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Külföldi működőtőke és külső eladósodás. Kísérlet a makrogazdasági tőkestruktúra új szempontú vizsgálatára
[Foreign operating capital and foreign indebtedness. An attempt to examine macroeconomic capital structure from a new angle]

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Author Info

  • Bélyácz, Iván
  • Kuti, Mónika

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    Abstract

    A cikk kísérletet tesz a makrogazdasági tőkeszerkezet vállalati szemléletű vizsgálatára, támaszkodva a vállalatfinanszírozás tőkestruktúra-elméleteire és elemzési kereteire. Az átváltáselmélet makroszinten a külső adósság fogyasztást simító hatása és csődkockázata közötti választással állítható párhuzamba; a hierarchiaelmélet a globális forrásáramok bevonási sorrendjére alkalmazható; a szabad pénzáram elmélete az adósság fegyelmező erejét hangsúlyozza. Mindezek jelentősége makroszinten a hitelválság és az IMF-csomag kapcsán nyilvánvalóvá vált. Makrogazdasági adatok meggyőzően bizonyítják, hogy egységnyi GDP-re jutó összes külföldről bevont tőke nagysága - az utóbbi évtizedben - gyorsuló ütemben növekszik, s a kibontakozott eladósodási folyamat következtében nem érvényesülnek a stabil gazdasági növekedés/működés fontos feltételei. A szerzők annak igazolására törekszenek, hogy emiatt áthidalhatatlan hatékonysági rés keletkezik a bevont külső források hasznosulásában. Bár a hazai gazdaságpolitikai döntéshozók tartósan biztosak az egyre növekvő külső adósság zavartalan kezelhetőségében, mégis hiba volna figyelmen kívül hagyni azokat a makrogazdasági működési anomáliákat, amelyek nyomán a hatékonysági rés egyre tágul. Journal of Economic Literature (JEL) kód: F21, F34.

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    Bibliographic Info

    Article provided by Közgazdasági Szemle Alapítvány (Economic Review Foundation) in its journal Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences).

    Volume (Year): LVI (2009)
    Issue (Month): 2 ()
    Pages: 133-154

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    Handle: RePEc:ksa:szemle:1078

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    Web page: http://www.kszemle.hu

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    Postal: Közgazdasági Szemle Alapítvány (Economic Review Foundation) Budapest, Budaörsi út 45., 1112, Hungary
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    Web: http://www.kszemle.hu/elofizetes/

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    References

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    Cited by:
    1. Bélyácz, Iván & Kuti, Mónika, 2012. "A makrogazdaság fenntartható finanszírozási pályájának elérhetőségéről
      [Achieving a sustainable financing path for the macro economy]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 781-797.

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