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6 of June, 2017Research
Corporate reactions to the raise of the minimum wage and the guaranteed minimum wage

This brief analysis is to study what steps national corporations have already taken or they plan to take in 2017 concerning minimum wage raise and the increased guaranteed minimum wage for the skilled workforce in 2017. In the analysis eight taken or due steps in 2017 will be examined: (1) to avoid wage disparity those earning beyond the level of minimum wage will have a wage increase: (2) planned staff recruitment will be cancelled; (3) there will be layoffs; (4) planned investments will be postponed; (5) the scope of activity and tasks of those employees affected by the wage increase will be modified; (6) the affected employees’ employment will become part-time employment; (7) the benefits of the affected employees will be cut; (8) variable pay/at-risk pay will be decreased (bonuses, on-target earnings).

This study used the research conducted in April 2017 on corporate prosperity by HCCI (Hungarian Chamber of Commerce and Industry) IEER (Institute for Economic and Enterprise Research); during this research more than 3200 corporate leaders provided answers to the research questionnaire.

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31 of May, 2017Research
Monthly Bulletin of Economic Trends

Contents:

  • Students from the Visegrad Group at Austrian, German and British universities – 2002-2016
  • Social mobility of Hungary among the EU Member States
  • International trends
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15 of May, 2017Research
Results of the IEER Quarterly Business Climate Survey

The results of the latest quarterly business climate survey reveal less favourable economic conditions compared to the previous quarter: the IEER Quarterly Business Climate decreased from 31 to 21 points. It means that the enterprises detect a turning point: we received at least 30 points in each quarter since January 2016, 21 points were measured for the last time in July 2015. (The Business Climate Index was 33 points in the same period of the previous year.)

This decline is mainly due to the fact that businesses are evaluating the current profitability, stock order, business situation, and past six-month production levels more negatively than in January. In addition, expectations on the development of investments have become more pessimistic.

The Uncertainty Index is at a current level of 35 points, which is slightly lower than in the previous quarter (it was 36 points in January 2017). The value of the Uncertainty Index indicates that the current trend is not uniform within the private sector, and that it will continue to be confined to one part of the economy and will not be felt by all companies.

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8 of May, 2017Research
Students from the Visegrad Group at Austrian, German, and British universities – 2002-2016

In this brief analysis, the trends in the number of Hungarian students studying abroad at higher educational institutions are examined by using international statistical data. Results show that there were about 7500 Hungarian students participating in BA and Ma programmes at foreign colleges and universities both in 2014 and in 2015. Comparing the number of students participating in BA courses in Hungary to the number of students studying abroad it can be seen that not too many of them choose a foreign institution, but at the level of master’s programmes more students decide to quit the Hungarian higher educational system.

This result could be interpreted as a deficiency in the Hungarian higher educational system, but at the same time it can be a sign of the high competitiveness of the Hungarian students internationally.

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30 of April, 2017Research
Monthly Bulletin of Economic Trends

Contents:

  • Corporate credits in Hungary, 2012-2016
  • OECD recommendations for Hungarian economic growth
  • International trends
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11 of April, 2017Research
The Effects of Missing Imputation on a Composite Business Climate Index of Institute for Economic and Enterprise Research

In this paper we attempt to examine whether it is feasible to impute missing data values or not regarding the Quarterly Business Climate Survey of Institute for Economic and Enterprise Research. This subject implies the assessment of the missing data mechanism of the business climate questions and thereby the discussion of the possible imputation methods. But as we do not have sufficient information for analysing the missing data mechanism yet and the aim of the survey is to indicate the changes in some macroeconomic tendencies, we attempt to examine the situation with the assumption that the missing data mechanism is random. This paper presents an evaluation of the effects of multiple imputation from the aspect of the correlation between the GDP growth and the Quarterly Business Climate Index.

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31 of March, 2017Research
Monthly Bulletin of Economic Trends

Contents:

  • Internet usage among Hungarian SMEs
  • Growth in the Eurozone after the 2008 crisis – theoretical aspects
  • International trends
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10 of March, 2017Research
Corporate credits in Hungary, 2012-2016

In the following short analysis the Institute for Economic and Enterprise Research (IEER) examines the factors determining corporate borrowing and willingness to invest in Hungary. In the recent years several policies aimed to stimulate borrowing activity among Hungarian companies such as the reduction and the continuously low level of the central bank’s base rate or the Growth Loan program announced by the Hungarian National Bank. In our analysis three factors influencing the willingness to invest are examined: (i) interest margin and the development of interest rate environment, (ii) the quality of institutional and regulatory environment and (iii) the business climate and expectations of companies. Despite the policies implemented by the Hungarian National Bank interest margin is relatively high in Hungary in regional comparison making it difficult for companies to access financial resources. The uncertainty of institutional environment can make market players cautious as well. Business climate however, shows positive prospects, which means that business outlook does not explain the low demand for loans. In the future the reduction of interest margin, the improvement of institutional environment and competitiveness could have a positive effect on corporate borrowing and investments.

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2 of March, 2017Research
Internet usage among Hungarian SMEs

In its analysis the Institute for Economic and Enterprise Research examined the practices relating to internet usage among domestic small and medium sized companies. The analysis is based on the data of the January 2017 SME Outlook survey of 300 small and medium enterprises that have at least 20 employees. Beside the most general uses (maintaining contact with clients, maintaining an own website, administration) the Hungarian SMEs mostly use the internet to seek information. Among larger companies, among those that have foreign ownership, and among those of the commerce and manufacturing sector internet usage is more prevalent than in the case of other types of companies. 84 percent of the SMEs have an own website and these are mainly maintained by a professional. A clear evidence of the importance of internet usage among domestic companies is that 90 percent of them claim that if the internet did not work at their company for a week, it would mean a serious problem for the functioning of their businesses. At the same time however, most of the responding companies invest less than 1 percent of their income in purchasing and maintaining IT devices.

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28 of February, 2017Research
Monthly Bulletin of Economic Trends

Contents:

  • Results of the IEER SME Outlook Survey January 2017

  • The risks and possible effects of a U.S.–Chinese trade war

  • International trends
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