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  • 1
    Series available for loan
    Series available for loan
    Budapest : : Kiadja a Magyar Földtani és Geofizikai Intézet,
    Call number: M 17.90900
    Type of Medium: Series available for loan
    Pages: 314 Seiten : , Illustrationen ; , 1 Karte (gefaltet 29.5 x 17 cm) , 31 cm +
    ISBN: 9789636713041 , 9636713049
    Classification: A.3.3.
    Language: Hungarian , English
    Location: Upper compact magazine
    Branch Library: GFZ Library
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  • 2
    Monograph available for loan
    Monograph available for loan
    Berlin u.a. : Langenscheidt
    Call number: 1.1/M 92.0747
    Type of Medium: Monograph available for loan
    Pages: 447 S.
    Edition: 13. Aufl.
    ISBN: 346818381X
    Classification: E.5.
    Language: Hungarian
    Location: Reading room
    Branch Library: GFZ Library
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  • 3
    Monograph available for loan
    Monograph available for loan
    Budapest : Magyar államí földtani
    Call number: G 6447
    Type of Medium: Monograph available for loan
    Pages: 102 S. + 4 Kt.-Beil.
    Language: Hungarian
    Location: Upper compact magazine
    Branch Library: GFZ Library
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  • 4
    Monograph available for loan
    Monograph available for loan
    Budapest : Akadémiai Kiadó
    Call number: MOP 40118 / Mitte
    Type of Medium: Monograph available for loan
    Pages: 622 Seiten , Illustrationen
    Language: Hungarian
    Location: MOP - must be ordered
    Branch Library: GFZ Library
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  • 5
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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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  • 6
    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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  • 7
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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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  • 8
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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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  • 9
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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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  • 10
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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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  • 11
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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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  • 12
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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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  • 13
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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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  • 14
    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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  • 15
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2016-03-30
    Description: The most fundamental form of systemic risk in modern financial networks is contagion. In this article we describe a homogeneous banking system (banks with identical preferences and the same size of total assets) with interconnectedness: banks own shares in each others' assets. Using these simplifications we derive an analytically tractable indicator for systemic risk based on the expected loss of banks in case of a default in the system. Analyzing this indicator we find that increasing the volatility of the assets and decreasing the level of equity both raises systemic risk. Furthermore, interconnectedness in the system has an ambiguous effect. On the one hand it increases the diversification effect because banks can cover losses by holding assets of other banks. On the other hand if the connection is strong at the beginning, increasing it further induces additional systemic risk by raising the probability of contagion.
    Keywords: C70 ; G18 ; G20 ; ddc:330 ; systemic risk ; interbank market ; financial contagion ; game theory
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 16
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2016-03-30
    Description: Statistical data display a high level of sectorial and geographical concentration in the exports of three Central European new member states of the European Union: the Czech Republic, Hungary and Slovakia. All the three export huge quantities of the products of certain sectors of engineering industries, and the main destination of their exports are the partner countries in the European Union. In this article, we discuss these issues in a comparative perspective, including into the analysis some other Central-Eastern European (CEE) new EU member states and also some other (non-CEE) EU member states. With more thorough examination we find that both kinds of concentration (which are also interrelated) are at lower levels than it appears in foreign trade statistics, and still rather high in international comparison. Concentration has both positive and negative (dangerous) sides.
    Keywords: F13 ; F15 ; F23 ; F43 ; H25 ; J24 ; ddc:330 ; external trade ; international value chains ; clustering ; industrial structure ; European Union ; Central-Eastern Eutope ; Hungary ; Czech Republic ; Slovakia ; mechanical engineering ; automotive industry
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 17
    Publication Date: 2016-08-09
    Description: This study explores office market cycles based on five office market indicators. We analyze time series of yield, take-up, vacancy, rent and new supply on a worldwide database, which is more detailed than any other used previously, as it comprises of data about nearly one hundred cities. Yields and rents prove to have the least volatile time series, while new supply, vacancy and take-up showed much greater variability in the analyzed markets. During the investigation of the lead-lag relationships among office market indicators, we found that vacancy and take-up followed the changes in yields within about 3-4 months. Rents and new constructions responded much slower, after approximately one year. We also conducted our analysis using turning point identification besides commonly used methods.
    Keywords: E32 ; R33 ; ddc:330 ; office market cycles ; great recession ; turning point methodology ; lead-lag relationships
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 18
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2016-08-09
    Description: The aim of this paper is to provide a detailed overview of the domestic policy changes affecting privately owned businesses in Hungary during the reign of the 2nd and 3rd Orbán governments. After careful selection and omission of the less important measures, 36 examples are discussed. Their common characteristics are their discriminatory nature, meaning that they supported some firms and/or state-owned entities, while other businesses - chiefly the ones owned by foreign investors - were negatively affected. These new laws, regulations, by-laws or daily practices were openly in conflict with the letters and the spirit of the acquis communautaire - the guiding principles of the European Union. The Hungarian authorities played on time. Their assumption was - and this assumption did prove to be correct in practice - that it would take years until the EU machinery would reach a verdict and instruct Hungary, as a member-state to repel the given legislation. An important finding of the paper is that in 16 cases out of the 36 cases presented, the previous Hungarian governments also relied on such discriminatory solutions, but these cases were not so costly for the targeted private businesses and were not implemented with such a brutal force. As it is well-known, parallel to the policy measures discussed in the paper, the 2nd and 3rd Orbán-governments proceeded with a broad renationalization policy as well. These events were discussed at great length in Mihályi (2015a).
    Keywords: H1 ; H25 ; K21 ; K23 ; ddc:330 ; Hungary ; discriminatory economic policy ; populism ; Hungary's conflict with the European Union
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 19
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2018-03-01
    Description: In the conventional textbook demand-supply model of competitive labour markets, introduction of a minimum wage above the market-clearing level must reduce employment. Empirical findings suggest, however, that this might not always be the case, which appears to be most readily explained by monopsonistic competition in the labour market. The thought experiment reported here takes an alternative root: it interprets the phenomenon of "minimum-wage paradox" as an eventuality in a competitive labour market with friction.
    Keywords: E20 ; E30 ; J38 ; ddc:330 ; minimum wage and employment ; minimum wage paradox ; friction and search in the labour market ; disequilibrium-induced alterations in demand and supply ; wage rigidity ; Arbeitsuche ; Arbeitsmarkt ; Erwerbstätigkeit ; Mindestlohn ; Lohnrigidität
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 20
    Publication Date: 2017-08-04
    Description: The analysis of the effect of new ventures on the economy has been widely investigated over the last decade. However, the Global Entrepreneurship Monitor (GEM) international research was the first that provided a consistent and comparable estimation of the entrepreneurial activity over nations. The present study describes the most important result of the GEM research over the 2001-2003 time period with focusing on Hungary. Using the two most important rates, the Total Entrepreneurial Activity (TEA) index and the Firm Entrepreneurial Index (FEI), Hungary can be found in the middle range of the participating countries. Our situation is better in terms of regional comparison in the Central Eastern European region - Croatia, Poland, Russia and Slovenia -, and slightly better comparing to the European Union average. Since the new firm formation effect on economic growth and employment creation outweigh that of the existing companies by five to six times, Hungarian entrepreneurship policy should focus more on supporting the newly created enterprises
    Keywords: ddc:330 ; Unternehmer ; Unternehmensgründung ; Vergleich ; Ungarn ; Welt
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 21
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    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2018-02-02
    Description: In this study we explore the job search behavior of the unemployed using 16 waves of Labor Force Survey between 2010 and 2013. According to our results if unemployed individual was previously public workers, then it increases the likelihood that he search for a job through public employment office and it reduces the probability of the usage of all other search methods. We found that reservation wage and the sub-regional average wage affect the search intensity positively, while social assistance and the proportion of dependents in the household had a negative impact on the search intensity of the unemployed. The fact, that the unemployed received unemployment benefit, or not had no significant effect on search intensity. However, reducing the length of eligibility period and the maximum amount of unemployment benefits had a positive impact on the intensity of job search within one year after the introduction of new rules, but had no significant effect on the reservation wage. The positive impact of UI reform is somewhat overshadowed by that the search intensity has been started to grow before the introduction of new rules therefore it is possible that the new rules only reinforce an already existing process.
    Keywords: J64 ; J65 ; J68 ; ddc:330 ; job search ; search methods ; unemployment benefits
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 22
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    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2018-02-02
    Description: Using unique data from Hungary we analyze the educational attainment of a cohort of Hungarian Roma and non-Roma students. This cohort started high school in 2006. High school dropout rate is 10 percent among non-Roma, whereas nearly 50 percent among Roma students. 75 percent of the non-Roma students take a final maturity exam, and the college attendance rate is 31 percent among them. The corresponding figures for Roma are 24 percent and 4 percent, respectively. The ethnic difference in high school attainment and college attendance are strongly related to the skills gap emerged before high school. The ethnic test score gap measured by the end of 8th grade is nearly entirely explained by social differences in income, wealth and parental education, while ethnic factors do not play an important role. Two major mediating mechanisms can be identified: first, the home environment of Roma children is less favorable for their cognitive development; second, Roma children face a lower quality educational environment. Comparing children with similar home environments from the same school and class, we find that the ethnic gap in test scores is insignificant. Ethnic differences in the home environment are explained by social differences, and ethnicity seems to play no additional role. While their disadvantage in accessing high-quality education is also strongly related to social differences, Roma students seem to face additional disadvantages as subjects of ethnic segregation. The majority of Roma students are educated in classrooms in which the sheer quantity of unresolved pedagogical problems makes it very difficult for teachers to teach well. The raw ethnic difference in the likelihood of studying in classes in which over half of the classmates can be considered functionally illiterate, is 40 percentage points. Residential inequalities and selection by social disadvantage are responsible for the bulk of this selection; however, ethnic exclusion mechanisms are responsible for the rest.
    Keywords: I20 ; J15 ; ddc:330 ; Roma minority ; test score gap ; school segregation ; high school completion ; college attendance
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 23
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2018-12-18
    Description: This paper analyses the factors affecting the price level of Hungarian residential real estate using individual sales data. We focus on the role of the location of the property. We show that geographical factors are relevant in explaining housing prices using traditional type groups constructed from mentioned factors. Our study makes two contributions. First, we find that every group of variables may be important in disentangling real estate prices; individual factors explain 2-5% of the variance of housing prices, while together they account for 15% of the variance. Second, our results imply that in estimating a hedonic model, in addition to agglomeration and income effects, geographical factors are essential to consider.
    Keywords: R30 ; R31 ; ddc:330 ; housing ; hedonic pricing ; geographic factors
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 24
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2018-12-18
    Description: In December 2016 the National Bank of Hungary (NBH), by referring to its "backcasts" (based on analyses of past data-revisions), arbitrarily revised upwards the data of the Hungarian Statistical Office (HSO) on GDP-growth for the first three quarters of 2016. This "methodological innovation" (as put by the NBH) served to support its unrealistic 2.8 percent GDP-growth projection for 2016. In March 2017, the HSO reported GDP to have grown by a mere 2 percent in 2016. Hence, the "backcast" of the NBH, combined with its forecast for the last quarter of 2016, proved to be a failure. However, the NBH did not give up: without offering a substantive explanation for its forecast error, it claimed in its 2017 March Inflation Report that GDP-growth was by 0.2 percentage points higher in 2016 than reported by the HSO. This mode of conduct of the NBH can be objected both on ethical and professional grounds. By this practice the NBH not only questions the reliability of official statistical data, but it also makes its forecasts incomparable both across time and with those of other analysts. While expressing uncertainty regarding future data-revisions by a central bank certainly makes sense, there are no professional arguments to support a practice whereby a central bank simply overwrites official data by its extremely uncertain "backcasts".
    Keywords: E01 ; E37 ; E58 ; ddc:330 ; GDP-statistics and data revisions ; macroeconomic analysis ; forecasts and backcasts ; National Bank of Hungary ; central bank transparency
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 25
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2018-12-18
    Description: The 2016 Nobel Memorial Prize in Economic Sciences was awarded to Oliver Hart and Bengt Holmström for their work on contract theory. Contract theory is a subfield of game theory where the conflict between the owner - the principal - and the CEO - or agent - is at the centre of interest. In the following we explain the principal-agent model of Holmström with some extensions and then look at the property right aspects of these models based on Hart's work. Although the two researchers are recognised for their theoretical work, in our simple introduction we avoid complex formulae and illustrate the models with examples.
    Keywords: C72 ; D82 ; D86 ; ddc:330 ; contract theory ; incentives ; principal-agent problem ; Nobel prize ; risk ; property rights
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 26
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2018-12-18
    Description: Using firm-level microdata, our study investigates the heterogeneity of three types of taxes levied on firms (corporate tax, payroll tax and local business tax). We show that business taxes per worker and per unit value added significantly differs among different types of firms and that tax incomes are highly concentrated. The most important factor of corporate taxation is productivity that is positively correlated with tax income per capita and negatively correlated with the value-added tax wedge. Using static microsimulation, we study the effect of Hungarian corporate tax reduction in 2017 on tax income and the distribution of tax burdens. We calculate how much large enterprises benefited from the tax reduction, moreover how the concentration of tax income has reduced due to the corporate tax change.
    Keywords: H25 ; C54 ; D22 ; ddc:330 ; corporate tax ; microsimulation ; firm heterogeneity ; productivity ; reallocation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 27
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2018-12-18
    Description: Global Value Chains play an increasing role in production and export in modern economies. Being part of such global chains can fundamentally affect the performance of a firm, a country, or an industry. In this study, we analyze the production and export of intermediate products and capital goods by Hungarian manufacturing firms, using firm-level production and export data. We show that such products account for two-thirds and three-fourths of production and exports, respectively. The share of such products is fundamentally determined by industry; therefore, an economic policy focusing on the appropriate industries can target potential suppliers quite effectively. By using regression analysis, we show that firms producing intemediate goods are more productive than their peers producing consumer goods, which is in line with the potential presence of knowledge spillovers.
    Keywords: D22 ; D24 ; F14 ; L60 ; ddc:330 ; suppliers ; capital goods ; manufacturing ; export
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 28
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2018-12-18
    Description: One of the basic premises of societies and economies is the capability of humans to understand and judge the aims and motivations of others. We are continuously observing the facial expressions of our fellows. We keep watching and try to understand the undercurrents of important events for us. While doing this, we strive for giving meaning to our experiences and try to fit them into familiar and formerly established patterns. There are three important phases of the process: empathy, understanding and judgment. Capabilities which are necessary to fulfill these tasks are important preconditions for successful competition and cooperation in the economy. Our capacity to empathize with the sentiments and deeds of the others is, however, a double-edged sword. It can induce both good-doings or harsh aggression for or against others. But, then, what is it that separates the good and the evil in humans? Lifesaving philanthropist or greedy martinet - man can be both. What is it that makes people helpful and forgiving individuals and why do they often emerge as revengeful destroyers? Can or should economic science deal with such types of inquiries? The purpose of this essay is to show that Adam Smith's insights relating to these questions provide us with thoughts which seem to be more and more relevant to contemporary scientific analysis.
    Keywords: A13 ; B12 ; B31 ; B52 ; O10 ; ddc:330 ; morality ; economic growth ; Adam Smith ; empathy ; institutions
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 29
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2018-12-18
    Description: In the known history of mankind households dominated the economy. Both food production and industrial activities were carried out mainly in households, first of all by female work. In the early industrial development industrial activities and services have been separated from households in the more developed world. Consequently female occupations were confined to domestic activities and childcare. With the stronger development of industry the demand for workforce has risen. Service sectors have developed, as well. Factories and services needed more and more female workers. Until the end of the nineteenth century few women took part in higher education. With increased attendance at high schools and universities, there have been more women entering in occupations needing secondary- and tertiary-level education. However, few are employed among them on manager and senior official levels. The political empowerment of women is also meager. Female employment has been promoted by the decreasing birthrate as well. Childcare became easier by public service provision, day nurseries, kindergartens, household machines and up to date materials. But the bulk of domestic work is still done by women. According to the European time use surveys women perform between 60 and 66 % of all domestic work. In all the countries men spend more time on gainful work than on domestic tasks on average; however gainful employment and domestic tasks taking together, the daily work of employed women is higher than that of men. Men enjoy more free time than women do. With the decreasing industrial and rising service sector occupation of women and owing to their higher educational level the gender wage gap is diminishing but it still exists. The gender pay gap is particularly large in occupations where the female employment is dominant, as for example in teaching.
    Keywords: B54 ; F50 ; F66 ; N00 ; ddc:330 ; gender ; time use ; wage gaps ; work
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 30
    Publication Date: 2018-12-18
    Description: In the wake of regulatory, information technology and methodological changes, statistical property valuation has been gaining traction in Hungary. This paper looks at the available methods of appraisal based on the literature. We provide an overview of the advantages and drawbacks of the currently known methods. On this basis, everything is in place in Hungary to introduce automated valuation models (AVMs) alongside the estimated median value based methods used so far. For real estate industry-specific reasons, the introduction of parametric hedonic estimates supplemented with spatial correlations can be expected for the time being. This would significantly improve the performance of statistical models and the quality of duties office data.
    Keywords: C15 ; C45 ; G21 ; ddc:330 ; mortgage ; collateral valuation ; automated valuation model ; statistical valuation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 31
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2018-12-18
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 32
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2018-12-18
    Description: In most transition countries the first newly elected governments decided on promoting the change of large scale agriculture into small scale family farming, for coping the West European model. Their political decisions were supported by internal and international advisors. Small properties were created by the agricultural privatizations and the maximum farm sizes were legally limited. Different restrictions were also introduced against exceeding these limits. These limitations are still in force in Hungary. However the real development has significantly differed from the original political intentions. In many countries, among them in Hungary, large farms survived or revived. One reason of this was that the historical development differed essentially from the West European. Small farming had not much tradition in these countries. Before the decades of socialism large estates dominated the land size structure for centuries and then generations grew up without possessing the skills of small farming. In the more developed socialist countries large farms became well equipped during that time, their productivity grew and could ensure better living conditions for many laborers than their fathers and grandfathers had. It has to be mentioned that at the time of transition there was a transformation for larger farming in many West European countries, as well, owing to the higher productivity requirements. The other reasons of the revival of large farms - at least in Hungary - were the deficiencies of legislation. The limit of farm size was applied for instance to persons and not to families. Further on much land also could be rented from owners who did not farm on their new properties. Many cooperative farms survived also in some forms of companies and state farms transformed into private companies, as well. Later on many agricultural companies, food processing and other firms, domestic and foreign trade enterprises, servicing firms, etc. were united by big shareholder investors in huge joint-stock companies. They are called agro integrations. In this way some farms of these companies are farming on some hundred thousand hectares at present and own big live stocks. These farms also integrate many small holdings in general, either in the form of renting or in some other manner. This model of large estates is very likely similar in some other former European socialist countries.
    Keywords: Q1 ; Q10 ; Q14 ; ddc:330 ; agriculture ; agro integration ; land tenure
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 33
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2018-12-18
    Description: Product- and partner-level disaggregated trade data linked with firm-level data make possible the understanding of the structure of foreign trade. This study analyses the trade duration of firms, its relation to the products and partners and the foreign trade margins defined in different ways. Half of the firms exporting and/or importing at least two produts belong at least to two industries. Trade volume seems to move together with the intensive margin defined at the country level.
    Keywords: D24 ; F14 ; L25 ; ddc:330 ; export ; import ; extensive and intensive margins
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 34
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2018-12-18
    Description: The so called classic model of tax compliance behaviour interprets the problem as an individual decision under risk made by a single taxpayer. After a concise description of this model our literature survey investigates whether the empirical results found in the literature corroborate the expectations suggested by the theory regarding the impacts of the main explanatory factors on tax compliance. The results are somewhat contradictory and/or inconclusive regarding the impact of income size and the level of tax rates on tax compliance. The expected positive relationship between the frequency of tax audits and compliance, however, seems to hold. The deterring effect of high tax fines on compliance seems to be less strong than expected. Nevertheless, in the case of high audit probabilities the impact of high fine levels may become stronger. These findings suggest that more realistic alternative models are needed to explain the behaviour of taxpayers then the one offered by the classic economics-of-crime approach. Having reached this conclusion we somewhat elaborate on the most important new paradigms explaining taxpayers' behaviour, including the following ones: tax compliance behaviour as determined by the social dilemma between contributing individually to public good provision and free riding; the heterogeneity of taxpayers as the main factor determining taxpayer behaviour; the implicit psychological contract paradigm; and, finally, the slippery slope paradigm that can somehow synthesize the positive attributes of the above paradigms and integrate the economic and psychological explanations of tax compliance behaviour. At last we deal separately with agent based simulations, an increasingly popular methodological innovation in the field, that proves a valuable tool in analysing the impacts of these new paradigms describing taxpayer behaviour.
    Keywords: H26 ; H71 ; O17 ; C63 ; C91 ; ddc:330 ; tax compliance ; tax evasion ; slippery slope paradigm ; tax administration ; government ; coercion ; trust ; agent based simulation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 35
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2018-12-18
    Description: The paper focuses on a special type of ownership transformation that characterizes the life cycle of companies in the venture capital industry in Hungary. These types of transformation are frequently realized by mergers and buyouts. The special characteristics of the biggest transactions in the venture capital industry are well-documented in the reports of the authorisation proceedings conducted by the competiton authority. These proceedings concern the deals of the period following the accession to the EU. According to the analysis of these transactions, certain features are different from the international trends. On the one hand, investments occur only into matured companies; on the other hand, the industry breakdown of these investments differs from the structure that characterises the whole venture capital industry in Hungary.
    Keywords: G24 ; L4 ; ddc:330 ; private equity ; venture capital industry ; competition surveillance control ; buyouts
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 36
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2018-12-18
    Description: The article uses continuous wavelet analysis for the study of certain export-import time series. It is a novel methodology, with the promise, inter alia, to detect features of processes that may remain hidden for traditional methodologies. The application of wavelets has been rapidly increasing in economics and finance, but to our best knowledge, it has never been used to analyse trade data. In this study export-import series of 10 EU economies and the EU28 are studied. Our results bear on trade forecasting: it seems that the 2008 crisis increased the cohesion of trade in the short term only temporarily, and one can expect significant co-movement only at scales of 3 years and above. Also, we suggest a new classification of small EU economies with respect to integration, inducing interesting new research questions.
    Keywords: F14 ; F15 ; C4 ; ddc:330 ; Wavelet Analysis ; Trade Integration ; European Union
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 37
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2018-12-18
    Description: We scrutinise in this paper the systemic consequences of state intervention triggered by external shocks for the dynamics of investment in the transforming Chinese economy. Our analysis focuses on the period before and after the global crisis. We interpret investment dynamics in a comparative party-state model concept framework. We point out that overinvestment is an outcome of the party-state power formed by relations of dependence and interest promotion between party, state and economic decision-makers, and of emerging structural motivations inside of this network. Our findings reveal that these specific features intensify after state intervention, which reacts to the external shock. The level of intensity corresponds inequalities in power distribution within the network and, more specifically, regional and ownership priorities of the network. Structural and motivational specifics that cause overinvestment and thereby economic overheating prevail inside the network even during the transformation of the system. Moreover, they are further enhanced by market actors adapting to priorities in the network. In light of this approach, our analysis will end up in several quantitative conclusions. We will demonstrate that adaptation to an external shock increases the intensity of routine behaviour within the network. We will also prove that due to self-similar structural and operational characteristics of the party-state network overinvestment and, consequently, economic overheating can be detected not only on the national, but on province level as well. Furthermore, we will provide evidence for that overheating concerns especially those regions which are preferred by state intervention. We will underline that temporal swings of overinvestment, that cause economic overheating, and temporarily intensifying activity of the network are interlinked during the transformation of the party-state. Finally, we will reveal that behind swings of investment, including both ups and downs, we may find different forms of behaviour at enterprises with different types of ownership.
    Keywords: P1 ; P20 ; P25 ; P50 ; P51 ; B52 ; GO1 ; H72 ; L21 ; R12 ; ddc:330 ; China ; crisis ; investment ; overheating ; party state ; transformation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 38
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2015-03-25
    Description: Urban regions are the most favoured geographical knots of the economic power and growth, and of the Hungarian social transformation as well. In 2003 the Hungarian Central Statistical Office surveyed the processes of agglomeration and modified the previous demarcation of the clusters of settlements. The provincial urban agglomerations were studied in this spatial context (because of their specific character, Budapest and the area of lake Balaton were not included). They were compared, classified and categorized on the basis of income, local tax and employment indices in the period of 1990.2001. On the one hand these urban regions were described in general according to their level and course of development, on the other hand the inner inequalities were analysed as a stressed point of view. This latter one is intent on establishing the results of suburbanisation, whether it made the urban regions homogeneous or divided. We are also analysing influencing factors of inequalities such as size, regional position or level of development.
    Keywords: ddc:330 ; Stadtentwicklung ; Regionales Cluster ; Suburbanisierung ; Ländlicher Raum ; Ungarn
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 39
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2015-03-25
    Description: In our paper entitled Tendencies of the Trade Concentration” published in 2005 we analysed the global tendencies of the concentration as well as the trade of the European Union and the United States. In our present paper we analyse the concentration of the Hungarian trade, its fields of action as well as the situation, perspectives and adaptation of the micro- enterprises and small stores.
    Keywords: F14 ; ddc:330 ; Concentration ; Trade ; SMEs ; small stores ; Hungary ; Einzelhandel ; Unternehmenskonzentration ; KMU ; Ungarn
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 40
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2015-03-25
    Description: The complementarities of trade advantage and trade competitiveness measures for Hungarian agro-food trade with the European Union are analyzed. The stability and duration of the trade measures over time is investigated by the survival analysis using the nonparametric Kaplan-Meier product limit estimator and the consistency test between the trade measures is conducted by the stratified Cox proportional hazard model. Hungary experienced greater number of products with relative trade disadvantages and greater significance of one-way imports. Hungary experienced relative trade advantages for bulk raw commodities, processed intermediates, and horticulture, with the greatest significance of successful quality competition and one-way exports, and the lowest significance of unsuccessful price and unsuccessful quality competition. The duration of relative trade advantages is longer than the duration for the successful trade competition categories. Our results confirm that the relative trade advantage is consistent with the one-way export and the successful price and successful quality competition categories in two-way trade on one side, and the relative trade disadvantage with the one-way import and the unsuccessful price and unsuccessful quality competition on the other.
    Keywords: Q12 ; ddc:330 ; trade advantage ; price and quality competitiveness ; agri-food trade ; Außenhandel ; Lebensmittel ; Internationaler Wettbewerb ; Wettbewerbsvorteil ; Statistische Bestandsanalyse ; Schätzung ; Ungarn ; EU-Staaten
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 41
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2015-03-25
    Description: This paper was commissioned by DG ECFIN from the EU Commission as part of the "EMU@10" project and is published in Hungarian language by the permission of the EU Commission. The original English language version of the paper is available at: http://ec.europa.eu/economy_finance/publications/publication_summary12103_en.htm . The paper discusses the risks and challenges faced by the new members on the road to the euro and the strategies for and timing of euro adoption. We investigate the real-nominal convergence nexus from the perspective of euro area entry. We argue that the initial level of economic development as measured by per capita income and the speed of real convergence have a bearing on the strategies to follow and on the timing of entry into euro area. This is because the lower is the per capita income, the larger is the price level gap to close and the greater is the danger of credit booms and overheating. We argue that inflation targeting with floating rates is better suited than hard pegs to manage the price level catching-up process. We suggest a modification in the Maastricht inflation criterion which as currently defined has lost its economic logic.
    Keywords: E31 ; E52 ; E60 ; F30 ; ddc:330 ; euro area enlargement ; convergence ; capital flows ; credit boom ; exchange rate regime ; inflation ; Maastricht ; Eurozone ; EU-Mitgliedschaft ; Konvergenzkriterien ; Wechselkurs ; Inflationsrate ; EU-Mitgliedschaft
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 42
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2015-03-25
    Description: Ákos Navratil (1875-1952) is an outstanding theoretical economist from the first half of the 20th century. A selection of his works was published as volume 8 in the series Classics in Hungarian Economics (Old truths and new theories in economics by Ákos Navratil, (int., ed. by M. Hild)). The study focuses on one element from his wide array of interests in economic theory: his evaluation of the physiocracy. The main topics addressed include a historical evaluation of the physiocrats in terms of their relationship to Adam Smith, the connection of their views to (contemporary) philosophy, and the change in judgment of them in the last third of the 18th century. The study's approach results in a slightly different view than that expressed by Navratil.
    Keywords: ddc:330 ; Ákos Navratil ; Physiocracy ; Adam Smith ; Philosophy ; History of Economic Thought ; Wirtschaftswissenschaft ; Ökonomische Ideengeschichte ; Physiokratie ; Ökonomen ; Ungarn
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 43
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2015-03-25
    Description: The current downturn in the American and Western European economies, combined with increasing regulatory pressure on private equity throughout the developed world, made emerging markets an attractive destination for private equity. As part of the emerging markets, Central and Eastern Europe's (CEE) private equity industry was an accidental beneficiary of this development. The attractiveness of the CEE markets was also boosted by the fact that value added resulted from the organic growth of the companies, rather than from leverage utilisation. As a result of the crisis in autumn 2008, the growth financed by loans itself became a synonym of the risk. Consequently the CEE countries as parts of emerging markets were handicapped, irrespective of the already applied greatest cautiousness of investors and the relatively deteriorated availability and higher interest rates of provided loans in the region. Since the majority of high volume capital raised recently by private equity funds in the CEE region still expected to be invested, it is not likely that the cutback of private equity financing in the CEE countries will be as radical as it was in the developed markets. The Golden Age of the private equity investments in the CEE region, however, ended in the autumn of 2008. The paper forecasts the future developments of the private equity industry in the CEE region, based on a detailed analysis of the five years' tendencies. The paper reviews within an international surrounding the changes in the volume and structure of raised regional funds, as well as the actual investment trends by the related countries and sectors. The study provides several examples for the applied individual corporate level investments strategies of private equity investors in the CEE region. The chosen exit routes and returns received by regional private equity investors are also illustrated with actual examples. The final part of the analysis speculates on the future effects of the global financial crisis and recession on the private equity industry of the CEE region.
    Keywords: G23 ; G24 ; G34 ; M13 ; ddc:330 ; Venture Capital ; Private Equity ; Central Eastern Europe (CEE) ; International Asset Allocation ; Institutional Investors ; Merger & Acquisition ; Corporate Restructuring ; Risikokapital ; Private Equity ; Osteuropa
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 44
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2015-03-25
    Description: The actors of economy and politics all over the world have long debated about the effect private equity investments make on economy. The debate focuses on the effect of a narrow group of private equity investments, namely, Leveraged Buyouts (LBO), while nobody questions the positive impact of venture capital investments in the early phase of the development of companies. Amidst the crisis, the question raised has a particular edge to it: is private equity indeed such an ownership model that is able to induce the permanent improvement of the companies purchased, or is it only simple financial engineering, which takes advantage of the tax allowances and merely rearranges incomes. All in all, research did not confirm that private equity investors cash in on huge yields through ripping off the portfolio companies. Nor do they prove that the buyouts have a negative effect on the growth or competitiveness of the sectors concerned, or that they would make the financial and economic systems unstable.
    Keywords: G24 ; G34 ; ddc:330 ; Venture Capital ; Private Equity ; Merger & Acquisition ; Corporate Restructuring ; Corporate Governance ; Private Equity ; Risikokapital ; Wirkungsanalyse
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 45
    Publication Date: 2015-03-25
    Description: Az UNIDO nemzetközi fejlesztési szervezet szerint az eladó-vevõi kapcsolatok jellemzõen két okból bomlanak fel: 1) az eladó (termelõ) nem kellõen informált a vásárló igényeirõl, 2) az eladó (termelõ) nem képes teljesíteni ezeket az igényeket. Ennek az elvnek megfelelõen a nagyvevõi igények és követelmények alapján vizsgáljuk a mezõgazdasági kisárutermelõk nagy kereskedelmi láncoknak történõ beszállítását a zöldség-gyümölcs ágazatban. A kisárutermelésen belüli problémák és azok kisárutermelésen belüli okainak feltárásával arra törekedtünk, hogy hozzájáruljunk a marketingszemléletû alkalmazkodáshoz és azon belül a kisárutermelõk nagy kereskedelmi láncoknak történõ beszállításának bõvüléséhez.
    Keywords: F14 ; ddc:330 ; kereskedelem ; koncentráció ; kisárutermelés ; zöldség-gyümölcs ; Kleinbauern ; Lebensmittelhandel ; Obst ; Gemüse ; Lieferantenmanagement ; Konsumentenverhalten
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  • 46
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2015-03-25
    Description: Az új EU tagállamok gazdasági folyamatainak szembeötlõ jellegzetessége az egy fõre jutó GDP-ben mutatkozó felzárkózásuk, illetve az ezzel kapcsolatos árszínvonalbeli konvergencia. Amennyiben ez a jövõben is folytatódni fog, akkor az inflációra és árfolyamra vonatkozó Maastricht-i kritériumok együttes teljesítése nehézséget okozhat ezen országoknak, illetve az euróövezetbe való belépésük után várhatóan magasabb inflációval kell majd szembenézniük. Tanulmányunkban ezen hatást számszerûsítjük egy panelmodell segítségével. A becslések alapján megvizsgálunk különbözõ forgatókönyveket a lehetséges jövõbeli árszínvonalkonvergenciáravonatkozóan.
    Keywords: C16 ; E31 ; E60 ; ddc:330 ; reál-konvergencia ; árszínvonal-konvergencia ; panel modellek ; Wirtschaftliche Konvergenz ; Preiskonvergenz ; Preisniveau ; Wechselkurssystem ; Schätzung ; EU-Mitgliedschaft
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 47
    Publication Date: 2015-03-25
    Description: In Hungary, the health status of working age men is extremely bad in comparison with both the developed market economies and the neighboring transition countries. The study based on data between 1960 and 2004 investigates the health status of population in Hungary and Austria by health-production functions on macro level and makes comparisons. The rationale for comparison of these very countries is the territorial closeness and the mutual long past. The mortality rate of working age population (15-60 old) is considered the proxy variable for the health status. According to this indicator the health status in the two countries was at the same level in 1960's, but they started to diverge at the beginning in the 1970's. As explanatory variables for the mortality rate of the working age population the following variables are taken into account: the indicators of the life style (consumption of alcohol, smoking, the extra work in the "second" and "hidden economy"), the long- term economic development (the development of the GDP per capita), health-care resources (the relative share of physicians) and the situation in the labor market (unemployment rate). The estimations of the health production functions turn out approximating well real world developments in both countries.
    Keywords: I12 ; ddc:330 ; health status ; health production function ; mortality ; Hungary ; Austria ; Gesundheit ; Gesundheitsökonomik ; Produktionsfunktion ; Sterblichkeit ; Schätzung ; Vergleich ; Ungarn ; Österreich
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 48
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2015-03-25
    Description: In the employment increase of 12 million of the European Union the number of part time employees accounted for nearly 6 million between 2000 and 2006. A great number of countries try to support the distribution of part-time employment in order to raise or maintain the level of employment and to organise the work and working time more efficiently and intensively. Hungary with its low level of part-time employment is among the last Member States of the European Union, therefore, on the one hand this flexible type of employment can be considered as an unused reserve of workforce management and on the other hand, the low level of employment is due to the narrow size distribution of part-time employment. By examining the factors influencing the part-time employment this publication aims to facilitate the clarification of the role of part-time employment; and furthermore, to increase its weight in the Hungarian economy and employment.
    Keywords: J22 ; ddc:330 ; part-time ; employment ; fluctuation of economic activity ; modernization of the working organisation ; employment policy ; system of social partnership ; Teilzeitarbeit ; Arbeitsmarktpolitik ; EU-Staaten ; Ungarn
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 49
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2015-03-25
    Description: The traditional voting games are special transferable utility cooperative games, so-called simple games, where the players are the parties and the value of a coalition may be 1 or 0 depending on the ability of the coalition to pass a motion or not. In this paper we introduce general weighted voting games, where the value of a coalition is a random variable. We illustrate the use of this model on examples from Hungary.
    Keywords: C71 ; D72 ; ddc:330 ; weighted voting ; Hungarian National Assembly ; absent voters ; Shapley-Shubik index ; Spieltheorie ; Wahlverhalten ; Koalition ; Shapley-Wert ; Ungarn
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 50
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2015-03-25
    Description: In this paper we investigate the relationship between productivity growth and firm dynamics using firm-level data between 1992 and 2006. Theories emphasising firm-level heterogeneity show that industry-level productivity may not only increase as a consequence of increasing within-firm efficiency, but also because of the quicker growth of more efficient firms, i.e. creative destruction. With analytical tools from recent literature we show that increasing firm-level efficiency was the main factor behind industry-level productivity growth in Hungary in this period, but creative destruction also played an important role.
    Keywords: D24 ; L25 ; O47 ; ddc:330 ; creative destruction ; productivity ; heterogeneity ; Produktivität ; Schätzung ; Ungarn
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 51
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2015-03-25
    Keywords: E66 ; O47 ; O50 ; O52 ; ddc:330 ; catching up ; real convergence ; Red Queen Paradox ; Jánossy's growth theory ; long-term growth ; productivity ; Wirtschaftliche Konvergenz ; Wirtschaftswachstum ; Wachstumstheorie ; Ungarn
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 52
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2015-03-25
    Description: The paper investigates the effect of teacher characteristics (experience, level of education attainment and credentials, gender) on the achievement of eighth grade students using matched student-teacher data from the 1999, 2003 and 2007 TIMSS surveys. The analysis covers European countries, thus contributing to the existing exclusively US-based literature. Non-random student-teacher matching is present in these countries, as well, similar to the US, and this can lead to biased estimates of teacher effects. We deal with this problem using a rich set of student level controls on the one hand, and applying a student fixed effect specification on the other. The results overall suggest that the lack of experience and a proper teacher education degree might drive down student achievement. However, there is a substantial heterogeneity among countries; teacher characteristics seem to matter only in less than half of the countries analysed. Even within this group the results are not robust in some cases, as the fixed-effect estimates are often non-significant. Nevertheless, where these are present, the teacher experience and credential effects are similar in magnitude to those in the US studies reporting strong effects. For Hungary the impact of teacher characteristics is ambiguous; significant only in some specifications.
    Keywords: I21 ; J24 ; ddc:330 ; teacher experience ; teacher credentials ; student achievement ; TIMSS ; Lehrkräfte ; Qualifikation ; Wirkungsanalyse ; Studierende ; Bildungsniveau ; EU-Staaten
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 53
    Publication Date: 2015-03-25
    Description: The majority of the small-scale fruit and vegetable producers due to their small sizes are not able to meet the requirements of the large commercial chains by themselves. Only the cooperation could bring an effective solution. The POs are able to concentrate the scatteredsmall-scale commercial production and to supply as well as to homogenise all these. Furthermore, they are capable to provide activities, which a small-scale producer would not be able to undertake by itself. POs are the organisations which can become successful suppliers and due to their strong bargaining power also partners of the large commercial chains. The great number of small-scale producers can primarily become suppliers if they join these organisations. The POs are not yet frequent in the Hungarian fruit and vegetable sector; therefore, they do not play such a role in supplying to the large commercial chains as in the other Member States of the European Union. This is the fundamental reason of the difficulties encountered by the small-scale producers in supplying. The main reason of the difficulties between the successful Member States and Hungary is the significant share of the grey economy. On the one hand, it does not encourage the small-scale producers and on the other hand, it withdraws a large volume of goods from the legal sales channels through the POs.
    Keywords: Q13 ; ddc:330 ; commerce ; concentration ; large commercial chains ; fruit and vegetable Producer Organisations ; Gemüsebau ; Obstbau ; Landwirtschaftliche Betriebsform ; KMU ; Unternehmenskonzentration ; Handelskette ; Ungarn
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 54
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    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: The paper analyses small and medium firms' perceptions on contract enforcement along food chain in central region of Hungary using survey data. We find that 59 per cent of respondents believe that they could use court to enforce contracts with their partner. However we do not find significant differences along food chain. Our estimations suggest that contractual specificity and firm attributes, external linkages, efficiency of legal systems factors, buyer and seller specifc factors significantly influence the opinion on contract enforcement. Interestingly, the impact of branch specific characteristics has, no impacts. Acceptance of financial loss can be explained by contractual specificity, external linkages, efficiency of legal systems. Buyer, seller and industry characteristics has not played role in the explanation of financial losses.
    Keywords: D2 ; Q13 ; ddc:330 ; contract enforcement ; small and medium size enterprises ; agri-food chain ; Vertrag ; Rechtsdurchsetzung ; Lieferkette ; Lebensmittel ; KMU ; Ungarn
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 55
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    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: Nicolas Baudeau (1730-1792) was a theologian, historian and "economist-philosopher" of the second half of the eighteenth century. His name appears in manuals as a popularizer of the ideas of Quesnay and as the founder of the first journal of economics of the Physiocrats, but we are not familiar with his writings, although he was an original thinker and a very active practical man. His oeuvre encompasses a wide area of historical, legal, economic, social, political and moral issues, publishing and consulting activities, down to new technologies, technical solutions, especially new techniques to produce bread. Significant part of his work was the dialogue of opinions against: Condillac, Galiani, Graslin, Forbonnais, Necker, etc., the "anti-physiocrats" being his discussion partners. Throughout Europe he diffused and taught the doctrines of the Physiocrats. He was the travelling ambassador of their ideas. He deeply believed in their program: competition, free commerce, free enterprise, public education, social care, etc. to promote the country's (countries') prosperity and well-being. The goal of this paper is to present some quite neglected writings of Baudeau, especially his debate over a laissez-faire economy against those who argued for the care and responsibility of State. In the appendix see the Hungarian translation of "Explication du Tableau économique á M*** par M.l'abbé Baudeau.
    Keywords: B11 ; B16 ; H63 ; H74 ; E31 ; E41 ; ddc:330 ; Nicolas Baudeau ; Physiocrats ; Antiphysiocrats ; laissez-faire economy ; free (corn) commerce ; Explication de Tableau économique
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 56
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    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: The study analyses the development of Hungarian mortality rates of working age population and its explanatory factors. The analysis uses two approaches: first an international cross-sectional comparison for the year 2011, and then a time series examination with the help of a "health production function", based on Hungarian data for the period 1972-2009. In both approaches we investigate the mortality rates of males and females separately. In the international cross sectional comparison of 46 countries of Europe and CIS countries turns out that the huge differences in mortality rates are to a great extent determined by the long term past of the political and economic systems in the preceding decades. According to the "state socialist syndrome of mortality", in the post socialist economies mortality rates have been much higher than in long term capitalist countries, especially for men. Cross country differences in male mortality are influenced by a series of factors: latitude of the countries, GDP per capita in the countries, relative prices and consumption of unhealthy products (alcohol, especially spirit, and tobacco), the share of the informal or hidden economy in total production, level of education of the population, and the share of health expenditure in GDP. For females factors related to lifestyle explain differences in mortality rates in a less pronounced way than for males. [...]
    Keywords: I12 ; ddc:330 ; mortality rates ; cross country comparison ; health production function ; Hungary
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 57
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    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: In April 2013, the Assembly of the Budapest Municipality radically transformed the taxi market in Budapest. This case study analyses the events that led to this decision and also the measure's immediate impact. The study is part of the research project, titled "The Unexpected Consequences and Impacts of the Market Regulation", financed by the Hungarian Scientific Research Fund. The new rules were aimed to establish "law and order" in the taxi market, and basically correspond to the main trends applied worldwide - although the municipality failed to do any studies concerning the international developments in this area. It soon became obvious that the trade unions and the employees' organizations, in their negotiation with the Budapest local Government, (ongoing from 2011) got into a subordinate position, due to their weak legitimacy. The mayor could successfully divide the participating interest groups. The unrealistic new rules had to be modified as soon as two months after their introduction. Even after this modification, the new rules impose uniform tariffs in a market, which previously had been extremely segmented: different tariffs applied to cruising on the street, preordering by phone, or hiring a taxi based on long term agreement. The result of the new rules could surprise the Municipality, if players outside the regulated market increase their share significantly.
    Keywords: K23 ; L51 ; L92 ; L98 ; ddc:330 ; taxi market regulation ; reregulation ; unexpected consequences
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 58
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    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies