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• The Effect of Globalization on the Transmission of Monetary Policy

  161-178

  Balint Herczeg

  Views:

  123

  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

• Global Value Chains and Upgrading – Experiences of Hungarian Firms in the Machinery Industry

  5-22

  Andrea Éltető

  Anikó Magasházi

  Andrea Szalavetz

  Views:

  248

  Global 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

• Competitive adavntages: Theory and corporate practice

  51-70

  Gabor Hovanyi

  Views:

  145

  The competitive advantage achieved by a company basically influences its profitability and market position. The article shows that in addition to this the evaluation has many other criteria, and the management must consider these when defining competitive adavantage. The study explains that as a result of the acceleration of technological and economic development, the globalization of economic processes, and the evaluation of networks of interdepedence, the management have to face new types of competitive advantage. To choose between these the management has to consider competitive vulnerability. Following this the article attempts to summarize the basic law of the theory of competitive advantage, before introducing the most important management techniques for the selection of competitive advantage. Finally, the study emphasizes that the key factor in  achieving a competitive edge and the success of different management techniques is the CEO, and through the model of the "CEO's personality pyramid" it explains the requirements that the manager has to meet.

  Journal of Economic Literature (JEL) classification: O30, O32

• On the Global Expansion of Venture Capital

  60-69

  Judit Edit Futó

  Views:

  135

  The venture capital industry has also been negatively affected worldwide by the financial crisis of 2008, thus the usual investment conditions have changed. One aim of the study is to provide an overview of the changes. As shown in the global trends, the level of the global annual venture capital investments in 2013 just reached the level of before 2008. Although in some Asian countries (China and India) the decline was not significant, unlike in the European countries. Another aim of the study is to examine whether there is a reality of an integrated global venture capital model, or it is different in each country. If there is a difference, then what kind of explanatory factors can be tracked back. On the basis of extensive international literature the article argues that there are a number of factors such as the characteristics of financial systems, the legal and institutional barriers and the culture that affect the emergence of an integrated venture capital model.

  Journal of Economic Literature (JEL) codes: G24

• The role of the institutional system in the globalizing finance of culture

  131-148

  Akos Toth

  Views:

  89

  The article focuses on how the connection between the institutional system of a country and the role of the state changes in the financing of the cultural sphere. To examine the changes, the author analysis the financing model of the USA and the Russian Federation, countries which use very different methods and techniques for the financing of the cultural sphere. The author assumes in his hypothesis that in those countries which have an underdeveloped institutional system, the possibility of direct state support and control for the financing of the cultural sphere is much greater. The results of the analyses are tested on the cultural economy of the Netherlands where the cultural financing system exhibits characteristics of both the American and the Russian models at the same time.

  Journal of Economic Literature (JEL) classification: P14, P39, Z10, Z11

• Corrupt German companies? A political economy approach to German corporate scandals of recent years

  97-114

  Zoltan Adam

  Views:

  109

  The paper seeks to explain German corporate scandals of recent years from a political economy point of view, adopting a 'varieties of capitalism' approach. Scandals have taken place in two realms of corporate activities: (i) in industrial relations defined by the system of Mitbestimmung that my well constrain corporate restructuring, and (ii) in export markets where corrupting foreign officials has always been a widespread practice among large exporting companies, including export-intensive German manufacturing corporations. In recent years institutional changes in domestic and international markets, including regulatory regimes, have significantly altered the set of viable options for corporate strategies. In consequence, large German companies have to adjust to new circumstances. Although the institutional underpinnings of coordinated market economies have been changing, German corporatism is not set to vanish yet.

  Journal of Economic Literature (JEL) classification: P16, F55