The paper considers a model in which limited liability causes an asset substitution problem for banks. The problem can at times become so severe that the current regulatory framework – based on a combination of effectively full deposit insurance, minimum capital requirements and prudential...

The new Labor Code passed by the Parliament in 2012 has been the most important change of the regulation of labor relations in Hungary since 1992. This report summarizes the main results of a field work research which was managed by the Institute of Economics HAS and financed by the LIGA Trade...