Economics and management of national economy

Analysis of the Hungarian investment funds along economic cycles

Economic Annals-XXI

Economic Annals-ХХI: Volume 190, Issue 5-6(2), Pages: 48-57

Citation information:
Bogáth, E. M., Gáspár, S., Thalmeiner, G., & Bárczi, J. (2021). Analysis of the Hungarian investment funds along economic cycles. Economic Annals-XXI, 190(5-6(2)), 48-57. doi: https://doi.org/10.21003/ea.V190-05

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Emese Melinda Bogáth
PhD Student (Economics),
Department of Investment, Finance and Accounting,
Institute of Regional Development and Sustainable Economics,
Szent István Campus,
Hungarian University of Agriculture and Life Sciences
1 Pater K. Str., Gödöllő, 2100, Hungary
bogathe@gmail.com
ORCID ID: https://orcid.org/0000-0002-3249-3108

Sándor Gáspár
PhD Student (Economics),
Department of Investment, Finance and Accounting,
Institute of Regional Development and Sustainable Economics,
Szent István Campus,
Hungarian University of Agriculture and Life Sciences
1 Pater K. Str., Gödöllő, 2100, Hungary
gaspar.sandor.2@hallgato.uni-szie.hu
ORCID ID: https://orcid.org/0000-0002-6874-559X

Gergő Thalmeiner
PhD Student (Economics),
Department of Investment, Finance and Accounting,
Institute of Regional Development and Sustainable Economics,
Szent István Campus,
Hungarian University of Agriculture and Life Sciences
1 Pater K. Str., Gödöllő, 2100, Hungary
thalmeiner.gergo@hallgato.uni-szie.hu
ORCID ID: https://orcid.org/0000-0002-7224-1028

Judit Bárczi
D.Sc. (Economics), Associate Professor,
Department of Investment, Finance and Accounting,
Institute of Regional Development and Sustainable Economics,
Szent István Campus,
Hungarian University of Agriculture and Life Sciences
1 Pater K. Str., Gödöllő, 2100, Hungary
barczi.judit@uni-mate.hu
ORCID ID: https://orcid.org/0000-0001-5713-0541

Analysis of the Hungarian investment funds along economic cycles

Abstract. As a result of the 2008 financial crisis, the international financial system underwent a fundamental change. The crisis has highlighted various weaknesses in the economic system. One of these weaknesses was the unregulated nature of investment markets and their inefficient structural structure. Funds managed by investment fund managers have also been hit hard by the crisis. In the post-crisis period of 2008, there was a dynamic economic boom, which also affected the types of investment funds and their changes. However, the economic crisis caused by the COVID-19 pandemic from 2020 onwards is a special crisis. Its unique nature is reflected in the fact that financial markets have remained stable under the influence of central banks. This, in turn, did not necessarily affect the investment market, and in particular investment funds, as expected in the event of a downturn. In our research, we illustrate the change of investment funds along economic cycles through the quantitative changes of Hungarian investment funds. In our analysis, we illustrate the evolution of fund changes through hierarchical cluster analyzes. In the course of our research, we found that Hungarian investment funds move in line with market and retail investment trends, and the structure of investment funds does not show a significant change during the sixteen years examined, regardless of changes in economic cycles.

Keywords: Macro Finance; Investment Funds; COVID-19 Crisis; Economic Cycles; Hierarchical Cluster Analysis

JEL Classification: E32; E44; F30

Acknowledgements and Funding: The authors received no direct funding for this research.

Contribution: The authors contributed equally to this work.

Data Availability Statement: The dataset is available from the authors upon request.

DOI: https://doi.org/10.21003/ea.V190-05

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Received 14.04.2021
Received in revised form 6.05.2021
Accepted 21.05.2021
Available online 10.07.2021

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