Own capital to credit : the financial practice of the SME project in Hungary

The project as action in the 21st century is one of the strongest calls. Without a project, no company can be imagined. Growth is the fundamental interest of every organisation and the most obvious way to do this is to start successful projects that also end successfully. Projects allow for corporate value growth and qualitative progress in time. Larger companies are at the forefront of project management, following best practices that can be copied by the SME sector. Many tools and literature are available for project management but success, in many cases, does not depend on the methodology. In order for a project to be truly successful, one should always pay attention to the evolution of the three baselines from initiation to closure. However, the cost of the three baselines is the most important: from where and to what extent the project can be financed. The aim of this study is to present the financing practices of the Hungarian SME project based on the results of a research, highlighting the most favoured and rejected sources based on the opinion of the responding companies.peer-reviewe

Good practices to managing projects better

The XXI. century increased the value of projects in the life of companies. Our economic system has not become simpler, and the tasks that companies need to manage on a daily basis have been further complicated. Having a really good project manager has become a key issue for a project success, because without proper project management practice, teamwork cannot be effectively coordinated. What kind of person should be an effective project manager? What does a good project manager need to know nowadays? This study addresses these issues and attempts to summarize the characteristics of a good project manager.peer-reviewe

Mechanisms to dyspnoea and dynamic hyperinflation related exercise intolerance in COPD

Expiratory flow limitation can develop in parallel with the progression of COPD, and as a consequence, dynamic hyperinflation and lung mechanical abnormalities can develop. Dynamic hyperinflation can cause increased breathlessness and reduction in exercise tolerance. Achievement of critical inspiratory reserve volume is one of the main factors in exercise intolerance. Obesity has specific lung mechanical effects. There is also a difference concerning gender and dyspnoea. Increased nerve activity is characteristic in hyperinflation. Bronchodilator therapy, lung volume reduction surgery, endurance training at submaximal intensity, and heliox or oxygen breathing can decrease the degree of dynamic hyperinflation

A model-based assessment of the macroeconomic impact of EU structural funds on the new Member States

This paper gives a model-based analysis of the potential macro-economic impact of European Union Structural and Cohesion Funds payments on the economies of the new Member States. The model used is a four-region DSGE model with human capital accumulation and endogenous technological change. The framework that we adopt is the Jones (2005) extension of the endogenous growth model, which uses a variety approach for modelling knowledge investment. The EU funds average around 1.5 percent of GDP and are used for investment in infrastructure, human capital and R&D. The model simulations show this can lead to significant gains in output, both in the short as well as in the long run.Fiscal transfers, Structural Funds, public investment, DSGE modelling, Varga, in 't Veld

What is the growth potential of green innovation? An assessment of EU climate policy options

This paper provides a model-based analysis of the cost-efficiency of different EU climate policy options that could direct innovation in the private sector towards an environmentally sustainable growth path. Our objective is to assess different policy options in order to identify an appropriate policy-mix of environmental and innovation market instruments in terms of their cost-effectiveness. For this purpose, we develop a fully-dynamic, multisectoral DSGE model with endogenous technological change where we specifically identify its environmental content and we calibrate the model for the EU and the rest of the world. Our results suggest that an appropriate policy mix should intensively stimulate R&D in the green sectors in the short-run and phase-it out by spreading the R&D support to all sectors of the economy in the medium-term. Although intuitive, the orders of magnitude presented in this paper should be interpreted with caution by taking into account the underlying assumptions of the model and identification of green innovation data.Carbon revenue recycling, climate change, directed technical change, double dividend, dynamic general equilibrium model, endogenous growth, R&D

A comparison of structural reform scenarios across the EU member states - Simulation-based analysis using the QUEST model with endogenous growth

This paper calibrates the Roeger-Varga-Veld (2008) micro-founded DSGE model with endogenous growth for all EU member states using country specific structural characteristics and employs the individual country models to analyse the macroeconomic impact of various structural reforms. We analyse the costs and benefits of reforms in terms of fiscal policy instruments such as taxes, benefits, subsidies and administrative costs faced by firms. We find that less R&D intensive countries would benefit the most from R&D promoting and skill-upgrading policies. We also find that shifting from labour to consumption taxes, reducing the benefit replacement rate and relieving administrative entry barriers are the most effective measures in those countries which have high labour taxes and entry barriers.Structural reforms, endogenous growth, DSGE modelling, EU member states, tax credits, tax shifts, entry barriers, human capital, D'Auria, Pagano, Ratto, Varga

How to close the productivity gap between the US and Europe: A quantitative assessment using a semi-endogenous growth model

This paper uses a semi-endogenous growth model to identify possible sources for three interrelated stylised differences between the EU and the US, namely a higher level of productivity and knowledge investment and larger skill premia in the US compared to the EU. The model allows us to explain these differences in terms of differences in subsidies to R and D, mark ups, administrative entry barriers and financial frictions.The paper provides a ranking about the relative importance of these factors. Goods market competition and both administrative and financial entry barriers are the most important explanatory factors for lower productivity in the EU, while entry barriers explain the bulk of the knowledge investment gap and high skilled wage premia.productivity differences endogenous growth R and D market structure skill composition dynamic general equilibrium modelling Economic P how to close the productivity gap between the US a quantitative assessment using a semi-endogenou Varga Roeger in 't Veld European Economy. Economic Papers

Structural Reforms in the EU: A simulation-based analysis using the QUEST model with endogenous growth

This paper describes the endogenous growth version of the QUEST III model and uses it to analyse the macroeconomic impact of various structural reform measures. This paper describes a micro-founded DSGE model with endogenous growth that is used to analyse the macroeconomic impact of structural reforms in Europe. The new QUEST III model is a useful tool for analysing the costs and benefits of reforms in terms of concrete and quantifiable policy measures, in particular fiscal policy instruments such as taxes, benefits, subsidies and education expenditures, administrative costs faced by firms and regulatory indices. Our results confirm the beneficial effects on output and employment of skill-biased tax reforms, measures that improve the skill composition of the labour force, R&D subsidies, raising competition in final goods market, increased financial market integration and measures that remove entry barriers in certain markets. The model also allows us to examine the adjustment path and the time lags involved before these benefits can be reaped.Structural reforms, endogenous growth, R&D, DSGE modelling, Roeger, Varga , in 't Veld, Structural Reforms in the EU: A simulation-based analysis using the QUEST model with endogenous growth

Evaluation of convective parameters derived from pressure level and native ERA5 data and different resolution WRF climate simulations over Central Europe

The mean climatological distribution of convective environmental parameters from the ERA5 reanalysis and WRF regional climate simulations is evaluated using radiosonde observations. The investigation area covers parts of Central and Eastern Europe. Severe weather proxies are calculated from daily 1200 UTC sounding measurements and collocated ERA5 and WRF pseudo-profiles in the 1985-2010 period. The pressure level and the native ERA5 reanalysis, and two WRF runs with grid spacings of 50 and 10 km are verified. ERA5 represents convective parameters remarkably well with correlation coefficients higher than 0.9 for multiple variables and mean errors close to zero for precipitable water and mid-tropospheric lapse rate. Monthly mean mixed-layer CAPE biases are reduced in the full hybrid-sigma ERA5 dataset by 20-30 J/kg compared to its pressure level version. The WRF model can reproduce the annual cycle of thunderstorm predictors but with considerably lower correlations and higher errors than ERA5. Surface elevation differences between the stations and the corresponding grid points in the 50-km WRF run lead to biases and false error compensations in the convective indices. The 10-km grid spacing is sufficient to avoid such discrepancies. The evaluation of convection-related parameters contributes to a better understanding of regional climate model behavior. For example, a strong suppression of convective activity might explain precipitation underestimation in summer. A decreasing correlation of WRF-derived wind shear away from the western domain boundaries indicates a deterioration of the large-scale circulation as the constraining effect of the driving reanalysis weakens