az oktatási kiadások forrásszerkezetét és néhány jellemzőjét nemzetközi
összehasonlításban. Az írás fő része az oktatás finanszírozás módszereinek áttekintése után a hazai oktatási rendszer legfontosabb alrendszereinek, a közoktatásnak, a felsőoktatásnak és a felnőttképzésnek a finanszírozási jellemzőit mutatja be. -
The role of sovereign wealth funds in the international financial system
111-125Views:154While sovereign wealth funds (SWFs) were formerly considered to be passive financial investors, today we can see their active presence in international capital markets. As their assets are continuously growing under their management, they are likely to have important impacts both on the financial services sector and international capital movements as well. The aim of this study is to give an overall view of the role of sovereign wealth funds assumed during the credit crisis, as well as of their possible impacts on the economic and financial system. The problem of transparency will also be discussed, namely the lack of it, which derives from the fact that most sovereign wealth funds do not disclose any information about their activities, operations, and investments. Moreover, this study provides an insight into policy responses made on the international level concerning SWFs.
JEL classification: E58, F21, F30, G15
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Analysis of Fiscal Policy in the Countries of the PaCifiCa
109-126Views:117Volatility has been a main factor in Latin America for decades, but these countries have managed to eliminate it more or less successfully by a series of reforms over the last few decades. Regional integrations have emerged in response to the challenges of globalisation. The most recently created integration is the PaCifiCa, and it is worth analyzing the current fiscal situation of its member states, which largely determines the success of future cooperation. Although the four countries observed managed to survive the 2007-2009 crisis with stable fundamentals, the downturn drew attention to the differences between these countries: while Chile and Peru are able to react easily to cyclical swings by applying countercyclical policy, the economies of Colombia and Mexico are much more vulnerable. The assessment of the welfare systems shows that although Chile has an extensive welfare system, the countries in the region still significantly lag behind the traditional concept of welfare state.
Journal of Economic Literature (JEL) code: H50, H60
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Classical liberalism, democracy, and economic growth: a hypothesis about the Lipset hypothesis
5-30Views:232Does economic growth create democracy, as suggested by the proposition known as the Lipset hypothesis? According to this paper, for the Lipset hypothesis to be valid, it is sufficient for an ideological and a technological condition to be fulfilled. The ideological condition is that the political agenda-setting ideology should be classical liberalism, which can be characterised as combining an aversion towards democracy with a positive assessment of economic and civil liberties. The technological condition is that the country in question should be advanced enough in the technological sense, because in such a country there is no economic growth without innovation maintained by a free market for ideas. Logit regressions run with panel data show that in the period up until the early 20th century a higher per capita income increases the probability of a democratic regime change, but afterwards it does not. The explanation is that before the early 20th century the two conditions were met, but they were not met in those countries that were about to become democratic after the first two decades of the 20th century.
Journal of Economic Literature (JEL) codes: D70, O11, O43
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A pénzügyi válságok elméleteinek áttekintése
143-160Views:268A pénzügyi válságok irodalma az 1980-as és 1990-es években óriási fejlődésnek indult. Ennek oka az, hogy a közgazdászok a gyakorlatban is használható modelleket és gyógymódokat szeretnének kifejleszteni a pénzügyi válságok ellen, melyek romboló hatása – az egyre globálisabbá váló pénz-és tőkepiacokon – folyamatosan nő. Az újabb elméletek egyre újabb tényezőket próbálnak a modellek kereteibe vonni, melynek oka lehet az, hogy a válságok környezete, a pénzpiacok is folyamatosan változnak. A szakirodalom ezt az állandóan bővülő elmélethalmazt három generációba sorolja. E dolgozat egyrészt rövid áttekintést nyújt a pénzügyi válságok terén ez idáig született legjelentősebb elméleti modellekről. Másrészt bemutatja, hogy e három modellcsalád sokkal inkább egymást kiegészítő, mintsem rivalizáló elméletcsokor, s hogy a második és harmadik generációs elméletcsalád közötti határ sokkal kevésbé éles, mint az első és a második generációs modellek közötti választóvonal.
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The Development of Growth Accounting Techniques in the Mirror of Economic Growth
85-103Views:144In this article we present the development of certain growth theories that model the main sources of growth. Since the elasticity of substitution – one of the most important parameters of production function – is not unity, as the Cobb-Douglas production function assumes, it can be different from a value of 1; hence we need a more general CES-type (Constant Elasticity of Substitution) production function. Another important question is the classification of factors of production. The elasticity of substitution is an efficiency factor as well, thus it receives special attention in the analysis. Finally we summarize the main papers that are mainly concerned with growth accounting, and try to answer the question of which factors play a significant or less significant role in economic growth. Growth accounting is strongly connected to growth theories so we refer back to growth theory at certain points.
JEL classification: E13, O47
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Interdependence between government redistribution and economic growth in the long run
132-146Views:156The present paper aims to study changes in the degree of government redistribution with an institutional, historical, statistical and model-like approach. I investigate the impact of changes in redistribution on long-term economic growth in 30 European countries. It is generally stated that government spending/GDP ratio has been continuously increasing (in terms of trend) in Europe since the 1870s. I examine how the size of the states affects economic growth, and what other factors influence the long-run relationship between these two variables. My hypothesis is that in developed countries with high government
redistribution it has been an impediment to economic growth in the long run. Finally, I illustrate this hypothesis with a statistical analysis of 30 European countries.Journal of Economic Literature (JEL) Classification: E66, H62, C10
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Neumann's model and the cycles
14-19Views:105Neuman has created his model to verify the theoretical existence of balance. The assumptions of the model give an explanation to the existence of the cycles. They derive from two peculiarities of the model, which Neumann concludes from the operation of the market. The first peculiarity is that balance comes about in the so-called saddlepoint. It is characterized by maximum production and minimum profit. The second is crossregulation, where excess profit stimulates growth, whereas oversupply decreases prices.
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Just-in-Time system in terms of real options
Views:112The value creation process in a company and the competitive position are critically influenced by corporate resource allocation and proper valuation of investment alternatives. After the Second World War, capital budgeting and strategic planning emerged as two complementary but different systems for resource allocation. The real options approach developed in the ’80s may provide a useful tool for making a connection between capital budgeting and strategic management. Real options are implicit managerial and operating flexibilities embedded in many non-financial assets and liabilities. In a wider sense: “A real option is the investment in physical assets, human competence, and organisational capabilities that provide the opportunity to respond to future contingent events” (Kogut-Kulatilaka, 2001). This paper shows that Just-in-Time (JIT) system as management philosophy can be regarded as a knowledge-based or capability-based implicit strategy rather than a simple, easy-toimitate best practice approach. Moreover, implementation of JIT can be considered as a strategic investment. The presentation focuses on how the relation among strategic investments, developed technological systems and corporate strategy can be expressed through the real options view.
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Globalizáció és jóléti állam: azonos kihívás – eltérő válaszok
165-182Views:166A szakirodalom nagy része által elfogadott tény, hogy a globalizáció hatással van a jóléti államra. A kormányok kettős szorítással szembesülnek, megnőttek ugyanis a kiadások iránti igények, ugyanakkor a bevételi források lecsökkentek. A globalizáció által kiváltott azonos kihívásra a jóléti államok eltérő válaszokat adtak. A tanulmány célja elsősorban két lehetséges irány leíró jellegű bemutatása Svédország és
Franciaország példáján keresztül. Míg a svéd jóléti rendszeren radikális átalakításokat hajtottak végre, amelyek javították is az ország teljesítményét, addig Franciaországban nem következett be alapvető változás, csupán kisebb reformokat vezettek be.
Journal of Economic Literature (JEL) kódok: E62, H50, H60, I38, P52 -
The suspicion of Dutch Disease in Russia
103-124Views:174The main statement of the paper is the suspicion that Russia carries the symptoms of Dutch disease. The main justifications behind it are the appreciation of real exchange rates, the deterioration of the performance of the manufacturing sector and the improvement of service sector results. However it is difficult to prove the determining factors behind these processes, so the conclusion that Russia has this ailment has to be treated with caution. As the Dutch disease is only one of the determining factors of the resource curse hypothesis, in the case of Russia other relevant aspects may also play a significant role, such as, inter alia, continuous and considerable corruption, the weaknesse of democratic political system, a protectionist economic policy and a low level of competition, especially in the energy sectors. All of the reasons behind the paradox of the plenty type resource curse phenomenon, and among them the Dutch disease, can jeopardise long-run growth sustainability.
Journal of Economic Literature (JEL) classification: F31, L60, L72, Q32, Q33
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The question of duality in post-transition economic development
71-90Views:170One 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