László Antal, Lajos Bokros, István Csillag, László Lengyel · 5 authors
The Hungarian economy is heading towards a crisis in the late 1980s. Despite all changes, wastage of resources remains and adjustment to the market fails to emerge. The unchanged structure and errors of economic policy have led in the short term to disequilibria. Only comprehensive, radical socio-economic reform can lead the way out of the crisis, its direction being from an indirect mechanism toward decentralized market socialism. In economic policy, a turn has to be achieved, to break with earlier multiple priorities. Illusions of faster growth, maintained living standards and curbed inflation must give way to immediate structural transformation. Monetary restriction has to be applied (strict regulation of the money supply, limited availability of credit raised by the budget, autonomous central banking policy, reduction of budget subsidies, more efficient management of budget-financed institutions, etc.) A consistent programme must be drawn up to eliminate crisis industries. Large, uneconomical CMEA investment projects must be re-examined. A turn in economic policy can only be achieved by reform of the mechanism. Part of this is to diversify ownership and render it competitive (equal rank for ownership forms, transition into each other, specific harmony between self-government and share property, new regulations for foreign capital participation), and creation of a long-term interest in capital assets. Anti-monopoly measures and consistent bankruptcy procedures are needed to increase the number and autonomy of actors in the market. Tax reform must be implemented even in the short run, to eliminate ad hoc interference and secure neutrality in competition. Social reform must affect the partys role in the economy. It should be made possible for various economic policy platforms and groups to form within the party. The maker of autonomous economic policy should be a responsible, effective government. It is expedient to increase Parliaments role in creating and preserving economic constitutionalism and checking on government. Founding free representatives of interests, with truly voluntary membership, should be enabled, so that various economic interests can appear openly and conflicts be handled. Arbitration forums between interest representers and the government need to be set up. Finally, reform that points the way out of the troubles can be applied only with active social participation. It is vital for the countrys grave economic situation to be made clear to the public, and to have alternative programmes openly compete with each other.
Hungarian Social, Economic and Educational Studies
Bitcoin’s nature makes regulation extremely difficult for international governments. The currency’s resistance to regulation also makes it appealing to people who want freedom from government or central bank control. However, given the rapidly moving growth and emerging uses of Bitcoin, governments will need to take action sooner rather than later, to prevent fraud and protect Bitcoin users.
Door het internet kan de burger rechtstreeks contact krijgen met zijn publiek zonder hulp van derden als omroepen, kranten, uitgevers, muziekindustrie, etc. Bij al deze communicaties is prominent (Youtube) of minder prominent (Wordpress) een derde partij betrokken die de communicatie faciliteert. Deze derde ontbreekt bij Bitcoin. Je kunt snel, betrouwbaar, met iedereen waar ook ter wereld bitcoins uitwisselen. Dus geen exorbitante bonussen, hoge transactiekosten, of ander ingrijpen of sturing van bovenaf. Internet in de meeste zuivere vorm: technologie van eindgebruiker naar eindgebruiker, zonder tussenkomst van derden.
This thesis aims to completely map the problem of new forms of money, called cryptocurrency. It explains the economic principles of functioning these decentralized currencies, particularly emitting (the mining), amount of fees and functioning of the payment system. The work is focused on the currency Bitcoin, for which it describes in detail its origin and development, possibility of simultaneous use (in many examples) as well as possible future scenarios of these currencies. In conclusion, the work describes role of Bitcoin in the current banking system and risks of the Bitcoin.
In this paper author analyses Bitcoin phenomenon. Author considers main advantages and disadvantages of this currency. The paper presents conclusions about bitcoin becoming future global currency.
Law enforcement efforts to combat money laundering are increasingly misplaced. As money laundering and other underlying crimes shift into cyberspace, U.S. law enforcement focuses on prosecuting financial institutions’ regulatory violations to prevent crime, rather than going after the criminals themselves. This Article will describe current U.S. anti-money laundering laws, with particular criticism of how attenuated prosecution has become from crime. The Article will then describe the use of Bitcoin as a money-laundering vehicle, and analyze the difficulties for law enforcement officials who attempt to choke off Bitcoin transactions in lieu of prosecuting underlying criminal activity. The Article concludes with recommendations that law enforcement should look to digital currency exchangers not as criminals, but instead as partners in the effort to eradicate money laundering and—more importantly—the crimes underlying the laundering.
Sammanfattning Examensarbete i företagsekonomi III, Ekonomihögskolan vid Linnéuniversitetet i Kalmar, Ekonomistyrning, 2FE71E, VT 2014. Författare: Eric Paulsen, Simon Perchun Handledare och examinator: Thomas Karlsson & Petter Boye Titel: Bitcoin - Risk eller möjlighet? Bakgrund: Den digitala kryptovalutan har idag blommat upp där Bitcoin står i fokus. Något som blivit uppmärksammat i bland annat media och genom politiska uttalanden. Detta har fått företag till att applicera Bitcoin som möjligt betalsätt utöver de vanliga betalmöjligheterna som exempelvis kortbetalningar. Syfte: Syftet med denna uppsats är att efter insamling av empiri kunna beskriva genom vår utvalda teoretiska referensram varför företag väljer att acceptera Bitcoin som möjligt betalmedel, samt vilka möjligheter och risker som finns förenade inom företagsbranschen, och sedan förklara vidare hur företagen hanterar dessa möjligheter och risker. Metod: För att kunna uppfylla syftet med studien så har vi utgått från en abduktiv metodsyn. Vi har samlat in empiri i form av semistrukturerade kvalitativa intervjuer från sex olika företag som mottar Bitcoin som möjligt betalsätt. Det material som samlats in förklaras sedan utifrån vår teoretiska referensram för att kunna uppfylla syftet med studien. Slutsats: Vi kom till slut fram till att Bitcoin ger företag stora möjligheter i förhållande till den lilla risk de utsätter sig för. En ny betalmöjlighet som kan leda till konkurrensfördelar. Nyckelord: Bitcoin, ekonomi, kryptovalutor, risk, möjligheter.
What is Bitcoin? How would the law characterise Bitcoin? Is it legal property? What are the plausible private law issues relating to Bitcoin? This article offers some thoughts addressing these questions.
Conceptual discussions on development alternatives often tend to swing between extremes. This is true, for example, when the discussion centers on inward versus outward oriented strategies, open versus regulated capital accounts or centralized versus decentralized decision-making. Such ‘extremism’ affects actual decision-making as well. But more often than not, ground realities and/or pragmatism induced by circumstances forces policy to lag behind advocates of change when economic transitions occur. Moreover, institutions and policy instruments that are seen as typical of one kind of regime often persist, even if in differentiated or changed form and serving different objectives, when the policy environment varies or changes. But the element of similarity or continuity is substantially different across geographies and time. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
This study focuses on the subnational governments’ revenues, their productivity and contribution to the total budget of the region. In Ethiopia, the regions get significant amount of revenue from the central government’s block grant and their revenue sources generate very small amount of revenues and their tax bases are also very narrow. The study describes the revenue contribution of tax and non-tax bases separately and their trends throughout the periods. Moreover, it distinguishes specific revenue sources and their productivity, consistency of revenues from specific sources to finance local needs, and challenges in administration of their own revenue sources. Key w ords : Fiscal federalism, block grant, tax revenues, non-tax revenues, government budget.
Fiscal decentralization has brought many aspects of influence to China's economy,in this context,this paper discussed the relationship among fiscal decentralization,the government relationship and house price. First,we discussed house price determination mechanism under the partial equilibrium framework. Theoretical models show that house price depends on the degree of fiscal decentralization,the costs of construction investment,consumers' disposable income and so on. Then,by using the panel data of house price and the economic fundamentals of 30 provinces in China from 1999 to 2011,empirical studies show that fiscal decentralization and local government competition play a significant role in increasing house price,but the role exhibited different influence in different regions. In our opinions,to decrease the speed of house price growth,reducing the intensity of current fiscal decentralism appropriately and the incentives of local government land finance,promoting the reform of property tax which estate property acts as the core and transforming local government functions should be carried out.
The formation of land finance is both related to the financial system and tax structure of China and is closely related to both the objective change of central government and the goal composition of local governments. This paper uses Game Theory Methodology to analyze the earnings function of each main body of the interests and its strategic choice and reveals the intrinsic mechanism and evolution progress of the finance formation of local governments. Research results show that the land finance is easily formed when central government prefers social fairness to choose centralized power,that land finance can not be formed when central government chooses decentralized power to make local governments get stronger incentive to promote local economic development,and meanwhile,the game between local governments and developing merchants depends on the choice of the officials of the local governments. This paper suggests( 1) improve the institutional design of tax distribution system,( 2) enlarge the penalty on the local governments for illegal expropriation of land,( 3) reform the traditional cadre evaluation by GDP.
V diplomskem delu je opisan Bitcoin skupaj s kratko zgodovino denarja. Opisane so glavne znacilnosti bitcoina, kako se trguje in kako hrani to kriptovaluto. Prav tako je narejena primerjava med bitcoinom in fiat valutami. Primerjava se prvenstveno dotika vprasanja, ali je bitcoin lahko prepoznan kot prava valuta in sredstvo za izmenjavo. Primarno se osredotocamo na kljucne lastnosti, ki omogocajo trgovanje v dani valuti. Primerja se stabilnost valut, kako varno je trgovanje z njimi ter kaksen je nadzor nad trgovanjem. Vse to so faktorji, ki vplivajo na sprejem valute s strani ljudi in vlad ter spremenijo nekaj, kar samo po sebi nima realne vrednosti v sredstvo, ki drži vrednost in se lahko v njem trguje.
Syftet med denna uppsats är att undersöka Bitcoins egenskaper och funktioner samt diskutera dess eventuella påverkan på dagens ekonomiska system. Den forskning som publicerats på ämnet undersöker främst tekniska och säkerhetsmässiga detaljer, det är därför intressant att analysera ur en ekonomisk synvinkel. Genom att använda makroekonomisk teori ska jag försöka klargöra om Bitcoin kan konkurrera med dagens valutor. Bitcoins volatilitet i värde gör det tvivelaktigt, en volatilitet som inte kan kontrolleras. Bitcoin uppfyller delar av de funktioner och egenskaper som definierar en valuta enligt makroekonomisk teori, men inte lika många som fiatpengar och Bitcoin bör därför inte kunna konkurrera med dagens valutor. Fiatpengar är att föredra även i andra områden som acceptans och säkerhet. Bitcoin är bättre ur ett kostnadsperspektiv, dock under specifika omständigheter som sällan uppfylls. Bitcoin kommer därför tills vidare fungera som ett alternativ betalningssystem och valuta för personer och företag som är villiga att ta de risker som medföljer.
In the process of economic reform and fiscal administrative reform,enterprise investment and financing system is separated from government,government investment and financing system is divided between central government and local government,and government financing mechanism is changed from fiscal to investment and financing platforms. Reviewing the government investment and financing system from the perspective of public finance,fiscal decentralization and government under law,there are still some problems. In the background of deepening marketization,it is necessary to reform the government investment and financing system by improving legislations of government investment and financing,defining scopes of government investment,expanding channels of government financing,and governing local government financing platforms.
Jackson O Otieno, Paul A. Odundo, Charles M. Rambo
The Local Authorities Transfer Fund (LATF) is an intergovernmental transfer system, supplementing the financing of service delivery within the framework of fisc0al decentralization. LATF’s objectives are to improve service delivery, enhance financial management and accountability as well as reduce debts accumulated by local authorities. The purpose of this study was to establish the influence of LATF on service delivery by local authorities, focusing on Siaya Municipal Council. We gauged residents’ perspectives about improvement of water supply, garbage collection, and sewerage services. We sourced primary data from 188 household heads and 202 market traders. The study found that 63.2% of the participants believed that there was no change in water supply consistency, while 69.5% reported the same about adequacy of water provided by the Council. Besides, 55.6% of the participants indicated that garbage collection had deteriorated, while 63.8% said the same about sewerage services. The findings suggest that access to LATF resources over the preceding decade had not improved service delivery in Siaya Municipality. Delivery of services was constrained by political interference (57.4%), procurement malpractices (44.1%), weak revenue base (38.7%), and understaffing (33.1%), among other factors. In view of this, local authorities should shape up to meet the current service demand, as well as gear up to address the needs of urban population, which is set to grow over the coming years.
Decentralization processes taking place in Ukraine could not pass by such an important sector as transport, especially the road transport sub-sector. Currently reconsideration is needed both in the system of roads and in the system of their financing, so the present article gives a detailed insight of Ukrainian legal framework concerning those issues. Thus, funding and administration of the public roadways is performed by Ukravtodor and is excessively centralized, so there is a need for reform by passing local roads to regional level (under the present system - to the regional state administrations, and with possible amendments to the Constitution of Ukraine - to local governments). The article considers the system of road funding, which is currently effected from the budget (state and local) and from borrowed resources. The authors determine two stages of reforming the model of budget financing of transport and road infrastructure (the first stage (2008-2013), which began with the adoption of the Concept of Reforming the System of Administration of the Public Roadways and the second stage (2013-2018), which began with the adoption of Focus Program of public roads in 2013-2018), in which, the new scheme of road funding, except the budget and borrowed funds, will include a real application of the mechanisms of public-private partnerships, including concessions. The authors propose various improvements in the model of budget funding, which involve the creation of an effective State Road Fund, whose existence will be fixed in the Budget Code of Ukraine, with clearly defined and fixed sources of formation and direction of channeling funds. The article provides recommendations for improving the regulatory framework for the reform of the road sector.
Collect and analyse threat models to the Bitcoin ecosystem and its software. The create misuse case, attack trees, and sequence diagrams of the threats. Create a malicious client from the gathered threat models. Once the development of the client is complete, test the client and evaluate its performance. From this, assess the security of the Bitcoin software.
In 2009 Satoshi Nakamoto started the electronic payment system and virtual cash Bitcoin for the first time. Bitcoin has to guarantee some level of security as well as other digital currencies. It's necessary to prevent double- spending or it's required to provide anonymity of payments. The diference between Bitcoin and most of the other virtual currencies is absence of any trusted party which would provide demands mentioned above. In this paper we describe the structure and properties of basic elements of this payment system. In the mean time we explain methods how to deal with the fact that Bitcoin is completely decentralized. The paper gives complex and detailed information which you can find only in official source code of bitcoin client or in many separated and particular articles. 1
With the continuous development of computer networks, Bitcoin becomes a kind of popular virtual currency. Though expounding the concept and features of the Bitcoin, this paper analyzes the monetary functions and risks of Bitcoin and the various countries' attitude to Bitcoin. At the same time, it puts forward the related policy suggestions.
V bakalařske praci analyzuji virtualni měnu cislo jedna - Bitcoin. Hlavnimi cili teto prace je odpovědět na zakladni otazky uživatelů Bitcoin, urcit potencial teto měny, jeji přinos a hrozby spolu s možným použitim pro individualni uživatele a firmy. Prace je rozdělena do tři casti, ktere představuji virtualni měny, analyzuji Bitcoin a poukazuji na aplikacni možnosti. Analýza Bitcoin rozebira hodnotu a peněžni zazemi spolu s hlavnimi hrozbami ohrožujicimi mnoho uživatelů. Zanalyzoval jsem několik souborů dat, vyřesil potencialni výsledky a srovnal jsem je se standardnimi měnami a popularnimi platebnimi kanaly. Prace dale zahrnuje popularni způsoby utraceni a uživani Bitcoin pro jednotlive uživatele, stejně jako přiležitosti pro firmy.