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Revisiting the nexus between financial development, FDI, and growth: New evidence from second generation econometric procedures in the Turkish context
No full textThis study investigates the impact of the selected financial development proxies and foreign direct investment (FDI) on the growth in the case of Turkey, using annual data for the 1960–2011 period. The second-generation econometric procedure has been applied for the first time to the Turkish data with this respect. Unit root tests by Carrion-i-Silvestre et al. (2009) assume that real income, financial development proxies, and FDI are non-stationary at levels, but become stationary at first differences through multiple structural breaks. Cointegration results by Maki (2012) confirm the existence of a long-term equilibrium relationship between real income growth, financial development, and FDI, again through multiple structural breaks. Finally, this paper confirms that financial development and FDI are long-term drivers of real income, which enable it to react to its long-term path significantly
Revisiting business cycles in the Eurozone: A fuzzy clustering and discriminant approach
No full textThe first part of analysis draws out homogenous clusters of countries out of the 27 EU states based on their business cycle synchronicities with the euro area (EA) 12, quantified by correlations of cycles between the 27 countries’ GDP components and the EA12’s GDP1. The purpose is to compare the obtained country groupings with the countries that have adopted the euro in practice. This exercise is performed using fuzzy cluster analysis and is carried out for pre- and post-euro periods. Knowing that the recent global and euro zone crisis might impact the post-euro findings, the analysis for the post-euro period is done with and without the crisis period. In the second part of the analysis, a discriminant technique is applied to the clustering findings to ascertain the GDP component whose cycle synchronicity contributes most to the partitioning obtained in the cluster analysis. In a nutshell, findings indicate a significant divergence within EU27 and EA12 in the post-euro period and that business cycle symmetry concerning the GDP component of capital investment as a more significant determinant to country partitions
Regional economic growth in Hungary 1998–2005: What does really matter in clusters?
No full textAlthough industry clusters are major targets of regional economic development in less developed regions as well, we still need a deeper understanding of how the spatial clustering of firms generates dynamics in lagging regions. These latter environments may differ from the typical cluster policy examples that are usually specialised global centres of dynamically growing industries. Using census-type data of Hungarian firms, we test the effect of major cluster indicators — regional specialisation and spatial concentration of industries — and the impact of FDI on regional productivity and employment growth in Hungary. Our results suggest that regional specialisation does not affect regional growth, while the spatial concentration of industries is found to influence productivity and employment growth with an overwhelmingly negative effect. Furthermore, regional employment growth is associated negatively with the initial level of regional specialisation. Results suggest that Hungary has evolved into a dual economy in which previously specialised regions and geographically concentrated industries have lost their pace, while the main factor that favoured regional economic growth was the presence of large foreign companies. Therefore, economic policies fostering regional specialisation and the spatial concentration of industries — such as cluster policy — may have minor effects unless the interaction of foreign-owned and domestic companies is encouraged
Determinants of youth unemployment spells and exit destinations in Romania and Hungary
No full textThe aim of this paper is to analyse determinants which cause some young Romanian and Hungarian individuals to have longer unemployment spells than others and different exit destinations. The empirical analysis is based on two large micro-datasets, obtained from the National Agency of Employment Romania and the Institute of Economics, Hungarian Academy of Sciences. Based on the competing risks specification, conclusions and suggestions for policy-makers are formulated
Effects of electronic word-of-mouth on consumers’ purchase decision in catering industry
No full textThe emergence of Internet technology-based network economy has diversified information channels so that the selectable space for consumers is enlarged. In comparison with traditional promotion and advertisement, electronic word-of-mouth marketing, as a new style marketing presenting high transparency, broad influential regions, and obvious time effectiveness, is more easily accepted by consumers.By distributing and collecting questionnaires on site, 400 copies of questionnaires were distributed to the catering consumers in CHATEAU de CHINE, and 283 valid ones were retrieved, with the retrieval rate of 71%; each retrieved copy was regarded as a valid sample. The research results show significant positive effects of Electronic Word-of-Mouth on 1. Production Selection, 2. Brand Selection, 3. Location Selection, and 4. Number of Opportunity in Purchase Decision and 5. partial effects of demographic variables on the correlations between Electronic Word-of-Mouth and Purchase Decision
The influence of national leader change on corruption and sovereign rating
No full textCorruption is a critical social and ethical problem that can impede the economic growth of a country or even ruin a country. In addition, the importance of the sovereign rating of a country cannot be underestimated. A change in the sovereign rating of a country can affect its borrowing capacity. Using members of the United Nations from 1995 to 2012 as the research sample, this study investigated the influence of national leader change on corruption and sovereign rating by analyzing one year after the change in national leadership. The results showed that national leader change exerted a significant, positive effect on the degree of corruption and the sovereign rating one year after the change in national leadership. By including national characteristics, this study found that for countries that have adopted the semipresidential system, national leader change had a significant, negative effect on the degree of corruption and the sovereign rating. For extreme human development countries, national leader change had a significant, negative effect on the degree of corruption but did not significantly affect the sovereign rating. The results of this study can serve as a reference for investors engaged in international investment decision-making
The Turkic and Eastern European background of the etymology of Hung. tábor (military camp)
No full textThis article offers an etymological discussion of the relationship of the Hungarian word tábor ‘(military) camp’ and its cognates, present in a wide range of European and Asian languages, to Turkic (above all Chagatai and Ottoman) dapkur ~ tapkur ‘1. troop; 2. saddle girth; etc.’. The main reason as well as aim for revisiting the etymology of Hung. tábor is to prove that the claim that the first written occurrence of the Hung. word in appellative meaning dates back to 1383, is erroneous. In the present paper attempt is made to refute the latter assertion by thorough philological argumentation. This circumstance invalidates the arguments formerly put forward to weaken the word’s Czech etymology (< Cz. Tábor ‘Mount Tabor’)
Arabiser la phonétique. L’arabisation de l’alphabet phonétique international
No full textCet article se propose de présenter les lignes principales d’un débat en cours dans le monde arabe depuis plusieurs décennies qui porte sur quelques implications de l’écriture arabe et de la linguistique générale d’un point de vue idéologique. En particulier, on analysera les raisons qui ont poussé certains linguistes arabes à proposer que l’écriture arabe puisse être employée dans la transcription des variétés néo-arabes et, plus en détail, qu’elle puisse substituer l’Alphabet Phonétique International, actuellement en usage, qui se base sur un système graphique essentiellement de type gréco-latin
Die 6. Mahnrede des Caesarius von Arles
No full textCaesarius of Arles was bishop of Arles from 502 up to 542. In my paper I examine the structure of his 6th admonition, in which he explains in a series of comparisons that your soul is similar to your villa. As you cultivate your villa, so you must cultivate your soul in order to come to the Kingdom of Heaven
Fülöp Ö. Beck’s Liszt Interpretation in His 1911 Series of Plaques
No full textDuring his lifetime hundreds of portraits were made of Ferenc Liszt in a great diversity of genres by foreign and Hungarian artists alike. Medallists also commemorated Liszt on the centenary of his birth in 1911. Numerous one-sided medals and plaques were cast or struck but some of them, like that of Fülöp Ö. Beck, do have motives on the reverse as well. Beck had been working on a Liszt plaque for years. The starting inspiration was the Liszt mask he had personally received from the aging sculptor Alajos Stróbl. He prepared several designs for the reverse. The series of the reverse variations is significant because Beck’s aim was not to present an allegory about Liszt’s figure or create symbols for his compositions as was the custom in medal art, but to capture the essence and the infinity of music. Fülöp Ö. Beck’s Liszt plaque is an outstanding exponent not only of the Hungarian but the international medal art