Foreign Investments and Economic Catching Up: The Case of Hungary
AbstractBoth economic history and theory show us that foreign capital is indispensable in the process of modernization. Countries in Central and Eastern Europe in the late 80s were facing an extremely challenging double task: they had to transform both their political and economic systems. Despite the difficulties most of them tackled all the problems with remarkable success, creating the bases of market economies and democracies simultaneously. Rapid privatization and institution building signed the way of Hungary, the first mover in the transition process, and – as a consequence – strong capital inflow (mostly FDI) occurred. The domination of MNCs has become evident by now, and outward investments began to rise, too. In this paper we analyze foreign direct investments in Hungary, the activities of multinational companies, and the characteristics of outward investments in the last two decades.
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Bibliographic InfoArticle provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Studies.
Volume (Year): (2007)
Issue (Month): 1 ()
Find related papers by JEL classification:
- F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
- G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
- G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
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- Arthur, W Brian, 1989. "Competing Technologies, Increasing Returns, and Lock-In by Historical Events," Economic Journal, Royal Economic Society, vol. 99(394), pages 116-31, March.
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