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The transition of the Baltic States. Why is Estonia the most successful?
133-144Views:221The study addresses the results of the Baltic States in the first phase of the transition, focusing on the process of stabilization, liberalization, privatization and institutional reforms. The paper summarizes the difficulties and the economic policy reactions, which built the basis for later successful development. The three analyzed countries have several similarities (country size, geopolitical situation, resources, Soviet heritage) so the discrepancies in the level of economic development can probably be explained by the different paths of transition. The author attempts to answer the question, how a coherent economic policy contributed to the Estonian transition, which proved the most successful.
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The option value of education
131-148Views:96Within the theoretical frameworks of standard human capital theory countless analyses have been carried out into investment decisions, in which the examination of the uncertainty of the costs and benefits of education were mostly disregarded and an assessment of the option opportunities was often omitted. In this essay we tried to review one of the extension opportunities of the theory of standard human capital and the option approach of human capital investment. We looked for an answer to the question of what kind of models have been developed for the interpretation of education as an option and for the determination of the option value of the investment. In the study we have highlighted the fact that a decrease in uncertainty in human capital investment is as good an incentive for investing in more education as the public subsidization of education.
JEL classification: C6, D8, I2, J2
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Equilibrium analysis of a semi-mixed duopoly – the production-in-advance case: Játékelméleti modell – a készletre történő termelés esete
63-74Views:136We investigate a mixed duopoly where, according to the ownership structure, a private firm and a partially public firm are present on the market of a homogeneous good. The private firm is assumed to be a pure profit maximizer, while the other firm maximizes social welfare in proportion to its state-owned shares. We assume that production takes place before sales are realized. After an introduction to some important results in the field of mixed duopolies, we determine the Nash equilibrium prices and quantities for all possible orderings of moves in the framework discussed. We show that a pure Nash equilibrium exists only if certain conditions are satisfied, and illustrate our findings through a numerical example. Furthermore, we determine the equilibrium of the timing game, i.e. we investigate whether a simultaneous or a sequential ordering of decisions would arise on the market, if the ordering of moves was an endogenous variable.
Journal of Economic Literature (JEL) Classifications: D43, L13
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Corporate and state roles in Hungarian industrial development after the nineties
7-22Views:122In the nineties the development of Hungarian industry was first disappointing, but later it was definitely rapid and successful. Several publication have described the process of this industrial transition in general as well as in the light of the foreign market performance of Hungarian industry. However, the majority of the analyses were based on stistical surveys and the participants of the processes were somewhat neglected. For this reason the present study examines the influence of major corporate participants and that of the government on the development of the industry, as well as their behaviour, and conclusions are drawn as regards the strategic potentials of Hungarian industry after 2003 and 2004. First the study offers an overview of the most important corporate participants of the Hungarian industry, then it seperately discusses the peculiarities of the market presence of foreign industrial firms, in particular to what extent the European Union's ambitions, taking shape from the year 2000, aiming at improving competitiveness can be reflected in Hungarian economic policy. Thus the question is whether we can expect the revival, to some extent, of Hungarian industrial policy which has appeared to be lifeless since 1996, and whether we can expect state participation in the promotion of the development of Hungarian industry which should be of European standards and yet more active than round the turn of the century.
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A német transzferrendszer mint a gazdasági visszaesés okozója
Views:184According to the theory of optimal currency areas the most important advantage of monetary integration is its positive effect on economic growth. However, examining Germany we can notice that since German reunification economic growth and the convergence between East and West Germany has slowed down. These facts show that the operation of the German currency union is not optimal and its performance has not improved over the last twenty years. The criteria of the optimal currency area theory is endogenous due to the recent development of the theory. This means that a country is more likely to satisfy the criteria for entry into a curreny union ex post than ex ante. In the case of Germany, examining the trends of economic growth we can conclude the the German currency union has not become optimal in the last two decades. These facts raise the puzzling question of what are the specific circumstances hindering the improvement if Germany's monetary union despite the endogeneity of the optimal currency area criteria. To answer this question the study examines the interactions between monetary and political integration with special attention to the issues of fiscal policy. According to the study the German transfer system and the dependency on transfers explain the discrepancy between theory and empirics.
Journal of Economic Literature (JEL) classification: E42, E62, E63, F01, F31, F36
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Interculturalism and economy
83-90Views:165A piaci stratégia és a kultúra összehangolása a vállalat hosszú távú stabilitásának egyik legfontosabb humánpolitikai eszköze. Különösen fontos a kultúra szerepe az olyan nagy jelentőségű szervezeti változások időszakában, mint a piaci stratégiaváltás, az üzleti folyamatok átszervezése, multinacionális cégek helyi vezetési és működési gyakorlatának kialakítása, vállalatok összeolvadása, felvásárlása. A cikk azt mutatja
be, hogy a vállalkozás kezdeti, kritikus korszakában a vállalati kultúra ellentétes lehet a környezet igényeivel és a befogadó országokból származó tagok értékrendjével és normáival. A kialakuló vállalati kultúra
inkább tükrözi a nemzetközi vállalat komplexitását, mint a befogadó környezetet: a kultúrák ütközése komoly akadályt gördíthet egy-egy vállalat fejlődésének útjába. -
Freedom of the Markets versus Good Governance: Experiences in Central Europe
35-61Views:141The market and the state, operation and characteristics of two institutions of key importance in the modern mixed economies, are investigated for the former socialist countries in this study. After two decades it can be seen more clearly what system has been established in the region, how it operates, and what its characteristics are. In the first part of the with the help of international comparisons we examine how free the market is, how good the rules are, and how much they help, or hinder, the fulfilment of its function. From an other aspect we compare the scope of the good governance and the size, the freedom and efficiency of the state. According to the evidence of the international studies examined, the former socialist countries established the forms of the market institutional system relatively quickly, but the operation and quality of these lagged significantly behind those of the developed countries. Also important conclusion of the study is that by the first decade of the millennium the characteristics of the former socialist countries are increasingly diverging from one another. Both the characteristics of the earlier socialism, and the more distant historical past which can be caught in the act within it, had and have an effect on the economic and social systems now established in Eastern and Central Europe.
Journal of Economic Literature (JEL) codes: H1, P17, P27, P35
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Management Standards for Competency Management
93-108Views:273Nowadays the knowledge-based economy and organizational development is intertwined with competence-based management. The creation and flow of individual and organizational knowledge elements are critical from this point of view. Knowledge management methods are available but there is lack of application. Based on my research and consulting activities, I have experienced that many organizations are unaware of the possibilities available to them, or are unable to utilize the advantages. In this paper I try to demonstrate that the requirements of the internationally used ISO 9001 standard provide a framework for knowledge-based development. Beyond the theoretical issues the paper summarizes
the limits of practical application.Journal of Economic Literature (JEL) classifications: D83, M19
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Global Value Chains and Upgrading – Experiences of Hungarian Firms in the Machinery Industry
5-22Views:261Global production networks and global value chains have become widespread today. In these cases firms locate the various stages of their value adding activities across different countries. The activities of global value chains form a new phase of globalization characterized by fragmented production, transfer of technology, and decreasing transport costs (Kaplinsky 2013). Developing countries are involved in these production networks, perceiving this as an important (if not the only) way to develop. The Central European countries have taken an active part in the chains of multinational firms since the nineties. The benefit derived from this participation varies across sectors and firms. In this article we analyze the experiences of Hungarian companies in the machinery industry. The structure of the article is the following. After a description of the basic research question and methodology, a literature review is provided. In the following section we introduce the companies surveyed and review their product-, process- and functional upgrading experiences. Finally, we discuss our findings and suggest some managerial and policy implications.
Journal of Economic Literature (JEL) codes: F23, M21
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The role of France in the economy of the EU
207-224Views:111The author examines the decisive role of France within the EU. After a preliminary examination of the principles of European integration and its historical development, the article analyses the netwrok of connections existing between the EU and the French economy, as well as the period of growth and retrenchment in its development. The main theme of the article is the debate over the stability and growth pact and the circumstances and consequences of the failure to comply with the pact's rules caused by the France's long-lasting budget. This failure calls into question, and in the long term may be fatal for the future of European integration and for the direction of a common supra-national economic policy and the national responses it requires. The common European currency, and the stability and future of the Euro are also affected, since this failure can influence the co-operative efforts of the various elements of the European Union in an unprecedented way. It also affects the relationships bewteen the smaller and larger countries, and the economic opportunities of all member states.
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Néhány szó a szabályrendszer által korlátozott fiskális politikáról
131-152Views:109Magyarországon, 2005 őszén ismét – immár menetrendszerűen – a költségvetés tervezése kapcsán viták zajlottak. Az Európai Unió tagjaként ráadásul új elemmel is bővült a disputa, előtérbe került az EMU tagsághoz szükséges deficitkorlátozás problematikája, és a lehetséges csatlakozási időpontok meghatározásával kapcsolatban is jelentős véleménykülönbségek alakultak ki. Vajon más országokban is hasonlóképpen alakul a költségvetés elfogadásának eljárása? Az államháztartási többlet csupán a tankönyvekből ismert utópia? E kérdések megválaszolásához a fiskális politika, a fiskális korlátozások és azok szükségességének kérdéskörét tárgyalom a közgazdaságtan fejlődéstörténetébe helyezve, majd az Európai Monetáris Unió és a feltörekvő gazdaságok fiskális politikáját elemzem. A tanulmány befejező részében empirikus kutatásaimról adok számot, melynek kapcsán bemutatom és megvizsgálom néhány EU-tagország egymástól eltérő fiskális teljesítményét az elmúlt 15 évben. Az elemzés nyomán kapott eltérő eredmények egyik magyarázatául az szolgálhat, hogy a fenntarthatóan kiegyensúlyozott államháztartás szükségességére vonatkozóan tett közgazdasági felismerés és a szabályrendszer megléte nem
elégséges a fenntarthatóan kiegyensúlyozott államháztartás biztosításához. A nevezett tényezőkön túl politikai akarat és megfelelő intézményrendszer is szükséges azok megvalósításához, miközben a gazdaságpolitikának elegendő mozgástere marad saját preferenciarendszerének megvalósítására. -
Economy of Austria
125-148Views:159In my article I examine a member state of the European Union, the open and federal Austria, which can be considered as an example of a corporate economy. During the reconstruction period following the Second World War the Austrian economy was characterized by a frantic economic expansion. After the oil crisis, an incomparably low inflation rate and low unemployment, and the more dynamic than average economic growth attracted attention to the country. Due to the intensified external economic interest, the Austrian model - namely the economic policy and establishment - was widely studied at this time. However, at the beginning of the 1980's some structural problems appearing in the economy contributed to slowdown in growth, until the political changes of the year 2000, which finally brought a new favourable turn in economic policy. I start with an examination of Austria's economic status after the Second World War, then the development, changes and role of the Austrian social partnership. I go on to analyze today's Austria from the point of view of the sustainable balanced budget, focusing on the financial circumstances of the state, such as the complex financial connections derived from federalism.
Journal of Economic Literature (JEL): H62, H63
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Development aid as a global public good – a case study
86-97Views:133This study introduces a new concept to the analysis of development aid. Aid is regarded as a global public good where donors benefit from the advantages of aid without rivalry and exludability. The public-goodnature of aid is a logical explanation for the deficiencies of the international aid regime, especially the suboptimal supply of aid and the free-riding of donors. The concept of aid as a public good raises the question whether there are any actors who could produce this global public good. The study analyses whether nongovernmental organizations are able to fill this gap in the international aid regime. The model is introduced through a case study: aid in Afghanistan in general, and the activities of the NGO Hungarian Baptist Aid in the country.
Journal of Economic Literature (JEL) classifications: F590, H410
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The role of culture in economic growth: an assessment, criticism and paths for future research
22-44Views:235There is an abundance of empirical literature on the impact of culture on economic development. This literature has been developing at the margin of growth theory and institutional economics. This paper reviews this branch of the literature by structuring it into three main lines, and placing an emphasis on (self)-criticism directed towards it, as well. The author provides some proposals for further steps towards improving the culturegrowth empirical literature, following the two routes identified by the (self)-criticism.
Journal of Economic Literature (JEL) codes: O43, Z19
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Reflections on the 100th anniversary of the birth of Sir J. R. Hicks (1904-1989)
167-175Views:127Several major articles have been published recently reviewing or reconsidering the result of Nobel prize winning economists on the occasion of an anniversary. This study has the same objective. John Richard Hicks was born on April 8th 1904 in Leamington Spa, England. We commemorate his work from a peculiar perspective on the 100th anniversry of his birth. We focus on where the roots of the history of the "theory of finance" are to be from, what influence Hicks had on the pioneering work in this field, as well as how his results - with particular attention to the interpretation of risk - have been modified by succeeding generations.
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Eras and watertsheds in business informatics
5-28Views:141The history of business informatics csan be described as a consequence of specific periods. The separation and the analysis of these period may help in understanding the logic of industry development and to identify key future trends. The study summarizes the criteria which can be used for the identification of specific periods and describes important approaches to development analysis. The unfolding of a new period can be an important turning point in the life of industry players: general condition change, consequently the nature of competition can become radically different. The study concludes with an analysis of the present state of the industry with some expected future trends.
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Kilépések politikája : Hogy válnak meg a kockázati tőkések a befektetéseiktől?
83-98Views:206A tanulmány két részre tagolódik. Az első fejezetekben a szerző bemutatja a kockázatitőke-befektetésekből történő kilépések stratégiai jelentőségét, a kilépések módját és idejét befolyásoló tényezőket és a sikeres kiszállásokat elősegítő tevékenységeket. A tanulmány arra keresi a választ, hogy mik az egyes módozatok előnyei és hátrányai a tulajdonosok, a menedzserek és az adott cég számára. A második rész az exitek számának és értékének változásait tárja fel a 2000-től kezdődő időszakban Európában, hangsúlyt fektetve a közép-kelet-európai tendenciákra, külön kiemelve a magyarországi változásokat.
Journal of Economic Literature (JEL) kód: G24, G32
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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.