This paper assesses the socio-economic impacts stemming from Research,Technological Development and Demonstration Framework Programmes (FPs) project participation in a transition economy. Some of the most significant impacts of Central and Eastern European participation in FPs can only be...

This paper revisits the widely known and used concept of soft budget constraints in party-states introduced by Kornai (1980), from the point of view of a comparative analytical model (Csanádi, 2003). It embeds budget constraints in the structure of power relations described by the model as the...

It is generally accepted that venture capital exerts a positive influence on economic development, and Hungarian economic policy, too, regards it as a means to accelerate economic growth, enhance the export capacity of companies, improve employment, increase tax revenues, investments and...

This paper draws up an empirically based comparative analytical model called by its constructor as the Interactive party-state model (IPS). It details the elements, the principles of connection of these elements and the principle of operation of the whole party-state construct. It also defines...

It is frequently claimed that the expected yield on emerging market bonds commands a premium. Here we investigate the sources of this phenomenon. A stochastic general equilibrium model of a small open economy is analyzed numerically to derive conditions for interest rate premia. The novelty of...

Through the introduction of a comparative party-state model, I will first demonstrate that due to specific structural and dynamic constraints, the capacity of party-states to learn is both limited and uneven. Differences in the room for manoeuvre are defined by structural and dynamic specifics...

The paper shows that contrary to conventional wisdom an endogenous growth economy with human capital and alternative payment mechanisms can robustly explain major facets of the long run inflation experience. A negative inflation-growth relation is explained, including a striking nonlinearity...

In this paper our aim was to establish legal facts for Hungary in detail, to put the country's situation into international context, and to find new avenues for comparative research. We updated investor protection indicators already existing in the literature, while determined enforcement...

This paper shows that incomplete information and sufficient heterogeneity of players can ensure uniqueness in interaction games. In contrast to recent work on uniqueness in interaction games, we do not require strategic complementarity. There are two parts to the argument. First, if a player s...

Does the common currency promote goods market integration within the EMU? We argue that such an effect is likely, but that the mechanism typically proposed lover costs of arbitrage because of increased price transparency is likely to be of minor importance. Instead we sketch a duopoly model...