The Stability and Growth Pact from the Perspective Of the New Member States

The purpose of this paper is to examine the fiscal characteristics of the new members in the light of the requirements of the SGP and the criticisms levelled against the Pact and to see in what ways their initial conditions differ from those faced by the current euro zone countries in the run-up to the adoption of the euro. Overall, because of the lower debt levels and greater yield convergence already achieved, the new members will be able to rely less on gains from yield convergence than the current euro zone members were able to do. EU accession will also have a negative net impact on the budgets of the new members in the early years of membership. We also look at the cyclical sensitivities of the budgets and find that in the new members the smoothing capacity of the automatic stabilizers might be weaker than in the current euro zone members. Beyond these general characteristics, we also emphasize that there are large differences in the starting fiscal positions of the new members. Some of the policy implications of our findings are discussed.http://deepblue.lib.umich.edu/bitstream/2027.42/40095/3/wp709.pd

The expected effect of the euro on the Hungarian monetary transmission

The most important mechanism through which monetary policy affects the real economy in Hungary is the exchange rate channel. With euro adoption, this mechanism will largely disappear and the impact of monetary policy will be transmitted via the interest rate channel, presently seen as rather weak. This has raised concerns that the influence of monetary policy on the real economy in Hungary could be very limited after euro adoption. On top of this, other concerns have been voiced as regards potential asymmetries in the wage-setting behaviour, the exchange rate and credit channels. Based on the experience of today’s euro area participating countries and the structural characteristics of the Hungarian economy, this paper argues that after euro adoption 1) we may expect a broadening of the scope of the interest rate channel of monetary policy after euro adoption, 2) there are no institutional obstacles in the way of the effective functioning of the expectations channel in Hungary 3) substantially different monetary conditions from that in the euro area as a result of a different trade orientation are unlikely, and, finally 4) some asymmetries in the balance sheet channel may continue to exist for some time between Hungary and the core euro area countries but its effect will be significantly smaller after euro zone entry.monetary transmission mechanism, transmission channels, EMU participation.

The sustainability of the Hungarian pension system: a reassessment

This paper gives a reassessment of the sustainability of the reformed Hungarian pension system with a special focus on whether the introduction of the fully funded pillar in 1998 has led to any improvement in the sustainability of the pension system. After a brief description of the 1997/1998 reform of the Hungarian pension system, we present results from simulations with a revised pension model. Our results show that 1) the pension system, in its present form, is unsustainable with net implicit public liabilities in the system around 240% of GDP, unless corrective measures are taken. 2) The series of policy measures taken since the 1997/1998 reform account for nearly three-fourths of the net liability implicit in the pension system, reflecting a policy reversal: an alarming tendency of undoing the progress made by the reform in terms of improving the system’s sustainability. 3) The funded pillar can help in lowering net implicit liabilities if the transition costs involved in the reform are financed by budgetary adjustment. 4) The returns recorded so far in the private pension funds fall short of expectations and, on the condition that these low returns persist, the second pillar is projected to provide annuities that do not make up for the reduction in benefits received from the public pillar. This conclusion is valid even if we compare a hypothetical balanced full pay-as-you-go (PAYG) system with a sustainable multi-pillar system.ageing, pension system, social security, fiscal sustainability.

The Stability and Growth Pact from the Perspective of the New Member States

The purpose of this paper is to examine the fiscal characteristics of the new members in the light of the requirements of the SGP and the criticisms levelled against the Pact and to see in what ways their initial conditions differ from those faced by the current euro zone countries in the run-up to EMU. Overall, because of the lower debt levels and greater yield convergence already achieved, the new members will be able to rely less on gains from yield convergence than the current eurozone members were able to do in the run-up to EMU. EU accession will also have a negative net impact on the budgets of the new members in the early years of membership. We also look at the cyclical sensitivities of the budgets and find that in the new members the smoothing capacity of the automatic stabilizers might be weaker than in the current euro zone members. Beyond these general characteristics, we also emphasize that there are large differences in the starting fiscal positions of the new members. Some of the policy implications of our findings are discussed.EU enlargement, fiscal policy, fiscal rules, Stability and Growth Pact.

The Stability and Growth Pact from the Perspective Of the New Member States

The purpose of this paper is to examine the fiscal characteristics of the new members in the light of the requirements of the SGP and the criticisms levelled against the Pact and to see in what ways their initial conditions differ from those faced by the current euro zone countries in the run-up to the adoption of the euro. Overall, because of the lower debt levels and greater yield convergence already achieved, the new members will be able to rely less on gains from yield convergence than the current euro zone members were able to do. EU accession will also have a negative net impact on the budgets of the new members in the early years of membership. We also look at the cyclical sensitivities of the budgets and find that in the new members the smoothing capacity of the automatic stabilizers might be weaker than in the current euro zone members. Beyond these general characteristics, we also emphasize that there are large differences in the starting fiscal positions of the new members. Some of the policy implications of our findings are discussed.EU enlargement, fiscal policy, fiscal rules, Stability and Growth Pact

The sustainability of the Hungarian pension system: A reassessment

This paper gives a reassessment of the sustainability of the reformed Hungarian pension system with a special focus on whether the introduction of the fully funded pillar in 1998 has led to any improvement in the sustainability of the pension system. After a brief description of the 1997/1998 reform of the Hungarian pension system, we present results from simulations with a revised pension model. Our results show that 1) the pension system, in its present form, is unsustainable with net implicit public liabilities in the system around 240% of GDP, unless corrective measures are taken. 2) The series of policy measures taken since the 1997/1998 reform account for nearly three-fourths of the net liability implicit in the pension system, reflecting a policy reversal: an alarming tendency of undoing the progress made by the reform in terms of improving the system's sustainability. 3) The funded pillar can help in lowering net implicit liabilities if the transition costs involved in the reform are financed by budgetary adjustment. 4) The returns recorded so far in the private pension funds fall short of expectations and, on the condition that these low returns persist, the second pillar is projected to provide annuities that do not make up for the reduction in benefits received from the public pillar. This conclusion is valid even if we compare a hypothetical sustainable full pay-as-you-go (payg) system with a sustainable multi-pillar system

A vasúti sín acélminőség kiválasztási kritériumai a hatályban lévő európai szabványok szerint: The Selection Criterias of the Railway Rail Steel Grade Acording to the Prescriptions of the European Standards in Force

Increasingly stringent railway operating requirements and the trend towards increasing travel speeds necessitate significant modernization of railway lines. As the rail is one of the most important parts of the railway superstructure, it was essential to develop a European standard that would address the quality requirements of the railway rail and at the same time introduce new performance requirements for the steel quality of the railway rail. In the present dissertation, we will deal with the selection criteria for the steel quality of railway rails, as well as the requirements related to rail quality assurance and control. Kivonat Az egyre szigorúbb vasúti üzemeltetési követelmények, valamint az utazási sebesség növelésének tendenciája a vasúti vonalak jelentős korszerűsítését teszi szükségessé. Mivel a sín a vasútfelépítmény egyik legfontosabb része, elengedhetetlen volt egy olyan európai szabványt kidolgozni, amely a vasúti sín minőségi követelményeivel foglalkozzon és ugyanakkor új teljesítménykövetelményeket vezessen be a vasúti sín acél minősége tekintetében. A jelen dolgozatban a vasúti sín acélminőségének kiválasztási kritériumaival, valamint a sín minőségbiztosításával és ellenőrzésével kapcsolatos követelményeivel fogunk foglalkozni

ADA2 tartalmú hiszton acetiltranszferáz komplexek szerepe a génműködés szabályozásában = The role of ADA2-containing histone acetyltransferase complexes in gene

A projekt eredményei hiszton módosító komplexek szerepét és együttműködését bizonyítják a génműködés és a kromoszóma szerkezet szabályozásában. Jellemeztük két rokon szerkezetű ADA2 fehérje faktort tartalmazó acetiltranszferáz komplex működését, melyek (SAGA és ATAC), szigorúan specifikusan módosítják a nukleoszóma hiszton komponenseit. A SAGA a hiszton 3 lizin 9 és 14, az ATAC a hiszton 4 lizin 5 és lizin 12 oldalláncokat acetilálja. Egy harmadik általunk jelemzett faktor (ADA3) mindkét komponens esszenciális része. A SAGA és ATAC komplexek egyes gének működését specifikus transzkripciós faktorokon át szabályozzák, az ATAC komplex pedig az aktív kromatin szerkezet kialakításán keresztül az általános génműködés szabályozásban is fontos szerepet játszik. Az ATAC működésével létrejövő hiszton 4 acatiláció hiányában csökken a JIL-1 hiszton kináz aktivitása és ez a transzkripciósan inaktív heterokromatin kialakulásának irányába tolja el a kromatin szerkezet változásokat. Ehhez kapcsolódva azt is kimutattuk, hogy a hiszton 4 ATAC-al történő acetilációjához egy másik nukleoszóma módosító komplex, az ATP energiájával a nukleoszómákat atrendező NURF működése szükséges. Adataink így a kromatin szerkezet kialakításában fontos szerepet játszó fehérje komplexek koordinált együtműködését bizonyítják. | The results of this project demonstrate the roles of different histone acetyltransferase complexes in the regulation of gene expression and chromatin structure and the interplay of different histone modifying and nucleosome remodeling complexes. We showed that in Drosophila melanogaster two related ADA2 proteins participate in the SAGA and ATAC GCN5-containing histone acetyltransferase complexes which have distinct specificity for different histone tails. The dADA2b-containing dSAGA complex is involved in histone H3 lysine 9 and lysine 14 acetylation, while the dADA2a-containing ATAC complex modifies histone H4 lysine 5 and lysine 12. Both of these complexes harbor the ADA3 factor which we have also identified and characterized. The loss of function of these complexes results in changes both in global gene expression and on the transcription of specific genes. The reduced level of histone H4 lysine 12 acetylation by the ATAC histone acetyltransferase complex also leads to chromatin structural changes by decreasing the phosphorylation level of histone H3 serine 10 by the JIL-1 kinase. The acetylation of histone H4 is dependent on the function of NURF chromatin remodeling complex which activity provides access ATAC to the chromatin. Altogether these data demonstrate an interdependence and delicate balance among the action of chromatin remodeling and modifying complexes in regulating chromatin organization and function