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In economics literature, a number of authors emphasize the need to study both domestic and foreign enterprises in order to properly grasp the effect of foreign direct investment on the local economy. Differences between foreign and domestic enterprises stem from the fact that multinational enterprises operate in a global network extending into many countries, which most certainly exerts influence on all aspects of their production activity. This paper presents a comparative analysis of performance of domestic and three types of foreign enterprises in Hungary. Total-factor pro- ductivity, factor intensity, wages, export intensity, profitability, as well as the effective rate of tax are examined by the combined tools of comparison, regression analysis and Wilcoxon test for data of the whole economy of Hungary. While foreign firms are found to contribute to the revitalization of the economy as far as capital intensity, productivity, export performance and level of wages are concerned, they do not yet seem to produce profitably.

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This paper addresses the experiences and challenges of Hungary’s monetary policy during the period 1995–2000 and in view of the progress toward EU and EMU membership. The structure of relative prices changed markedly in the past and is expected to continue to change in the future. The reason, in addition to a possible Balassa–Samuelson effect, was the elimination of subsidies and introduction of turnover taxes in the past, and a future convergence toward a price structure prevalent in the EU. In the 1995–2000 period, the resulting gap between CPI and PPI led to massive foreign capital inflows. While the policy of sterilised interventions by the National Bank of Hungary was probably the right answer, it was inevitably costly, and was made costlier than necessary by the way it was carried out. Continued adjustments in the price structure in the future will confront monetary policy with the same dilemmas and, resulting in an inflation floor, will complicate the country’s conditions of joining EMU within a reasonable time frame after EU accession.

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Acta Oeconomica
Authors: Pál Czeglédi and Tibor Kárpáti

References Benedek , T. ( 2001 ): Foreign Capital Investment in the Context of Regional Differences . Vezetéstudomány, Vol. 32 , No. 5 : pp. 17 – 26

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Unii Europejskiej. Aspekty porównawcze (The Role of Foreign Capital in Modernising the Economies of New EU Member States. Comparative Aspects). PTE (Polish Economic Society) , Zeszyty Naukowe , 9 : 107 – 122

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problem in Serbia. Industrial production highly depends on imported goods while imported goods are mostly financed by inflow of foreign capital. Consequently, the decline in inflow of foreign capital as a result of the global economic crisis raised the

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effects of the projects already completed. Additional measure of the significance of business services sector is the level of employment, which reached 260,000 jobs in Poland ( ABSL in Poland 2018 ), mostly in enterprises with foreign capital. Approximate

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in less than five years it more than doubled its debt to GDP level from 21% in 1995 to almost 50% by 2000. Due to the increased pressure the government decided to open its borders to foreign capital and in the 2000s a great deal of the incoming

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1 Introduction In many emerging markets, foreign capital penetration in the banking sector is high. As of 2014, assets in post-communist Central, Eastern and South-Eastern Europe (CESEE), varied from approximately 30% (Belarus, Slovenia, and Ukraine

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that their amount and changes in time depend on both the stage of investment implementation (phase) and investment climate factors. However, referring to the empirical analysis that treats FDI as a monolithic form of foreign capital, we can

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Foreign Capital and Imports on Economic Growth: Further Evidence from Four Asian Countries (1970–1998) . Journal of Asian Economics , 15 ( 2 ): 399 – 413 . 10.1016/j.asieco.2004.02.008 North , D. C. ( 1955 ): Location Theory and Regional Economic

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