A családi vállalkozások pénzügyi sajátosságai (Specialities of Family Business Finances)

A tanulmány a család és a vállalkozás pénzügyeinek kapcsolata, az utódlás finanszírozásának kérdései, a pénzügyi menedzsment, a hitelfelvétel és eladósodottság, a tőke forrása, a családon kívüli tőkebevonás és az eladás pénzügyi vonatkozásai mentén vizsgálja a családi vállalkozások pénzügyei sajátosságait. Ilyen sajátosságok bőséggel vannak, a családi cégek a nem családiaktól számos vonásukban különböznek, még pénzügyi tekintetben is egyedi jellemzőkkel bírnak. Ezek a pénzügyi ismérvek nem a szektorra jellemző diszfunkcionalitások, hanem a családi cégek alapvető jellemzőiből fakadó üzleti viselkedésmódok. A szerző jelen munkájában arra vállalkozik, hogy rávilágítson a családi vállalkozások pénzügyeinek ismérveire. ______ Family businesses play an important role in every economy of the world’s countries and they differ from non-family ones along several features. They have also unique characteristics in their financial affairs. The author of this work undertakes to highlight that the characteristics of family business finances are not improper functionalities of the sector but unique business behaviours of family businesses stemming from their basic characteristics. The study examines the peculiarities of family business finances along the relationship of financial affairs of the family and the business, the financial challenges of succession, the financial management, the source of the borrowing and the capital, the indebtedness and the financial aspects of selling.

Market reform and state paternalism in Hungary: a path-dependent approach

Hungary is one of the worst-hit countries of the current financial crisis in Central and Eastern Europe. The deteriorating economic performance of the country is, however, not a recent phenomenon. A relatively high ratio of redistribution, a high and persistent public deficit and accelerated indebtedness characterised the country not just in the last couple of years but also well before the transformation, which also continued in the postsocialist years. The gradualist success of the country – which dates back to at least 1968 – in the field of liberalisation, marketisation and privatisation was accompanied by a constant overspending in the general government. The paper attempts to explore the reasons behind policymakers’ impotence to reform public finances. By providing a path-dependent explanation, it argues that both communist and postcommunist governments used the general budget as a buffer to compensate losers of economic reforms, especially microeconomic restructuring. The ever-widening circle of net benefiters of welfare provisions paid from the general budget, however, has made it simply unrealistic to implement sizeable fiscal adjustment, putting the country onto a deteriorating path of economic development.

Market reform and fiscal laxity in Communist and post-Communist Hungary: A path-dependent approach

Purpose – The purpose of this paper is to present a conceptual framework in order to analyse and understand the twin developments of successful microeconomic reform on the one hand and failed macroeconomic stabilisation attempts on the other hand in Hungary. The case study also attempts to explore the reasons why Hungarian policymakers were willing to initiate reforms in the micro sphere, but were reluctant to initiate major changes in public finances both before and after the regime change of 1989/1990. Design/methodology/approach – The paper applies a path-dependent approach by carefully analysing Hungary's Communist and post-Communist economic development. The study restricts itself to a positive analysis but normative statements can also be drawn accordingly. Findings – The study demonstrates that the recent deteriorating economic performance of Hungary is not a recent phenomenon. By providing a path-dependent explanation, it argues that both Communist and post-Communist governments used the general budget as a buffer to compensate the losers of economic reforms, especially microeconomic restructuring. The gradualist success of the country – which dates back to at least 1968 – in the field of liberalisation, marketisation and privatisation was accompanied by a constant overspending in the general government. Practical implications – Hungary has been one of the worst-hit countries of the 2008/2009 financial crisis, not just in Central and Eastern Europe but in the whole world. The capacity and opportunity for strengthening international investors' confidence is, however, not without doubts. The current deterioration is deeply rooted in failed past macroeconomic management. The dissolution of fiscal laxity and state paternalism in a broader context requires, therefore, an all-encompassing reform of the general government, which may trigger serious challenges to the political regime as well. Originality/value – The study aims to show that a relatively high ratio of redistribution, a high and persistent public deficit and an accelerated indebtedness are not recent phenomena in Hungary. In fact, these trends characterised the country well before the transformation of 1989/1990, and have continued in the post-socialist years, too. To explain such a phenomenon, the study argues that in the last couple of decades the hardening of the budget constraint of firms have come at the cost of maintaining the soft budget constraint of the state.

Modeling the fiscal impacts caused by climate change

Aim of the paper: The purpose is to gather the practices and to model the impacts of climate change on fiscal spending and revenues, responsibilities and opportunities, balance and debt related to climate change (CC). Methodology of the paper: The methodology will distinguish fiscal cost of mitigation and adaptation, besides direct and indirect costs. It will also introduce cost benefit analyses to evaluate the propensity of policy makers for action or passivity. Several scenarios will be drafted to see the different outcomes. The scenarios shall contain the possible losses in the natural and artificial environment and resources. Impacts on public budget are based on damage of income opportunities and capital/wealth/natural assets. There will be a list of actions when the fiscal correction of market failures will be necessary. Findings: There will be a summary and synthesis of estimation models on CC impacts on public finances, and morals of existing/existed budgeting practices on mitigation. The model will be based on damages (and maybe benefits) from CC, adjusted with probabilities of scenarios and policy making propensity for action. Findings will cover the way of funding of fiscal costs. Practical use, value added: From the synthesis of model, the fiscal cost of mitigation and adaptation can be estimated for any developed, emerging and developing countries. The paper will try to reply, also, for the challenge how to harmonize fiscal and developmental sustainability.

Tax morale and tax evasion: Social preferences and bounded rationality

We study a family of models of tax evasion, where a flat-rate tax finances only the provision of public goods, neglecting audits and wage differences. We focus on the comparison of two modeling approaches. The first is based on optimizing agents, who are endowed with social preferences, their utility being the sum of private consumption and moral utility. The second approach involves agents acting according to simple heuristics. We find that while we encounter the traditionally shaped Laffer-curve in the optimizing model, the heuristics models exhibit (linearly) increasing Laffercurves. This difference is related to a peculiar type of behavior emerging within the heuristics based approach: a number of agents lurk in a moral state of limbo, alternating between altruism and selfishness.

Adómorál és adócsalás - társadalmi preferenciák és korlátozott racionalitás = Tax morale and tax system: social preferences and bounded rationality

Az adócsalásnak egy olyan modellcsaládját vizsgáljuk, ahol az egykulcsos adó kizárólag a közjavakat finanszírozza. Két megközelítés összehasonlítására összpontosítunk. Az elsőben minden dolgozó jövedelme azonos, és ebből minden évben annyit vall be, amennyi maximalizálja a nála maradó jövedelemből fedezhető fogyasztás nyújtotta hasznosság és a jövedelembevallásból fakadó hasznosság összegét. A második hasznosság három tényező szorzata: a dolgozó exogén adómorálja, a környezetében előző évben megfigyelt átlagos jövedelembevallás és saját bevallásából fakadó endogén hasznossága. A második megközelítésben az ágensek egyszerű heurisztikus szabályok szerint cselekszenek. Míg az optimalizáló modellben hagyományos Laffer-görbékkel találkozunk, addig a heurisztikán alapuló modellekben (lineárisan) növekvő Laffer-görbék jönnek létre. E különbség oka, hogy a heurisztikán alapuló modellben egy sajátos viselkedésfajta jelentkezik: számos ágens ingatag helyzetbe kerül, amelyben altruizmus és önzés között ingadozik. ________ The authors study a family of models of tax evasion, where a flat-rate tax only finances the provision of public goods and audits and wage differences are ne-glected. The paper focuses on comparing two modelling approaches. The first is based on optimizing agents, endowed with social preferences, their utility being the sum of private consumption and moral utility. The second approach involves agents acting according to simple heuristics. While the traditionally shaped Laffer curves are encountered in the optimizing model, the heuristics models exhibit (linearly) increasing Laffer curves. This difference is related to a peculiar type of behaviour: within the agent-based approach lurk a number of agents in a moral state of limbo, alternating between altruism and selfishness.

Európai Unió: túlélés vagy távlati tervezés – az állam változó szerepei (European Union – survival or long term planning?)

Az EU-ban, a mai állapotok szerint, csak „transzferunióról” beszélhetünk és nem egységes piacról. Az eurós pénzfolyamatok eltorzítva közvetítik a versenyképességet is: mind az árukban és vagyontárgyakban, mind – főleg – a pénzügyi eszközökben megtestesült munkákat/teljesítményeket rosszul árazzák. Egy ilyen keretben különösen könnyen alakul ki az, amit potyautas-problémának nevezünk, vagyis ahol tényleges vagy mérhető teljesítményleadás, vagy éppen fizetés nélkül lehet fogyasztani, és túl olcsón lehet szabad forrásokhoz jutni. Az eurózóna számos közvetítő mechanizmusában is tökéletlen. A sok, szuverénadósság-présbe került tagország között van kicsi, közepes és nagy is. Ez a tény, valamint az általános növekedési és munkapiaci problémák, egyértelműen „rendszerszintű zavarokat” jeleznek, amelyeket ebben a dolgozatban teljesítmény közvetítési-átviteli problémának hívunk, és ezért egy szokatlan, ám annál beszédesebb, elektromosenergia-átviteli rendszeranalógiával segítünk értelmezni. Megmutatjuk, hogy egy jó nagyvállalat miért jobb pénzügyi tervező, mint egy azonos méretű állam. _____ Why are ill-defined transfer mechanisms diverting valuable assets and resources to the wrong destination within the EU? Why do we witness ongoing pressure in the EU banking sector and in government finances? We offer an unusual answer to these questions: we apply an analogy from physics (from an electric generation and distribution network) to show the transmission inefficiency and waste, respectively, of the EU distribution mechanisms. We demonstrate that there are inherent flaws in both the measurement and in the distribution of assets and resources amongst the key EU markets: goods, money and factor markets. In addition, we find that when international equalizer mechanism is at work (cohesion funds allocated), many of these equity functions are at risk with respect to their reliable measurement. Especially are at risk the metered load factors, likewise the loss/waste factors. The map of desired outcomes does not match the real outcome, since EUtransfers in general are put to work with low efficiency.

Public price of climate change

Aim of the paper: The purpose is to gather the practices and to model the impacts of climate change on fiscal spending and revenues, responsibilities and opportunities, balance and debt related to climate change (CC). Methodology of the paper: The methodology will distinguish fiscal cost of mitigation and adaptation, besides direct and indirect costs. It will also introduce cost benefit analyses to evaluate the propensity of policy makers for action or passivity. Several scenarios will be drafted to see the different outcomes. The scenarios shall contain the possible losses in the natural and artificial environment and resources. Impacts on public budget are based on damage of income opportunities and capital/wealth/natural assets. There will be a list of actions when the fiscal correction of market failures will be necessary. Findings: There will be a summary and synthesis of estimation models on CC impacts on public finances, and morals of existing/existed budgeting practices on mitigation. The model will be based on damages (and maybe benefits) from CC, adjusted with probabilities of sce-narios and policy making propensity for action. Findings will cover the way of funding of fiscal costs. Practical use, value added: From the synthesis of model, the fiscal cost of mitigation and adaptation can be estimated for any developed, emerging and developing countries. The paper will try to reply, also, for the challenge how to harmonize fiscal and developmental sustainability.