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• The role of sovereign wealth funds in the international financial system

  111-125

  Eniko Agnes Kovacs

  Views:

  176

  While sovereign wealth funds (SWFs) were formerly considered to be passive financial investors, today we can see their active presence in international capital markets. As their assets are continuously growing under their management, they are likely to have important impacts both on the financial services sector and international capital movements as well. The aim of this study is to give an overall view of the role of sovereign wealth funds assumed during the credit crisis, as well as of their possible impacts on the economic and financial system. The problem of transparency will also be discussed, namely the lack of it, which derives from the fact that most sovereign wealth funds do not disclose any information about their activities, operations, and investments. Moreover, this study provides an insight into policy responses made on the international level concerning SWFs.

  JEL classification: E58, F21, F30, G15

• The institutional background of factoring

  71-96

  Zoltan Nagy

  Views:

  148

  The article examines the Hungarian financial institution system from the point of view of factoring. In the interest of clarifying concepts, the article compares the judicial and economic use of the concept, introduces the intermediary system, the banking system, and the financial institution system. It outlines the contradictions in institutional regulations relating to factoring and the history of the development of regulation in the financial sector in Hungary from the 1970 to the present. Besides presenting the deficiences in the regulatory system, the article suggests several alternative modifications to the Law, thus highlighting the significance of factoring. In this analysis the author deals with both international and national practices, which can both be used as a basis for future legal regulations, providing answres to the questions raised in the article concerning the institutional structure.

• The growing state presence in the world economy: Sovereign Wealth Funds

  149-166

  Eniko Agnes Kovacs

  Views:

  250

  While sovereign wealth funds (SWFs) were formerly considered to be passive financial investors, today we can see their active presence in international capital markets. The aim of this study is to give an overall view of these funds, which are becoming increasingly important actors in the international monetary and financial system. This study presents the formation and purposes of sovereign wealth funds, as well as the main factors contributing to their growing presence. Moreover, this study provides an insight into the investment activities and practices of these funds.

  JEL classification: E58, F21, F30, G15