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  1. A gazdagsági stagnálás „színe” és fonákja
    jó az exporttöbblet és az adósságcsökkenés, de rossz a tőkekiáramlás és a beruházás-visszaesés?
    Author: Halpern, László; Obláth, Gábor
    Published: 2014
    Publisher:  Institute of Economics, Hungarian Academy of Sciences, Budapest

    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.... more

    Location:
    Staats- und Universitätsbibliothek Bremen
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 151 (2014,12)
    Inter-library loan:
    No inter-library loan

     

    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.

     
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    Content information
    Source: Union catalogues
    Language: Hungarian
    Media type: Ebook
    Format: Online
    ISBN: 9786155447266
    Other identifier:
    hdl: 10419/108337
    Series: Discussion papers / Institute of Economics Hungarian Academy of Sciences ; 2014/12
    Subjects: Hungary's macroeconomic developments; external debt; deleveraging; surplus on trade and current transactions; capital outflow
    Scope: Online-Ressource (79 S.), graph. Darst.
    Notes:

    Zsfassung in ungar. Sprache