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• The equilibrium problems of the Hungarian economy and the theoretic possibility of a solution

  85-102

  Gyorgy Szakolczai

  Views:

  130

  Followinf article analyses the question, how the twin deficit - the joint deficit of the budget and the current account - changed in Hungary between 2000 and 2006. The first part deals with the basic identities of the national accounts. The second, analytical part, looks through the latest data about the import surplus, the balance of owners' income and the inland consumption surplus, then it deals with the current account deficit and the ways of financing it, the current expenses, the net accumulation and the borrowing of the government budget. The third part performs the economic analysis and draws the main conclusions. According to this, the drastic decrease in proportion of the gross accumulation, the virtually zero net accumulation of the government sector, the deficit of the current account and the debt generating way to finance it are way more serious problems than the cudget deficit, which does not mean, that such deficit is sustainable. Even this situation does not justify the radical demolition of the welfare state, the theoretic solution can only be the increase of export capacity and the employment.

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

  10-25

  Tibor Karpati

  Views:

  116

  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.

• Economy of Austria

  125-148

  Kitti Vass

  Views:

  114

  In 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

• Chance for a more liveable Hungary

  5-18

  Laszlo Csaba

  Views:

  106

  This 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.

• Efficiency and resource allocation: the Hungarian managed health care system

  Gyorgy Jona

  Views:

  105

  The managed health care system (MHCS) was introduced and applied in Hungary between 1999 and 2009. The gradually expanding system covered only 22% of the population and included exclusively the curative-preventive health care, subsidy on medicaments, subsidy on therapeutic appliances and the spa service. Like anywhere else it was cost-effectiveness that was expected from the MHCS without the adverse effect in the quality of the health service. To decide whether the MHCS was successful in Hungary or not, we compare it with the results of those segments of the health system where the MHCS was not introduced. We use the method of the incremental cost analysis. We are making our comparison exclusively on the basis of health economics aspects, because no difference has evolved in the quality of the medical attendances. We will see that where the MHCS was applied, the medical attendance became cheaper, at those places where the MHCS was not applied the medical attendance became more expensive, causing a chronic financial deficit (137785 million HUF). Although the MHCS managed from less money, it gained 17767 million HUF during the mentioned ten years. We are going to present the general features of the MHCS and support the fact that the outcome of the managed care concept was rationalized and the savings in several segments of health care, by means of empirical evidence.

  Journal of Economic Literature (JEL) classification: I150, I180, G220, G320, H520.

• Állami szerepvállalás és intézmények Közép- és Kelet-Európában: Benczes István (szerk.): Deficit and Debt in Transition, The Political Economy of Public Finances in Central and Eastern Europe. CEU Press, Budapest, 2014, 242 oldal, 45 euró

  103-107

  Zsuzsanna Benyei

  Views:

  119

• Hungary's dependence on external financing

  145-156

  Monika Kuti

  Views:

  82

  This paper demonstrates that Hungary has been dependent on external financing for several decades. In the 1970s and 1980s, debt was prevelant in the external capital structure of the Hungarian economy, but since the transformation to a market economy internation equity finance has reahced a level of capital accumulation and plays a very complex role in export potential, debt srvicing capacity and the modernization of the country. This paper argues that in general the forced increase in domestic demand is not able to substitute for the inherent need to realize export surplus in a small open economy in the long run. In the subsystem of the real economy there is a self-financing circuit driven by foreign direct investments which can meet the economy's current liabilities and profit remittance requirements, while this circuit cannot compensate for the consequences of the soft budgeting constraints of the general government.

  JEL classification: H6, F4