Peet van Biljon and Alexandra Reed Lajoux’s Money Creation: the past and present of society’s most important technology will be published in English in 2020, and its Hungarian translation was published by Pallas Athéné Könyvkiadó, also in 2020.
Peet van Biljon 和 Alexandra Reed Lajoux 的《货币创造：社会最重要技术的过去与现在》将于 2020 年出版英文版，其匈牙利语译本也将于 2020 年由 Pallas Athéné Könyvkiadó 出版。
{"title":"Money as a social technology","authors":"Szabolcs Grébel","doi":"10.35551/pfq_2024_1_7","DOIUrl":"https://doi.org/10.35551/pfq_2024_1_7","url":null,"abstract":"Peet van Biljon and Alexandra Reed Lajoux’s Money Creation: the past and present of society’s most important technology will be published in English in 2020, and its Hungarian translation was published by Pallas Athéné Könyvkiadó, also in 2020.","PeriodicalId":508321,"journal":{"name":"Pénzügyi Szemle = Public Finance Quarterly","volume":"4 12","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140372034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
István Ábel, Gergely Bognár, Máté Lóga, István Attila Szabó
Most discussion of inflation in 2021-2022 have focused on product market shocks rather than unemployment indicators. The Phillips curve approach, which provides the traditional theoretical framework, was questioned. In addition to the surge in food and energy prices, many new inflationary factors have come to the fore, such as the disruption in supply chains, as well as fiscal spending and loose monetary policy in the context of the pandemic. These factors do not fit into the traditional approach. In this paper, we review the main literature on the US and European economies to see how the analytical framework represented by the Phillips curve can be adapted to analyse the current situation. Since its inception, the Phillips curve approach has undergone significant changes reflecting changes in the nature of inflation. For example, the unemployment gap was later replaced by the output gap. In the current situation, the output gap has been replaced by arguments in favour of the inclusion of enterprise pricing, marginal cost and the profit rate.
{"title":"Changes in the explanation of inflation","authors":"István Ábel, Gergely Bognár, Máté Lóga, István Attila Szabó","doi":"10.35551/pfq_2024_1_6","DOIUrl":"https://doi.org/10.35551/pfq_2024_1_6","url":null,"abstract":"Most discussion of inflation in 2021-2022 have focused on product market shocks rather than unemployment indicators. The Phillips curve approach, which provides the traditional theoretical framework, was questioned. In addition to the surge in food and energy prices, many new inflationary factors have come to the fore, such as the disruption in supply chains, as well as fiscal spending and loose monetary policy in the context of the pandemic. These factors do not fit into the traditional approach. In this paper, we review the main literature on the US and European economies to see how the analytical framework represented by the Phillips curve can be adapted to analyse the current situation. Since its inception, the Phillips curve approach has undergone significant changes reflecting changes in the nature of inflation. For example, the unemployment gap was later replaced by the output gap. In the current situation, the output gap has been replaced by arguments in favour of the inclusion of enterprise pricing, marginal cost and the profit rate.","PeriodicalId":508321,"journal":{"name":"Pénzügyi Szemle = Public Finance Quarterly","volume":"113 12","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140370764","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Tax revenues that the state obtains by force from its citizens based on its sovereign authority make up the majority of public revenues and influence financial policy. Economic development is the first financial policy aim. Tax revenues impact economic growth directly and indirectly through savings, consumption, output, and employment. Many macroeconomic factors improve with economic expansion. Economic growth boosts economic activity and tax income. This research examines Azerbaijan’s tax kinds, tax revenues, and economic development from 1991 through 2021. Tax revenues and economic growth were analysed using time series methods. Unit root and Maki structural break cointegration tests were employed. In the research with three structural breakdowns, a long-term cointegration connection was discovered between tax revenues and economic growth in all models.
{"title":"The impact of tax revenue on Azerbaijan’s economic growth","authors":"Nurkhodzsa Akbulaev","doi":"10.35551/pfq_2024_1_4","DOIUrl":"https://doi.org/10.35551/pfq_2024_1_4","url":null,"abstract":"Tax revenues that the state obtains by force from its citizens based on its sovereign authority make up the majority of public revenues and influence financial policy. Economic development is the first financial policy aim. Tax revenues impact economic growth directly and indirectly through savings, consumption, output, and employment. Many macroeconomic factors improve with economic expansion. Economic growth boosts economic activity and tax income. This research examines Azerbaijan’s tax kinds, tax revenues, and economic development from 1991 through 2021. Tax revenues and economic growth were analysed using time series methods. Unit root and Maki structural break cointegration tests were employed. In the research with three structural breakdowns, a long-term cointegration connection was discovered between tax revenues and economic growth in all models.","PeriodicalId":508321,"journal":{"name":"Pénzügyi Szemle = Public Finance Quarterly","volume":"57 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140368777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Central & Eastern European Forum 2024, organised by Euromoney, took place in Viennafrom 16-17 January 2024.In this report, we shed light on the economic trends and challenges in the region, based on the panel discussions at the two-day Euromoney conference. The conference highlighted a number of key issues and featured a number of leading speakers from government and business.
{"title":"Report on ‚The Central & Eastern European Forum 2024’ conference","authors":"Tamás Pesuth, Szabolcs Grébel","doi":"10.35551/pfq_2024_1_8","DOIUrl":"https://doi.org/10.35551/pfq_2024_1_8","url":null,"abstract":"The Central & Eastern European Forum 2024, organised by Euromoney, took place in Viennafrom 16-17 January 2024.In this report, we shed light on the economic trends and challenges in the region, based on the panel discussions at the two-day Euromoney conference. The conference highlighted a number of key issues and featured a number of leading speakers from government and business.","PeriodicalId":508321,"journal":{"name":"Pénzügyi Szemle = Public Finance Quarterly","volume":"16 10","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140371972","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
By the 2010s, the middle classes of the Western world had become the biggest losers from the accelerating globalisation processes since the 1970s. Several proposals have been made regarding what economic policies should be put in place to strengthen the lower classes. These would typically redistribute income from the rich to the poor. Hungary has chosen a particular path in response to the disadvantages of globalisation: in our interpretation, it has shifted income from the rent-seekers to the middle class. Based on our definition of the middle class, which takes into account income, wealth, housing and the need for intellectual and cultural
{"title":"Meritocratic economic policies in the service of the middle class","authors":"László György, Gergely Horváth, Dániel Molnár","doi":"10.35551/pfq_2024_1_1","DOIUrl":"https://doi.org/10.35551/pfq_2024_1_1","url":null,"abstract":"By the 2010s, the middle classes of the Western world had become the biggest losers from the accelerating globalisation processes since the 1970s. Several proposals have been made regarding what economic policies should be put in place to strengthen the lower classes. These would typically redistribute income from the rich to the poor. Hungary has chosen a particular path in response to the disadvantages of globalisation: in our interpretation, it has shifted income from the rent-seekers to the middle class. Based on our definition of the middle class, which takes into account income, wealth, housing and the need for intellectual and cultural","PeriodicalId":508321,"journal":{"name":"Pénzügyi Szemle = Public Finance Quarterly","volume":"18 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140373107","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Our research has shown that digital solutions have increased the efficiency of official audits carried out by the National Tax and Customs Administration (hereinafter Nemzeti Adó- és Vámhivatal, NAV), making it easier to compare tax authority and taxpayer data. A new way of thinking has been introduced at the NAV as a result of digitalisation solutions. The overall impact is positive, with synergies between NAV and taxpayers. Following the beginnings, we will look at the digital solutions of the present and map out the opportunities for development in the near future, using several research methods. What has NAV’s digitisation activity given us and what can it give us? Time, efficiency, smoother administration, more queries for taxpayers and their partners. A change of mindset, a changing audit methodology, permanent change. Transforming jobs, the possibility of using artificial intelligence. The focus of audits will remain on the examination of human activities, but the role of the human factor in audits will be reduced.
我们的研究表明，数字化解决方案提高了国家税务和海关总署（以下简称 Nemzeti Adó- és Vámhivatal，NAV）进行官方审计的效率，使税务机关和纳税人的数据更容易比较。由于采用了数字化解决方案，国家税务和海关总署引入了一种新的思维方式。整体影响是积极的，国家税务局和纳税人之间产生了协同效应。我们将通过几种研究方法，审视当前的数字化解决方案，并描绘出不久将来的发展机遇。国税局的数字化活动给了我们什么，又能给我们带来什么？时间、效率、更顺畅的管理、为纳税人及其合作伙伴提供更多查询。思维方式的改变，审计方法的改变，永久性的改变。改变工作岗位，使用人工智能的可能性。审计的重点仍将是对人类活动的审查，但人为因素在审计中的作用将被削弱。
{"title":"Digitalisation, digital transformation – In the practice of the National Tax and Customs Office","authors":"Anikó Vozár, Erika Bán","doi":"10.35551/pfq_2024_1_5","DOIUrl":"https://doi.org/10.35551/pfq_2024_1_5","url":null,"abstract":"Our research has shown that digital solutions have increased the efficiency of official audits carried out by the National Tax and Customs Administration (hereinafter Nemzeti Adó- és Vámhivatal, NAV), making it easier to compare tax authority and taxpayer data. A new way of thinking has been introduced at the NAV as a result of digitalisation solutions. The overall impact is positive, with synergies between NAV and taxpayers. Following the beginnings, we will look at the digital solutions of the present and map out the opportunities for development in the near future, using several research methods. What has NAV’s digitisation activity given us and what can it give us? Time, efficiency, smoother administration, more queries for taxpayers and their partners. A change of mindset, a changing audit methodology, permanent change. Transforming jobs, the possibility of using artificial intelligence. The focus of audits will remain on the examination of human activities, but the role of the human factor in audits will be reduced.","PeriodicalId":508321,"journal":{"name":"Pénzügyi Szemle = Public Finance Quarterly","volume":"34 9","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140372318","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article presents a general methodology for aggregating the actual costs and revenues of public transport in Hungary, which allows to calculate a realistic passenger (user) cost coverage ratio for the main players in the domestic market (MÁV-Volán Group, GYSEV, BKK). After an international perspective and a presentation of the specificities of the domestic market, it is concluded that the cost coverage ratio for fixed rail transport is significantly lower than for public transport services on road. The main reason for this is that fixed rail infrastructure is expensive to develop and operate and is mainly used by public passenger transport. The ridership ratio is significantly reduced by significant investments, and this has been analysed both on a time series and average basis. We present the timetable, tariff changes and major investments that have had an impact on ridership rates, typically only to a small extent. Our analysis is financially oriented and only touches on positive externalities, social benefits and the general government balance
{"title":"Evolution of the revenue/ expenditure structure and passenger cost coverage ratio of regular passenger transport between 2007 and 2022","authors":"Balázs Ács, István Kövesdi","doi":"10.35551/pfq_2024_1_2","DOIUrl":"https://doi.org/10.35551/pfq_2024_1_2","url":null,"abstract":"This article presents a general methodology for aggregating the actual costs and revenues of public transport in Hungary, which allows to calculate a realistic passenger (user) cost coverage ratio for the main players in the domestic market (MÁV-Volán Group, GYSEV, BKK). After an international perspective and a presentation of the specificities of the domestic market, it is concluded that the cost coverage ratio for fixed rail transport is significantly lower than for public transport services on road. The main reason for this is that fixed rail infrastructure is expensive to develop and operate and is mainly used by public passenger transport. The ridership ratio is significantly reduced by significant investments, and this has been analysed both on a time series and average basis. We present the timetable, tariff changes and major investments that have had an impact on ridership rates, typically only to a small extent. Our analysis is financially oriented and only touches on positive externalities, social benefits and the general government balance","PeriodicalId":508321,"journal":{"name":"Pénzügyi Szemle = Public Finance Quarterly","volume":"127 50","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140369595","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The aim of this article is to present a conceptual framework for compliance with legal and ethical standards in the business environment, with a particular focus on the role and current challenges of internal control. The paper describes systems and methods for developing effective compliance risk management strategies. The paper presents the importance of an organization’s internal control systems through a literature review. It shows how compliance tools can be used to prevent harmful processes and how to deal with abuses such as money laundering. Finally, the article outlines new compliance challenges, such as the indirect effects of the Russia-Ukraine war and the challenges of implementing sanctions.
{"title":"The role of compliance in the operation of credit institutions","authors":"Andrea Pelei, Petra Benedek","doi":"10.35551/pfq_2024_1_3","DOIUrl":"https://doi.org/10.35551/pfq_2024_1_3","url":null,"abstract":"The aim of this article is to present a conceptual framework for compliance with legal and ethical standards in the business environment, with a particular focus on the role and current challenges of internal control. The paper describes systems and methods for developing effective compliance risk management strategies. The paper presents the importance of an organization’s internal control systems through a literature review. It shows how compliance tools can be used to prevent harmful processes and how to deal with abuses such as money laundering. Finally, the article outlines new compliance challenges, such as the indirect effects of the Russia-Ukraine war and the challenges of implementing sanctions.","PeriodicalId":508321,"journal":{"name":"Pénzügyi Szemle = Public Finance Quarterly","volume":"128 33","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140369783","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Our study investigates the size of the so-called financing gap in the Hungarian venture capital market, i.e. the amount that can potentially be lent out, which is currently not covered by the Hungarian financial intermediary system on a market basis. The relevant literature will be reviewed to assess the performance and characteristics of the Hungarian market. The Hungarian financial intermediation system, traditionally based on banking, underperforms in all segments of capital market financing, even by Central and Eastern European standards. In our research, we sought to find out whether the available sources of venture capital could meet market needs. Both the number and volume of transactions in the domestic venture capital and private equity markets are low by international standards, and the role of the state is below the average for CEE countries. The novelty of our analysis lies in the fact that there is no similar literature available in Hungary. Our estimation based on linear regression revealed a strong relationship between venture capital investment and current GDP. The difference between the estimated potential risk capital stock and the annual averages zrealized clearly shows the market gap. In addition to the public programmes already implemented, the annual amount of risk capital missing from the domestic market is in the order of EUR 12.5-31.6 million, i.e. roughly HUF 5.1-13.3 billion per year at the euro exchange rate at the time of analysis. If this resource were available, domestic startups would have greater growth opportunities. Our analysis suggests that not only a state presence but even an increase in it, seems justifiable (or at least worth exploring). The research was supported by the National Research, Development and Innovation Office (FK-142492).
{"title":"Funding gap in the Hungarian venture capital market","authors":"András Póra, Árpád Szőcs","doi":"10.35551/pfq_2023_4_2","DOIUrl":"https://doi.org/10.35551/pfq_2023_4_2","url":null,"abstract":"Our study investigates the size of the so-called financing gap in the Hungarian venture capital market, i.e. the amount that can potentially be lent out, which is currently not covered by the Hungarian financial intermediary system on a market basis. The relevant literature will be reviewed to assess the performance and characteristics of the Hungarian market. The Hungarian financial intermediation system, traditionally based on banking, underperforms in all segments of capital market financing, even by Central and Eastern European standards. In our research, we sought to find out whether the available sources of venture capital could meet market needs. Both the number and volume of transactions in the domestic venture capital and private equity markets are low by international standards, and the role of the state is below the average for CEE countries. The novelty of our analysis lies in the fact that there is no similar literature available in Hungary. Our estimation based on linear regression revealed a strong relationship between venture capital investment and current GDP. The difference between the estimated potential risk capital stock and the annual averages zrealized clearly shows the market gap. In addition to the public programmes already implemented, the annual amount of risk capital missing from the domestic market is in the order of EUR 12.5-31.6 million, i.e. roughly HUF 5.1-13.3 billion per year at the euro exchange rate at the time of analysis. If this resource were available, domestic startups would have greater growth opportunities. Our analysis suggests that not only a state presence but even an increase in it, seems justifiable (or at least worth exploring). The research was supported by the National Research, Development and Innovation Office (FK-142492).","PeriodicalId":508321,"journal":{"name":"Pénzügyi Szemle = Public Finance Quarterly","volume":"68 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139167863","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Student Loan Center was established 22 years ago by the first civic government with the aim of increasing access to higher education. The measure was particularly important in channeling talented students from poor financial circumstances into higher education. Over the past two decades, both higher education and the socio-economic environment surrounding higher education have changed considerably. The aim of this study is to examine the extent to which student loan instruments have been able to maintain their effectiveness over this period. Through a historical overview and the presentation of results from questionnaire data collection, the study demonstrates that student loan products have adapted to the changing environment by introducing and adapting existing products, and that they are still very popular among higher education students.
{"title":"The last 22 years of student lending – Analysis of the socio-economic impact of the student loan product family","authors":"Bálint Duráczky","doi":"10.35551/pfq_2023_4_6","DOIUrl":"https://doi.org/10.35551/pfq_2023_4_6","url":null,"abstract":"The Student Loan Center was established 22 years ago by the first civic government with the aim of increasing access to higher education. The measure was particularly important in channeling talented students from poor financial circumstances into higher education. Over the past two decades, both higher education and the socio-economic environment surrounding higher education have changed considerably. The aim of this study is to examine the extent to which student loan instruments have been able to maintain their effectiveness over this period. Through a historical overview and the presentation of results from questionnaire data collection, the study demonstrates that student loan products have adapted to the changing environment by introducing and adapting existing products, and that they are still very popular among higher education students.","PeriodicalId":508321,"journal":{"name":"Pénzügyi Szemle = Public Finance Quarterly","volume":"21 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139166678","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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