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INVESTMENT PROCESSES AND ITS INFLUENCE ON THE FORMING OF EXTERNAL DEBT OF HUNGARY (Investytsiini protsesy ta ikh vplyv na formuvannia zovnishnoho borhu Uhorshchyny)

100%
Almashi L. V.
Rehionalna ekonomika
|
2009
|
issue 4(54)
165-171
EN
It is shown that at the beginning of the third stage of modern world economic and financial crisis the economy of Hungary already was in a state of stagnation. The coalition government of socialists and free democrats, that stands at the helm of the country since 2002, did not conduct in good time reforms in relation to limitation of volumes of consumption, increasing of volumes of profits of the state budget. Financing of all increasing necessities, both of the population and charges on development of infrastructure and export of capital took place due to the external borrowings. As a result, to the end of 2008 after a number of economic indicators (growth of GDP, national debt, deficit of budget and others) Hungary found herself on the last place among former post-socialist countries of Central Europe. The analysis of problems of growth of external debt and external investments embraces a period to the beginning of world financial crisis.
2

GROWTH, TRADED GOODS AND EXTERNAL DEBT BEFORE AND AFTER CAPITAL ACCOUNT LIBERALIZATION: CASE OF TURKEY

88%
Ciftcioglu S.
Ekonomický časopis (Journal of Economics)
|
2005
|
vol. 53
|
issue 8
834-848
EN
Most of the past empirical work has failed to detect any kind of strong positive relationship between capital account liberalization and economic growth, in contrast to what standard theory had predicted. Some researchers have argued that the increased frequency of financial crisis and the resulting macroeconomic instability is the main cost of capital account liberalization which may partly (or more than partly) offset its beneficial growth enhancing effects. In this paper, based on Turkish experience, we offer two additional mechanisms through which increased net capital inflows might exert negative impact on economic growth even when the years of deep financial crisis caused by capital reversals are not taken into account.
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