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• 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

• State aid possibilities following the expiry of the ECSC treaty in the steel sector

  125-142

  Eva Sztanko

  Views:

  152

  Az Európai Szén- és Acélközösség (más néven Montánunió) az ún. Főhatóság irányításával a szénbányászat és az acélipar közösségi szintű fejlesztési kereteinek kialakítására tett kísérletet. A Szerződés általános szabályként megtiltotta az állami támogatást, de bizonyos könnyítéseket engedélyezett a válsághelyzetek kezelésére. Ez a gyakorlat lényegesen eltért a Közösséget létrehozó Római Szerződés közösségi támogatási rendszerétől. Az acélipar szabályozása, a hosszú, közel 30 évig tartó válságkezelés után, az ESZAK Szerződés lejártával 2002. július 24.-től átkerült a Római Szerződés hatálya alá. Az állami támogatások új szabályozási keretei lényegesen szűkebb mozgásteret engednek a vállalkozásoknak, mint a korábbi gyakorlat. Számolni kell azzal is, hogy az átmenet során lehetnek problémák, mind az elsődleges, mind a másodlagos szabályozás területén. Az Európai Szén és Acélközösség a két ágazat működését felügyelte, a termelés koordinálásával, pénzügyi kölcsönök és garanciák nyújtásával. Ahhoz, hogy ezt a szerepét el tudja látni, a termelőktől – az alapító okirat felhatalmazása alapján – forgalomarányosan adót szedhetett be. Így feladatai ellátáshoz a közösségi költségvetéstől független pénzügyi forrással rendelkezett. A Nizzai Szerződésnek az Európai Szén- és Acélközösség megszűnésével foglalkozó Jegyzőkönyve előírta, hogy a vagyont – a Szén- és Acélkutatási Alap vagyona megjelöléssel – az Európai Közösségnek át kell adni, de az kizárólag a két ágazat fejlesztéseinek támogatására használható fel. Az áttekintés célja, hogy összefoglalóan bemutassa az Unió hatályos állami támogatási szabályait és az acélipari vállalkozások számára igénybe vehető kedvezmények körét.

• The question of duality in post-transition economic development

  71-90

  Miklos Szanyi

  Views:

  199

  One of the main questions of the FDI-based economic development model is how the local embeddedness of technologically advanced, globally operating multinational firms can be increased. The global economic integration of smaller, locally owned firms could be enhanced by the stimulating spillover effects stemming from multinationals. However, if the two main sectors of the economy function in isolation from each-other, stimulation effects cannot appear. This paper studies the features and extent of structural duality in Hungary, and the preconditions for deepening economic ties between the two sectors and
  of the utilization of positive externalities stemming from the presence of large multinational firms.

  JEL classification: F23, L53

• Issues of the Regulation of Residential Credits

  44-51

  Tamas Prugberger

  Zoltan Nagy

  Views:

  198

  The study focuses on the theoretical and practical issues of lending from the legal regulation point of view. After the 90’s the consumer social model was set up in Hungary, and it was linked to a fairly broad consumer credit activity. However, the regulation of lending was insufficient in many areas; consumer protection has hardly existed in the financial services market. Debtors were unprotected when facing the financial institutions, which concluded contracts not in their favour and restricted their rights. The economic crisis, and the great number of insolvent debtors, has emerged as a social problem for legislators, thus enabling them to amend lending rules and strengthen consumer protection in this area.

  JEL classification: K 30

• ESG regulation and what lies behind it - opportunities and challenges in preparing businesses for ESG in Hungary

  Orsolya Szendrey

  Gábor Bányai

  Mihály Dombi

  Judit Futó

  Dávid János Gulyás

  Andrea Karcagi-Kováts

  Piroska Harazin

  Views:

  29

  On 12 December 2023, the Parliament adopted the proposal on the rules of corporate social responsibility (CSR) and other related laws to promote sustainable financing and unified corporate responsibility (ESG Act). Companies subject to the Act will gradually have to comply with several qualitative and quantitative requirements, which will pose significant challenges for market players and regulators monitoring their operations. This paper aims to review how the gradual extension of the scope of the Act will affect market and industry players, highlighting the opportunities and challenges for stakeholders in meeting regulatory requirements in environmental, corporate governance and social matters.

• The “Timeless and Highly Topical at the Same Time”: In Memory of Professor András Bródy

  5-17

  Zsuzsa Bekker

  Views:

  143

  Professor András (Andrew) Bródy, one of the most outstanding of post-war Hungarian economists, perhaps the most spirited member of his generation, died at the age of 86, on 3rd of December, 2010. For several decades he had been dealing with the mathematical formulation of Marxian theory. He was an internationally respected model-builder, applying input-output analysis, also working with Professor Leontief in this field. He was both in full command of high-level theoretical knowledge, and proficient in the latest methodological approaches. He also conducted pioneering research into the application of
  the laws of thermodynamics to economic problems. His international fame was initially based on his book Prices and Proportions, published in Hungarian (1969) and also in English by North-Holland (1970). Several articles, conference papers, and several other books he wrote or edited broadened this recognition,
  the most important landmarks being Ciklus és szabályozás (Cycles and Regulation, 1980) in Hungarian, Slowdown (1982) in both English and Hungarian, and finally, Near Equilibrium in English (2004) and Chinese (2009). Fortunately, he participated in the work of our department, the History of Economic Thought at the Corvinus University of Budapest between 1995 and 2005. This article in his honour is a brief summary of his achievements and a reader’s selection of his writings prepared for the students of our department which reflect his views on the state of economic theories; also attached is a bibliography of his most important publications.

  JEL classification: A11, B23, B24, B32

• Critisism of insolvency rules

  111-138

  Tamas Prugberger

  Csilla Csak

  Geza Karolyi

  Emese Toro

  Zoltan Nagy

  Views:

  108

  The co-authors, who are participants in the research program (Ministry of Education FKFP 0025/2001-2004), give a critical analysis of the Hungarian regulation of insolvency law in their recently published study. Their findings, proposals have been formulated after studying respecting rules in the USA and in major Western-European countries (Germany, Austria, Italy, France, England, Switzerland). Not only legal regulations have been processed and critically analysed in their study, but judiciary precedents related to them as well. The aim of the study is to help re-codify the Hungarian insolvency law.

• The joining negotiations in rapport with the EMU

  75-87

  Laszlo Jankovics

  Views:

  133

  The study surveys the field that deals with the Eastward expansion of the European Economic and Monetary Union /EMU/ after the joining negotiations, involving the probable legal, political and economic dilemmas and problems of the introduction of euro in Hungary. The joining contract and the relevant documents unambiguosly outlining the items within the monetary integration for the Hungarian economy can be planned. It also examines the chosen monetary integration for the Hungarian economy can be planned. It also examines the chosen monetary-political systems of the candidate for membership countries from the relevant European regulation point of view, just as the possibility of individual solutions.