Economic and financial issues of Germany at the beginning of 2020s

Abstract

Germany has an important economic role as base for the economic growth of the European Union. Therefore, it is very sensitivity issue either for EU or Germany to follow the fixed financial and economic development trends in this world-wide side strong German economy. The study overviews the German economic conditions for the period of 2019-2022. For this period Germany has realised less favourable economic conditions in 2020 because of the extending pandemic health crisis. In the same time the real GDP decreased by 4.9%, which was one of the less favourable results within latest years. In 2020 the real GDP growth was at low level, but more than 1%.

Germany implemented 2.9% growth of real GDP and 2.9% growth of the labour productivity in 2021. The export rate followed the import rate in order to create the possible positive foreign trade balance. The most economic features of this country relevant to considerable prosperity are based on the overall balance – as governmental budget – general government debt and current account balance – as balance of payment – are focused in this study. Also, the real GDP has considerable influences on the domestic market demand, private and public consumptions accompanying with gross fixed investment and net international investment position of German inhabitants. The study uses the statistical researching methods for analysing wide-side data coming from the official German statistical bureaus. The main solution of the economic difficulties is to develop the gross fixed investment for more developed innovation for the production processes and labour productivity to remain the international competitiveness of the country.

Introduction

The study overviews the main financial issues of Germany relevant to the main economic indicators concerning the economic development, general government debt, overall balance concerning the difficulties of the government budget, balance of payment, foreign trade balance and consumption conditions. The study overviews the main German economic changes between 2019-2022. The importance of the objective in this study is concerning the remaining the economic prosperity of Germany, because this country as the strongest economy, as member state in the European Union. Strengthening economic development of Germany has strong influences on the economic – financial growth of the European Union, essentially all of the EU member states are mostly depending on economic strength of Germany. Also, Hungary has a strong economic cooperation with Germany. The data base used in this study was coming from the International Monetary Funds, German national statistical books and some references from Hungarian banks, international authors, of whom works are relevant to the objectives of this study.
The study looks for main issues that how Germany could surface some economic challenges provided by the pandemic crisis in 2020 and the Ukrainian -Russian war resulting global food and energy crisis (Fournier et al 2022). The increasing price growth has strong negative influences on the companies and majority of the population and tax payers. The crisis concerned the overall balance, which became negative balance stimulating the increasing trend for the general government debt. The study has hypotheses, that 1- the German financial conditions could become less unfavourable in spite of some international economic crisis and economic difficulties in spite of some international economic crisis and economic difficulties. Also, 2- the study would like to provide proof that the net international investment position of German companies and inhabitants could have grown for the period of crisis. Also, 3- the study would like to give proof, that the in spite of the crisis the total domestic demand and export growth can decrease the negative influences of the external crisis influences.
Further authors propose financial strategies adapted to specific economic conditions (Zivot – Andrews 2002):
– In the economies most affected by the war in Ukraine and the sanctions against Russia, budget policy must respond to humanitarian crisis and economic disorders. Given increasing inflation and interest rates, fiscal support must be directed to the most affected and highlighted areas.
– In countries, where growth is stronger and inflationary pressure remains high, fiscal policy must continue to support economic recovery.
In spite of the international financial difficulty Halmai (2022) declared that the lack of financial union (deficiencies in the Banking Union and the Association of Capital Markets) and the lack of central fiscal stabilization function. In this context, the system does not contain a satisfactory movement mechanism either at the private or government level. But the solution is for finding the best way to be over financial difficulties the European Union should strengthen the financial consolidation for all of the EU. Also, the financial difficulty was in focus of attention from side of other authors. In 2020, since World War II, the largest one-year debt growth had occurred, as global debt rose to $ 226 trillion, in connection with the world’s global health crisis and deep recession (Gaspar et al 2021; see in detailed in IMF 2021 October).
Other authors declared that in such a difficult crisis international financial situation, national development banks and government -owned financial institutions, which use public funds for economic development, must apply the rules of public finances in the appropriate form of implementation (Nyikos – Kondor 2022). In Hungary the public funds should follow favourable micro-economic effects on enterprises in order to avoid the more financial difficulties for them (Nyikos et al 2020). One of the most important financial objectives of enterprises in our globalized, competitive environment is value creation, namely the constant increase of the wealth of the company, which could also be defined as the determination of the sustainable level of growth (Fenyves et al 2018).
From this point of view for development of enterprises concerning the ownership Sadaf (Sadaf et al 2019) focused on the developing institutional ownership to strengthen the strategic financial decisions for firms at the international level. Also, the other authors namely Vekic (et al 2020) declared that the countries should be compared by Global Innovation Index because that is reasonable criteria. Our opinion that this innovation prosperity is first realised in scheme of firms even accompanying with supports coming from the public finance. Those development processes based on the innovation prosperity appears at macroeconomic growth level (Almási -Zéman 2019) additionally to regional development and firms based on the institutional ownership. The competitiveness of countries and firms based on the innovation should focuses on the development of practical skills and competencies in higher education, which strengthen the skills of employees, as Berkova (et al 2019) and Griffin- Coelhoso (2019) stated in their works. Also, other authors emphasized the effect of financial institution type and firm-related characteristics on loan amounts advanced needing for developing innovation technology in strengthening competitiveness of firms (Mallinguh – Zéman 2022; see more in detailed in Mallinguh- Zéman 2020).
Our opinion that these scientific recommendations can be useful for the German employees in order to become more competitive at national and international markets even in cases of the financial, food and energy crisis conditions.
According to the general governmental budget Heller declared that government´s budget allows to provide resources for a desired purpose without jeopardizing the sustainability of its financial position or the stability of the economy. The idea is that fiscal space must exist or be created if extra resources are to be made available for worthwhile government spending (Heller 2005). The financial statements of companies with Hungarian headquarters, which are regulated by the Accounting Act and which have information-technology services as their primary activity of the business (Fenyves et al 2018).
The MNB (Magyar Nemzeti Bank = National Bank of Hungary 2016; MNB 2021) extended the capital requirement for the green bonds of companies, and in 2021, according to previous MNB’s earlier ideas, to the EU taxonomy and related investments, including the energy efficiency of sustainable agriculture and also non-residential properties. With this step, the MNB provides a wide range of investment support to domestic businesses to increase employment. In addition, the MNB provides the central bank with a 0 percent interest, up to 25 years of refinancing loans to credit institutions, the purchase and construction of new residential properties for the population, and the purchase of new home buildings within the framework of the Growth Loan Program, Green Home Program (NHP ZOP). The programs launched to promote economic growth will help to achieve the goals of national economic convergence, balance and consolidation. In addition, the MNB provides the central bank with a 0 percent interest, up to 25 years of refinancing loans to credit institutions, the purchase and construction of new residential properties for the population, and the purchase of new home buildings within the framework of the NHP ZOP. The programs launched to promote economic growth will help to achieve the goals of national economic convergence, balance and consolidation (MNB 2022 May). Other authors wrote about more on the Green Road concerning the positive environmental impact of the MNB’s green bond portfolio, which increased significantly (Paulik- Tapaszti 2022; Rahman et al 2017).
Material and Methods
The study focuses on main issues of German economic conditions during period of global economic crisis – even food and energy crises -, therefore the study would like to overview main economic trends in this country. From point of view of overviewing economic features, the favourable research method is the statistical analyses (Sajtos-Mitev 2007). This statistical analysing system includes economic features as economic variables, which discovers the main correlations among the economic variables (Kerékgyártó et al 2017); (McCormick et al 2017).
Statistical analyses are based on economic variables, as follows: the national accounts (in percent change, non-adjusted) the real GDP (GDPreaL1), the total domestic demand (DomesDT2), the private consumption (ConsPriv3), the public consumption (ConsPub4), the gross fixed investment (GrossFI5), the exports of goods and services (Export6), the imports of goods and services (Import7), the labour productivity (per employed person, LabProd8), unemployment (in percent) the unemployment rate (Unemplo9). Additionally, to the above-mentioned variables, also, the prices and incomes (in percent change) the consumer price index (harmonized, ConPriIn10) and the unit labour cost (total economy, LabCost11). Public finances (in percent of GDP) and the general government include overall balance (OveBaL12) and general government debt (Debt13). External sector, balance of payments (in percent of GDP) current account balance (AccoBala14), trade balance (TradeBaL15) and the net international investment position (NetIIPo16).
The statistical analyses based on the wide-side data bases (Table 1) include the correlation matrix to cover measures of the correlations among the above-mentioned economic variables (Table 2). Within the statistical analyse the correlations among the economic variables can be shown more exactly in order to discover importance of each economic variable in the economic conditions of Germany. The statistical analyses are owned calculation based on data base from Deutsche Bundesbank, Federal Statistical Office and IMF (2022) staff estimates and projections. The Deutsche Bundesbank and the Federal Statistical Office estimated the data for the year of 2022.
Results and Discussion
The German economic features as variables were given for four years between 2019 and 2022 in the Table 1 (IMF 2022), of which data were transferred by statistical system to correlation matrix shown in the Table 2. If the values of the correlations among the economic variables are between 0.800 and 1.000, by the other form between 80% and 100%, the correlations are very strong among themselves. But if the correlations among economic variables are between 0.500 and 0.800 (50% – 80%), the correlations are strong one among themselves. If values of the correlations among variables are under the level of 0.500 (50%), these are not important for statistical analyses.
Note for the Net international investment position (NIIP):
At the end of each quarter of year, the Net International Investment Position (NIIP) shows that the value of the financial assets of the economy (Assets), which is non-resident, and the liabilities of the economy (Liabilities) are considered an extra gold reserve for non -residents. The difference between assets and liabilities is the net position of the IIP and means net demand, claim, or net liability and belonging to the rest of the world. The value of the NIIP is due to other changes from transactions and residents and non-residents at the end of the period at the end of the previous period. Other changes are in volume and revaluation (due to changes in exchange rates or prices). According to functional classification, cross-border financial transactions and positions are classified as direct investment, portfolio investment, financial derivative transactions (other than reserves) and employee stock options, other investments and reserve assets. Data is provided in the European Union in a quarterly million euros.
In cases of negative valued correlations of the economic variables, this means that negative economic variables have reverse or inversely proportional correlations to other positive valued variables. Naturally the negative economic variables are direct proportional to other negative valued economic variables. In case of this study the analyse is focusing on the most important correlations among economic variables over values of 0.800 (80%), because the data base is very wide-side, therefore, this study cannot provide enough scheme for analysing all of the correlations beyond the most important variables.
The Table 2 overviews the strengthen of the correlations among different economic variables for the researched period. The real GDP (GDPreaL1) has very strong correlations with the total domestic demand (DomesDT2), the private consumption (ConsPriv3), the gross fixed investment (GrossFI5), the exports of goods and services (Export6), the imports of goods and services (Import7) and the labour productivity (per employed person, LabProd8). Also, the total domestic demand (DomesDT2) has very strong correlations with the private consumption (ConsPriv3), the gross fixed investment (GrossFI5), the exports of goods and services (Export6), the imports of goods and services (Import7) and the labour productivity (per employed person, LabProd8). The private consumption (ConsPriv3) has very strong correlations with the gross fixed investment (GrossFI5) and the imports of goods and services (Import7) and very strong inversely proportional correlations with the unemployment rate (Unemplo9). The public consumption (ConsPub4) has very strong correlations with the current account balance (AccoBala14), trade balance (TradeBaL15) and very strong inversely proportional correlations with the consumer price index (harmonized, ConPriIn10).
The gross fixed investment (GrossFI5) has very strong correlations with the imports of goods and services (Import7) and inversely proportional correlations with the unemployment rate (Unemplo9). The exports of goods and services (Export6) has very strong correlations with the imports of goods and services (Import7) and the labour productivity (per employed person, LabProd8). The imports of goods and services (Import7) has very strong correlations with the labour productivity (per employed person, LabProd8). The labour productivity (per employed person, LabProd8) has very strong inversely proportional correlations with the unit labour cost (total economy, LabCost11). The consumer price index (harmonized, ConPriIn10) has very strong correlations with the net international investment position (NetIIPo16) and has very strong inversely proportional correlations with current account balance (AccoBala14) and trade balance (TradeBaL15).
The overall balance (OveBaL12) has very strong inversely proportional correlations with general government debt (Debt13). The general government debt (Debt13) has strong correlations with the net international investment position (NetIIPo16). The current account balance (AccoBala14) has strong correlations with the trade balance (TradeBaL15). The trade balance (TradeBaL15) has very strong inversely proportional correlations with the net international investment position (NetIIPo16).
For the period of 2019-2022 the German economy has reached the less favourable economic conditions in 2020, because the pandemic health crisis extended in world -wide side. In this year the real GDP decreased by 4.9%, which was one of the less favourable results in this field within latest years. Before the decline of 2020 the real GDP growth was at low level but more than 1%. In spite that the crisis year resulted considerable decline in GDP growth, after this year in 2021 the real GDP growth could increase by 2.9%, which considerable was higher before the pandemic. In 2021 there was a little increase in GDP growth was resulted by the influence of Ukrainian – Russian war, which was little increase more by 1.6% comparably with 1.1% in 2018 and in 2019. The data of real GDP growth of Germany is estimated by the end of 2022. The real GDP growth has very strong correlations with some main economic variables.
The gross fixed investment decreased by 2.2% in 2020, which was not seen as considerable decline, but this had influence on decline of real GDP, even by decrease of machine and equipment factory by 11.2% (IMF 2022). In 2020 accompanying with decline of the investment the total domestic demand decreased by 4.2% and even the private consumption sharply decreased by 5.9%. The investment and total domestic consumption could make negative influences on decline of real GDP, which provides their very strong correlations with GDP growth. Also, it is important to declare that when in 2020 the real GDP growth and total domestic consumption sharply decreased in the same time household saving increased by top rate 16.1% comparably by 10.8% in previous year as 2019. Also, in 2022 growing rate of the household saving was at lower level by 11.2%, but this was mostly closed to level of its growing rate by 10.8% in 2019 (IMF 2022).
The export and import as two main economic variables have also very strong influences on the real GDP growth, which very sharply decreased by 9.3% in case of export decline and by 8.6% in case of the import decline in 2020. In 2021 fortunately the better export position of Germany make possibility for considerable increasing export by 9.6%, which could stimulate the real GDP growth in the same year. In the same time the German import also sharply increased by 9.1%. The export provided possible international market for the German producers, mostly for manufactured products and the import gave energy resources and basic materials even some innovating technology for the German economic prosperity after the pandemic crisis. Also, in 2021 the share of the export was 38.3% of GDP, which was higher than share of import, as 32.9% of GDP, which provided positive balance of foreign trade of Germany (IMF 2022).
The real GDP growth has also very strong correlations with the labour productivity per employed person, because this last one decreased by 3.8% when the real GDP growth was at the lowest level in pandemic of 2020. But in the following year increase of the labour productivity was as same as increase of the real GDP. In 2022, when the labour productivity per employed person decreased by 0.4%, the real GDP also decreased but not at the same rate. The labour productivity is a considerable factor for the international competitiveness of any country, even for Germany, therefore this one should be developed further.
The other important economic variable was the total domestic demand, which could make influences on extending the domestic market, therefore by this one for the real GDP growth. The total domestic demand has very strong correlations with private consumption, which increasing consumption could increase market demand of the country. In 2020 the total domestic demand decreased by 4.2%, while the private consumption decreased by 5.9%. In the other crisis year in 2022 the total domestic demand increased by 2.4% followed by increasing rate of private consumption by 3.3%. Naturally when the total domestic demand decreased at lower rate by 1.9% in 2019 before the pandemic crisis, the private consumption decreased by 1.6% closed to rate of the total domestic demand. Also, the total domestic demand has strong influences on the export and import rates, because decline of the market demand resulted decline of import in 2020 and when the total domestic market demand increased by 2.4% in 2022, this resulted the increasing import rate by 5.0%.
Labour productivity had very strong correlation with unit labour cost and in the same time this was inversely proportional to the unit labour cost (total economy). This means that the level of the labour productivity could increase accompanying with declining cost of the unit labour. In Germany before the pandemic in 2019 the labour productivity increased by very low level namely 0.1%. But in 2020 the labour productivity had sharply declined by 3.8% only for one year period. This shows how much labour productivity was affected by the health crisis in this country. In 2021 the labour productivity could very strongly increase by 2.9%, by which the growth rate of labour productivity has far surpassed its growth rate before the 2020 pandemic. In 2022 the main difficulty was the Ukrainian – Russian war for the labour productivity, which could be proofed by its 0.4% declining rate. The unit labour cost had continuously increased mostly for the period of 2019-2022, because this increased by 3.2% in 2019, by 4.4% in pandemic year, in 2020, and by 4.5% in 2022, but only in 2021, when this increased at very low level by 0.6%. In 2021, when the labour productivity could increase and this was proportional to the changes of unit labour cost in all the country.
The consumer price index (harmonized) was inversely proportional to current account balance as balance of payment and foreign trade balance in percent of GDP. The consumer price index was very considerably affected by the health pandemic in 2020 and war crisis simulating energy and food difficulties at world wide-side level in 2022. The consumer price index was developed in 2020, when, due to a drastic 0.4% decrease in the price index, households had the highest savings, as population purchases decreased significantly. In 2022, in war year, the consumer price index sharply increased by 7.5%, when also the household saving ratio was at lower level as 11.2%, which was closed to its level 10.8% in 2019 before the pandemic. In 2020, when the consumer price index increase was at very low level and the household saving ratio was at top level, naturally the total domestic demands were also considerably decreasing, therefore, all of these national economic changes in Germany stimulated the increasing export by 9.6% for the following year, 2021. Also, the share of the positive foreign trade balance in percent of GDP was relatively at highly level by 5.6% in 2020, in spite that its share in GDP little decreased from 6.2% in 2019 to its level in 2020, and in 2021 positive foreign trade balance in GDP was 5.4% closed the level of previous year. Naturally the relatively increasing positive foreign trade balance in percent of GDP could stimulate positive current account balance (balance of payment) also in percent of GDP. In 2022, because of Ukrainian – Russian war, the consumer price index sharply increased by 7.5% and the household saving ration decreased, therefore, the export could little more increase relatively to import increase, which led to lower level as 4.5% of positive foreign trade balance in percent of GDP. Also, the balance of payment in percent of GDP could little decrease from 7.1% in 2020 to 6.1% in 2022. These economic changes strengthened the very strong correlation among three economic variables: consumer price index, foreign trade positive balance and positive balance of payment in percent of GDP during the researched period.
Also, the consumer price index had strong correlations with net international investment position in percent of GDP. This means from point of view of the statistical data that both of two economic variables had increased for the researched period. But this correlation between two variables was not real economic and social one, because increasing trends of net international investment position of German companies and inhabitants have continuously been going on from 60.3% in 2019 to 72.3% in 2022 in share of GDP. These increasing trends were independent on the pandemic health crisis in 2020 and war crisis stimulating global energy and food crisis in 2022.
The overall balance (general government budget) has decreased from positive 1.5% in 2019 to negative 4.3% in percent of GDP by the end of 2020 because of global pandemic. This resulted the considerable increase of general government debt in percent of GDP from 58.9% in 2019 to 68.7%, mostly by 10% increasing rate within one year. But the overall balance decreased to level of minus 3.0% in percent of GDP by the end of 2022, which could little decrease, but the war crisis made negative influences on the remaining share of negative overall balance. The decrease of the overall balance can be explained by -0.2% decrease of the public consumption in 2022 and also the 1.6% increasing rate of the real GDP was moderate resulting less governmental revenues, as taxes because of less economic activity in Germany. In spite that the overall balance little decreased in 2022, the general government debt increased to 70.4% of GDP by little more than by 2%. Naturally the negative overall balance could increase the general government debt in percent of GDP, as it could realise in 2022.
Also, the general government debt could increase by the declining trends of the positive foreign trade balance in percent of GDP, as this can be explained in period of 2019-2022, when the government debt increased by decreasing foreign trade from 6.2% in 2019 to 4.5% in percent of GDP in 2022. Therefore, the negative foreign trade debt could contribute to increase of the general government debt within the researched period.
In the statistical matrix (Table 2; IMF 2022) the general government debt could increase as well as the net international investment position in percent of GDP increased in the researched period. The net international investment position of German inhabitants and companies have increased to level of 72.3% in percent of GDP since 2019, while the government debt also increased. But the international investment position can be independent on changes of the government debt in percent of GDP. Also, it can be declared that in crisis period the investment activity can extend in order to apply new innovative technology, as it could realise in this researched period in case of Germany.
Naturally the positive current account balance (balance of payment) can decrease by the decreasing trend of the positive foreign trade balance in percent of GDP, as this realised in Germany. The current account balance decreased from 7.6% in share of GDP in 2019 and decreased to 6.1% in 2022, which could have very strong correlations with increasing trend of the positive foreign trade balance from 6.2% in 2019 to 4.5% in GDP in 2022.
In spite that the positive current account balance (balance of payment) has decreased from 7.6% in 2019 to 6.1% in 2022, the net international investment position in percent of GDP could considerably increase from 60.3% in 2019 to 72.3% in 2022.
As the Gerlaki (et al 2017) declared that according to the MNB, „the balance of payments is a statistical statement, which is used to take into account real economy and financial operations between resident and non -resident economic operators for a given economy.” In addition to transactions, the stocks may be influenced by reassessments, the foreign exchange rate and the assets. Changes in asset and debt stocks, in addition to the transaction presented above, may be the result of international capital flows or can be a reassessment type, resulting from a change in the prices of the stock categories. In a special case, although a country needs capital to be continuously flowed (which affects the increase in direction to debts), the fortunate reassessment of its accumulated assets or debts may not change or improve its net assets. Residents are those natural persons who have been living in Hungary for at least one year, and legal entities in Hungary or organizations without legal personality are considered resident.
Also, according to point of view of MNB, naturally in Germany the net international investment position in percent of GDP could have increased for period of 2019-2022, while the positive current account balance (balance of payment) decreased in percent of GDP. The increasing tends of the net international investment position of the German companies in GDP could little more effect on the increasing positive balance of payment.
The foreign trade balance had very strong inversely proportional correlation with the net international investment position in percent of GDP. In spite that the positive foreign trade balance has decreased for the researched period in percent of GDP the net international investment position could increase in the same period, as this is explained above, because of the balance of foreign trade is calculated into the balance of payment.
The Figure 1 shows the financial balance of overall public budget based on the quarterly data, which makes clearly that the negative balance of overall public budget (general government budget) was at the lowest level in 4th quarter of 2020 within the pandemic. In spite that the overall balance had better and more favourable negative balance in the first quarter of 2022 (Deutsche Bundesbank, Federal Statistical Office, 2022), but because of the war-year this negative balance would increase more by the end of 2022 based on data estimated by IMF (2022).
The correlations among the economic variables show that German economy could remain its strong economy in spite that the two main crisis years, as 2020 and 2022 caused pandemic health, energy and food crisis. All of these crises were global one concerning the European Union including Germany. The fluctuating real GDP growth rate in Germany could provide possibility for relatively fixed positive balance of payment and strong net international investment position for German companies at the internationally comparably low level of unemployment.
Conclusions
The case-study overviewed the most significant correlations among some important economic variables in case of Germany as the strongest European economy. The German economy should surface the global crises as pandemic in 2020 and the Ukrainian -Russian war in 2022 resulting energy and food crises. The increasing consumer prices pressed German consumers to save their financial resources by possibly increasing household saving and increase their private consumption because of consumer price index increase. This contradictive condition became a feature for the German economic and social life. The other feature of the economic condition was characterized by the relatively highly portion of the general government debt in share of GDP, which was accompanying with decreasing trends of the positive balance of payment and the positive foreign trade balance in share of GDP.
The crisis really concerned the overall balance, which made influences on increasing trend for the general government debt. The study has hypotheses, that 1- the German financial conditions could become less unfavourable in spite of some international economic crisis and economic difficulties, according to the positive balance of payment and positive foreign trade balance. This hypothesis can be accepted.
Also, 2- the study would like to provide proof that the net international investment position of German companies and inhabitants could have grown for the period of crisis. This hypothesis is proofed by the analyses of the case study. There was an important result that the net international investment position of the German companies could have consequently increased in share of GDP for the researched period including crises.
Also, 3- the study would like to give proof, that the in spite of the crisis the total domestic demand and export growth can decrease the negative influences of the external crisis influences. This hypothesis is accepted, because the total domestic demand could consequently increase after the pandemic and the export had 38.0% in share of GDP, more than 33.5% of import in share of GDP in 2021. This shows that the volume of export was higher than the volume of import, which ensure the positive foreign trade balance for longer time.
For the future prosperity of Germany there is an important aim for the German economy to increase the labour productivity, which sharply declined in crisis of pandemic and little decreased in year of war in 2022. The main solution of the economic difficulties is to develop the gross fixed investment for more developed innovation for the production processes and labour productivity to remain the international competitiveness of the country.
Acknowledgement
The study was worked out by the financial support of University of Public Service, Budapest, Faculty of Governmental and International Studies, Széll Kálmán Public Finance Lab.
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Dr. Csaba Lentner
CSc, Habil Professor, Director
University of Public Service, Budapest, Faculty of Governmental and International Studies,
Széll Kálmán Public Finance Lab, Ludovika tér 2., H-1083 Budapest, Hungary

Dr. Sándor J. Zsarnóczai, CSc
Habil Leading Researcher
University of Public Service, Budapest, Faculty of Governmental and International Studies,
Széll Kálmán Public Finance Lab, Ludovika tér 2., H-1083 Budapest, Hungary
Óbuda University, Rejtő Sándor Faculty of Light Industry and Environmental Engineering Institute of Environmental Engineering, Doberdó u. 6, H-1034 Budapest, Hungary