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

  111-125

  Eniko Agnes Kovacs

  Views:

  177

  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 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

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

  10-25

  Tibor Karpati

  Views:

  127

  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.