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  • 1
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics
    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
    Language: Hungarian
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  • 2
    facet.materialart.
    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
    Language: Hungarian
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  • 3
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    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 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
    Language: Hungarian
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  • 4
    facet.materialart.
    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
    Language: Hungarian
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  • 5
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    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
    Language: Hungarian
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  • 6
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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
    Language: Hungarian
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  • 7
    facet.materialart.
    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
    Language: Hungarian
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  • 8
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Keywords: ddc:330
    Language: Hungarian
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  • 9
    facet.materialart.
    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
    Language: Hungarian
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  • 10
    facet.materialart.
    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
    Language: Hungarian
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  • 11
    facet.materialart.
    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
    Language: Hungarian
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  • 12
    facet.materialart.
    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
    Language: Hungarian
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  • 13
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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
    Language: Hungarian
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  • 14
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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
    Language: Hungarian
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  • 15
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    Publication Date: 2016-03-30
    Description: 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
    Language: Hungarian
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  • 16
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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
    Language: Hungarian
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  • 17
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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
    Language: Hungarian
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  • 18
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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
    Language: Hungarian
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  • 19
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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
    Language: Hungarian
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  • 20
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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
    Language: Hungarian
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  • 21
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    Budapest: Hungarian Academy of Sciences, Institute of Economics
    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
    Language: Hungarian
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  • 22
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    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 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
    Language: Hungarian
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  • 23
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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
    Language: Hungarian
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  • 24
    facet.materialart.
    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
    Language: Hungarian
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  • 25
    facet.materialart.
    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
    Language: Hungarian
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  • 26
    facet.materialart.
    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
    Language: Hungarian
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  • 27
    facet.materialart.
    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
    Language: Hungarian
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  • 28
    facet.materialart.
    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
    Language: Hungarian
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  • 29
    facet.materialart.
    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
    Language: Hungarian
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  • 30
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    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
    Language: Hungarian
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  • 31
    facet.materialart.
    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
    Language: Hungarian
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  • 32
    facet.materialart.
    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
    Language: Hungarian
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  • 33
    facet.materialart.
    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
    Language: Hungarian
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  • 34
    facet.materialart.
    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
    Language: Hungarian
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  • 35
    facet.materialart.
    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
    Language: Hungarian
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  • 36
    facet.materialart.
    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
    Language: Hungarian
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  • 37
    facet.materialart.
    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
    Language: Hungarian
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  • 38
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: The new Labor Code passed by the Parliament in 2012 has been the most important change of the regulation of labor relations in Hungary since 1992. This report summarizes the main results of a field work research which was managed by the Institute of Economics HAS and financed by the LIGA Trade Union a few months after the new code came into effect. Case studies based on interviews with union activists and with representatives of the management of 16 big or medium size companies were the basic source of information. Content analysis of articles, reports in newspaper and of texts on the internet, interpretation of legal sources were among the methods of research as well . The declared aim of the government (of the law maker) was to create a more flexible labor market which indirectly results in job creation. Unfortunately - mainly because of the time limits - we have not found any symptoms of such changes in the interviews and in the case studies. But we observed and registered the decline of the bargaining power of trade unions and deterioration of security of trade union activist. These development were direct and short term consequences of the new law which sharply restricted the room for maneuvering of the unions. Moreover, the new Labor Code modified negatively the labor conditions and the bargaining power of the individual employees as well. Not only the decreasing wages and salaries but the shortened allowances, the growing working time the worsening conditions of probation, severance pay and of firing (from the point of view of the employees) showed that the new Labor Code increased the power and the space of maneuver of the management and restricted these conditions of the employees. These changes were especially harsh at state owned companies, as for them the Code does not allow to deviate from certain mandatory regulations through collective agreements. On the other hand, we recognized that in a part of the companies the management implemented the new regulations very cautiously. It seemed that they prefer the balanced peaceful labor relations as a part of the company culture to the expected short-term profit increases.
    Keywords: J5 ; ddc:330 ; labor-market regulation ; trade unions ; field work ; Arbeitsbeziehungen ; Arbeitsrecht ; Gewerkschaft ; Verhandlungsmacht ; Feldforschung ; Bibliometrie ; Ungarn
    Language: Hungarian
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  • 39
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: The paper looks at the effect of exceptionally large fluctuations in the level of public sector pay on the number and quality of workers moving from the private to the public sector in Hungary. Special emphasis is put on the unique pay rises taking place before and after the 2002 elections. The study is based on a large panel of administrative data covering 1997-2008. The data suggest that flows to the public sector fell during and after the wage hikes. Repeated cross-section and panel wage regressions suggest that the quality of entrants, measured with their residual wages achieved in the private sector prior to their departure, temporarily improved. A one per cent increase in the expected public sector pay increased the mean residual private-sector wage of those leaving for the public sector by more than half per cent. This selection effect was significantly stronger in the case of young workers. However, the decline of inward mobility substantially reduced the potentially benign impact of positive selection on the total workforce of the public sector.
    Keywords: J45 ; J62 ; ddc:330 ; public sector ; wages ; mobility ; Vergütungssystem im öffentlichen Dienst ; Arbeitsmobilität ; Privatwirtschaft ; Öffentlicher Dienst ; Ungarn
    Language: Hungarian
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  • 40
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: We provide a detailed descriptive analysis of the long-term effects of the 50 percent public sector wage increase initiated by the government in 2002 in order to improve the relative situation of public sector workers. The aim of this policy was to attract high quality workers to the public sector, and to counteract the problem of "brain drain", the loss of high-skilled workers to abroad. To study the effects on the public-private income gap - and on high-skilled workers in particular - we employ empirical methods that allow us to take differences in the entire wage distribution (quantile regressions), workforce and firm composition (decomposition), as well as various potential biases into account. Our results indicate that there is a large income premium in favor of the private sector at the higher end of the income distribution, especially once we account for worker and firm characteristics, which suggests that the same person earns substantially less in the public sector. This is especially pronounced for high-skilled workers. The 50 percent increase initially improved the relative income of public sector workers, but in the longer run, income gaps returned to close to the pre-reform level and the distributional differences remained.
    Keywords: C21 ; J31 ; J45 ; ddc:330 ; quantile decomposition ; wage level and structure ; public-private pay gap ; Vergütungssystem im öffentlichen Dienst ; Lohnstruktur ; Ungarn
    Language: Hungarian
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  • 41
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: Based on the microbased panel datasets of the Labour Force Survey between 1998 and 2010 and the administrative Pension Fund data between 2000 and 2006 we analyse the number, composition and subsequent labour market behaviour of former public sector employees in Hungary. We show that the greater stability of the public sector stems from the fact that the transition probabilities from it to unemployment and to other economic branches / occupations are both about half of the corresponding probabilities from the public sector. Meanwhile, the exit probabilities to inactivity do not differ substantially between the two sectors. By analysing the reemployment probabilities of the laid-off workers with Jenkins' discrete time hazard model we find that those who lost their jobs in the public sector find a new job with a 5-25 percent smaller intensity - i.e. by 5-25 percent more slowly - than their private sector counterparts. However, this difference disappears among the higher educated. Finally, after controlling for education, those who leave the public sector for the private sector do not become overeducated in their new job with a significantly higher probability than similar workers switching jobs within the private sector.
    Keywords: C41 ; J45 ; J62 ; J64 ; ddc:330 ; labour market of the public sector ; labour market transition probabilities ; unemployment duration ; Jenkins discrete time hazard model ; Öffentlicher Dienst ; Arbeitsmobilität ; Arbeitslosigkeit ; Qualitative Methode ; Statistische Bestandsanalyse ; Panel ; Ungarn
    Language: Hungarian
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  • 42
    facet.materialart.
    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
    Language: Hungarian
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  • 43
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: The fundamental principles of the EU LEADER Programme are common in every member states. However the Programme was fit to the national legislative framework, institutional culture and social features, thus it was implemented with significant differences in the different EU countries/regions. Our study examines the LEADER implementation in one of the Spanish autonomous regions, Andalusia, which has many parallels with Hungarian rurality in terms of political culture, rural economy and society. The Andalusian implementation of the LEADER Programme is especially advanced on various ways. Resulting from the genuine decentralisation of the programme, local action groups enjoy a great degree of independence. They act as paying agencies, make independent and fast decisions and provide tailored assistance for their local clients. The Andalusian implementation of LEADER clearly proves that it can be successful, even in less advanced socio-cultural circumstances. Many elements of this system could be usefully applied in Hungary too, given that we find a way to embed a similar approach to rural development in various levels of our institutional system. We recommend our study to all those who aim for a better rural development system for Hungary in 2014-20.
    Keywords: R11 ; O18 ; O38 ; P48 ; Q01 ; Q18 ; R11 ; ddc:330 ; rural development ; LEADER Program ; Entwicklungsplanung ; Andalusien
    Language: Hungarian
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  • 44
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: According to international comparisons the Hungarians are extremely dissatisfied with their lives. Meanwhile Austria, with many cultural and historical similarities to Hungary, is in the forefront of the satisfaction lists. We have identified some of the important causes of Hungarian dissatisfaction and the possible ways of its improvement, estimating the effect of the factors influencing subjective well-being on Hungarian and Austrian household level data. The most important factor in diminishing satisfaction is bad health status, and the best way to increase it is education. However in Hungary, unlike Austria, neither vocational training, nor upper secondary education increase satisfaction, only tertiary education has such effect. Increasing the share of tertiary education enrolment could increase life satisfaction in Hungary. In contrast to the stereotypes, the satisfaction increasing effect of social connections is much stronger in Austria than in Hungary. This holds for the relationships and for the contacts with relatives and friends alike. In Hungary the intensity of satisfaction-increasing social relations is relatively low. Contacts with relatives and friends increase satisfaction more as factors improving the security of sustenance than in their intrinsic merits. Unemployment decreases satisfaction above income effect and this decrease spreads also to the family members. This is caused mainly by the insecurity of housing. In Austria the well-developed residential tenancy system prevents this effect. To build up such a system in Hungary could improve life satisfaction. Specifying previous findings of other authors we came to the conclusion that the higher satisfaction level of entrepreneurs is the result of hidden income.
    Keywords: I31 ; I14 ; C25 ; D60 ; O57 ; ddc:330 ; subjective well-being ; self-rated health ; satisfaction
    Language: Hungarian
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  • 45
    facet.materialart.
    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
    Language: Hungarian
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  • 46
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: This paper describes the impact of the global crisis on China, the central and local level government responses and preferences it triggered as well as the consequences these reactions had on national and regional levels. It focuses on the immediate economic and general systemic reasons of the development of local indebtedness and that of the overheating generated by investment. It sheds light on the fact that despite the substantial evolution of the market economy in China, the state interventions to compensate the impact of the crisis activate the general and specific Chinese characteristics of party-states during the process. These specifics will determine the politically rational criteria in the distribution of resources, the accomodating investment behavior of actors and the characteristics of distribution according to the specifics of the Chinese power structure. It is the prevalence of these specific structural characteristics that will cause among others the penomena of local indebtedness, local economic overheating and the hardships in their central control.
    Keywords: F5 ; D78 ; R58 ; J08 ; 015 ; E24 ; ddc:330 ; local indebtedness ; crisis ; party-state system ; resource distribution ; state inter-vention ; overheating ; Wirtschaftskrise ; International ; Wirkungsanalyse ; Sachenrecht ; China
    Language: Hungarian
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  • 47
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: A double nature characterizes the behavior of the government in the venture capital market: a fear of systemic risk and the desire to stimulate companies with growth potential. It seems that the fear might be a bit excessive, disproportionately restricting the effects of venture capital in the long-term development of enterprises. On the other hand, the government has considerably modernized its involvement as an investor in the venture capital market, better adapting its tools to the very nature of venture capital. Notwithstanding, the balance of these two effects can be drawn just over a long time. The article first overviews the effects of the crisis on the venture capital market, especially on the investable sources. This is followed by the description of the changing regulatory role of the government after the crisis, focusing on new regulations regarding the venture capital market: restrictions on the investment activity of institutional investors as well as new requirements for the operation of venture capital fund managers. The article ends with the description of the new trends of government as an investor in the venture capital market, including the varying successes of its domestic practice in Hungary compared with international experience.
    Keywords: G23 ; G24 ; G28 ; M13 ; O31 ; ddc:330 ; venture capital ; private equity ; public venture capital ; fund management ; institutional investors ; investment regulation ; Risikokapital ; Private Equity ; Institutioneller Investor ; Gemischtwirtschaftliches Unternehmen ; Ungarn
    Language: Hungarian
    Type: doc-type:workingPaper
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  • 48
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: In this study we examine the association between subjective well-being and material welfare using the data of 3600 individuals from the TÁRKI Household Monitor for the year 2007. Most of the empirical papers on the effect of income on subjective well-being use either OLS regression or ordered probit model. We apply various methods to explore this relationship more deeply. Comparing the results of OLS regression with quantile regression, and the ordered probit model with a generalized ordered probit model we show that more flexible techniques provide a more complete picture of the income-satisfaction relationship. In the OLS regression income has a positive impact on satisfaction, but the quantile regression models show that this association is less strong at the upper end, and stronger at the lower end of the conditional distribution of well-being. The standard ordered probit model predicts a significant positive effect at the highest satisfaction category, whereas the generalized model finds that income does not affect the probability of this highest response. On the other hand the generalized ordered probit model predicts a more negative effect for the lower response categories of satisfaction than the standard ordered probit model. These results suggest that higher income reduces unhappiness, but one can be satisfied without high income as well. Our results draw attention to the importance of the choice of methods in satisfaction research.
    Keywords: I31 ; C21 ; C25 ; ddc:330 ; subjective well-being ; income ; quantile regression ; generalized ordered probit
    Language: Hungarian
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  • 49
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: The share of female workers is significantly higher i the public than the private sector. This could be due to several reasons: different preferences towards job characteristics, or perhaps to lower discrimination against women in the public sector due to strict wage grids and hiring and promotional practices. Lower discrimination may manifest itself in the gender wage gap or in the higher ratio of women in management positions, however, there are no precise estimates available regarding the size of the differences in these measures between the two sectors. This study examines whether discrimination is smaller, and thus women's opportunities are better, in the public sector, or whether - despite the standardization of rules - discrimination appears through alternative channels. The results suggest that the public sector gender wage gap is significant, but 7-8% lower. Occupational segregation explains only a small part of the gap in both sectors. Women with equivalent observable characteristics suffer a small (2%) disadvantage in terms of the probability of reaching a management position in the private sector, while their chances appear to be more equal in the public sector.
    Keywords: C21 ; J31 ; J45 ; ddc:330 ; public and private sector ; gender wage gap ; vertical occupational segregation ; Lohnstruktur ; Geschlechterdiskriminierung ; Weibliche Arbeitskräfte ; Öffentlicher Sektor ; Privatwirtschaft ; Ungarn
    Language: Hungarian
    Type: doc-type:workingPaper
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  • 50
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: The study presents a comprehensive overview of labour market forecasting activities, mostly quantitative, based on multi-sector models, in 12 countries and the European Union. The principal aim of this effort is to provide ideas, lessons and benchmarks for similar forecasting exercises in Hungary. After outlining the basic model of quantitative labour market forecasting the paper identifies the technical conditions of model building and model quantification, as well as the characteristic features of organising the forecasting work. This analysis is based on cross-country comparative analysis and on the presentation of examples from the individual countries. In the following section the authors address the paths of improvement in the traditional forecasting model. Here the possibilities of substitution in terms of occupations and qualifications are discussed, and the difficulties of including the generic skills as a new variable in the forecasts. A section is devoted to the analytical tools that can be used after the forecasts are ready, such as the shift-share analysis and the IFLM-indicator that compares forecasted demand and supply in individual occupations or qualification categories. The discussion of estimated future labour market imbalances and the measured accuracy of the forecasts leads the authors to a fundamental issue of labour market forecasts, i.e. whether the results of the calculations can be considered forecasts proper for future developments, or they should be seen simply as well-informed, systematic projections? The second part of the study provides a detailed presentation of forecasting practices in the individual countries.
    Keywords: E27 ; J11 ; J2 ; O41 ; ddc:330 ; labour force requirement ; labour supply ; multi-sector models ; forecasting ; Arbeitsmarktprognose ; Prognoseverfahren ; Mehrsektoren-Modell ; EU-Staaten ; USA ; Australien
    Language: Hungarian
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  • 51
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: Nicolas Baudeau (1730-1792) was a theologian, historian and "economist-philosopher" of the second half of the eighteenth century. His name appears in manuals as a popularizer of the ideas of Quesnay and as the founder of the first journal of economics of the Physiocrats, but we are not familiar with his writings, although he was an original thinker and a very active practical man. His oeuvre encompasses a wide area of historical, legal, economic, social, political and moral issues, publishing and consulting activities, down to new technologies, technical solutions, especially new techniques to produce bread. Significant part of his work was the dialogue of opinions against: Condillac, Galiani, Graslin, Forbonnais, Necker, etc., the "anti-physiocrats" being his discussion partners. Throughout Europe he diffused and taught the doctrines of the Physiocrats. He was the travelling ambassador of their ideas. He deeply believed in their program: competition, free commerce, free enterprise, public education, social care, etc. to promote the country's (countries') prosperity and well-being. The goal of this paper is to present some quite neglected writings of Baudeau, especially his debate over a laissez-faire economy against those who argued for the care and responsibility of State. In the appendix see the Hungarian translation of "Explication du Tableau économique á M*** par M.l'abbé Baudeau.
    Keywords: B11 ; B16 ; H63 ; H74 ; E31 ; E41 ; ddc:330 ; Nicolas Baudeau ; Physiocrats ; Antiphysiocrats ; laissez-faire economy ; free (corn) commerce ; Explication de Tableau économique
    Language: Hungarian
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  • 52
    facet.materialart.
    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 ; Ehrenamtliche Arbeit ; Ungarn
    Language: Hungarian
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  • 53
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: I identify wage spillovers from the public to the corporate sector with the help of a large public sector wage increase, which raised public sector wages by 40 percent in two years time, changing the average public relative wage from a fallback of 10.5 percent to a 12.5 percent premium. The spillover effect is identified with along the variation of the share of public sector employment along gender, experience and occupation. The analysis shows that 10 percent higher share of public sector workers within worker-type increases corporate wages by 1.5 percent. The spillover effect is positively correlated with the public wage premium, with low corporate wages, with occupations which are abundant in the public sector, and services. It is also larger in labor market cells where there is a large number of vacancies in the public sector as well as for corporate workers hired after the wage increase.
    Keywords: J31 ; J45 ; ddc:330 ; public sector ; wage spillower ; Hungary ; Vergütungssystem im öffentlichen Dienst ; Spillover-Effekt ; Ungarn
    Language: Hungarian
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  • 54
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: This study investigates the crowding out effect among old and young workers in the Hungarian public sector, using job-level data. The analysis improves upon analyses based on aggregate data by considering the levels of employment for various labour types and the employment opportunities and wages of the young on the job-level. Results indicate that the crowding out effect is realized through employment and wages as well, but is limited: it appears only in the case of only the youngest and least experienced.
    Keywords: J14 ; J23 ; J26 ; J45 ; J63 ; ddc:330 ; youth ; ageing ; employment ; crowding out ; Verdrängungseffekt ; Ältere Arbeitskräfte ; Junge Arbeitskräfte ; Öffentlicher Dienst ; Ungarn
    Language: Hungarian
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  • 55
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: The legal relationship between civil servants and the state, is not governed by the theory of sovereignty, which is relevant in the outer relationships between the state and its citizens, though it has some, limited effect on the inner relationships between the civil servant and the state organ, as well. The inner relationship falls into the category of "dependent work" and therefore civil servants must enjoy the employment rights generally applicable to employees with some alterations. Among such rights, two are investigated more closely in the paper: protection against unjust dismissal and collective rights of workers (right to organise, right to bargain collectively, and right to strike). In 2010 the Hungarian state modified its regulations on civil servants and introduced dismissal without notice referring to the argument that the parties of the legal relationship must be treated equally and because the civil servant can resign from its position without notice, the same right should be enjoyed by the state, as well. The Hungarian Constitutional Court and European Court of Justice nullified this law because of violating the right to work, the right to human dignity, and the right to hold public positions. The regulations on collective rights of civil servants have been systematically violated by the Hungarian legislator since 1992, when the first regulation on civil servants passed. Until 2011 the right to organise has been enjoyed without disturbance by civil servants but since than the state has organise the Bar of Hungarian Civil Servants into which all civil servants are obliged to enter. Because the Bar has rights which are usually considered to be union rights, therefore the Bar is a competitor of the civil servants' unions; consequently the regulations on the Bar violate the right to organise. The right to bargain collectively has never been enjoyed by unions of civil servants since 1992, despite such right is generally applied in developed countries app. since 1960-1970s and is also accepted by the international conventions on social and economic rights. The right to strike is also restricted by the Agreement on Right to Strike in Civil Service (1994) which prohibits the rights to strike far beyond the limits established by the Fundamental Law and the Act on Right to Strike (Act No. VII of 1989). Alternative methods of collective dispute settlement (mediation, arbitration) are also neglected by the Hungarian legal regime.
    Keywords: J45 ; J52 ; J83 ; ddc:330 ; public sector labor markets ; dispute resolution: strikes, arbitration, and mediation ; collective bargaining ; workers' rights ; Dienstrecht ; Beschäftigungssicherung ; Tarifverhandlungen ; Ungarn
    Language: Hungarian
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  • 56
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: The paper investigates teachers' decisions to leave the profession. First we examine the role of earnings and earnings in alternative occupations in these decisions, and then the paper discusses how the public sector wage increase in 2002 has effected exiting decisions of teachers. Using large merged administrative data-sets duration models were estimated. First binary choice Cox proportional hazard models (leaving teaching profession or not), then competing risk models which distinguish exits to another occupation and exits to no-working state. Results show, that earnings matter. Higher wages reduce the probability of exiting teacher profession to go to another occupation or to non-employment. The public sector wage increase has decreased the probability of leaving the teacher profession for inexperienced teachers temporarily, but one or two years after the effect disappeared. For experienced teachers who are older than 51 year-olds the wage increase found to reduce attrition.
    Keywords: I22 ; J28 ; J31 ; J45 ; J62 ; ddc:330 ; teacher salaries ; teacher attrition ; human capital ; Vergütungssystem im öffentlichen Dienst ; Lehrkräfte ; Berufswechsel ; Präferenztheorie ; Statistische Bestandsanalyse ; Ungarn
    Language: Hungarian
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  • 57
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: The aim of this article is to analyse the technical efficiency of Hungarian crop farms between 2001 and 2009 using panel data. We employ both standard stochastic frontier analysis and latent class model (LCM) to estimate technical efficiency. Our results suggest that technological heterogeneity plays important role in crop sector which traditionally is assumed by homogeneous technology. The comparison of standard SFA models assuming that the technology is common to all farms and LCM estimates highlights that the efficiency of crop farms may be underestimated using traditional SFA models.
    Keywords: Q12 ; ddc:330 ; heterogeneity ; latent class models ; crop farms ; Technische Effizienz ; Multivariate Analyse ; Pflanzenbau ; Ungarn
    Language: Hungarian
    Type: doc-type:workingPaper
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  • 58
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: The study was prepared in the framework of the "Priority Project TÁMOP - 2.3.2-09/1: Establishing labour market forecasts and foreseeing structural changes". It presents a comprehensive overview of labour market forecasting activities, mostly quantitative, based on multi-sector models, in 12 countries and the European Union. The principal aim of this effort is to provide ideas, lessons and benchmarks for similar forecasting exercises in Hungary. After outlining the basic model of quantitative labour market forecasting the paper identifies the technical conditions of model building and model quantification, as well as the characteristic features of organising the forecasting work. This analysis is based on the forecasting activities in individual countries. In the following section the authors address the paths of improvement in the traditional forecasting model. Here the possibilities of substitution in terms of occupations and qualifications are discussed, as well as their integration to the forecasting model. Another innovation is the inclusion of generic skills as a new variable in the forecasts. The next section deals with the analytical tools that can be used after the forecasts are ready, such as the shift-share analysis and the Indicator of Future Labour Market Situation (IFLM). The latter compares forecasted demand and supply in individual occupations or qualification categories. The discussion of forecasted labour shortages and vacancies as well as the measured accuracy of the forecasts leads us to one of the fundamental issues of labour market forecasts, i.e. whether the results of the calculations can be considered forecasts proper for future developments, or they should be seen simply as well-informed, systematic projections.
    Keywords: E27 ; J11 ; J2 ; O41 ; ddc:330 ; labour force requirement ; labour supply ; multi-sector models ; forecasting ; Arbeitsmarktprognose ; Prognoseverfahren ; Mehrsektoren-Modell
    Language: Hungarian
    Type: doc-type:workingPaper
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  • 59
    facet.materialart.
    Budapest: Hungarian Academy of Sciences, Institute of Economics, Centre for Economic and Regional Studies
    Publication Date: 2015-03-25
    Description: This paper aims at estimating the effect of the kindergarten allowance program (a conditional cash transfer program organized by the government) introduced in Hungary in January 2009. We use institutional kindergarten data and municipality-level demographic data spanning ten years (2001 through 2010), as well as administrative data from the program in 2009 and 2010. We estimate the effect of the program on the kindergarten attendance of children of age 3 and 4 in years 2009 and 2010. Our results indicate that the program had some modest positive effects. We point out several problems of program implementation that may be responsible for the modest effects. In particular, the estimated effects are largest in areas where kindergarten capacities are abundant relative to potential demand, and smaller where capacity constraints may be binding.
    Keywords: I20 ; I38 ; ddc:330 ; kindergarten ; conditional cash transfer ; program evaluation ; Hungary ; Bildungspolitik ; Kinderbetreuungseinrichtung ; Wirkungsanalyse ; Ungarn
    Language: