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  1. Az állami támogatás hatása a projektfinanszírozásra erkölcsi kockázat és pozitív externáliák mellett Szerződéselméleti megközelítés
    Autor*in: Berlinger, Edina; Lovas, Anita; Juhász, Péter
    Erschienen: 2014
    Verlag:  Institute of Economics, Hungarian Academy of Sciences, Budapest

    It is a highly disputed question in the literature how state subsidy influences the behavior of the entrepreneurs and accordingly the growth prospects of the economy. Most authors agree that state intervention in financing deteriorates the incentives... mehr

    Standort:
    Staats- und Universitätsbibliothek Bremen
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    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 151 (2014,32)
    Fernleihe:
    keine Fernleihe

     

    It is a highly disputed question in the literature how state subsidy influences the behavior of the entrepreneurs and accordingly the growth prospects of the economy. Most authors agree that state intervention in financing deteriorates the incentives of the entrepreneur, but there is no consensus whether its overall effect is positive or negative if we take into consideration the positive externalities of the projects too. Several authors investigate different subsidy forms (refundable/nonrefundable, prior/posterior, conditional/unconditional) searching for the optimal one(s). In this article we show in the framework of a three-player model (entrepreneur, bank, state) that under moral hazard and positive externalities state subsidy creates value. Moreover, a well-designed subsidy scheme improves incentives and instead of crowding out it boosts private financing. However, in this model the concrete form of the state subsidy is totally irrelevant as all forms will lead exactly to the same welfare effect. The only exception is the prior subsidy to be refunded both in case of success and failure which has neither a positive nor a negative effect.

     
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    Quelle: Verbundkataloge
    Sprache: Ungarisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9786155447525
    Weitere Identifier:
    hdl: 10419/108361
    Schriftenreihe: Discussion papers / Institute of Economics Hungarian Academy of Sciences ; 2014/32
    Umfang: Online-Ressource (4, [1], 36 S.)
    Bemerkung(en):

    Zsfassung in ungar. und engl. Sprache
  2. Time discounting predicts loan forbearance takeup
    Autor*in: Berlinger, Edina; Khayouti, Sára; Kiss, Hubert János
    Erschienen: 2022
    Verlag:  Institute of Economics, Centre for Economic and Regional Studies, Budapest

    During the COVID-19 pandemic, many countries eased the burden of borrowers through loan forbearance. Using a representative sample of the Hungarian adult population, we investigate if time discounting and locus of control predict who takes up loan... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 151
    Fernleihe:
    keine Fernleihe

     

    During the COVID-19 pandemic, many countries eased the burden of borrowers through loan forbearance. Using a representative sample of the Hungarian adult population, we investigate if time discounting and locus of control predict who takes up loan forbearance. We find convincing evidence that time discouting associates with the resort to forbearance: individuals who discount the future less are less likely to take up forbearance, even if we take into account their educational level and financial status. Data suggest that the channel through which time discounting and loan forbearance are related is savings. There is no statistically significant relationship between locus of control and forbearance takeup.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/256914
    Schriftenreihe: KRTK KTI working papers ; KRTK KTI WP - 2022, 1 (January 2022)
    Schlagworte: loan forbearance; locus of control; time discounting
    Umfang: 1 Online-Ressource (circa 15 Seiten)
  3. Introduction of an income contingent repayment scheme for non-performing mortgage loans
    lessons from Hungary's case
    Autor*in: Berlinger, Edina; Walter, György
    Erschienen: 2015
    Verlag:  Institute of Economics, Hungarian Academy of Sciences, Budapest

    In Hungary, more than 22% of the FX mortgage portfolio is non-performing and the tendency is worsening. In this paper we propose a solution to effectively reduce the credit and systemic risk inherent to this portfolio, but the proposed model can be... mehr

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    Staats- und Universitätsbibliothek Bremen
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    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 151 (2015,2)
    Fernleihe:
    keine Fernleihe

     

    In Hungary, more than 22% of the FX mortgage portfolio is non-performing and the tendency is worsening. In this paper we propose a solution to effectively reduce the credit and systemic risk inherent to this portfolio, but the proposed model can be applied to other mortgage portfolios in trouble, as well. The main element of our proposal is the income contingent repayment complemented with effective incentives to motivate debtors to repay their debt in a highly flexible way. We show that the proposed scheme is attractive both for the debtors and the lenders; therefore, contrary to some recent policy measures, in this case there is no need for direct state intervention to force modifications to the existing legal contracts. In order to evaluate the possible effects, we simulated a realistic population of borrowers with different age, debt, LTV and income. Then we calculated the expected income paths and the repayments of the borrowers, and also the profit of the lenders on the basis of the non-performing FX mortgage portfolio. The results underpin that the proposed scheme creates significant value added, and most importantly it can effectively reduce the vulnerability of the whole economy to future shocks.

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9786155447600
    Weitere Identifier:
    hdl: 10419/108365
    Schriftenreihe: Discussion papers / Institute of Economics Hungarian Academy of Sciences ; 2015/2
    Umfang: Online-Ressource (26 S.), graph. Darst.
    Bemerkung(en):

    Zsfassung in ungar. Sprache
  4. Fenntarthatóság és növekedés
    a Stern jelentés és az irányított technológiaváltás modellje
    Autor*in: Berlinger, Edina; Lovas, Anita
    Erschienen: 2015
    Verlag:  Institute of Economics, Hungarian Academy of Sciences, Budapest

    In this paper we investigate the relationship between sustainability and economic growth starting from Stern (2006) which is the first comprehensive analysis of the global warming from economic point of view. We also discuss the critical debate of... mehr

    Standort:
    Staats- und Universitätsbibliothek Bremen
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 151 (2015,1)
    Fernleihe:
    keine Fernleihe

     

    In this paper we investigate the relationship between sustainability and economic growth starting from Stern (2006) which is the first comprehensive analysis of the global warming from economic point of view. We also discuss the critical debate of this study which was focused mainly on the proper selection of the social discount rate. Then we present Acemoglu et al. (2012) which provides a generalized framework to understand the problem. In this model, called directed technical change, innovation is a key driving factor and contrary to the Stern review, it is endogenous. Interestingly, in this setting, the social discount rate becomes irrelevant. Finally, we also summarize the new developments related to the right parameter setting and the role of the state to manage the most significant negative externality of the planet.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Quelle: Verbundkataloge
    Sprache: Ungarisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9786155447594
    Weitere Identifier:
    hdl: 10419/108364
    Schriftenreihe: Discussion papers / Institute of Economics Hungarian Academy of Sciences ; 2015/1
    Umfang: Online-Ressource (19 S.)
    Bemerkung(en):

    Zsfassung in engl. Sprache