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A simple estimation of the longevity gap and redistribution in the pension system 对养老金制度中寿命差距和再分配的简单估计
IF 0.8 4区 经济学
Acta Oeconomica Pub Date : 2023-06-20 DOI: 10.1556/032.2023.00016
A. Simonovits, M. Lackó
{"title":"A simple estimation of the longevity gap and redistribution in the pension system","authors":"A. Simonovits, M. Lackó","doi":"10.1556/032.2023.00016","DOIUrl":"https://doi.org/10.1556/032.2023.00016","url":null,"abstract":"It has been known for decades that in a given year and in a given country, with the rise in lifetime income, life expectancy also rises. The difference between the richest and the poorest stratas' life expectancies is called the longevity gap. Recently, as the gap has generally been growing, it has received more and more attention. The issue is important in itself, but it has also an obvious impact on redistribution in the pension system: the greater the longevity gap, the greater is the redistribution from the low benefit pensioners to the high benefit ones in a given pension system. Econometrically estimating the life expectancy-income function may help the analysis. In our short study, first we give a simple estimation, and then we show the influence of the estimate on the redistribution.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43438134","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The role of pension funds in capital market development in the new EU member states: An empirical panel cointegration approach 欧盟新成员国养老基金在资本市场发展中的作用:一个实证面板协整方法
4区 经济学
Acta Oeconomica Pub Date : 2023-06-20 DOI: 10.1556/032.2023.00015
Jordan Kjosevski, Mihail Petkovski, Aleksandar Stojkov
{"title":"The role of pension funds in capital market development in the new EU member states: An empirical panel cointegration approach","authors":"Jordan Kjosevski, Mihail Petkovski, Aleksandar Stojkov","doi":"10.1556/032.2023.00015","DOIUrl":"https://doi.org/10.1556/032.2023.00015","url":null,"abstract":"Abstract The main goal of this paper is to analyse the impact of pension funds on capital market development in 11 new EU member states from Central and Eastern Europe using annual data for the period between 2000 and 2019. Given the geographical, institutional, political and economic differences across these countries, we split them into three homogenous groups: Balkan, Baltic and Visegrad countries. We use three different variables as a proxy for capital markets growth: stock market capitalization, the value of stock traded, and private bond market capitalization. We apply dynamic and fully-modified ordinary least squares to examine the relationship between the variables. The empirical results indicate that pension funds have a positive effect on the bond markets growth in all sub-groups but they do not impact the stock market growth in the Balkan and Baltic countries.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":"162 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135187309","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Analysis of the inflationary redistribution of consumption and wealth, evidence from Hungary 消费和财富再分配的通货膨胀分析，来自匈牙利的证据
IF 0.8 4区 经济学
Acta Oeconomica Pub Date : 2023-03-27 DOI: 10.1556/032.2023.00008
Zoltán Sipiczki, Anett Parádi Dolgos, J. Varga
{"title":"Analysis of the inflationary redistribution of consumption and wealth, evidence from Hungary","authors":"Zoltán Sipiczki, Anett Parádi Dolgos, J. Varga","doi":"10.1556/032.2023.00008","DOIUrl":"https://doi.org/10.1556/032.2023.00008","url":null,"abstract":"Fluctuating prices can cause unintended redistribution of income and wealth, which may be particularly painful to lower income households. Our study examines the indirect effects of this redistribution in an empirical way: it focuses on the capital market distortions of inflation and the disparities in wealth and income. Consumer Price Index (CPI) measures average inflation. However, households feel different inflation rates because their expenditure patterns are different from the ‘average’ patterns. We used the Kruskal – Wallis H test to determine if there are statistically significant differences between low- and high-income households. We calculated alternative inflation rates based on income deciles' different consumption basket. The study finds that households with low income often feel higher inflation than in the actual price indices published by the statistical offices. As our research shows, individuals in different wealth deciles perceive significantly different inflation. Our results also provide important information for economic policymakers, because if social groups perceive different inflation, it modifies the expected behaviour of the population, thereby weakening the economic policy effectiveness of different decisions.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45751399","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Monetary and fiscal policies in the EU. Is there a difference between EMU and non-EMU members? 欧盟的货币和财政政策。动车组成员和非动车组成员之间有区别吗？
IF 0.8 4区 经济学
Acta Oeconomica Pub Date : 2023-03-27 DOI: 10.1556/032.2023.00006
Danijela Pantović, Aleksandra Fedajev, Isidora Milošević
{"title":"Monetary and fiscal policies in the EU. Is there a difference between EMU and non-EMU members?","authors":"Danijela Pantović, Aleksandra Fedajev, Isidora Milošević","doi":"10.1556/032.2023.00006","DOIUrl":"https://doi.org/10.1556/032.2023.00006","url":null,"abstract":"The COVID-19 crisis has put the European Union's (EU) ability to respond to external challenges to test. It is not a new issue that has arisen due to the current crisis. The global economic crisis of 2008, and, in particular, the sovereign debt crisis of 2010, highlighted the need for institutional, policy and political reform to ensure the stability and long-term sustainability of the EU project. The EU's asymmetric degrees of integration, in terms of Economic and Monetary Union (EMU) and non-EMU members, resulted in a diverse response to the crisis and, more importantly, mixed-effects from monetary and fiscal policies. This study aims to research the impact of monetary and fiscal policies between 2007 and 2015 on economic growth and employment. The findings show that loose monetary policies at the EU, EMU and non-EMU levels boosted economic growth and development. On the other hand, restrictive fiscal policy had favourably influenced GDP and employment by reducing inflationary pressures produced by expansive monetary policy. However, fiscal policy had a greater impact in the non-EMU countries, demonstrating that this policy can act as a stabilizing force in the face of an overly expansive and common monetary policy. In order to respond effectively to the current and future crises, the EU government should overhaul the way monetary and fiscal policy is conducted and coordinated.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41781921","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The lonely giant: An overview of the momentous oeuvre of János Kornai 孤独的巨人：János Kornai重要作品概览
IF 0.8 4区 经济学
Acta Oeconomica Pub Date : 2023-03-27 DOI: 10.1556/032.2023.00002
L. Csaba
{"title":"The lonely giant: An overview of the momentous oeuvre of János Kornai","authors":"L. Csaba","doi":"10.1556/032.2023.00002","DOIUrl":"https://doi.org/10.1556/032.2023.00002","url":null,"abstract":"Far the most acknowledged and influential author in the economics of Eastern Europe has been János Kornai, the theorist of economic systems and a prolific writer on a variety of subjects in the seventy years of his academic career. His output appeared in more than a dozen of languages. He was criticized and appreciated, especially on the occasion of his 90th birthday, commemorated by – yet another – Festschrift, special issues of academic journals, later followed up by countless obituaries paying the due tribute to someone who has never made to the Nobel Prize, but whose influence definitely exceeded that of many recipients. In this essay we avoid the usual chronological description and highlight certain major themes and try to establish his place in the history of global economic thought. We are aware of our constraints, since it would perhaps take a monograph rather than an article to serve justice to this exceptional academic output of his.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46547738","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Testing the Lee-Carter model on Hungarian mortality data 在匈牙利死亡率数据上检验李-卡特模型
IF 0.8 4区 经济学
Acta Oeconomica Pub Date : 2023-03-27 DOI: 10.1556/032.2023.00010
Gábor Petneházi, J. Gáll
{"title":"Testing the Lee-Carter model on Hungarian mortality data","authors":"Gábor Petneházi, J. Gáll","doi":"10.1556/032.2023.00010","DOIUrl":"https://doi.org/10.1556/032.2023.00010","url":null,"abstract":"This article tests the popular Lee-Carter model's performance for Hungarian mortality rate forecasting. Hungary passed through a mortality crisis which makes the task particularly difficult. Previous forecasts and model choices are validated, and updated forecasts are produced. We find that the behaviour of mortality rates is normalizing, and so the basic Lee-Carter model is becoming applicable.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46392940","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Towards a set of indices for relational economy on the example of Hungary 建立一套以匈牙利为例的关系经济指标
IF 0.8 4区 经济学
Acta Oeconomica Pub Date : 2023-03-27 DOI: 10.1556/032.2023.00007
Bálint Madlovics, B. Magyar
{"title":"Towards a set of indices for relational economy on the example of Hungary","authors":"Bálint Madlovics, B. Magyar","doi":"10.1556/032.2023.00007","DOIUrl":"https://doi.org/10.1556/032.2023.00007","url":null,"abstract":"While informal relations between economic and political actors are prevalent in post-communist economies, proper tools for their quantitative measurement are lacking. This paper is a starting point for thinking about this issue. Relying on previous research (Magyar – Madlovics 2020), we elaborate the concept of ‘relational economy,’ and discuss the problem of measuring its peculiar phenomena by existing direct and indirect data. Towards a set of indices for relational economy, we consider the use of proxies in three ways: (1) a radar chart composed of specific company data; (2) ‘moments of truth’ when property movements reveal an actor's de facto ownership status; and (3) ‘moments of truth’ when adoption to or exclusion from the informal patronal network is accompanied by a significant change in financial situation. Illustrations to each of the three methods are provided from the case of Hungary after 2010.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":"43 16","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41247322","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Taxation and economic growth: A historical and agnostic review 税收与经济增长：历史与不可知论综述
IF 0.8 4区 经济学
Acta Oeconomica Pub Date : 2023-03-27 DOI: 10.1556/032.2023.00003
V. Tanzi, Hüseyin Şen, Ayşe Kaya
{"title":"Taxation and economic growth: A historical and agnostic review","authors":"V. Tanzi, Hüseyin Şen, Ayşe Kaya","doi":"10.1556/032.2023.00003","DOIUrl":"https://doi.org/10.1556/032.2023.00003","url":null,"abstract":"This article provides an agnostic, historical review of taxation and economic growth. It critically evaluates how the relationship between the two has evolved throughout modern history. After an introduction that provides a general overview of the relationship between taxation and growth, the article first discusses the positive role of taxes in promoting economic development in the pre-war and post-war periods of the 1940s. It then critically comments on Solow's neoclassical growth theory and explains the experience of stagflation faced by many advanced countries in the 1970s and its implications for tax theory. New growth theories that attribute an important role in economic growth to government policy in general and tax policy in particular are then discussed. This is followed by a rounded five-point assessment of the impact of taxes on growth. The article ends with a general conclusion.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46953433","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Comparative capitalism in central and Eastern Europe – A test of similarity to Western Europe 中欧和东欧的资本主义比较——与西欧相似的检验
IF 0.8 4区 经济学
Acta Oeconomica Pub Date : 2023-03-27 DOI: 10.1556/032.2023.00004
M. Próchniak, R. Rapacki, Adam Czerniak, Juliusz Gardawski, Bożena Horbaczewska, A. Karbowski, P. Maszczyk, Rafał Towalski
{"title":"Comparative capitalism in central and Eastern Europe – A test of similarity to Western Europe","authors":"M. Próchniak, R. Rapacki, Adam Czerniak, Juliusz Gardawski, Bożena Horbaczewska, A. Karbowski, P. Maszczyk, Rafał Towalski","doi":"10.1556/032.2023.00004","DOIUrl":"https://doi.org/10.1556/032.2023.00004","url":null,"abstract":"We aimed to enrich the empirical picture and to better understand the nature of post-communist capitalism in the new EU member states in Central and Eastern Europe (CEE11). Our main research goal is to assess the degree of similarity of the institutional architectures in these countries toward each of the four models of capitalism in Western Europe distinguished by Bruno Amable (2003), represented in our research by one Western European country being the most typical empirical approximation of a particular ‘ideal-typical’ model. The study is based on the application of a new method designed for the purpose of our research, the coefficients of similarity. Our empirical exercise shows that the CEE11 countries exhibited on average the greatest relative similarity to the Mediterranean model of capitalism, represented by Spain and Italy. At the same time, they also displayed a considerable institutional proximity to the Continental model of capitalism, represented by Germany, and – to a lesser extent – to two remaining benchmarks. These findings may be generalized as the prevalence of a polycentric pattern of institutional similarity of the CEE11 economies to the established models of Western European capitalism which makes the emerging post-communist capitalism a distinct research category and adds to its patchwork nature.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44909991","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Developing a local supply chain network: The case of Magyar Suzuki in Hungary 发展本地供应链网络：以匈牙利的Magyar Suzuki为例
IF 0.8 4区 经济学
Acta Oeconomica Pub Date : 2022-12-12 DOI: 10.1556/032.2022.00034
Kaoru Natsuda, Magdolna Sass, L. Csonka
{"title":"Developing a local supply chain network: The case of Magyar Suzuki in Hungary","authors":"Kaoru Natsuda, Magdolna Sass, L. Csonka","doi":"10.1556/032.2022.00034","DOIUrl":"https://doi.org/10.1556/032.2022.00034","url":null,"abstract":"This study examines the role of Magyar Suzuki in the Hungarian automotive industry. It is the oldest foreign vehicle manufacturer and a symbol of modernisation in the post-communist era in Hungary. Due to EU's local content rule, Magyar Suzuki, in comparison with its counterparts in the region, has established a locally embedded supply chain network. Magyar Suzuki has facilitated process and product upgrading of the local suppliers in Hungary. Nevertheless, functional upgrading is relatively limited due to automotive multinational corporations' recognition of Hungary as a low-cost production location, a low level of R&D operation, and a small domestic market.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2022-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46826681","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
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