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  • 1
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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
    Language: Hungarian
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  • 2
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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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  • 3
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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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  • 4
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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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  • 5
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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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  • 6
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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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  • 7
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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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  • 8
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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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  • 9
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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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  • 10
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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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  • 11
    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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  • 12
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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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  • 13
    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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  • 14
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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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  • 15
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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
    Language: Hungarian
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  • 16
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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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  • 17
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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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  • 18
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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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  • 19
    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
    Language: Hungarian
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  • 20
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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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  • 21
    Publication Date: 2019-04-01
    Keywords: ddc:600
    Repository Name: Wuppertal Institut für Klima, Umwelt, Energie
    Language: Hungarian
    Type: report , doc-type:report
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  • 22
    Publication Date: 2019-04-01
    Keywords: ddc:600
    Repository Name: Wuppertal Institut für Klima, Umwelt, Energie
    Language: Hungarian
    Type: contributiontoperiodical , doc-type:contributiontoperiodical
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  • 23
    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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  • 24
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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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  • 25
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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
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  • 26
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    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 27
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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
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  • 28
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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
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  • 29
    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
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  • 30
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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 this paper we investigate the relationship between sustainability and economic growth starting from Stern (2006) which is the first comprehensive analysis of the global warming from economic point of view. We also discuss the critical debate of this study which was focused mainly on the proper selection of the social discount rate. Then we present Acemoglu et al. (2012) which provides a generalized framework to understand the problem. In this model, called directed technical change, innovation is a key driving factor and contrary to the Stern review, it is endogenous. Interestingly, in this setting, the social discount rate becomes irrelevant. Finally, we also summarize the new developments related to the right parameter setting and the role of the state to manage the most significant negative externality of the planet.
    Keywords: G18 ; H23 ; O33 ; Q56 ; ddc:330 ; sustainability ; growth ; Stern review ; endogenous innovation ; directed technical change ; negative externalities ; role of state
    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, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: This paper explores and analyses the Hungarian institutional system for the creation and the transfer of knowledge in the field of agriculture and rural development. We consider the constitution and operation of the Agricultural Knowledge System (AKS) in Hungary, focussing on formal institutions and suggest that both the structure and content of the knowledge needed in the sector have significantly changed during the past decades. These changes, especially in relation to the sustainability of agriculture, pose significant challenges to traditional AKS institutions, which often have failed to change in line with the new requirements. We offer an analysis of Hungarian AKS institutions, their co-ordination, co-operation and communication with each other and with Hungarian rurality, and of the rising issues and problems concerning the creation and the flow of knowledge needed for sustainable agriculture. We also briefly explore characteristics of emerging bottom-up structures, called LINSAS (learning and innovation networks for sustainable agriculture), that, if properly considered and supported, could bring significant improvement for Hungarian rural development.
    Keywords: Q01 ; Q57 ; ddc:330 ; sustainable agriculture ; LINSA ; disfunction ; rural development ; social learning ; social innovation
    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, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: This paper assesses the potential distortive impacts of state aids and of incumbent firms' market behaviours and business strategies on competitive outcome. The problems emerged within the framework of the third postal directive, the unresolved questions of regulation and the contradictions between postal and other regulations are analyzed in the first part. The second part describes the most typical anti-competitive practices. The third and fourth part discusses the effects of state aids and mergers in the postal sector, finally the Hungarian competition issues are examined.
    Keywords: K21 ; K23 ; L21 ; L42 ; L87 ; ddc:330 ; competition policy ; postal regulation ; anti-competitive behavior ; state aids
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 33
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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 Hungarian oil company (MOL) and the national electricity holding (MVM) counted as the largest socialist enterprises already 30 years ago. Prior to 1990, they were roughly of the same size in respect of sales and employment, as well. Since the regime change, however, their development paths differed enormously. MOL has become an internationally listed company, one of the largest in its kind in Central and Eastern Europe, but remained strongly under the control of its Hungarian top management. By contrast, MVM remained fully state-owned, in spite of the partial privatisation in 1996. The electricity company failed to become international, never became mature enough for an IPO. As a result, the company actually shrank both in absolute and even more in relative terms. In terms of sales, MOL is now six times bigger. This paper argues that the explanation of this divergence is to be found in the different values and strategies of the two companies' top management. The leaders of the electricity industry have continued to apply the enginering logic of the centrall planned economy even after 1990. Their main contention was that this is a "particular" industry, which requires long-term plans and close cooperation with the incumbent governments. The management of MOL, by contrast, has thought in terms of money and capital right from the regime change. As business people, they quickly understood that the success of MOL is critically dependent on its integration into the globalized world, which in practice meant agressive expansion abroad. The leaders of MVM instead tried to hamper the privatization process all along. The managers of MOL have also understood that privatization through an IPO is the appropriate trick to maximize their own, internal power. Furthermore, they also grasped that through stock options they can become Hungarian billionaires themselves.
    Keywords: L1 ; L5 ; L71 ; P26 ; ddc:330 ; IPO ; motivation of firm managers ; electricity industry ; Hungarian oil and gas industry
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 34
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    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: This study is a natural continuation of the author’s earlier book on privatization in Hungary, covering the developments between 1989 and 2009 on 1700 pages. As it is well-known, the right wing FIDESZ government, which came to power with a 2/3 supermajority in Parliament, has embarked upon a totally new economic policy as from mid-2010. Within this setting, illiberal constitutional changes and unortodox economic policies were implemented. Renationalization was a significant (but not the most important) building block of this. As we analysed the individual transactions, it turned out that actually many of them were initiated by the previous, Socialist led government. In other words, there are interesting elements of continuity here, especially in the energy sector. Another interesting finding is, that almost without exceptions, the renationalization deals were not implemented by force, the Hungarian state paid quite generously to the sellers. In the case of the largest deals, there is even reason to speak of sweetheart deals through which the Hungarian government tried to make favour to German and US businesses. So far, the renationalization affected more than 200 firms (including banks) for which some HUF 1600 bn (≈ 5bn €) state money was used. This figure, just as the sums involved in the individual transactions are somewhat misleading, if compared to the privatization revenues generated by previous governments prior to 2010. However, if all transactions – i.e. asset sales and asset purchases – are expressed as a percentage of Hungary’s annual GDP, it becomes clear that the post 2010 nationalization deals were much smaller than the 1990-2000 privatization deals.
    Keywords: P20 ; P26 ; P31 ; P51 ; ddc:330 ; Nationalization ; privatization ; state ownership ; illiberal economic policies
    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: 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
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  • 36
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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
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  • 37
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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
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  • 38
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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
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  • 39
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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
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  • 40
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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
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  • 41
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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 this paper we analyze whether people who spend money on experiences rather than material things are more satisfied. Previous psychological studies have several drawbacks, and therefore their results might be biased and unreliable. Trying to avoid these drawbacks in this research we use large-scale representative survey databases from Hungary. In the first study we analyze two pooled cross-sectional surveys (TÁRKI Household Monitor 2005 and 2007), in the second study we analyze a subsample of the Hungarian Household Budget Survey (HBS). We estimate the association of expenditures with life satisfaction using linear and non-linear models as well. We demonstrate that experiences associate stronger with life satisfaction than material things, thus our evidences based on survey data corroborate the previous results from the psychological experiments. In addition, we show that marginal effect of material expenditures is diminishing, whereas marginal effect of experiential expenditures is constant. It means that, ceteris paribus, a reallocation of the expenditures might increase individuals' well-being. The magnitude of this gain is similar to a 10 percent increase in income and expenditures. Although this analysis is not able to establish causality between expenditures and satisfaction, at the end of the paper we suggest a minor modification of the HBS which can make possible to analyze the causal relationship between expenditures and well-being.
    Keywords: I31 ; D12 ; ddc:330 ; subjective well-being ; satisfaction ; expenditures ; consumption
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 42
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    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: This case study is a part of the research project "The Unexpected consequences and impacts of the regulation of markets" which is financed by the Hungarian Scientific Research Fund. It deals with the conditions and impacts of the implementation of the Law CXXIV (2012) which radically changed the regulation of the market of tobacco products. The new regulation promised significant political benefits for the ruling coalition because the majority of the population supports the supression of smoking in the young generation. That is the reason why the government and the national assembly played a significant role in the remarkable modification of the regulation of this market. An other important factor of this development was that one of the decisive market players - mobilizing its political influence and connection - was involved into the enactment process from its very beginning. The efforts of candidates close to power (which wanted to enter this market) were not coordinated, but they expected the good support of the decision makers. But the new regulation had a number of failures and disturbances. As a result of the new legislation there remained 1500 settlements without a shop of tobacco sales. This unexpected development and the high and growing number of loss making tobacco shops forced the government (and the state company responsible for the tobacco market) to modify permanently the regulation in a short period of time. The main reason for the market distrubances was the artifical restructuring of the market of tobacco products.
    Keywords: K2 ; ddc:330 ; market regulation ; regulatory bargain ; unexpected regualtory effects
    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, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: Although apprenticeship training has been praised for its effectiveness in smoothing the school-to-work transition of non-college bound students in Western European dual education systems, there is a lack of evidence from Central Eastern Europe. Using a unique individual-level panel database, which includes an extensive set of controls, the study shows that Hungarian vocational apprenticeship students from the non-college bound vocational training track and from the vocational secondary track have about 10-15% higher probability of initial employment, compared to similar graduates from the same track, who were trained in school. This effect seems to be stable across industries and robust to specification checks. It is also apparent that this effect is due to the apprenticeship students trained in medium or large size firms.
    Keywords: I21 ; I24 ; J24 ; ddc:330 ; apprenticeship training ; unemployment ; panel data
    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, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: Using the panel data of the Hungarian Life Course Survey from 2006 through 2012 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 35 percent among them. The corresponding figures for Roma are 24 percent and 5 percent, respectively. The ethnic difference in high school attainment and college attendance are strongly related to the skills gap emerged before high school. However, almost half of the ethnic difference in high school dropout rate remains unexplained. Future studies need to answer the causes of this residual gap.
    Keywords: J15 ; I20 ; ddc:330 ; Roma minority ; secondary school drop-outs ; college attendance
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 45
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    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: While in Western Europe the venture capital and private equity industry have mostly got over the shock of the crisis, the Central and East-European region in 2013 still showed a tendency of deterioration. Signs of recovery could not be perceived neither in fundraising, investment or divestment activities. Similarly to Europe in general, institutional investors wishing to invest in the CEE region are concerned by the increasing north-south divergence. In Hungary substantial government venture capital resources are available for early-stage venture capital investments. However, in addition to the general problems affecting the CEE region, the freezing of buy-outs can be attributed to special difficulties arising from special economic policy risks in Hungary.
    Keywords: G23 ; G24 ; G28 ; M13 ; ddc:330 ; venture capital ; private equity ; 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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  • 46
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    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: Over the last few years Hungary has posted large and increasing surpluses in its trade balance. The country has also become a net lender to the rest of the world, revealed by the surplus in the current and capital account of the balance of payments. These developments are mirrored by significant deficits (capital outflows) recorded in the financial account, as well as by the fall in external indebtedness of both the private sector and the country as a whole. However, it is the poor performance of the economy regarding changes in income, consumption and investments - partly explained by deleveraging in the private sector - which underlies its external performance. Therefore, it makes little sense to rejoice over the surplus in the trade balance, while being unhappy about capital outflows and the low (decreasing) investment rate. These developments reveal different sides of the same story, where the various aspects are related to each other by macroeconomic accounting identities. While our paper aims to quantify these relationships in international comparison, it also makes the point that capital outflows should not be mixed up with "capital flight"; we found no evidence of the latter. We call attention to the fact that private investments, net of capital consumption, decreased to an extremely low level. Without a turn in investment activity, there is no hope for maintaining export growth and revitalizing domestic demand. However, the growth in investments is likely to decrease net exports, which may be a drag on economic growth.
    Keywords: E65 ; F32 ; F34 ; ddc:330 ; Hungary's macroeconomic developments ; external debt ; deleveraging ; surplus on trade and current transactions ; capital outflow
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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  • 47
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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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  • 48
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    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: This survey reviews the economic thoughts about what and why do institutional market players lose because of the existing market frictions and particular financial market microstructures compared to walrasian markets. Within a unified microeconomic framework, we introduce the most common approaches of the decentralized market trading theories such as search and bargaining, middlemen and trading in networks. Then, we investigate the principal theories of the centralized trading, such as the behavior of the market makers and trading explanations related to the order driven markets. We constrain our analysis into the secondary markets. With considering the financial markets by asset classes (interbank loans and deposits, bond markets, equity markets, FX-markets and derivatives trading) the survey also identifies the currently available microstructures on the financial markets.
    Keywords: G10 ; G14 ; D44 ; D47 ; ddc:330 ; Financial Markets ; Market Microstructure ; Bid-Ask Spread ; Liquidity
    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, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: Local food and short food supply chains are in the centre of attention among consumers, NGOs as well as policy makers. These systems have long tradition the US and Western Europe; they have been spreading in Hungary, too. The main purpose of this study is to review the international literature on short food supply chains and their impacts, and to generally display and discuss the lessons learnt about types that have already appeared in Hungary. The term short food supply chain (SFSC) covers a broad range of marketing channels. In general, small geographical, social, cultural distance between producers and consumers is typical, and also, demand for environmentally friendly production methods is often an important aspect. Consumers of SFSCs are usually more highly educated than the average. Traditional forms such as farmers' markets are typically visited by elder people; while novel, unusual types (like community supported agriculture or web-based value chains) attract the young. As for the producers' side, a characteristic group of farmers participate (especially in case of non-traditional SFSCs) who are innovative, open to the new marketing methods and also have good practical skills (and courage). SFSCs are expected to solve several sustainability-related problems; however, it is not always possible to provide clear scientific evidence about their positive environmental, social or economic impact. In some cases the traditional food supply chains may prove to be more rational (cheaper, environmentally more beneficial). To summarize, due to the heterogeneity and context-dependency of SFSCs, there is probably no generally preferable "good" or "worthy for supporting" solution, but the current situation and local environment should be carefully evaluated.
    Keywords: R11 ; Q13 ; Q15 ; Q18 ; Q56 ; ddc:330 ; Local food system ; farmers' market ; community supported agriculture ; rural development ; sustainable development
    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, 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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  • 51
    Publication Date: 2015-03-25
    Description: In this paper we use the Hungarian Central Statistical Office's Labour Force Survey to examine the rate of Hungarian inhabitants working abroad between 1999 and 2011. We also examine the characteristics of this group. A break in trend can be observed in the fourth quarter of 2009 in the rate of Hungarians with a foreign workplace. The growth of the rate has accelerated since then. Working abroad - including commuting between countries - is more frequent in the group of men and in the age group between 20 and 30 years. Considering education, vocational school and university degree make working abroad the most likely but this effect does not apply the same way in different geographical regions. In more developed regions the effect of education is stronger and the odds of working abroad are the highest for people with university degree. In less developed regions vocational training increases the most the odds of working in another country. The effect of age also differs: while in less developed regions being above the age of 40 decreases significantly the odds of working abroad, in developed regions this effect does not apply.
    Keywords: C23 ; J61 ; R23 ; ddc:330 ; migration ; labour market ; regional differences
    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, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: It is a highly disputed question in the literature how state subsidy influences the behavior of the entrepreneurs and accordingly the growth prospects of the economy. Most authors agree that state intervention in financing deteriorates the incentives of the entrepreneur, but there is no consensus whether its overall effect is positive or negative if we take into consideration the positive externalities of the projects too. Several authors investigate different subsidy forms (refundable/nonrefundable, prior/posterior, conditional/unconditional) searching for the optimal one(s). In this article we show in the framework of a three-player model (entrepreneur, bank, state) that under moral hazard and positive externalities state subsidy creates value. Moreover, a well-designed subsidy scheme improves incentives and instead of crowding out it boosts private financing. However, in this model the concrete form of the state subsidy is totally irrelevant as all forms will lead exactly to the same welfare effect. The only exception is the prior subsidy to be refunded both in case of success and failure which has neither a positive nor a negative effect.
    Keywords: D28 ; D86 ; G38 ; H23 ; H81 ; ddc:330 ; state subsidy ; moral hazard ; externalities ; contract theory
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 53
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    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: Governments play several roles in the venture capital market. Based on empirical examples, the current paper focuses on the role of the government as a venture capital investor. Compared to the direct involvement of governments in investments entailing risks of market distortion, the paper demonstrates that governments increasingly contribute to the funds of the venture capital market in an indirect way: by encouraging private investors to participate. The involvement of private investors in government schemes could serve as a guarantee to select commercially viable projects without any political pressure, to schedule the financing of programs independently from election cycles, and to encourage experienced fund managers to participate in government programs. The main conclusion of the paper is that only those governmentfunded venture capital funds could ensure the proper utilization of public resources that are managed by the private sphere and are funded mostly by private investors. This would also contribute to economic policy objectives, such as improving the supply of capital for promising young companies.
    Keywords: G23 ; G24 ; G28 ; M13 ; O31 ; ddc:330 ; venture capital ; private equity ; government venture capital ; SME finance
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Hungarian
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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 distribution of Roma and non-Roma students across schools has become considerably more unequal in Hungary since the 1980's. This paper analyzes the effect of school choice and local educational policies on that inequality, known as school segregation, in 100 Hungarian towns. We combine administrative data with data from a survey that we collected from municipality administrations with respect to local educational policies and the ethnic composition of neighborhoods. Our results indicate that in Hungarian towns, free school choice diminishes the role of residential distribution because many students commute to schools of their choice. Towns where such commuting is more pronounced are characterized by stronger inter-school inequalities. We also find that local educational policies have, on average, somewhat segregationist tendencies, though there is substantial heterogeneity across towns. The more segregationist the local policies are, the higher the segregation in the town, thus suggesting that local policies have room to influence school segregation in this system. However, the impact of local educational policies is weaker than the role of school choice.
    Keywords: I24 ; I28 ; J15 ; ddc:330 ; School segregation ; Roma minority ; school choice ; local educational policies
    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: The paper deals with the story of the cumulative risks of a successful research concluded in China in which I both participated and was its leader. The topic of the research was the impact of the global crisis on government, enterprises and migrant behavior. The fieldwork included in the two projects was carried out in the first case in 16 cities and in the second one in 2 cities during 2009 and 2012.
    Keywords: C42 ; C81 ; C93 ; ddc:330 ; research methodology ; fieldwork in foreign country ; China ; Feldforschung ; Wissenschaftliche Methode ; Regionalstudien ; China
    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 pressures to accommodate to the global standards of corporate governance (CG) for Japanese public companies had grown strong since the mid-1990s. A series of legal reforms has led to the formal imitation of the market oriented Anglo-American model which, however, was not accompanied by the functional convergence of the CG practices of the Japanese companies. Deeply rooted social norms, insider business culture and industry specific conditions had a strong effect on the course of CG reforms in Japan. A hybrid model of corporate governance has been emerging in which companies selectively combine the features of the traditional stakeholder based approach with those of the shareholder oriented system.
    Keywords: G34 ; P50 ; ddc:330 ; Japan ; corporate governance ; shareholder value ; Corporate Governance ; Shareholder Value ; Japan
    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: MOL Plc as a national champion does not simply take part in the implementation of the state's decisions but the company's cooperation is needed in realizing the economic, political and social considerations of the authorities. Therefore the company is provided with special preferential treatment. Besides, MOL can take advantage of its efficient bargaining power to secure the authorities' favorable decisions in important cases. The regulations and special decisions of the European Union limit MOL's position as a national champion. In cases belonging exclusively to national competence the main position of authorities was to prevent the emergence of foreign ownership control. In other cases, the authorities behaved differently: sometimes they contributed to the consolidation of the company's position as national champion, sometimes they weakened it with their decisions. The relationship of the company and the state is thus characterized not only by matching but conflicting interests too.
    Keywords: D21 ; D23 ; L1 ; L2 ; L5 ; ddc:330 ; national champion ; corporate management ; relationship and interactions of the company and the state ; changes of ownership structure ; Unternehmenserfolg ; Management ; Eigentümerstruktur ; Staatliche Einflussnahme ; Ungarn
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 58
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    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: Sorting into public sector jobs may be motivated not only by the available income but also by other aspects, such as stronger demand for security or for social usefulness. The demand for larger job security - beside other factors - can be the consequence of family circumstances. We have identified several family conditions which increase the probability of sorting into the public sector: the case of single parents; long-term illness, which doesn't make it impossible to work; having a chronically ill child or pair; in case of women having a husband who previously experienced unemployment. In these cases the usual approach of risk-aversion in the literature is not really correct, optimizing family strategies would be much more accurate. In our paper we used volunteering as the proxy for direct social commitment. We show that this motive is important in case of employees working in human services (education, health and social care, culture, etc.); however it is absolutely missing in the public/government administration. The demand for redistribution can be another approach of social responsibility, connected to it through the aversion towards inequalities. The relatively higher demand for redistribution is characteristic only for employees working in the health and social care. We didn't restrict our analysis of volunteering and demand for redistribution to the sphere of employees, we tried to identify the main explanatory factors also for the whole population. Higher age, higher education, higher number of children (up to three), and the smaller settlement size increase the probability of volunteering. Higher income, higher education, higher number of children and the larger settlement size decrease the demand for redistribution, which - in average - is very high in Hungary.
    Keywords: D31 ; D63 ; D64 ; D81 ; H50 ; J28 ; J45 ; J62 ; ddc:330 ; public sector employment ; public-private wage differentials ; job security ; volunteering ; demand for redistribution ; subjective well-being ; Öffentlicher Dienst ; Lohnstruktur ; Beschäftigungssicherung ; Ehrenamtl