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-economics, most notably in recent years regarding the economic integration processes in Europe and the global economy. In his years as professor at La Sapienza University in Rome, combined with his Visiting Chair at LBS, Mario focused on wide-ranging issues

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Acta Oeconomica
Authors:
Anita Pelle
and
László Jankovics

(1) The Halle Insitute for Economic Research (Institut für Wirtschaftsforschung Halle, IWH) in cooperation with the European University Viadrina, Frankfurt an der Oder held a conference on 13-14 May 2004 in Halle (Saale), Germany on Continuity and Change of Foreign Direct Investments in Central Eastern Europe. (Reviewed by Anita Pelle); (2) The University of Debrecen, Faculty of Economics and Business Administration in cooperation with the Regional Committee of the Hungarian Academy of Sciences and the Hungarian Economic Association organised an international symposium on the issue of Globalisation: Challenge or Threat for Emerging Economies on 29 April 2004 in Debrecen, Hungary. (Reviewed by László Jankovics)

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The productivity slowdown in European countries is among the major stylised facts of the last two decades. Several explanations have been proposed: some focus on demand-side effects, working through Kaldor’s second law of economic growth (also known as Verdoorn’s law), others on supply-side effects determined by a misallocation of the factors of production, caused either by labour market reforms or by perverse effects of financial integration (in Europe, related to the adoption of the euro). The latter explanation is put forward by some recent studies that stress how low interest rates brought about by the monetary union may have lowered productivity by inducing capital misallocation. The aim of this paper is to investigate the robustness of the latter empirical findings and to compare them with the alternative explanation offered by the post-Keynesian growth model, which instead emphasises the relation between foreign trade and productivity, along lines that go back to Adam Smith. To do so, we use a panel of industry-level data extracted from the EU KLEMS database, comparing these alternative explanations by panel cointegration techniques. The results shed some light on the role played by the single currency in the structural divergences among euro area member countries.

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Acta Oeconomica
Authors:
Anita Pelle
and
Gábor Vicze

Von Neumann's Centenary Scientific Memorial Session; Conference report on the workshop convened in Budapest on 15 November 2003 to commemorate John von Neumann's contributions to economics; From Here and From There: New and Old Members' Perception on EU Enlargement; Report on the joint workshop of Hungarian and Holland economists on EU-enlargement at the University of Groningen, the Netherlands in September 2003.

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Abstract

The article deals with the estimation of import intensities of exports, final consumption expenditures and gross fixed capital formation. It uses the input-output methodology of computing direct and indirect imports to the final demand components, which compares with regression estimates. Unlike the widely used turnover approach, the results contribute fundamentally to knowledge about the genuine openness of the Czech economy with regard to how much value-added is exported. In 2015, the highest import intensity for exports amounting to 52%, closely followed by 49% for investments. Household consumption worked with 41% import intensity, while general government consumption expenditures showed the lowest import intensity of 16%. Based on our input-output findings, the true openness of the Czech economy can be revealed. While turnover of exports to GDP reached 80% in 2019, the value-added approach showed only a half, i.e., 40% value-added was exported. It implies a contra-intuitive conclusion that even in a relatively small and highly integrated country into the globalized economy, there is a 60% majority of the non-tradeable goods.

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Merre tart a globalizáció?

Where is Globalization Going?

Educatio
Author:
József Bayer

Az írás a globalizáció fogalmát, történeti és jelen fejlődési irányait tárgyalja. Bemutatja az ipari forradalom nyomán felgyorsuló fejlődését, megtorpanását a világháborúk időszakában, és a háború utáni fellendülését. A mai globalizációt a technológiai változások, a neoliberális politikai fordulat és a digitális forradalom összefüggésében vizsgálja. Felvázolja a globalizációhoz való eltérő viszonyulásokat, az általa előidézett társadalmi konfliktusokra való reagálás alapján. A 2008–2009-es pénzügyi világválság, a Covid-járvány és a fenyegető klímaválság a globalizáció lassulásához vezet. A globalizáció korrekciójára irányuló politikai nyomás és a 4. ipari forradalom technológiai változásai a deglobalizáció új hullámát vetítik előre. A globalizáció azonban folytatódik a digitális térben, és az új regionalizmus is megőrzi a globalizációs folyamat vívmányait.

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1 Introduction The free movement of labour is one of the four freedoms that constitute the key elements of European economic integration. Recently, worker mobility has been under attack in several countries

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In the early and mid-2000s, the prospect of EU accession and the global boom facilitated rapid economic recovery and boosted economic and institutional reforms in the Western Balkan region. The global financial crisis of 2007–2009 and the European crisis of 2010–2013 slowed the pace of economic growth and amplified high unemployment in the region. In addition, various unresolved legacies from past conflicts slowed the pace of reform and progress towards EU accession.

The European Commission’s February 2018 communication sets an indicative deadline (2025) for the two most advanced candidates – Serbia’s and Montenegro’s admission to the EU. This could incentivise all Western Balkan countries, including those candidates that have not yet started membership negotiations (Macedonia and Albania) and those waiting for candidate status (Bosnia and Herzegovina and Kosovo), to remove domestic political obstacles to EU accession, solve conflicts with neighbours, speed up reforms and accelerate economic growth.

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Acta Oeconomica
Authors:
Ádám Török
,
Zsuzsa Deli
, and
Szabolcs Sebrek

Balassa, B. (ed.) (1975): European Economic Integration. Amsterdam: North-Holland Publishing Company. European Economic Integration

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The free movement of persons has been one of the fundamental building blocks of European integration from the beginning. The economics behind it implies that greater efficiency can be achieved if besides goods and services, the factors of production (i.e. capital and labour) can also move freely across a common market. Nevertheless, this setup was originally designed for an economic area where internal imbalances were modest. In fact, these freedoms have serious, originally unintended consequences in the 21st-century European Union (EU) where the original condition, even if implicit at that time, no longer applies. Nicholas Kaldor had actually warned about these threats many decades ago, saying that with the development of trade, initial differences among trading regions would grow in the absence of adequate compensating policies. Most lately, two large-scale events have accelerated intra-EU divergence and, consequently, migration: the Eastern enlargements and the recent financial and economic crisis. Our study focuses on the causes and potential implications of the intra-EU migration challenge in the light of Kaldor’s legacy. Our main conclusion is that the original construct of European economic integration is not fit for the current realities in that it no longer ensures steady and balanced development across the EU.

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