Derivatív pénzügyi termékek árdinamikája és az új típusú kamatlábmodellek (Interest rate models and the price processes of financial derivatives)

Ennek a cikknek az a célja, hogy áttekintést adjon annak a folyamatnak néhány főbb állomásáról, amit Black, Scholes és Merton opcióárazásról írt cikkei indítottak el a 70-es évek elején, és ami egyszerre forradalmasította a fejlett nyugati pénzügyi piacokat és a pénzügyi elméletet. / === / This review article compares the development of financial theory within and outside Hungary in the last three decades starting with the Black-Scholes revolution. Problems like the term structure of interest rate volatilities which is in the focus of many research internationally has not received the proper attention among the Hungarian economists. The article gives an overview of no-arbitrage pricing, the partial differential equation approach and the related numerical techniques, like the lattice methods in pricing financial derivatives. The relevant concepts of the martingal approach are overviewed. There is a special focus on the HJM framework of the interest rate development. The idea that the volatility and the correlation can be traded is a new horizon to the Hungarian capital market.

Reducible von Neumann models and uniqueness

This paper can be regarded as a result of basic research on the technological characteristics of the von Neumann models and their consequences. It introduces a new taxonomy of reducible technologies, explores their key distinguishing features, and specifies which ones ensure the uniqueness of von Neumann equilibrium. A comprehensive comparison is also given between the familiar (in)decomposability ideas and the reducibility concepts suggested here. All these are carried out with a modern approach. Simultaneously, the reader may also acquire a complete picture of and guidance on the fundamental von Neumann models here.

On realizing the principles of Gaudium et spes in a post-communist country: Searching for christian entrepreneurs and roots of individuals in Hungary at the time of globalization

Due to the communist regime in Hungary the values and principles of the Second Vatican Counsil could hardly achieve their goal in the region and the situation is almost the same even today. This paper examines two levels of society where the thoughts of Gaudium et spes might have appeared: we have explored that there are Christian companies existing about 15 years since the political transition in 1990 and we made a research among individuals in rural environment, how could they preserve their human wholeness described in GS, in other words, how could they keep their social, cultural, natural, religiuos and local roots amongst the consumer society that has been developped in Hungary at the time of capitalism. Regarding the Christian companies our research could produce a positive result: we have explored that although the Christian companies survayed hardly know the Church’s social doctrine, they live and operate according to it. At the same time in the realm of individuals we cannot tell good news of this kind. Most of the persons interviewed have already lost or are near to loose their roots, that is their human wholeness. Our final conclusion is that our hope for preserving even strenghtening the values of GS in the Hungarian society is in the communities, be it work communities, as John Paul II. mentioned in his encyclical Sollicitudo rei Socialis. The paper presents the details and conclusions of our researches.