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THE ESTABLISHMENT, GROWTH AND ECONOMIC ROLE OF TECHNOLOGY FIRMS IN THE LIGHT OF THE SPECIALIST LITERATURE (A technologiai vallalkozasok letrejotte, novekedese es gazdasagi szerepe a szakirodalom tukreben)

100%
Makra Z.
Kozgazdasagi Szemle (Economic Review)
|
2009
|
vol. 56
|
issue 2
176-186
EN
The article is intended to review the literature based on an empirical survey of young technology companies in Hungary. It begins by mapping the 'conceptual jungle', presenting the often synonymous and hybrid terms applied to the technology firms, interpreting the various definitions, and arriving at a possible definition of this group of businesses. It then uses international research findings to estimate the real economic role of the technology firms. From the theoretical side and summing up the main findings of the empirical research, it identifies the conditions influencing its growth and the possible paths of its development. Finally, the author prepares a snapshot of the situation in this country, describes the main findings of earlier researches into technology businesses, and points to a need for a comprehensive empirical research project.
2

Out of the blind alley. State venture capital and innovation

88%
Karsai J.
Kozgazdasagi Szemle (Economic Review)
|
2007
|
vol. 54
|
issue 12
1085-1102
EN
The Hungarian state since the change of system has seen raising supply as the way to help innovative firms find venture capital. Hitherto it has used a method increasingly exceptional (and obsolete) internationally: having investment firms and venture-capital funds in its exclusive ownership invest capital in firms selected by the state apparatus. But such state-owned investors tended to prefer traditional undertakings and had little effect on the development of innovative technology firms. The negative experiences and high costs of government capital injections have largely convinced governments abroad that using professional, exclusively profit-oriented investors is far more efficient than for the state itself to try to act as an experienced investor in new firms. While retaining its old investment policy, the Hungarian state began experimenting in 2007 under the Jeremie Programme with co-financing venture capital funds to ensure the venture capital market selects small and medium-sized firms preferred by the state. If the programme succeeds, the state's indirect financing method may allow the market to operate more efficiently, by offering capital under market conditions while ensuring the programme is self-financing.
3

What does monetary policy do in the inflation targeting system? Tibor Erdos's paper 'Exchange-rate policy and inflation targeting in Hungary'

88%
Kovacs M. A.
Kozgazdasagi Szemle (Economic Review)
|
2007
|
vol. 54
|
issue 12
1103-1120
EN
The analysis, which appeared in the October issue, makes several critical observations on monetary policy, the system of inflation targeting, and so of Hungarian monetary policy in the last few years. This has inspired several objections to the article's main theses. The author of this contribution argues, as a modeling economist working on analysis of macroeconomic data in the institution making such policy, that Tibor Erdos' statements are not supported by the facts or empirical analyses of the Hungarian economy. The author's first purpose is to present briefly and factually what monetary has and has not done in the last six years. That calls for a summary of the literature on modern monetary theory and inflating targeting. Nor can he avoid responding to the way Tibor Erdos, in criticizing the inflation targeting, tries to argue in practice against the mainstream of present-day monetary economics. It is not that inflation targeting is the sole salutary monetary system for small open economies like Hungary's. It is necessary to take issue with Tibor Erdos' argument on a theoretical plane, for he seems to have a problem with the conceptual grounds for an independent bank of issue, from which follows modern monetary theory. According to modern economic theory, price stability can be attained only by breaking the rigidity of inflationary expectations. That calls for independent, credible central-bank policy, especially in the presence of an expansive budget.
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