Tax implications of dividend policy

This study examines the tax-arbitrage possibilities on the Budapest Stock Exchange between 1995 and 2007. The theoretical possibility for the arbitrage is the different taxation for different stockholders, for the private investors and for the institutions: the institutions had higher taxation on capital gain while private persons in the whole period had tax-benefits on capital gains. The dynamic clientele model shows, that there is a range of the price drops after dividend payouts which guarantees a risk-free profit for both parties. The research is based on the turnover data from 97 companies listed on the Budapest Stock Exchange. We have tested the significant turnovers around the dividend-dates. The study presents clear evidence that investors continuously did take advantages on the different taxation

The monetary programme (A methodological description)

The monetary programme – constructed on a quarterly basis in the NBH – is a crucial internal product of the decision making process. The programme evaluates the development of net financing capacities of different sectors and the monetary survey and gives a financial side story about the whole economy. This paper describes the method how the program is prepared with a particular focus on the consistency between financial side and income side variables. Besides interrelations between the main items of balance of payments, financial accounts and monetary survey statistics, the paper also presents how a medium term liquidity forecast is prepared based on the projection of the central bank’s balance sheet.monetary survey, forecast, balance of payments, consumption, savings.

Fiscal Consolidation, Public Debt Containment and Disinflation – (Hungary’s Experience in Transition)

The study analyses the relationship between public debt, external and internal disequilibrium and inflation in Hungary through changes in the public sector borrowing requirement and in the structure of budget financing. The analysis is based on data from the 1986-1997 period in order to put the changes in true perspective. Policy constraints stemming from high indebtedness and their macroeconomic consequences are analysed by comparing different measures of fiscal deficit, as well as by quantifying the factors determining the evolution of the public debt/GDP ratio. We focus on the operational deficit (which is derived from the nominal deficit by eliminating the inflation compensation component of interest payments) and on its financing. The study presents a detailed empirical analysis of the evolution of the financing structure (seigniorage - debt) as well as of the role and structural changes of debt financing. The calculations are based on net consolidated public debt, which includes the combined debt of the budget and the central bank to other sectors net of claims. The consolidation of budget and central bank balances is unavoidable in order to get reliable indicators of the fiscal stance since in Hungary the central bank has been responsible for borrowing abroad in its own name. We introduced the category of ?extended??consolidated public debt (including the stock of central bank’s sterilisation instruments) which enabled us to analyse the past eleven years in a consistent framework, and to reveal the trends as well as the dynamic relationships of the debt accumulation process. The analysis shows that the shift to a new regime of deficit financing based on issuing marketable government securities (in 1992) did not increase the fiscal burden, it merely revealed its true magnitude by separating monetary and fiscal functions and by increasing transparency. The analysis of consolidated debt revealed that throughout the last ten years the implicit real interest rates on public debt exceeded the growth rate of the economy, which led to the continuous increase of the debt ratio (the gross debt/GDP around 90% in the middle of nineties). This effect was mitigated only from 1995 by the fiscal adjustment resulting a primary surplus in the budget. The seigniorage did not play an important role in financing after 1992, it amounted to 1-2% of GDP. However, the major element in the significant (over 15 percentage points) reduction in the debt-to- GDP ratio over the last three years was the devotion of privatisation revenues to retire public debt. Analysing past developments, we came to the conclusion that despite the significant reduction in the debt-to-GDP ratio in the last few years, the debt burden is still significant and a further reduction of the debt to GDP ratio is inevitable in order to create the conditions for sustainable growth and to ensure the continuous convergence to developed countries. This requires a structural primary surplus of 1.5-2% of GDP in the medium run, if we take into account the requirement of sustainability, the goal of further reductions in the inflation rate and the fact that with the end of the privatisation process privatisation revenues will not provide additional sources for financing.

A hazai növényvilág flóra- és vegetációtörténeti szempontból érdekes fajainak taxonómiai vizsgálata = Taxonomical studies of some plant species with vegetation historical interest of the Hungarian flora

A pályázat keretében folytatott kutatások a következő új tudományos eredményekhez vezettek. Kromoszómaszám adatokat szolgáltattak a ternye (Alyssum L.) nemzetség haza fajainak populációiból. Megkérdőjelezték az eddig megkülönböztetett hegyi ternye (Alyssum montanum) alfajok elkülöníthetőségét. Megállapításra került a homoki nőszirom (Iris arenaria W. & K.) kromoszómaszáma és kromoszóma szerelvénye. Ez alapján megerősítést nyert a faj pannon endemizmus státusza. Ugyancsak ismerté vált a fokozottan védett magyar kikerics (Colchicum hungaricum Janka) kromoszómaszáma és kariogramja. A magyarföldi husáng (Ferula sadleriana Ledeb.) populációinak citogenetikai jellemzői megállapításra kerültek. A faj populációinak genetikai diverzitásáról molekuláris módszerekkel szerzett információk a faj védelmi programjában és a Kárpát-medence flóra- és vegetációtörténetének megismerésében is hasznosak lehetnek. | The research funded by the OTKA grant gave the following new results. Chromosome count data was collected from populations of the genus Alyssum L. in Hungary. The separability of the 3 supspecies of Alyssum montanum L. was queried. Chromosome count and chromosome set of Iris arenaria W. & K. was determined. This information proved the pannonian endemic status of the taxon. Karyological information of the protected Colchicum hungaricum Janka also became known. All populations of Ferula sadleriana Ledeb. was sampled for chromosome number and set too. Genetic diversity of the populations was estimated with molecular methods.This information could be useful in the protection program of the species and also for the examination of the history of the flora and vegetation in the Carpathian Basin