Have a personal or library account? Click to login
On Financial Bubbles and Earthworms: Lessons from Hungary’s Rural Pyramid during its Economic Transition Cover

On Financial Bubbles and Earthworms: Lessons from Hungary’s Rural Pyramid during its Economic Transition

Open Access
|Dec 2021

References

  1. Angelini, V. and D. Cavapozzi 2017 ‘Dispositional optimism and stock investments’, Journal of Economic Psychology No. 59: 113.10.1016/j.joep.2017.01.006
  2. Antal, L. 1979 Development – With Some Digression: The Hungarian Economic Mechanism in the Seventies’, Acta Oeconomica No. 23: 257.
  3. Atkinson A. B. and J. Micklewright 1992 Economic Transformation in Eastern Europe and the Distribution of Income, Cambridge: Cambridge University Press.
  4. Baker A. and G. R. D. Underhill 2015 ‘Economic ideas and the political construction of the financial crash of 2008’, British Journal of Politics and International Relations No. 17: 381.10.1111/1467-856X.12072
  5. Bauer, T. 1984 ‘The Second Economic Reform and Ownership Relations’, Eastern European Economics No 22: 33.10.1080/00128775.1984.11648294
  6. Berglöf E. and P. Bolton 2002 ‘The great divide and beyond – Financial architecture in transition’, Journal of Economic Perspectives No. 16: 77.10.1257/0895330027120
  7. Bezemer, D. J. 2001 ‘Post-Socialist Financial Fragility: The Case of Albania’, Cambridge Journal of Economics No. 25: 1.10.1093/cje/25.1.1
  8. Bhattacharya, U. 2003 ‘The optimal design of Ponzi schemes in finite economies’, Journal of Financial Intermediation No. 12: 2.10.1016/S1042-9573(02)00007-4
  9. Binzel C. and D. Fehr 2010 ’Social Relationships and Trust’, Working Papers 542, Economic Research Forum, revised 09 Jan 2010.10.2139/ssrn.1639472
  10. Blanchard O. J. and M. W. Watson 1982 ‘Bubbles, Rational Expectations and Financial Markets’, NBER Working Paper No. 945.10.3386/w0945
  11. Buček, J. ‘Financial and economic crisis in Slovakia – its spatial aspects and policy response’ in (ed.) G. Gorzelak and C. Goh, Financial crisis in Central and Eastern Europe: from similarity to diversity, Warszawa: Scholar, pp. 190–208.
  12. Caginalp, G., Porter, D. and V. Smith 2001 ‘Financial Bubbles: Excess Cash, Momentum, and Incomplete Information’, Journal of Psychology and Financial Markets No. 2: 80.10.1207/S15327760JPFM0202_03
  13. Cannell R. Q. and J. D. Hawes 1994 ‘Trends in tillage practices in relation to sustainable crop production with special reference to temperate climates’, Soil and Tillage Research No. 30: 245.10.1016/0167-1987(94)90007-8
  14. Clauss, P., Roncalli, T. and G. Weisang 2009 ‘Risk Management Lessons from Madoff Fraud’, International Finance Review No. 10: 505.10.1108/S1569-3767(2009)0000010019
  15. Csurgó, B., Kovách, I. and B. Megyesi 2018 ‘After a Long March: the Results of Two Decades of Rural Restructuring in Hungary’, Eastern European Countryside No. 24: 81.10.2478/eec-2018-0005
  16. Danis, W. M. and A. V. Shipilov 2002 ‘A comparison of entrepreneurship development in two post-communist countries: The cases of Hungary and Ukraine’, Journal of Developmental Entrepreneurship No. 7: 67.
  17. De Long, B. J., Shleifer, A. L., Summers, H. and R. J. Waldman 1990 ‘Positive Feedback Investment Strategies and Destabilizing Rational Speculation’, Journal of Finance No. 45: 379.10.2307/2328662
  18. Demos, G. and G. Sornette 2017 ‘Birth or burst of financial bubbles: which one is easier to diagnose?’, Quantitative Finance No. 17: 657.10.1080/14697688.2016.1231417
  19. Denizer, C. and H. Wolf 1998 ‘Household Savings in Transition Economies’, NBER Working Paper No. 6457.10.3386/w6457
  20. Duménil, G. and D. Lévy 2011 The Crisis of Neoliberalism, Cambridge: Harvard University Press.
  21. Erdélyi, I. and Giliszta Maffia Riportkönyv 1992 Székesfehérvár: Biohumusztermelők Érdekvédelmi Egyesülete.
  22. Ferreira, F. H. G. 1999 ‘Economic Transition and the Distribution of Income and Wealth’, Economics of Transition No. 7: 377.10.1596/1813-9450-1808
  23. Filimonov, V., Demos, G. and G. Sornette 2017 Modified profile likelihood inference and interval forecast of the burst of financial bubbles’, Quantitative Finance No. 17: 1167.10.1080/14697688.2016.1276298
  24. Flood, R. P. and R. J. Hodrick 1990 ‘On Testing for Speculative Bubbles’, Journal of Economic Perspectives No. 4: 85.10.1257/jep.4.2.85
  25. Frankel, T. 2012 The Ponzi Scheme Puzzle, Oxford: Oxford University Press.10.1093/acprof:osobl/9780199926619.001.0001
  26. Garber, P. 1990 ‘Famous First Bubbles’, Journal of Economic Perspectives No. 4: 35–54.10.1257/jep.4.2.35
  27. Garber, P. 2001 Famous First Bubbles: The Fundamentals of Early Manias, Cambridge: MIT Press.10.7551/mitpress/2958.001.0001
  28. Gelencsér, G., Vona, M. and C. Centeri 2012 ‘Loosing agricultural heritage in rural landscapes – a case study in Koppány Valley area, Hungary’, European Countryside No.4: 134 (DOI: 10.2478/v10091-012-0019-2)
  29. Gogozan, A. 2009 ‘Marketing Fraud: Pyramid Schemes in Eastern Europe’, Marketing From Information to Decision p. 211.
  30. Harman, C. 2009 ‘’The slump of the 1930s and the crisis today’, International Socialism 121, www.isj.org.uk/index.php4?id=506&issue= 121.
  31. Hasan, I. and K. Marton 2003 ‘Development and efficiency of the banking sector in a transitional economy: Hungarian experience’, Journal of Banking & Finance No. 27: 2249.10.1016/S0378-4266(02)00328-X
  32. Holland, J. M. 2004 ‘The environmental consequences of adopting conservation tillage in Europe: reviewing the evidence’, Agriculture, Ecosystems & Environment No. 103: 1.10.1016/j.agee.2003.12.018
  33. Hula, A., Montague, P. R. and P. Dayan 2015 ‘Monte Carlo Planning Method Estimates Planning Horizons during Interactive Social Exchange’, PLOS Computational Biology No. 11: e1004254.10.1371/journal.pcbi.1004254
  34. Jarvis, C. 2000 ‘The Rise and Fall of Albania’s Pyramid Schemes,, Finance & Development No. 37: 46.
  35. Kajsiu, B. 2010 ‘Down with Politics! The Crisis of Representation in Post-Communist Albania’, East European Politics and Societies No. 24: 229.
  36. Katona, G. 1946 ‘Psychology Analysis of Business Decisions and Expectations’, American Economic Review No. 36: 44.
  37. Katona-Kovács, J., High, C. and G Nemes, 2011 ‘Importance of Animation Actions in the operation of Hungarian Local Actions Groups’, European Countryside No. 11: 227.10.2478/v10091-012-0006-7
  38. Kaufmann, R. R. 2007 ‘Market Reform and Social Protection: Lessons from the Czech Republic, Hungary, and Poland’, East European Politics and Societies No. 21: 111.10.1177/0888325406297124
  39. Keep, W. W. and P. J. Vander Nat 2014 ‘Multilevel marketing and pyramid schemes in the United States: An historical analysis’, Journal of Historical Research in Marketing No 6: 188.10.1108/JHRM-01-2014-0002
  40. Keynes, J. M. 1936 The general theory of employment, interest and money, London: Macmillan.
  41. Koleva, P. and C. Vincensini 2002 ‘The evolution trajectories of voucher funds: towards western type institutional investors? The case of the Czech Republic and Bulgaria’, Economics of Planning No. 35: 79.10.1023/A:1016381930405
  42. Koschate-Fischer, N., Hoyer, W. D., Stokburger-Sauer, N. E. and J. Engling 2018 ‘Do life events always lead to change in purchase? The mediating role of change in consumer innovativeness, the variety seeking tendency, and price consciousness’, Journal of the Academy of Marketing Science No. 46: 516.10.1007/s11747-017-0548-3
  43. Lin, Y., Hsiu-Kuei, C. and T. Ma 2010 ‘Pre-Transparency and Information Content: Evidence from the Taiwan Stock Exchange’, International Research Journal of Finance and Economics No. 48: 33.
  44. Markopolos, H. and F. Casey 2010 No One Would Listen: A True Financial Thriller, Hoboken: John Wiley and Sons.
  45. McNally, D. 2009 ‘From Financial Crisis to World Slump: Accumulation, Financialisation and the Global Slowdown’, Historical Materialism No. 17: 35.10.1163/156920609X436117
  46. Mikiewicz, P. and K. Szafraniec 2009 ‘Rural Social Capital versus European and Global Challenges (About “good” and “bad” Social Capital’, Eastern European Countryside 15(1): 111.10.2478/v10130-009-0007-3
  47. Nabhan, G. P. 1984 ‘Soil fertility renewal and water-harvesting in Sonoran Desert agriculture, The Papago example’, Arid Lands Newsletter No. 20: 21.
  48. Népszava, Tűntettek. Feb. 22, 1992. https://adtplus.arcanum.hu/hu/view/Nepszava_1992_02/?query=DATE1%3D%281992--1993%29&pg=252.
  49. Petőfi Népe, 1992. júl. 1. 47. number 5. pages Kámforrá vált “Gesztorok” Üzleti tárgyalás a babakocsi-tárolóban. https://library.hungaricana.hu/hu/view/BacsKiskunMegyeiNepujsag_1992_07/?pg=4&layout=s.
  50. Sadiraj, K. and A. Schram 1999 Informed and Uninformed Investors in an Experimental Ponzi Scheme, Mimeo: University of Amsterdam.
  51. Schmidt, O., Clements, R. O. and G. Donaldson 2003 ‘Why do cereal–legume intercrops support large earthworm populations?’, Applied Soil Ecology No. 22: 181.10.1016/S0929-1393(02)00131-2
  52. Schubert, E. S. 1988 ‘Innovations, Debts and Bubbles: International Integration of Financial Markets in Western Europe, 1688–1720’, Journal of Economic History No. 48: 299.10.1017/S0022050700004915
  53. Shiller, R. J. 2000 Irrational Exuberance, Princeton: Princeton University Press.
  54. Shiller, R. J. 2003 ‘From Efficient Markets Theory to Behavioral Finance’, Journal of Economic Perspectives No. 17: 83.10.1257/089533003321164967
  55. Shiller, R. J. 2013 Speculative Asset Prices, New Haven: Yale University.10.2139/ssrn.2391284
  56. Siegel, J. 2003 ‘What is an Asset Price Bubble? An Operational Definition’, European Financial Management No. 9: 11.10.1111/1468-036X.00206
  57. Sornette, D. 2017 Why Stock Markets Crash: Critical Events in Complex Financial Systems, Princeton: Princeton University Press.10.23943/princeton/9780691175959.001.0001
  58. Spence, M. 1973 ‘Job Market Signaling’, Quarterly Journal of Economics no. 87: 355.10.2307/1882010
  59. Stark, D. 1992 ‘Path Dependence and Privatization Strategies in East Central Europe’, East European Politics and Societies No. 6: 17.
  60. Szakonyi, P. 2016 25 év 25 nagy átverés, Budapest: Heart Communication.
  61. Szelényi, I. 1988 Socialist entrepreneurs: embourgeoisement in rural Hungary, University of Wisconsin Press.
  62. Szende, A. and A. J. Culyer 2006 ‘The inequity of informal payments for health care: The case of Hungary’, Health Policy No. 75: 262.10.1016/j.healthpol.2005.04.001
  63. Tang, N. and A. Baker 2016 ‘Self-esteem, financial knowledge, and financial behavior’, Journal of Economic Psychology No. 54: 164.10.1016/j.joep.2016.04.005
  64. Tejfalussy, A. 1991 (Nov. 15) A lakosságot ma is bűntetlenül becsaphatják? Kertészeti és Szőlészet.
  65. Tohyama, S. and M. Tohyama 1995 Greening the Deserts, Techniques and Achievements of two Japanese Agriculturists, Tokyo: Kosei Publishing.
  66. Toms, S. 2015 ‘Fraud and Financial Scandals: A Historical Analysis of Opportunity and Impediment’, Leeds University Business School Working Paper No. 16-01.10.2139/ssrn.2694962
  67. Vander Nat, P. J. and W. W. Keep 2002 Marketing Fraud: An Approach for Differentiating Multilevel Marketing from Pyramid Schemes’, Journal of Public Policy and Marketing No. 21: 139.10.1509/jppm.21.1.139.17603
  68. Verdery, K. 1996 ‘Faith, Hope and Caritas in the Land of the Pyramids, Romania, 1990–1994’ in (ed.) K. Verdery, What Was Socialism? And What Comes Next?, Princeton: Princeton University Press.10.1515/9781400821990
  69. Zhou, W. X. and D. Sornette 2008 ‘A case study of speculative financial bubbles in the South African stock market 2003–2006’, Physica A: Statistical Mechanics and its Applications No. 388: 869.10.1016/j.physa.2008.11.041
DOI: https://doi.org/10.12775/eec.2021.003 | Journal eISSN: 2300-8717 | Journal ISSN: 1232-8855
Language: English
Page range: 65 - 88
Published on: Dec 30, 2021
Published by: Nicolaus Copernicus University
In partnership with: Paradigm Publishing Services
Publication frequency: 1 issue per year

© 2021 Elad Harison, Nikolett Mihály, published by Nicolaus Copernicus University
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.