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• The Role of VAT Registrations in the Hungarian International Trade

  43-59

  Eleonóra Baghy

  Views:

  149

  Foreign companies generate more and more international trade through their non-active VAT registrations but these firms do own Hungarian tax numbers. Although these specialpurpose firms are present in various fields of economy e.g. storage, re-export, etc. their most important function is their involvement in global manufacturing. Because of their special legal status following the actions of VAT registrations in international trade statistics and in GDP compilations leads to diverse results, which causes significant difference in the data of these fields. The detachment of the product flow, the change of ownership and the money flow that is experienced today also makes it hard to follow the economical processes. Because of the above mentioned changes one of the most important methodological tasks for statisticians became to measure the activity of the VAT registrations and to ensure the consistency of data at national and an international level. We are demonstrating these complex transactions in three case studies at the end of our article.

  Journal of Economic Literature (JEL) codes: F10, F23

• The Cross-border Mergers’ Market and Financial Characteristics from the Perspective of Foreign Direct Investments in Hungary

  30-46

  Laszlo Zoltan Kucseber

  Views:

  183

  One of the methods with which foreign corporations practice direct investment is CrossBorder Mergers and Acquisitions (CBM&A). This can be proved by statistics: globally until the mid 1990s CBM&A accounted for about 50% of total Foreign Direct Investments (FDI) and reached 100% in 2000. This trend was not typical in Hungary. However, it reached 100% in 2009. I have two goals in this study: the first is to analyse how this phenomenon occurred in Hungary. In my study I analyse not only the correlation of CBM&A and FDI, but also foreign portfolio investments. My other goal is to analyse the characteristics of CBM&As from the perspective of FDI. I analysed the 343 decisions made by the Competition Authority. Finally, I compared these results with the features of FDI, which support and complement the results gained through statistical calculations.

  Journal of Economic Literature (JEL) classification: F21

• The Roots of Euroscepticism in Hungary.: Economic Policy and Perceptions of the European Union in the Crisis

  5-22

  Jozsef Peter Martin

  Views:

  278

  The paper explores the relationships among three factors: economic policy, its evaluation, and perceptions of the European Union. It considers Hungary’s recent decade, primarily the years of the recent global financial and economic crisis. The analysis compares Hungary’s economic statistics and attitudes with those of other countries on the EU periphery. The main questions are the following: why and how Hungary has become a eurosceptic country? On what does the image of the EU (created in the population) depend? Is there any link between how the economic policy is being pursued on one hand, and the attitudes towards the EU, on the other? Is the evaluation of the national economy confirmed by the hard facts?

  Journal of Economic Litterature (JEL) classifications: O520, Z130, P160

• Price transmission on the Hungarian pork meat market in the presence of structural breaks

  24-36

  Zoltan Bakucs L.

  Views:

  97

  The study of marketing margins and price transmission on various commodity markets has been a popular research topic of the past decades (see MEYER, VON CRAMON-TAUBADEL, 2004, for a present survey). However with a few exceptions these studies focused on developed economies. This paper examines the above phenomena on the Hungarian pork market. The Johansen (maximum likelihood, 1988) or Engle and Granger (two step, 1987) cointegration tests do not reject the no-cointegration null hypothesis between the Hungarian pork producer and retail price series. Therefore, we applied the Gregory and Hansen (1996) procedure with recursively estimated breakpoints and ADF statistics, and found that the prices are cointegrated with a structural break occurring in April 1996. Exogeneity tests reveal the causality running from producer to retail prices both in the long and short run. Homogeneity tests are rejected, suggesting mark-up pricing strategy. Price transmission modelling suggests that price transmission on the Hungarian pork meat market is symmetric in the long, but asymmetric in the short-run, i.e. processors, wholesalers or retailers might take temporary advantage, should price changes occur.

  Journal of Econmic Literature (JEL) classification: Q13, D12, D4