FACTORS AND PROBLEMS OF ECONOMIC GROWTH IN HUNGARY, RUSSIA AND SERBIA

SIMON Jr. György (Dr. György Simon Jr., independent researcher, Institute of Economics, Hungarian Academy of Sciences, Budapest), simon@econ.core.hu

The paper presents an analysis of the main characteristics of growth mechanism in three transitional economies – Hungary, Russia and Serbia. The author searches for an answer to the question what fundamental factors, internal and international, determined the long-term growth of the national economies in these countries from the early 1960s to the present global crisis. Wherever it was possible, he made comparisons between the pre-transition and transition periods. Applying the models of mathematical economics, the author carried out an econometric investigation to prove his hypothesis on the system effect of market reforms. He pointed out that market reforms, which were implemented consequently and combined with a growth-oriented economic policy, could substantially contribute to the attainment of better performance.

Keywords: Economies in transition, economic growth, main determinant factors, international comparisons, Hungary, Russia, Serbia