Szerző: Csontos Tamás

In: Acta Oeconomica (published online ahead of print 2025).

DOI: https://doi.org/10.1556/032.2025.00081

Absztrakt

This paper explores the changing landscape of external finance in Central and Eastern Europe (CEE) following the global financial crisis of 2008. Through comparative statistical analysis, it traces shifts in the primary sources of external finance, including foreign direct investment (FDI), EU subsidies, remittances, and external debt. The findings reveal a significant decline in the importance of FDI and external debt, offset by an increasing dependence on EU subsidies and remittances. The paper categorises countries into three groups according to their dominant source of external finance, with only one cluster remaining primarily FDI-led. By unpacking these varied forms of financial dependence, the paper provides a more nuanced understanding of post-crisis growth models in the CEE region. It concludes that, while the composition of external finance has shifted, overall dependency has persisted.

A Csontos, T.: Varieties of dependent growth models: External finance in Central and Eastern European economies bejegyzés először VGI-én jelent meg.

Author: Tamás Tibor Csontos

In: Global Economic Observer, 2(11), 22-30.

Abstract

The Coronavirus pandemic marked the end of an era in the catching-up process of East-Central Europe. A thorough evaluation of the growth model of the last decade is therefore needed in order to draw lessons for future industrial policy. The aim of this article is to provide a comparative analysis of the Bulgarian, Hungarian and Romanian growth models based on the examination of leading sectors. The paper compares the five leading sectors of the three countries in the period 2011-2018. The five leading industries are defined in terms of their contribution to gross value-added growth. The paper also examines foreign dependence and labour productivity growth in the leading sectors, the latter also being key to analysing the possibility of a middle-income trap. The results show a different sectoral specialisation in the three countries. The foreign dominance is higher in Hungary and Romania. Moreover, Romania is the best performer in terms of labour productivity.

Keywords: growth models, leading sectors, catching-up, middle-income trap, dependency, industrial policy

A Csontos, T., T.: Comparative Analysis of Leading Sectors in Bulgaria, Hungary and Romania bejegyzés először VGI-én jelent meg.