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• The Effect of Globalization on the Transmission of Monetary Policy

  161-178

  Balint Herczeg

  Views:

  120

  Investigating how globalization and the new technological environment which drives and supports the integration process affect the monetary transmission mechanism, I find that the transmission mechanism is affected at every step, in a way which makes this complex linkage between economy and monetary policy even more unpredictable, strengthening the interest rate and wealth affects but weakening the credit channel and the exchange rate channel, if foreign exchange rate loans or carry trades are significant.

  Journal of Economic Literature (JEL) Code: E44, E52, F42

• On the interconnectedness of the skill-premium concept

  175-188

  Peter Foldvari

  Views:

  90

  The skill-premium concept, and its interconnectedness with technological development and international trade, has become an important area of economic research in recent decades. The aim of the present study is, using the latest academic work in the field, to bring together the most important theoretical developments and to serve as an introduction to the subject.

• The importance of foreign direct investment in Hungarian economy on the Millenary

  10-25

  Tibor Karpati

  Views:

  113

  In 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.