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FOREIGN OPERATING CAPITAL AND FOREIGN INDEBTEDNESS. AN ATTEMPT TO EXAMINE MACROECONOMIC CAPITAL STRUCTURE FROM A NEW ANGLE (Kulfoldi mukodotoke es kulso eladosodas. Kiserlet a makrogazdasagi tokestruktura uj szempontu vizsgalatara)

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Belyacz I., Kuti M.

Kozgazdasagi Szemle (Economic Review)

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2009

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vol. 56

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issue 2

133-154

EN

The article sets out to examine macroeconomic capital structure from a corporate point of view based on capital-structure theories and analytical frames for corporate financing. Trade-off theory on a macro level can be seen in terms of the levelling effect of the consumption of foreign debt and the risk of bankruptcy; pecking-order theory can be applied to the order in which global resource flows are tapped; the theory of free cash flow stresses the disciplinary force of debt. The macro-level significance of all these has been pointed up by the credit crisis and the IMF package. Macroeconomic figures prove convincingly that the growth in the aggregate foreign capital employed per unit of GDP has been accelerating in the last decade and the resulting indebtedness precludes important conditions for sustainable economic growth/operation. The authors seek to confirm that this leads to an unbridgeable efficiency gap in utilization of the foreign resources employed. Although Hungary's economic policy-makers remain convinced that the mounting external debt can still be handled, it would be a mistake to ignore the anomalies of macroeconomic operation by which the efficiency gap is being widened.

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CHINESE EXPORTS OF OPERATING CAPITAL AND EASTERN EUROPE (A kinai mukodotoke-kivitel es Kelet-Europa)

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Artner A.

Kozgazdasagi Szemle (Economic Review)

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2009

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vol. 56

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issue 11

1041-1056

EN

Chinese operating capital has been flowing fast into the world economy since 2002. This flow is powered by the strongman policy of the Chinese state, based on the centrally set direction of the country's economic development and international role. Based on this, Chinese enterprises are mainly seeking supplies of raw materials and energy, as well as developed technology. Although Africa, SE Asia and Latin America are prioritized and most Chinese operating capital has not flowed into Europe or the Central European countries, the importance of this region in the eyes of Chinese investors has been increasing, thanks to East European policies of encouraging capital imports. Hungary may be especially attractive to Chinese enterprises as a regional distribution centre and a base for R and D.

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Economic globalization in figures - the development of openness in the EU countries, I

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Gacs J.

Kozgazdasagi Szemle (Economic Review)

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2007

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vol. 54

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issue 10

876-902

EN

There is widespread and often emotionally charged discussion these days about the effects that the intensifying globalization is having on national economies. It is worth resting opinions on unprejudiced quantitative analyses rather than unbridled debate. These require the amorphous concept of globalization to be circumscribed and for the advance of 'internationalization' to be measured in the main dimensions of economic globalization. The article examines the main indices of globalization - interpreted as economic openness - with their content, limitations and susceptibility to expression in numerical form. It goes on to provide comparative analysis, based on numerical indices, for the internationalization of Hungary, the EU member-states and some selected developing countries over the last three decades. The first part, published here, follows conceptual clarification with a consideration of foreign trade in goods and services. The second, in the next issue, will consider portfolio and working capital flows, the extent of foreign ownership control, and migration of the tax base.

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3 Kozgazdasagi Szemle (Economic Review)

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1 Belyacz I.

1 Gacs J.

1 Kuti M.

FOREIGN OPERATING CAPITAL AND FOREIGN INDEBTEDNESS. AN ATTEMPT TO EXAMINE MACROECONOMIC CAPITAL STRUCTURE FROM A NEW ANGLE (Kulfoldi mukodotoke es kulso eladosodas. Kiserlet a makrogazdasagi tokestruktura uj szempontu vizsgalatara)

CHINESE EXPORTS OF OPERATING CAPITAL AND EASTERN EUROPE (A kinai mukodotoke-kivitel es Kelet-Europa)

Economic globalization in figures - the development of openness in the EU countries, I