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Is growth sustainable without rules-based policy?
Views:117The article examines conditions for rules-based fiscal policy in the European Union and discusses the consequences of softening up the Stability and Growth Pact by the March 2005 Council. It surveys arguments in favor of rules-based policy and proves that most of the arguments in favor of softening up the Pact, as well as the concrete steps of modification do not contribute to lasting and improved fiscal solidity in the euro area, but follow opportunistic political considerations of the big member states. It shows why the modifications make the life of the new entrants more difficult and allow for lax fiscal policies and secular slowdown of growth.
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Protecting the Architectural Heritage and Economic Strategy
18-28Views:145This essay advances five theses explaining the desolate state of the architectural heritage in Hungary. It also addresses the issue of why two decades of transition was not sufficient to remedy the shortcomings of four decades of socialism. In the second part of the study we attempt to draft a strategy that could help overcome these difficulties. It aims at a combination of business, municipal and civil society activities guided by a nationally coordinated plan. Following these guidelines the architectural heritage in Hungary could be transformed into an asset instead of a liability, as has been the case in many other European countries.
JEL classification: I38, O21, P20, R11
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Chance for a more liveable Hungary
5-18Views:120This study examines the question of how successful the transition of Hungary in social fields has been over the last two decades. It comes to the conclusion that, besides the successes in the economy and the deficits in the social spheres, the reserves of the first one and a half decades are approaching exhaustion. The accession to the EU creates a chance, but not a guarantee, for the next period to be a success. The challenges for the country are very different in 2007 from what they were in 1995. For this reason we try to show directions for sustainable growth and more fruitful social politics.
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Reflections on the Role of Institutions on the Chinese Road to a Market Economy
49-82Views:114At the onset of transformation there has been a close to consensus view that the market system has no alternative. While this insight has found its place in the current mainstream on development economics, the so-called Washington consensus or post-Washington consensus (Kolodko, 2000, pp.119-141 andpp. 348-356; and Williamson, J, 2000, Srinivasan, T.N.,2000), very few would venture to repeat in an academic writing the once famous dictum of Vaclav Klaus: the third road leads to the third world. Much of western Europe has remained within the framework of the welfare state, despite its obvious limitations. Also in
the transforming economies, the rollback of the state has proven to be much less than the tough normative language adopted by early reformers would have indicated. Actually, it is the structure rather than the size of public spending in these countries that may be a source of social and economic strains by providing less than optimal conditions for sustaining economic growth. -
Változó erőtérben – változó egyensúlyozás : Adalék Magyarország háború utáni gazdaságtörténetéhez
9-22Views:134A cikk azt a kérdést elemzi, hogy Magyarország nemzetközi beágyazottságának megváltozása hogyan alakította a hazai gazdasági rendszert a piacgazdaságtól a piacgazdaságig vezető 45 éves kitérő során.
Ennek keretében kitüntetett módon vizsgáljuk azt, hogy a nemzetközi pénzügyi szervezetekkel kapcsolatos politika miként hathatott a korszakban meghatározó szovjet befolyási övezet keretében -
Russia in Europe
42-53Views:127While Russia has always defined herself, since WW II the latest, in relation to America, the focus of the Russian foreign economy and foreign policy has traditionally been and remained Europe. In the new millenium this contradiction is increased by postmodernity and the policy of the balance of powers of the 19th century. The paper - with a historical overview - justifies that the solution is the unusual relationship between foreign policy and internal policy. Whereas in most countries foreign policy is the extension of the internal policy, in Russia it has been and currently is also the other way round. Foreign policy is the extension of the internal policy, in Russia it has been and currently is also the otherway round. Foreign policy is the means of internal, national and state building efforts and is understandable only from this point of view.