IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

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]

  • Bélyácz, Iván
  • Kuti, Mónika

    ()

Registered author(s):

    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.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://www.kszemle.hu/tartalom/letoltes.php?id=1078
    Download Restriction: Registration and subscription. 3-month embargo period to non-subscribers.

    As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

    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

    as
    in new window

    Handle: RePEc:ksa:szemle:1078
    Contact details of provider: Web page: http://www.kszemle.hu

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


    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

    as in new window
    1. Assaf Razin & Efraim Sadka & Chi-Wa Yuen, 1999. "Excessive FDI flows under asymmetric information," Proceedings, Federal Reserve Bank of San Francisco, issue Sep.
    2. Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2000. "External Capital Structure: Theory and Evidence," CEPR Discussion Papers 2583, C.E.P.R. Discussion Papers.
    3. Assaf Razin, 2003. "FDI Contribution to Capital Flows and Investment in Capacity," Working Papers 052003, Hong Kong Institute for Monetary Research.
    4. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange rates and financial fragility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 329-368.
    5. Luc Laeven & Harry Huizinga & Gaetan Nicodeme, 2007. "Capital Structure and International Debt Shifting," IMF Working Papers 07/39, International Monetary Fund.
    6. Raghuram G. Rajan & Luigi Zingales, 1994. "What Do We Know About Capital Structure? Some Evidence from International Data," NBER Working Papers 4875, National Bureau of Economic Research, Inc.
    7. Albuquerque, Rui, 2003. "The composition of international capital flows: risk sharing through foreign direct investment," Journal of International Economics, Elsevier, vol. 61(2), pages 353-383, December.
    8. Evrensel, Ayse Y., 2004. "Lending to developing countries revisited: changing nature of lenders and payment problems," Economic Systems, Elsevier, vol. 28(3), pages 235-256, September.
    9. Cole, Harold L. & Kehoe, Patrick J., 1995. "The role of institutions in reputation models of sovereign debt," Journal of Monetary Economics, Elsevier, vol. 35(1), pages 45-64, February.
    10. André Faria & Philip R. Lane & Paolo Mauro & Gian Maria Milesi-Ferretti, 2007. "The Shifting Composition of External Liabilities," Journal of the European Economic Association, MIT Press, vol. 5(2-3), pages 480-490, 04-05.
    11. Assaf Razin & Efraim Sadka & Chi-Wa Yuen, 2001. "Why International Equity Inflows to Emerging Markets are Inefficient and Small Relative to International Debt Flows," NBER Working Papers 8659, National Bureau of Economic Research, Inc.
    12. Paolo Mauro & André Faria, 2004. "Institutions and the External Capital Structure of Countries," IMF Working Papers 04/236, International Monetary Fund.
    13. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    14. Genevieve Verdier, 2003. "What Drives Long-term Capital Flows? A Theoretical and Empirical Investigation," Macroeconomics 0310011, EconWPA, revised 14 Jul 2005.
    15. Stewart C. Myers, 2001. "Capital Structure," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 81-102, Spring.
    16. Razin, A & Sadka, E & Yuen, C-W, 1997. "A Pecking Order of Capital Inflows and International Tax Principles," Papers 12-97, Tel Aviv - the Sackler Institute of Economic Studies.
    17. Antalóczy, Katalin & Sass, Magdolna, 2005. "A külföldi működőtőke-befektetések regionális elhelyezkedése és gazdasági hatásai Magyarországon
      [The regional position and economic effects of foreign direct investment]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(5), pages 494-520.
    18. Kenneth Rogoff, 1999. "International Institutions for Reducing Global Financial Instability," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 21-42, Fall.
    19. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    20. Szanyi, Miklós, 1997. "Elmélet és gyakorlat a nemzetközi működőtőke-áramlás vizsgálatában
      [Theory and practice in the analysis of international direct capital flows]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(6), pages 488-508.
    21. Carmen M. Reinhart & Kenneth S. Rogoff, 2008. "The Forgotten History of Domestic Debt," NBER Working Papers 13946, National Bureau of Economic Research, Inc.
    22. Harris, Milton & Raviv, Artur, 1991. " The Theory of Capital Structure," Journal of Finance, American Finance Association, vol. 46(1), pages 297-355, March.
    23. Andrew Crockett & Chairman, 1999. "General discussion : exchange rates and financial fragility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 411-422.
    24. Athanasios Vamvakidis, 2007. "External Debt and Economic Reform; Does a Pain Reliever Delay the Necessary Treatment?," IMF Working Papers 07/50, International Monetary Fund.
    25. Cole, Harold L. & English, William B., 1991. "Expropriation and direct investment," Journal of International Economics, Elsevier, vol. 30(3-4), pages 201-227, May.
    26. Antalóczy, Katalin & Sass, Magdolna, 2000. "Működőtőke-áramlások, befektetői motivációk és befektetésösztönzés a világgazdaságban és Magyarországon
      [Flows of operating capital, investor motives and investment incentives in the world economy
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(5), pages 473-496.
    27. Stewart C. Myers, 1993. "Still Searching For Optimal Capital Structure," Journal of Applied Corporate Finance, Morgan Stanley, vol. 6(1), pages 4-14.
    28. Iwasaki, Ichiro, 2004. "Foreign Direct Investment and Corporate Restructuring in Hungary," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 45(2), pages 93-118, December.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:ksa:szemle:1078. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Odon Sok)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.