Transition to market economies and capital transfer in the former Soviet Union and Eastern Europe

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In this research project conducted for three years, firstly I collected and inspected statistical materials on capital inflow published in transitional countries and those revealed by the international financial institutions. And consultations with foreign experts were also useful. Through this investigation it turned out fruitful that Hungary should be examined in terms of FDI and Russia from the viewpoint of portfolio investment. Therefore my detailed analyzes were focused on the two countries. My findings were published in three papers already. And moreover they were full of suggestion for the intergovernmental project of technical cooperation with the Bulgarian Ministry of Economy to support formation of key industrial policies (I am the head of the project on the Japanese side). For eventually it has become quite clear that not only portfolio investments but also foreign direct investments contain negative effects as well as positive ones. I could point out through analyzes of FDI influences over balance of payments, foreign trade and economic structure in Hungary that a deepest split of her economy or a serious dual economy has emerged which consists of a sector with foreign capital participation and a sector of Hungarian indigenous capital. This fact means the invitation of FDI is never a panacea for transition to a market economy but that cautiously selective induction of FDI is indispensable from the viewpoint of independency of a national economy. As regards Russia I emphasized that her easy liberalization policy of the economy is extremely dangerous for the Russian economy which has been suffering from the so-called "Dutch disease".