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An analysis of services for general economic purposes and universal services in the European Union
49-66Views:131A topic in the focus on debates on the European social model has been to define the future role of Services of General Economic Interest (SGEI). The European Commission launched a widespread public discussion on the public utility related objectives of SGEI, their impacts on the quality of life, on the environment and on the competitiveness of European firms, as well as on ways of organising and financing these services. This discussion has received an important input from rulings of the European Court of Justice and the Court of First Instance in cases on Services of General Economic Interest. Although these court rulings lacked consistency in some cases, they still helped to obtain more accurate definitions of SGEI. Most member countries of the EU have started to elaborate the concept of universal services, but there are still serious loopholes in the field of monitoring, control, quality management and in terms of financing. To sum up, the EU member country level practice of universal services in the energy sector is still in the first phase of realisation.
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A munkaerő-piaci intézmények hatásai a foglalkoztatásra szektorális megközelítésben
27-41Views:162Recently, there have been serious debates attempting to explain the role of institutions and their interactions as they might influence the impact of economic growth on employment. However, essentially no clear theoretical consensus has yet emerged and several unanswered problems remain. From this point of view, one interesting question is how institutions matter, and also what kind of characteristics they should have in economies. In our estimations ws followed a sectoral approach to identify the main features of institutions. In order to demonstrate short and lon run economic processes we use an error-correction method to analyze how certain intitutions and their interactions determine employment growth in different market-and non-market oriented branches. All in all, we demonstrate that unions, minimum wages and unemployment benefits have influenced employment in different ways.
JEL classification: J21, J45, E02.
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Limits of Economic Theories in Border Research
98-116Views:162The paper approaches the possible consequences of further trade liberalization, integration and the disappearance of borders from the perspective of well-known economic theories. After putting forward the questions and hypotheses, the author shows the different conclusions of economic approaches in the case of further integration and disappearing borders in borderlands. Using the results of economic theories the paper outlines the development path of those spatial units where state borders still play an important role in forming economic interactions. It comes to the conclusion that only regional reshuffling
can be mentioned in relation to further integration. The paper also draws attention to the fact that economic theories do not give clear-cut and comprehensive answers for development, so the economic approach could be too simplistic. Consequently, a wellelaborated empirical research programme could provide a genuinely nuanced picture of the development path of borderlands.Journal of Economic Literature (JEL) classifications: F15, O18, R12
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Greenxit: Greenland’s Case with the European Union
34-53Views:339In connection with the withdrawal of the United Kingdom from the European Union (Brexit) a little-known episode of the European Union history became particularly interesting and timely: Greenland entered the European Community in 1973 together with Denmark, and later it left in 1985. This study provides an overview of the accession and withdrawal of Greenland to and from the European Communities and then it is put into a comparative context. On the one hand Greenxit is examined in the light of the planned withdrawal of the United Kingdom from the European Union, on the other hand it is compared with the almost-entry of Iceland. The study concludes that considering the key aspects of the case of Greenland it does not resemble that of the Brexit. However, the differences between the sovereignty and economic, political weight of the two territories explain the attitude of the EC/EU to the withdrawal. The comparison with Iceland highlights the importance of fisheries.
Journal of Economic Literature (JEL) codes: F53, P52
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The imbedding of a new faculty into the region: A complimentary study for the 10th anniversary of the foundation of economics training in Debrecen
1-13Views:120The article describes the situation of the Faculty of Economics, comparing it with other schools in the country, on the occasion of the tenth anniversary of economics training in Debrecen. It analyses the regionality of the application recruitment and the job possibilities of graduate students.
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Just-in-Time system in terms of real options
Views:138The 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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Adósságválságtól a NAFTA első évtizedéig – Mexikó gazdaságfejlődésének kérdőjelei
43-65Views:200Az 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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Chile and the Global Depression
132-146Views:139The 2007-2009 economic crisis ended an exceptional, five year-long economic boom for Chile and other countries in Latin America. The most beneficial economic outcome of the upswing was the fundamental improvement of the region’s countries in terms of the current crisis, which greatly reduce these countries’ vulnerability to external economic shocks. Based on the previous assumption several economists shared the opinion that “This time things are different”. That is, the fate of the continent in the current crisis will be decided differently as the global downturn has barely affected the region’s economic indicators. However, from September 2008 it has become apparent that the continent’s economy remains vulnerable. The crisis, which has infected the real economy through multiple channels, has reached two major victims of the recession, - Latin America and Central and Eastern Europe – leaving them with a decline in GDP per capita and the slowdown of economic growth. Conversely, Chile experienced a decline of a lesser extent due to its structural reforms and was able to re-orientate to its previous growth path much quicker than the rest of the continent’s economy after the ending of the crisis.
JEL classification: O54, H12, O20
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"Siamese Twins" or mutual loathing: economic dimensions of EU-USA transatlantic relations
83-100Views:147The present study addresses the system of transatlantic relationships which, while not without difficulties and discomforts, are at the same time in a state of continual development and expansion. Starting from the historical and diplomatic antecedents and the main characterisitics of the commercial and investment relationships between the EU and the USA, the authors examine the components and operating mechanisms of bilateral economic, co-operation. In describing economic relationships, the authors attempt to answer the questions of how accurate the expression "Siamese Twins" is when applied to transtatlantic co-operation, how the bilateral relationships influence NATO and EU expansion, and what the future holds for transatlantic co-operation.
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Some characteristics of the connection between the economy and higher education - results of empirical research
149-178Views:128In 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.
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Financial hegemony in Hungary?
105-132Views:128The theory of financial hegemony argues that the centralization of the financial sector allows for coordinated decision making over the disposition of investment capital. Because of the importance of outside funding in fueling economic expansion and weathering ongoing economic crises, such centralized decision-making over capital flows confers upon the financial leadership the capacity to coordinate activity ampng a wide range of economic actors. In theis paper I test the statements of the above theory in the network of the interlocking Board of Directors memberships within the best 100 companis and 36 banks in Hungary.
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Data mining through a business window (Part II.)
108-130Views:154This article demonstrates the real world applications of the technology of data mining by way of a data mining project. This project was created by the author and the analyzed database was provided by a real company. The aim of the analysis was to create a classification model for this firm. To achieve this we applied logistic regression models, a decision tree and a neural network. The best model can help the company to consciously establish which customers will probably respond positively to a personal letter in a direct marketing campaign. In this way potentially favourable customers are reached more efficiently than in the case of randomized selection. This increases the efficiency of the company, and the generalization of results can confirm several advantages of data mining as used in business life.
JEL classification: C25, C44, C45, C49, C88
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A kulturális és kreatív iparágak a világ legfrekventáltabb régióiban
Views:207This study touches on and organises the definition of the creative industry, creativity and the differences in terminologies used within the creative economy. These help to form and idea of which areas different countries or regions consider dominant from the developmet point of view. Beyond this, the study describes the attempts to map out the conceptual system of the creative economy and its statistical measurement. It therefore examines the statistical, economical and social characteristics of the creative industries, in accordance with the Europe 2020 Strategy and other professional documents. It aims to provide a comparative analysis of different regions' creative industries. Lastly, regarding to Hungary, it defines future tasks.
Journal of Economic Literature (JEL) classification: Z1
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Political budget cycles: fiscal cycle effects in state expenditures in Poland
47-62Views:143In this paper we aim to investigate what kind of role fiscal cycles played in the development of the state budget balances in Poland between 1989 and 2011. Overall, the results of the latest research have found that political budget cycles (PBC) are more typical in less developed countries with a shorter period of experience with democratic institutions, such as the post-socialist transition economies. Nevertheless, empirical studies point out that this phenomenon has been disappearing over time as voters learn how democratic institutions and political manipulation operate. However, this theory could not be proved by testing the pattern of Poland, neither in the case of budget balances nor for state expenditures. Despite the fact that some fiscal cycle effects were found in public sector wages and pensions in the election period of 1997 and 2001, these proved to be temporary, and simultaneously some other measures were identified that counterbalanced the effects of pork barrel spending. Overall, the cyclical evolution of the budget balances in Poland, particularly in the nineties, was not a result of political budget cycles.
Journal of Economic Literature (JEL) classifications: D72, E62, H3
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Kornai 90: Beszámoló a Komparatív közgazdaságtan és gazdasági rendszerek: Kornai János gondolatainak hatása című tudományos tanácskozásáról; Budapesti Corvinus Egyetem, 2018. január 18.
75-82Views:173A Budapesti Corvinus Egyetem 2018-ban több rendezvénnyel is tiszteleg Kornai János előtt, aki januárban ünnepelte 90. születésnapját. Kornai jelenleg a Budapesti Corvinus Egyetem kötelékébe tartozik, az Összehasonlító és Intézményi Gazdaságtan Tanszék tiszteletbeli professor emeritusa, és többek között – 2001
júniusa óta – a Debreceni Egyetem díszdoktora. A 2018. január 18-án tartott egész napos angol nyelvű tudományos tanácskozás házigazdája az Összehasonlító és Intézményi Gazdaságtan Tanszék vezetője, Rosta Miklós egyetemi docens volt. -
A reklámberuházások versenyre gyakorolt hatásának és gazdasági növekedéssel való összefüggéseinek vizsgálata
Views:128The amount of advertising investments is increasing dynamically worldwide, but returns are decreasing significantly. This is largely the consequence of growing market competition. In connection with this I analyze the role of advertising and the effect of advertising on demand and competition, then I study the relation between advertising and economic growth in this paper. I have conducted a survey among European countries to scrutinize the relation between advertising expenditures. My other assumption had to be rejected as a positive relation does not exist between GDP per capita and advertising investment rate.
Journal of Economic Literature (JEL) classification: D21, E01, M21, M37
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Revealed comparative advantage in Hungarian agriculture: a chaotic or coherent pattern?
59-82Views:140We 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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Financial Crisis, Economic Policy and Economics
19-34Views:144Concerning the financial crisis in 2007-2009 many politicians and economists, in addition
to representatives of other disciplines have asked: why could it not have been avoided,
why could it not have been forecast? The present paper provides a new answer to these
questions. The main argument is that empirical economic policy reached a deadlock when
economists acknowledged the equilibrium models based on efficient market theory. The
static equilibrium paradigm which appeared in the middle of last century has strongly
prevailed to the present day, leaving aside Kornai’s (1971) or Benassy’s (1982) or Goodwin’s
(1991) warnings. Since the economy is never in equilibrium the simultaneous equations
describing it may not provide any guide for politicians; what they should do and how they
should do it in a time of economic crisis. The present author’s newest book (Móczár, 2008),
besides the dynamic equilibrium, also sketches a new paradigm, i.e., non equilibrium
modelling, instead of the orthodox equilibrium paradigm, which allows us to treat bubbles,
to regulate money markets etc. Its necessity is outlined here.JEL classification: E00, E5, E6, G28
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The Determinants of Wine Prices: A Systematic Literature Review
84-101Views:301Wine is a highly differentiated product sold at a wide range of different prices. This article aims to provide a systematic review of the literature written on the determinants of wine prices globally. The article runs a search on the combination of keywords “wine”, “price”, “determinant” in the Web of Science, Scopus, JSTOR, ProQuest, and Science Direct databases. Based on a final set of 46 articles written between 1998 and 2018, results suggest that terroir and quality ratings are the most significant determinants of wine prices, while objective quality and label data also determines wine prices, though to a different extent and with a different sign in some cases. The hedonic pricing method was the most common way of analyzing the relationship between wines prices and their determinants, and results are similar for most regions and varieties. We believe that our results can be useful for researchers, stakeholders, and even for decision-makers in better understanding the factors lying behind wine prices.
Journal of Economic Literature (JEL) codes: D12, D40 Q11