literature, I map, present and analyse the existing indicators quantifying China's progress in its modernisation endeavour, such as the industrial and technological specialisation, sophistication of exports, reduction of technological dependence, innovation
Authors:Tamás Hajdu, Gábor Kertesi, and Gábor Kézdi
This study examines the effect of parental job loss on adolescents' school completion during the secondary school years and the moderating role of home environment in that effect. It uses rich survey data from Hungary on adolescents between 14 and 21 years of age, with detailed measures of parental employment and home environment. The study replicates the average negative effect found in the literature. No effect is found for families with a history of providing a cognitively stimulating home environment, but the negative effect is strong for other families. Home environment matters more than initial income in moderating the effect. The results highlight the protective nature of a cognitively stimulating home environment.
Editor's Note: This essay paper of Professor Kornai with an unusually provoking title consists of two parts. Part I is the slightly edited, non-abridged version of his writing published as an oped in The Financial Times (FT) on 11 July 2019, the world's leading global business publication (Kornai 2019a). Subsequently, the full text of this paper was published in the Hungarian weekly magazine Élet és Irodalom (Life and Literature; Kornai 2019b), which in turn generated a number of commenting articles published in the same weekly. Still in the month of July, the original essay was translated into Chinese by a Hong Kong newspaper and into Vietnamese. An influential multilingual Chinese newspaper gave an extensive summary of the FT essay (Street 2019). The latter one, according to our best knowledge, was disseminated only on the internet. Part II is the translated and slightly edited version of Kornai's second article, published in September this year on the same topic (Kornai 2019c). In this second essay he responded to his critiques both in Hungary and world-wide. This piece was published in its original form in Hungarian by the previous mentioned Hungarian weekly. We, the Editors of Acta Oeconomica, are proud to publish the complete English translation of this second essay first time. We thank for the opportunity given to us by Professor Kornai to publish the Frankenstein-papers in an integrated form, together with all the necessary bibliographic references.
standard growth equations with indicators of misalignment. While following the two-step procedure of earlier studies, our article intends to contribute to the literature on the relationship between RER-misalignments and economic growth in several respects
businesses. They equally influence the capacity and demand for credit and even the households' wealth. The literature distinguishes various types of liquidity, but in this study I focus only on two of them: funding liquidity (FL) and market liquidity (ML). FL
has been speaking of the ‘socialist market economy model’ ever since 1978. Evidence marshalled in the literature that I cite below seems to agree on one point. Namely that across those decades China experienced various periods of centralisation and
further consequences of the reform, which has not been analysed in detail in the literature. Introducing the concept of soft budget constraint (SBC) into the analysis could provide new, additional insight in the operation of local governments, which
innovation ( Meyer – Goes 1988 ; Hueske et al. 2015 are two examples). Three main aspects of the innovation process are emphasised in the innovation literature ( Fagerberg 2005 ). First, the fundamental uncertainty of projects; the second is the speed to