Hungarian Abstract: A humanitárius problémaként induló menekültválság mára Európa-szerte biztonságpolitikai kérdéssé alakult. A migrációs válságot egy sor populista politikai hang nemcsak az egyes országok létét fenyegető, de az egész kontinenst és az Európai Unió...

In microeconomic analysis functions with diminishing returns to scale (DRS) have frequently been employed. Various properties of increasing quasiconcave aggregator functions with DRS are derived. Furthermore duality in the classical sense as well as of a new type is studied for such aggregator...

This paper explores French assets returns predictability within a VAR setup. Using quarterly data from 1970Q4 to 2006Q4, it turns out that bonds, equities and bills returns are actually predictable. This feature implies that the investment horizon does indeed matter in the asset allocation. The...

We start out from the hypothesis that limited government leads to low uncertainty and low transaction costs. If political institutions affect the degree of uncertainty and transaction costs, we formally show they should affect the steady state level of income per capita. The impact of...