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  • 1
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2016-08-09
    Description: It was a great surprise to both the Hungarian and the international research community to see how determined and successful were the 2nd and the 3d Orbán-governments in rolling back the results of the post-communist privatizations. In my earlier papers - see Mihályi (2014, 2015a,b) - I showed that such renationalizations had occurred in other post-socialist countries as well, and discussed several, well-known property confiscation cases from the Hungarian history in the period 1848-1989. In the present paper, two events are recalled from earlier times - the 17th and 18th century, respectively. The first case study presents the largest-ever land privatization in Hungarian history, when the territories retaken by the Habsburgs from the Ottoman Empire were privatized (donated or sold) to the representatives of the loyal noble subjects of the Vienna court. The second case study reconstructs the details of large-scale nationalizations carried out by two Austro-Hungarian rulers - Maria Theresia and Joseph II - during the last three decades of the 18th century, when they abolished the majority of religious orders and confiscated all their assets. The punchline of the first case study is that we cannot understand the present renationalization wave in Hungary, if we do not take into account the poisonous historical legacy of the Hungarian feudalism. From the second case study we can learn that under certain conditions, the same objectives demand very similar means, even if the general historical conditions are entirely different; and the same notions - like privatization or nationalization - have entirely different meanings. As we show, the confiscation of the property of religious orders by Joseph II, enfolded in a strikingly similar way, as the communist nationalization of private companies in 1948.
    Keywords: F52 ; N13 ; Q15 ; Z12 ; ddc:330 ; Hungary ; economic history ; nationalization ; privatization ; land reform ; Neoacquistica Commissio ; abolition of religious orders
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 2
    Publication Date: 2016-08-09
    Description: Anglo-American and Hungarian economic historians follow different semantic patterns describing the same subjects. While the authors writing in English use three distinct terms to signify business history, entrepreneurship and the theory of the firm, the corresponding Hungarian words share a common root. This paper reviews the debates among the founding fathers of the discipline about how to define the agenda and methods of researching these topics both before and after World War II. The emergence of business history at Harvard Business School under the leadership of N. Gras mainly followed the German tradition of narrative historical economics. He denied any dominant role of formal economic theory and urged business historians to use several other disciplines (psychology, politics) too. The founder of Research Center in Entrepreneurial History at Harvard, A. Cole based the approach of his research group on the Schumpeterian concept of creative entrepreneur as the key figure in explaining the different issues of economic change and development. Faced with the problem how to identify what is entrepreneurship, the Center failed to formulate a theory of economic change based on entrepreneurial activity and behaviour. In the meantime the character of creative entrepreneur have been played down within organization and firm and was substituted by the entrepreneur co-ordinator (R. Coase) who directs production and by the middle-manager (A. Chandler). Both the business history using structuralist-functionalist sociological approach in discussing large scale enterprises and the theory of firm based on transactions costs and economic analysis of law remain outside of the mainstream of history and economics. What they had in common was a sense of affinity for empirical data instead of pure theory. Even it was more than affinity, it was a desire to get insight of the "real world".
    Keywords: A11 ; B00 ; B31 ; N8 ; L26 ; ddc:330 ; history of economic thought ; entrepreneurship ; theory of the firm ; business history ; J. Schumpeter ; A. Chandler ; R. Coase
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 3
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    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2016-11-10
    Description: Emigration has accelerated since 2007 in Hungary. The short history of the new phenomenon called intense political and social reactions. The paper focuses on a particular segment of emigration: on labour emigration of those employed persons who are still connected to the home country and possible to the Hungarian labour market. Based on the Hungarian LFS data those employed persons will be covered who reported that their workplace has been abroad. Since the early 2000s until the first quarter of 2013 has been followed the changing trend, orientation and structural characteristics of labour emigration. The trend and the explanatory factors of changing emigration will be discussed by main target countries. Finally the individual's chance of emigration and its changes comparing to the employed population in the home country has been studied by logistic regression analysis. The odds ratio and the changes of the odds ratio of labour emigration calculated by main target countries proves considerable structural rearrangement over time and characteristic differences by main target countries.
    Keywords: F22 ; J21 ; J60 ; ddc:330 ; migration ; working abroad ; employment ; labour market
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 4
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    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2016-11-10
    Description: This paper employs large-scale individual-level panel data-set to determine the changes in the probability of migration and attrition of Hungarian doctors between 2003 and 2011. The study uses event history modelling, competing risk models. The results show that first after the EU accession, then after the spring of 2010, and finally after the relaxation of the Austrian and German temporary employment limits, the hazard of doctors' migration increased. Results also show that in Hungary, in addition to migration, doctors' attrition is also a severe problem. Exits from physicians' and dentists' pool by migration, going to another job in Hungary and by going to inactivity are about equally likely.
    Keywords: C41 ; C55 ; I10 ; J4 ; J40 ; J45 ; J60 ; J61 ; ddc:330 ; Doctors' migration ; doctors' attrition ; competing risk modell
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 5
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2016-03-30
    Description: Macroeconomic modelling is a recent development within the rapidly advancing field of agentbased modelling. Like older macromodels macro ABMs must also feature a well-designed consumption-savings block. As the microeconomic ABM literature on savings is non-existent researchers had to resort to the traditional literature to borrow ideas about how to model agents' savings behaviour. They adopted certain simple consumption rules as simplifications of the (implicit) decision rules derived from maximizing models. In this paper we set up an agentbased macromodel where households belong to one of three types of savers (prudent, myopic, permanent income based), but allow for adaptation, learning and selection. We are interested in establishing the relative fitness of the three savings types, and determine their impact on the overall performance of the economy. Through running simulations we find that the prudent type alone prevails when the selection pressure is very high, but at intermediate levels of evolutionary competition the two other types can survive as well. At customary levels of relative capital efficiency prudent agents tend to overaccumulate capital, and the presence of the other types is like a socially useful antidote, driving the long-run savings rate towards the golden rule. On the other hand low selection pressure raises substantially the volatility of capital. In this model relaxing borrowing constraints is conducive to even more excessive investments, as if owners of capital were exploited by wage-earners.
    Keywords: E03 ; E14 ; E27 ; ddc:330 ; savings types ; bounded rationality ; evolutionary learning ; agent-based macromodel
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 6
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2016-03-30
    Description: One of the intriguing questions of our times is the importance of the centralization and nationalization campaigns of the 2nd and 3rd Orbán-government carried out since 2010. In an earlier working paper - Mihalyi (2015) - I demonstrated that similar policy steps were occasionally taken in other post-socialist countries, too. It is also a known fact, that the subsequent Hungarian governments in the 1990-2010 period were also forced in some cases to renationalize already privatized firms - although the main trend of policies was privatization. However, in my earlier work a logical question was ignored, namely why this U-turn has been so far so easily accepted by the Hungarian society at large and many opinion leaders both on the political left and political right. One conceivable answer is that this is what the Hungarian people have been accustomed to. The history of the past 300 years was nothing else but a sequence of nationalizations and confiscations, and the milestones of this have been taught with proud already in the elementary schools for generations. From the perspective of the present paper, it doesn't matter whether the nationalizing governments could have made different decisions; whether they were pressed by outside forces or acted independently. It will be shown that the decision-makers were both prisoners of their own epoch and the ideology of their social classes, but at the same time they were also authoritative diffusers of their own ideologies through politics, education and the media. The subsequent asset redistributions in the modern economic history of Hungary aimed at accelerating the country's economic development and catching up with the more advanced economies. Unfortunately the decision-makers didn't realize that these measures - nolens volens - undermined the idea of private property, the rule of law and the trust vis-à-vis the state itself.
    Keywords: N4 ; P20 ; P26 ; P31 ; P51 ; ddc:330 ; economic history ; nationalization ; socialization ; restitution ; land reform ; retroactive legislation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 7
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2016-03-30
    Description: The paper recalculates total factor productivity (TFP) in Hungary, and based on this, presents an updated decomposition of GDP growth. Compared to the previous literature on Hungary, contributions include the quantification of human capital and the inclusion of the capacity utilization of production inputs. The latter is necessary to get a more realistic picture of productivity fluctuations. Results show that both increases in the capital stock and improvements in productivity contributed to Hungarian growth, while the role of human capital, and employment in particular was only important at the end of the 90's. The analysis attempts to take into account possible connections between capital deepening and productivity. In our neoclassical framework we can only explore the possibility of TFP induced capital investment, leaving the study of reverse causality for future research.
    Keywords: O47 ; E01 ; E25 ; J21 ; ddc:330 ; economic growth ; TFP ; Hungary ; human capital ; capacity utilization
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 8
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2016-03-30
    Description: It is our natural inclination to find stable patterns and meaning in the chaotic world around us. This assists in our efforts to understand the past and forecast the future. The starting point of this essay is the phrase "dismal science" which is an often used 'epitheton ornans' of economics. While this essay retraces the origins of this epithet it also sheds light on the differences in interpretation of the dominant forces that shape our economy and society. The stories evoked from the age of industrial revolution, such as the "Carlyle-Mill Debate"and the "Edward Erye-William Gordon Controversy", point out the necessary coincidence of three main ingredients of modern economic growth. The first is the essential legal framework of the free market economy, the second is the rule of law - one of the main institutional prerequisites of a competitive economy, the third is the change in rhetoric concerning the much needed requisites of the market economy such as the principle of private property, free trade, unfettered entrepreneurship and fair labour market relations. We emphasize the dominant roles of those individuals who carry the burden for the consistent representation of these values both in the academic sphere and in civil society.
    Keywords: N3 ; O1 ; Z1 ; ddc:330 ; dismal science ; Thomas Carlyle ; John Stuart Mill ; economic history ; political economics ; modern economic growth ; institutions ; rhetoric
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 9
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2016-03-30
    Description: The entire venture capital sector of Central and Eastern Europe is characterised by the increased weight of state resources. The strengthening of public activities is mainly due to the new type of equity schemes introduced in the European Union's 2007 to 2013 programming period, which allowed the countries in the region to use part of the Structural Funds to develop their venture capital sector. More than 60 venture capital funds undertook to invest more than EUR one billion by the end of 2015, by raising one third of the funds from private investors. The paper examines how successful the CEE EU Member States, with a relatively less developed venture capital industry, were in using government equity schemes based on market cooperation between the state and market actors. Since, due to the shortness of the time elapsed since launching these schemes, the success of the companies financed by such hybrid venture capital funds cannot be assessed, this paper primarily aims to analyse whether the region was able to utilise the past lessons from government equity schemes in countries with a more developed venture capital industry. Similarly to the equity programs applied in the West, the government venture capital programs in the region are also characterised by the short time frame, the mass of administrative requirements tying the hands of investors, the small fund size, which prevents efficient operation, and the limited participation of institutional investors amongst private investors. Compared to developed countries, the unjustified level of benefits to and non-transparent selection of private fund managers and the immaturity of the investment proposals constitute disadvantages in the region. However, the greatest risk of public equity schemes, i.e. the crowding out effect on private investors, is missing in the CEE region due to the lack of market investors.
    Keywords: G23 ; G24 ; G28 ; M13 ; ddc:330 ; venture capital ; government venture capital ; government equity schemes ; SME finance ; Central and Eastern Europe
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 10
    Publication Date: 2016-03-30
    Description: Market makers on financial markets often act as competitiors and step into cooperations with each other at the same time. Primarily, they quote prices for investors, thus providing liquidity on the customer market. But they also trade with each other in order to reduce their inventory risk. The interdealer markets differs from walrasian markets in three main features: the trades are bilateral, the players usually form trading networks, the players have different bargaining powers. This paper describes the situation when customer and interdealers markets are strongly interconnected and characterizes the market equilibrium. Moreover, we investigate on different pricing strategies followed by market makers on the customer markets, when interdealer risk allocation is allowed. In this setup market makers operate in a duopoly on the customer market, and trading counterparties with different bargaining power on the interdealer markets. We show that the presence of an interdealer market reduces the market powers on the customer markets. We find also that the more risk averse market makers are, the lesser the market power on the customer market.
    Keywords: G10 ; D43 ; D53 ; ddc:330 ; market maker behavior ; interdealer markets ; risk allocation ; financial markets ; market microstructures
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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