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• Market institutions precede market beliefs: a test with cross-country regressions

  3-30

  Pál Czeglédi

  Views:

  301

  The paper examines the literature on culture, economic growth and institutions to derive hypotheses about the relationships between market beliefs, institutions, and productivity. It then tests these hypotheses with cross-country regressions. First, it points out that each of the four cause-and-effect hypotheses of the possible relationships have an economic literature, in that market beliefs are seen as parts of culture. Second, the paper tests these hypotheses by making use of the fact that they consider different variables as exogenous ones. Measures of market beliefs are the coefficients of the country-dummies in the regressions run with individual data from the World Values Survey. The tests support the two hypotheses which hold that it is institutions, not market beliefs, that are exogenous.

  Journal of Economic Literature (JEL) codes: L26, O43, P16

• Scarcity and Uncertainty Reduction by Institutions

  Laszlo Csorba

  Views:

  109

  Institutions are not equally able to reduce scarcity and uncertainty. If institutions were classified from this point of view we would acquire a new analyticaltool to examine institutions in the past the present or the future. Scarcity and uncertainty appear continuously and institutions can manage them only by a greater increase in individual responsibility. However, this also increases the danger of the disintegration of community. We can see this application in practice by surveying the Hungarian pension system over the past 100 years.

  Journal of Economic Literature (JEL) classification: A11, B52, G18, G23

• A munkaerő-piaci intézmények hatásai a foglalkoztatásra szektorális megközelítésben

  27-41

  Domician Mate

  Views:

  162

  Recently, 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.

• How do informal institutions affect FDI? An assessment of the literature

  71-82

  Zsuzsanna Bényei

  Views:

  159

  A number of studies have examined the determinants of foreign direct investments (FDI). Institutions can be seen as an immobile location advantage, which can influence FDI flows. The aim of this study is to summarise the empirical literature on the growing importance of institutions in FDI decisions, especially that of informal institutions. The study also suggests using another measure as a proxy for informal institutions when analyzing the impact of informal institutions on FDI.

  Journal of Economic Literature (JEL) codes: E02, F02

• The Comparative Analysis of the Cultural Financing Models of France and Hungary

  50-67

  Akos Toth

  Views:

  180

  Both France and Hungary use the so called coordinated cultural financing model, in which the active role of the state is decisive. However, instead of producing a similar model, the level of the cultural sector value added to GDP in the two countries is different. The article’s aim is to answer this puzzle. The focus is on the role of institutions and state subsidy. The analysis tries to understand whether direct state subsidy plays a decisive role in the economic performance of the cultural sector. The analysis also shows whether the harmony of formal and informal institutions have a positive effect on the economic growth of the cultural sector. The assumption is that the size of direct government subsidy cannot increase economic growth. If the formal and informal institutions are in harmony, and if there is a long-run cultural policy strategy in a country, the cultural sector value added to GDP is higher.

  Journal of Economic Literature (JEL) classifications: Z10, Z11

• A hazai felsőoktatás gazdálkodásának szabályozása

  27-44.

  István Polónyi

  Views:

  151

  A tanulmány bemutatja a felsőoktatási intézmények gazdálkodásának szabályzói környezetét, azzal a céllal, hogy a hazai állami egyetemek gazdálkodói ill. vállalkózói egyetemmé vállásának lehetőségeit és akadályait feltárja.Először visszatekint a felsőoktatás rendszerváltást követő átalakítását, a felsőoktatási törvény megalkotását övező vitákra, majd rátér a felsőoktatás gazdasági helyzetének elemzésére. Ismerteti az oktatási költségvetés tervezési folyamatát, az intézmények finanszírozásának alapjait, a finanszírozásban az állami szerepvállalás mértékét és módját. A szerző rámutat, hogy a hazai felsőoktatás elmúlt évtizedének gazdasági szabályozását a  gazdasági autonómiától való távolodás és a gazdasági köttötségek erősödése jellemezte, sőt a magyar felsőoktatás szervezeti és vezetési jellemzői nemvalójában nem teszik alkalmassá a szélesebb gazdasági autonómiára.

• Sustainability of growth in countries with diverse backgrounds in the light of main international indices

  145-168

  Tamas Borko

  Views:

  120

  The paper tries to answer why fossil fuel abundant countries with diverse backgrounds perform differently depending on the dominance of the advantages or disadvantages accruing from natural resource wealth. With the contribution of the most popular competitiveness and institutional indices the determining factors are indentified. The distinctive factors are market efficiency, the quality of the business environment, innovative capability, the quality and efficiency of governmental, market and judicial institutions, the low level of corruption and the existence of political and civil freedom.

  Journal of Economic Literature (JEL) codes: O13, O17, Q32

• The Complexity of Technological Progress: Empirical evidence in the European Union

  23-34

  Julianna Csugany

  Views:

  161

  The author examines the role of institutions in technological change on the basis of an understanding of the macroeconomic context of technological progress. The empirical study aims to demonstrate the macroeconomic relationship between economic growth, technological progress and institutions, using data from the member states of the European Union. This paper constructs a statistical model which accommodates the complexity of technological progress and contributes to the analysis of its different aspects. It concludes that the elements of the technological environment and an emphasis on the protection of property rights play an essential role in understanding the effects of technological progress on economic growth.

  Journal of Economic Literature (JEL) classifications: O11, O34, O43

• Regulatory Coherence and Economic Growth

  33-54

  Pal Czegledi

  Views:

  165

  The paper is aimed at examining differences in market regulation across countries. Its starting point is the puzzle that poor countries apply more regulatory measures than rich ones do, although it has been empirically shown that those countries that regulate less grow faster. To explain this contradiction, the paper introduces the concept of regulatory coherence, and tries to explain the differences in this concept, together with the differences in the general level of regulation. The main argument is that regulatory coherence as well as the general level of regulation is dependent on the external, broad institutional system, because this affects the incentives of the regulators. The paper tries to support this theiretical argument empirically by a cluster analysis.

  Journal of Economic Literature (JEL) classification: B53, M13, L51

• Regions and the European integration: The Europeanization of the regions in Central and Eastern Europe

  54-68

  Jürgen Dieringer

  Views:

  103

  The process of Europeanization that is the adjustment of the national legal regulations, intstitutions and decision making patterns to the European political practice leads to the significant transformation of the national political systems. In the horizontal dimension of the state institutions this concerns primarily the relationship between the executive and the legislative powres whereas in the vertical dimension this influences the relationship bewteen the central state and the regions or provinces. The paper examines the source and durability of the Europeanization process in three Central and Easterna European countries, in Poland, Hungary and Czech Republic. Focus is primarily laid upon the institutional adjustments.

• Some characteristics of the connection between the economy and higher education - results of empirical research

  149-178

  Istvan Polonyi

  Views:

  128

  In 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.

• Oktatási jelzés és szűrés a munkaerőpiacon – az empirikus vizsgálatok tanulságai

  39-60

  Andras Istvan Kun

  Views:

  191

  Az oktatás jelző/szűrő hipotézise szerint az oktatási intézmények munkaerő-piaci funkciója nem csupán a tanulóik, hallgatóik munkavégző képességének (termelékenységének) növelése lehet, de mérhetik és jelezhetik is azt a munkaadók felé. A közgazdaságtan empirikus irodalmában az 1970-es évek óta
  születnek újabb és újabb kísérletek ezen információs funkció igazolására, mérésére, mindeddig érdemi eredmény nélkül. Jelen tanulmány az oktatás, képzés munkaerő-piaci jelző/szűrő modelljeit és ezek empirikus irodalmát elemzi, mely során arra keresi a választ milyen okok állhatnak a tesztelési kísérletek
  sorozatos kudarcai mögött. Legfőbb megállapítása szerint a méréseknek vissza kell térniük az elméleti modellekhez, mert túlzottan elszakadtak azoktól és az oktatás vállalati hasznosulásának vizsgálatára kell koncentrálniuk.

  Journal of Economic Literature (JEL) kód: I21, J21

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

  97-114

  Zoltan Adam

  Views:

  118

  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 

• The timing of the EMU accession

  45-62

  Laszlo Jankovics

  Views:

  262

  Following the Eu-accession the next major challenge is the preparation for and finally the introduction of the single currency for the Central Eastern European countries. In this paper, I analyze the legal, economic and political factors regarding the preparedness of the whole region, with special emphasis on Hungary. After taking the pros and cons of the official "as soon as possible" strategy into consideration, we can conclude that there is no convincing case for further postponing eurozone entry. Additionally, putting off the date indefinitely or ambiguously could result in growing economic uncertainty and dangerous financial instability. In the case of Hungary, it is very likely that the country would suffer serious loss of reputation and credibility were it to put off the target date a second time, i.e. beyond 2010. Lack of strong political commitment could unfortunately easily lead to a postponement of the adaption of the single currency. The potential implication might well be debated, but no doubt would be serious in terms of reputation and economic development.

  Journal of Economic Literature (JEL) classification: E42, E58, F33 

• International Higher Education League Tables – why are the best so good?

  127-142

  Zsuzsanna Kiss

  Views:

  134

  The study provides a comparative analysis of international higher education rankings. The article aims to analyze the role and performance of universities in today’s knowledge economy in transforming employment conditions. This paper aims to add an overview of the methodology of the global academic rankings, showing the benefits and difficulties of the creation of league tables and makes a proposal to improve the distortions. It gives a detailed empirical analysis of the countries’ results based on a comparison of three rankings. Hypothesis: the performance of countries with an English native language is better because of the particularities arising from the methodology, since the results obtained from research databases involved in measurements are primarily English-language publications and their citations, and furthermore the majority of the most prestigious journals appear in English.

  Journal of Economic Literature (JEL) code: I21, P52

• A tulajdonjogok legális versus illegális védelme, avagy hogyan vezetnek a gyenge állami intézmények a maffiaszerű szervezetekhez

  181-188

  Judit Kapas

  Views:

  125

• 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:

  125

• Szerződési szabadság és gazdasági növekedés az átmeneti országokban

  95-114

  Pal Czegledi

  Views:

  138

  A tanulmány a verseny gazdasági növekedésre gyakorolt hatásait vizsgálja, középpontba állítva a verseny szubjektivista (modern osztrák) felfogását. Legfontosabb következtetése az, hogy a verseny a vállalkozói felfedező folyamaton keresztül tud a legjobban érvényre jutni. Ennek alapján amellett érvel, hogy a versenynek eme aspektusa a gazdasági szabadsággal mérhető, és az átmenti országok esetében ennek nagyobb a szerepe, mint a fejlett és fejletlen országokban. Az elméleti következtetést a tanulmány panelelemzéssel támasztja alá.

  JEL (Journal of Economic Literature) kód: O12, O17, L14.

• Egymáshoz hasonlító munkajogi intézmények jogdogmatikai elhatárolása

  45-54.

  Tamás Prugberger

  Views:

  147

  A tételes magyar munkajogi szabályozásnak van néhány olyan intézménye, amely egymással valamilyen formában kapcsolatban áll. Tartalmi és szerkezeti - esetleg mindkét szempontból - hasonlítanak egymáshoz, azonban mégis elkülönülnek egymástól. Ezért azokat nem szabad sem elméleti, sem gyakorlati szinten összemosni egymással. A tanulmány három egymással jogdogmatikailag összefüggésbe állítható és egymás helyettestésére vagy felcserélésére is felhasználható munkajogi intézménycsoporttal foglalkozik. Az első ilyen csoport a kirendelés, a kiküldetés, a helyettesítés és az átírányítás, a második a kirendelés, a munkaerő-kölcsönzés és a kiküldetés, a harmadik a munkáltatói jogutodlás kérdése, azaz a munkáltató fizetésképtelenségével, a vele szemben csőd- vagy felszámolási eljárással, és a Bérgarancia Alap működésével, valamint a csoportos létszámleépítéssel kapcsolatos kérédsek. A tanulmány kibontja az egyes jogkapcsolatok mögött meghúzodó közös vonásokat, amelyek lehetővé teszik azok tudatos vagy véletlenszerű összecserélését vagy együtt alkalmazását, majd ismerteti a rokon intézményeket elválasztó ismérveket, azzal a céllel, hogy csak ott lehessen felcserélni vagy együtt alkalmazni őket, ahol a jogdogmatika engedi és jogszociológialiag is indokolt. 

   

• Political budget cycles: fiscal cycle effects in state expenditures in Poland

  47-62

  Agnes Halasz

  Views:

  143

  In 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