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• Regulatory Coherence and Economic Growth

  33-54

  Pal Czegledi

  Views:

  165

  The paper is aimed at examining differences in market regulation across countries. Its starting point is the puzzle that poor countries apply more regulatory measures than rich ones do, although it has been empirically shown that those countries that regulate less grow faster. To explain this contradiction, the paper introduces the concept of regulatory coherence, and tries to explain the differences in this concept, together with the differences in the general level of regulation. The main argument is that regulatory coherence as well as the general level of regulation is dependent on the external, broad institutional system, because this affects the incentives of the regulators. The paper tries to support this theiretical argument empirically by a cluster analysis.

  Journal of Economic Literature (JEL) classification: B53, M13, L51

• Varieties of development paths in post communist countries with special regard to the transition in Hungary

  5-25

  Miklos Szanyi

  Views:

  175

  Transition 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

• Some characteristics of the connection between the economy and higher education - results of empirical research

  149-178

  Istvan Polonyi

  Views:

  128

  In this study we try to introduce some lessons drawn from an empirical research project which was made within the framework of the Gabor Baross Program's project, "Facilitation of Knowledge Transfer for Enhancement of Competitiveness of the North Great Plain Region by the Founding of the Innovation Knowledge Center". This part of the research tries to examine the demand for higher education among the actors in the economy. First the paper shows those results of the research which measured firms' knowledge of the Bologna process, and the main goals of the new form of education, and the knowledge structure and competencies connected to the creation of the individual education levels. Following this the article examines requirements from higher education, and the opportunity for developing the connections between educational institutions and the economy.

• Trust as a Cost Reducing Factor

  74-84

  Anett Hodosi

  Views:

  205

  The current study analyzes the cost reducing feature of one of the well-researched informal institutions, trust. The micro level analysis is followed by a macro level approach, which is aimed at highlighting trust’s direct cost reducing element via transaction costs and its indirect effect through the legal system. As part of the latter an empirical evaluation of 25 European Union countries has been carried out regarding the connection between costs due to administrative burden and trust. On the one hand academic economic literature proves that trust reduces transaction costs, and on the other hand that the effectiveness of the legal system contributes to the decrease of transaction costs. According to our assumption the increase of the level of trust improves the effectiveness of the legal system and via this
  mechanism it supports the reduction of transaction costs.

  JEL classification: D02, E02

• Political leadership and economic growth: Do the leaders matter? A vezető személye számít?

  101-116

  Dora Zolcsak

  Views:

  171

  The paper analyses the role political leadership plays in economic growth by reviewing the literature that argues for, or presents evidence on, the proposition that leadership and the leader him/herself are crucial factors in economic growth. The article considers institutional economics as a starting point, a field which, so far, has paid little attention to the role of individuals and only focuses on the significance of institutions. The institutional theory of economic development has been criticized for using endogenous indicators and for only emphasising political output. However, political leaders are also able to make good and efficient economic policies. That is the reason leaders do matter

  Journal of Economic Literature (JEL) Classification: B3, O4, P48

• Are business relationships institutions?

  Tibor Mandjak

  Views:

  126

  The question is simple; the answer could be quite complicated. Inter-organisational marketing researchers define business relationships as interactive exchanges between two organisations. Does this mean anything for institutional economists? A business relationship is created by weaving actor bonds, resource ties and activity links. Business relationships exist and change through time. The establishment, development, maintenance, as well as termination of a business relationship all require investments from the participating parties. A business relationship does not exist in an isolated manner, but other market and non-market actors can equally influence it. In reality, numerous other relationships and actors affect business relationships. As a result, these actors indirectly influence business relationships through the change in behaviour of one of the parties within the business relationship. These directly and indirectly affected relationships create a business network. For an organisation business relationships have different functions. External resources needed
  for operation and value creation are fed by them. Value creation for the customer and value sharing with the customer take place in business relationships. They are forms of an organisation’s interdependence. A business relationship is a special form of governance of the partners’ mutual efforts. A business relationship has its own value for each organisation. Each organisation has several business relationships, each with different value. In business markets,
  where buyers are always organisations, the business relationship portfolio is the market itself. Inter-organisational marketing researchers use very different theoretical foundations to study business relationships. Modern contract law based research distinguishes about a dozen norms of behaviour in business relationships. Institutional economic-rooted studies argue that we should use the plural-forms approach (price, authority and trust must be employed together) to explain these very complex phenomena. Research using communication theory concluded that multiple periods of business negotiations were required to develop even primitive norms. The paper concludes with some elements of a possible answer to the title question.

• Issues of the Regulation of Residential Credits

  44-51

  Tamas Prugberger

  Zoltan Nagy

  Views:

  198

  The study focuses on the theoretical and practical issues of lending from the legal regulation point of view. After the 90’s the consumer social model was set up in Hungary, and it was linked to a fairly broad consumer credit activity. However, the regulation of lending was insufficient in many areas; consumer protection has hardly existed in the financial services market. Debtors were unprotected when facing the financial institutions, which concluded contracts not in their favour and restricted their rights. The economic crisis, and the great number of insolvent debtors, has emerged as a social problem for legislators, thus enabling them to amend lending rules and strengthen consumer protection in this area.

  JEL classification: K 30