{"title":"Helicopter Money and Basic Income, or a Work-Based Society? : A Brief History of Wages, Benefits, Loans and Quantitative Easing","authors":"Bálint Tamás Vargha","doi":"10.35551/pfq_2022_1_3","DOIUrl":"https://doi.org/10.35551/pfq_2022_1_3","url":null,"abstract":"Following the coronavirus outbreak, and especially before infl ation became a key factor in this period, several crisis management proposals raised the possibility of a universal basic income, which could be backed by the central bank’s money creation. Th e following paper is an essay that seeks to grasp the political economic meaning and implications of the propositions related to helicopter money and basic income. We cannot avoid observing the essence of these proposals, presented fundamentally as a distribution-related issue, in the historical context of value, work and money creation. Helicopter money appears in this light as a new paradigm of extensive growth, which at fi rst glance comes off as a fi nancial innovation, but paradoxically rather bears a relationship with a pre-capitalist conception of value. Moreover, helicopter money is a wage-substitute transfer that does not respond to the social and symbolic void that has replaced work. It appears to be a welfare instrument, while it can only rest on the separation of production and consumption on a global scale. Helicopter money is an extension of quantitative easing by other means, which unveils the motives for money creation. It is an overture to the thought experiments of ‘value without work’ and ‘economy without people’.","PeriodicalId":42979,"journal":{"name":"Public Finance Quarterly-Hungary","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69882238","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}
{"title":"Special Difficulties in Forecasting GDP in the Pandemic Situation (2020–2021) : Is there a Keynesian resurgence?","authors":"Antal István Magas","doi":"10.35551/pfq_2022_1_4","DOIUrl":"https://doi.org/10.35551/pfq_2022_1_4","url":null,"abstract":"Why was it extremely difficult to forecast GDP worldwide, especially in the years of 2020-2021? Mainly because a double shock hit both the aggregate demand and supply sides, and it had substantially changed the known behaviour of key participants. Reactions of households and firms became largely unpredictable. The IMF projections of April 2020 had to be revised sharply. It appears the world economy could recover from the biggest output drop since World War II only with the help of extensive public spending schemes. We ask if one can speak of a new wave of Keynesian policies. How long this present overwhelmingly loose fiscal and monetary stance can last? One cannot tell. There are visible threats, for instance in the inflationary environment.","PeriodicalId":42979,"journal":{"name":"Public Finance Quarterly-Hungary","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69882353","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}
{"title":"Disclosure of Intellectual Capital : Evidence from Indian Annual Reports","authors":"S. Singhal, Seema Gupta, Vijay Gupta","doi":"10.35551/pfq_2022_1_7","DOIUrl":"https://doi.org/10.35551/pfq_2022_1_7","url":null,"abstract":"The shifting of the economy from manufacturing-based to knowledge-based has raised the importance of Intellectual Capital (IC) in the business value creation process. Although IC has been recognized in integrated reports, limited information about it is still reported in traditional financial disclosures. The present study examines the extent of intellectual capital disclosure (ICD) in Indian firms and assesses the gap between stakeholder expectations and industry disclosure procedures. For this purpose, content analysis has been performed on a sample of 30 non-financial firms listed on the Bombay Stock Exchange (BSE) for the year 2019–2020 by constructing a disclosure index of 42 items based on previous studies, under the three categories of IC, namely, structural capital, relational capital, and human capital. The results reveal that the overall disclosure of intellectual capital by Indian firms is low. The companies disclose only 42% of the Intellectual Capital items. Further, it is found that maximum number of companies are disclosing structural capital, while human capital disclosure obtains the minimum score. The results imply the need to develop a proper framework for reporting intangibles in the annual statements of organizations in India.","PeriodicalId":42979,"journal":{"name":"Public Finance Quarterly-Hungary","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69882854","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}
{"title":"Potential Model to Support the Achievement of Corporate Carbon Neutrality","authors":"F. Bognár, Elvira Böcskei","doi":"10.35551/pfq_2022_3_4","DOIUrl":"https://doi.org/10.35551/pfq_2022_3_4","url":null,"abstract":"In our article, based on the methodology of internationally known sustainability models, we propose developing a novel, decision support and controlling system to motivate organizations to achieve net zero emissions. The evaluation system fits the GHG Protocol’s criteria, considers the emissions of all three Scopes, and provides the opportunity for benchmarking and stress testing. The model supports the management’s decisions visually, and it also offers regulators the opportunity to prepare and make industry level decisions. The creation of the new model is especially necessary in a period fraught with geopolitical tensions, when the price and availability of individual energy carriers can change dramatically and rapidly.","PeriodicalId":42979,"journal":{"name":"Public Finance Quarterly-Hungary","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69882946","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}
{"title":"Central Bank Digital Currency: the Next Money Revolution? : Central Bank Digital Currencies in the Dimension of Geopolitics","authors":"Eszter Boros, Marcell Horváth","doi":"10.35551/pfq_2022_4_2","DOIUrl":"https://doi.org/10.35551/pfq_2022_4_2","url":null,"abstract":"Throughout history, financial innovation was always interlinked with shifts in the word’s economic centre of gravity and the emergence of new power hubs. Nowadays, the huge interest in central bank digital currencies proves that we must have arrived at a new turning point in the development of money. Most studies, however, focus on financial issues related to CBDCs, and only few embark on discussing historical analogies and geopolitical consequences in a comprehensive way. Our study aims to deliver such an analysis. According to the results, the revolutionary effects of CBDCs might arise from re-modelling cross-border payments, i.e., achieving direct (atomic) transactions through multilateral platforms. The remarkable results of China in developing the digital yuan, and most importantly, acquiring a key role in international projects, reinforce the geopolitical trends of the last decade. Global or regional standard-setting will be a critical question, and in this regard, there is still some room for manoeuvre on the side of the U.S. which started its own CBDC development (Project Hamilton) belatedly. In the long run, it might be realistic to expect a scenario in which the global financial system is divided in two parts, a Western and an Eastern one.","PeriodicalId":42979,"journal":{"name":"Public Finance Quarterly-Hungary","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69883427","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}
{"title":"Tulajdonositőke-alapú közösségi finanszírozás : A kampányok kimenetelét meghatározó tényezők a Crowdcube-platform vizsgálatán keresztül az Egyesült Királyságban","authors":"Virginia Kirigo Wachira, Esther Wanjiru Wachira","doi":"10.35551/psz_2022_1_8","DOIUrl":"https://doi.org/10.35551/psz_2022_1_8","url":null,"abstract":"A jelen tanulmány azt vizsgálja, hogy az összegyűjtött források nagyságát, valamint a Crowdcubeplatformon keresztül történő tulajdonositőke-alapú közösségi finanszírozás sikerét vagy sikertelenségét milyen tényezők befolyásolják. Vizsgálatunkhoz Pearson-féle korrelációt és többszörös regreszsziót használtunk. A statisztikai szignifikancia miatt a regressziós modell jó illeszkedésnek bizonyult. A tanulmány megállapította, hogy a tőkealapú közösségi finanszírozási kampányok kimenetelét a befektetők száma, a célösszeg, valamint a cég befektetés előtti értéke erősen és pozitívan befolyásolja. További befolyásoló tényezőként a tulajdonrész (tőke), a részvényár-információk megjelenítése és a közösségi média jelenléte említhető. A közösségi finanszírozással kapcsolatos előzmény (korábbi részvétel) ugyanakkor a kampányok sikeréhez negatívan kapcsolódott. A tanulmány egyedisége azon vállalkozók (alapítók) és befektetők számára fog segítséget jelenteni, akik sikeres tőkealapú közösségi finanszírozási kampányokat kívánnak folytatni, illetve támogatni az Egyesült Királyságban és a világ más részein. A tanulmány ugyanakkor ajánlást fogalmaz meg más országok és földrészek tőkealapú közösségi finanszírozási platformjainak további vizsgálatára is.","PeriodicalId":42979,"journal":{"name":"Public Finance Quarterly-Hungary","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69886084","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}
{"title":"Digitális jegybankpénz: a következő pénzforradalom? : Digitális jegybankpénzek a geopolitika dimenziójában","authors":"Eszter Boros, Marcell Horváth","doi":"10.35551/psz_2022_4_2","DOIUrl":"https://doi.org/10.35551/psz_2022_4_2","url":null,"abstract":"A pénzügyi innovációk a történelem során mindig összefüggtek a világgazdaság súlypontjának mozgásával és a hatalmi centrumok kialakulásával. A digitális jegybankpénzek (DJBP) iránti óriási érdeklődés jól jelzi, hogy a pénz fejlődésének újabb mérföldkövét érhettük el. Míg azonban a DJBP pénzügyi kérdéseivel sok szakirodalmi mű foglalkozik, kevesebb a pénztörténeti párhuzamokat és a geopolitikai hatásokat átfogóan értékelő munka. A tanulmány e vonatkozásokat állítja fókuszba. Eredményei szerint a DJBP a határon átnyúló fizetések forradalmasításával – a közvetlen tranzakciókra épülő multilaterális DJBP-platformok által – hozhat fordulatot a pénzügyi és a világhatalmi rendszerben. Kína előrehaladott digitálisjüan-projektje és még inkább a nemzetközi projektekben való szerepvállalása napjaink geopolitikai folyamatait – a keleti pólus felemelkedését – erősíthetik. A kulcskérdés a sztenderdekre való befolyás, ebben Pekingnek óriási lépéselőnye van, bár ilyen szempontból az USA Hamilton Projektje sem késett még el teljesen. Hosszú távon reális forgatókönyv, hogy a DJBP-k korában a nemzetközi pénzügyi rendszer két nagy részre (nyugati, keleti) tagozódik.","PeriodicalId":42979,"journal":{"name":"Public Finance Quarterly-Hungary","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69886627","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}
{"title":"A vállalati karbonsemlegesség elérésének lehetséges támogató modellje","authors":"Ferenc Bognár, Elvira Böcskei","doi":"10.35551/psz_2022_3_4","DOIUrl":"https://doi.org/10.35551/psz_2022_3_4","url":null,"abstract":"Cikkünkben a nemzetközileg ismert fenntarthatósági modellek módszertanára alapozva javaslatot teszünk egy újszerű, a karbonsemlegesség elérésére ösztönző döntéstámogató és kontrollingrendszer kialakítására. Az értékelő rendszer illeszkedik az üvegházhatású gázokra vonatkozó (ÜHG) protokoll szempontrendszeréhez, mindhárom Scope-kibocsátásait figyelembe veszi, lehetőséget ad benchmark-, illetve stressztesztelés lehetőségére. Vizuálisan (is) támogatja a menedzsment döntéseit, továbbá a szabályozók számára is lehetőséget kínál iparági, ágazati szintű döntések előkészítéséhez és meghozatalához. Egy új modell megalkotására különösen szükség lehet, egy olyan geopolitikai feszültséggel terhelt időszakban, amikor az egyes energiahordozók ára és hozzáférhetősége drámai módon és ütemben változhat.","PeriodicalId":42979,"journal":{"name":"Public Finance Quarterly-Hungary","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69886661","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}
{"title":"A közszféra belső ellenőreinek tanácsadói tevékenysége Magyarországon","authors":"T. Kovács","doi":"10.35551/psz_2022_k_1_4","DOIUrl":"https://doi.org/10.35551/psz_2022_k_1_4","url":null,"abstract":"A belső ellenőr manapság nem csak bizonyosságot adó tevékenységet végez, hanem tanácsadói szolgáltatásokat is nyújt. A belső ellenőrzés tanácsadói tevékenysége a szervezet vezetője részére nyújtott, hozzáadott értéket eredményező szolgáltatás. A tanulmány készítését az vezérelte, hogy ennek jelentőségét és gyakorlati megvalósulását vizsgáljuk költségvetési szerveknél, önkormányzatoknál, köztulajdonban álló gazdasági társaságoknál. A vizsgálat során a szakirodalom és jogszabályok feldolgozása mellett primer kutatásra került sor. Megállapítható, hogy a döntéshozókat támogató tanácsadó szerep megerősödött, nagyobb hangsúlyt kap a belső ellenőrzés területén a közszférában is. Ugyanakkor úgy találtuk, hogy a függetlenség megőrzése, a szabályszerűség és a hatékonyság erősítése érdekében lehet még mit tenni, például a téma továbbképzéseken történő erősebb megjelenésével vagy bővebb ajánlásokkal.","PeriodicalId":42979,"journal":{"name":"Public Finance Quarterly-Hungary","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69887366","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}
{"title":"Attitude of Hungarian Young Adults Towards Bank Loans: The Risk Mitigation Trap","authors":"Dániel Béres, K. Huzdik","doi":"10.35551/pfq_2022_1_2","DOIUrl":"https://doi.org/10.35551/pfq_2022_1_2","url":null,"abstract":"The aim of this study is to examine the attitude of young adults (18–25 years) towards bank loans. For the analysis we used two primary data sources (financial literacy surveys were executed in 2013 and 2020). The samples are non-representatives, the number of involved survey participants exceeded 1,740 in both cases. The survey included 6 sections with open and closed questions, as well as likertscales. It was found that the attitude of young adults towards the loans is negative. Between the 2013 and 2020 surveys the economic cycle showed prosperity. As a result, the respondents devalued the importance of the loans in the economy. Besides, the extreme rejection of having a bank loan was also mitigated. As for the bank loan experiences of the respondents it was found that the purposes of the borrowed loans are along the good criteria of financial literacy – the spendings examined can be considered as an investment for the future. Regarding the satisfaction level of the respondents with the bank loans the most important satisfactory factor was the expectations for the future. The measures taken after 2008 financial crisis such as re-defining consumer friendly lending and executing population supporting policy involving credit institutions resulted a mild positive effect on the attitude of the young adults towards bank loans. Risk avoidance results a trap situation that is against financial inclusion and results disequilibrium in demand and supply of banking services. The effect of the so called ‘risk mitigation trap’ can be reduced by developing the financial literacy.","PeriodicalId":42979,"journal":{"name":"Public Finance Quarterly-Hungary","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69882103","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}