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KRTK Világgazdasági Intézet
Centre for Economic and Regional Studies
Institute of World Economics
Listed as one of the "Top International Economic Think Tanks"
(2019 Global Go To Think Tank Report, University of Pennsylvania)
Kálmán Kalotay

Kálmán Kalotay

Personal details

Place of birth: Debrecen
Phone: +41 78 664 74 81

Fields of research

Foreign direct investment in the world economy

Outward and inward foreign direct investment in the economies in transition

Multinational enterprises of emerging economies

Development problems of emerging economies

Russian outward foreign direct investment – Russian multinationals

Investment facilitation - investment promotion

Education and degrees

1991            Honours Degree of Specialization in International Economic Relations (Budapest University of Economic Sciences)

1990            Candidate of Economic Sciences (Hungarian Academy of Sciences)

1987            Dr. Univ. in World Economics (Karl Marx University of Economic Sciences)

1979–1983   Rajk College for Advanced Studies, Budapest

1978–1983   M. A. in Economics (Karl Marx University of Economic Sciences, Faculty of International Economic Relations)

1986            Summer course in Peace Research (Oslo University/International Peace Research Institute, PRIO)

Work experience

2022–         Institute of World Economics, Centre for Economic and Regional Studies, Eötvös Loránd Research Network, Budapest
   External Research Fellow

1996–2021: United Nations Conference on Trade and Development (UNCTAD), Division of Investment and Enterprise (DIAE), Geneva, Switzerland
   Economic Affairs Officer, Member of the World Investment Report team, 1996–2010 and 2016–2021, and the Investment Policy Reviews team, 2010–2016

1990–1996: United Nations Conference on Trade and Development (UNCTAD), Division on Economic Cooperation among Developing Countries (ECDC), Geneva, Switzerland
   Associate Economic Affairs Officer

1983–1990: Budapest University of Economics, Department of World Economics
   Scientific Qualification Scholar and Lecturer


Teaching experience (visiting lecturer)

2016–2019: Master in Management of Development course of the Turin School of Development (International Training Centre of the International Labour Organization – Università degli Studi di Torino), Turin, Italy, four courses

2002–2019: UNCTAD’s Flagship Regional Courses on Key Issues on the International Economic Agenda, various locations, such as Belgrade, Serbia; Medellín, Colombia; Singapore, Mauritius; Muscat, Oman, 27 courses

2001, 2003: Trade Policy Courses of the World Trade Organization (WTO), Geneva, Switzerland, two courses

2003:          Lappeenranta University of Technology, Research Group for Russian and East European Business, Lappeenranta, Finland, two courses

1987–1988: Universidad Autónoma de Coahuila, Torreón, Mexico, one semester



2013: Honorary Professor (Corvinus University of Budapest)

1986: Pro Universitate medal (Karl Marx Károly University of Economic Sciences, Budapest)

1983: For Scientific Work at the University (Karl Marx Károly University of Economic Sciences, Budapest)

1983: For Excellent Work at the College for Advanced Studies (Rajk College for Advanced Studies, Budapest)


Membership of journal editorial boards

2022–   Outlines of Global Transformations: Politics, Economics, Law

2020–   International Journal of Emerging Markets

2011–   Journal of East-West Business


Language skills

Hungarian (mother tongue)

English (C2, working language)

French (C2, working language)

Spanish (C2, working language)

Russian (B1)

Selected publications

MTMT link: Link to MTMT website

Kalotay, K.; Sass, M. (2021) Foreign direct investment in the storm of the COVID-19 pandemic and the example of Visegrad countries. Acta Oeconomica 71(S1): 73–92.

Kalotay, K.; Sulstarova, A. (2021) FDI in the Post-Soviet Space Three Decades after the Disintegration of the Soviet Union. Outlines of Global Transformations 14(5): 30–60.

Kalotay, K. (2020) A Quarter Century of Global Foreign Direct Investment: A Shifting Landscape. In Spatareanu, M. (ed.) Foreign Direct Investment and the Multinational Enterprise. (Encyclopedia of International Economics and Global Trade, vol. 1) Singapore: World Scientific: 11–43.

Kalotay, K.; Sass, M. (2019) Managing in Emerging Markets in Central and Eastern Europe. In Grosse, R.; Meyer, K. (eds.) The Oxford Handbook of Management in Emerging Markets. New York: Oxford University Press: 763–795.

Kalotay, K. (2017) Post-crisis crossroads for FDI in CEE. In Szent-Iványi, B. (ed.) Foreign Direct Investment in Central and Eastern Europe: Post-crisis Perspectives (Studies in Economic Transition) Houndmills, Basingstoke – New York: Palgrave Macmillan: 23–49.

Kalotay, K.; Éltető, A.; Sass, M.; Weiner, Cs. (2016) Russian firms in the Visegrád countries. Uluslararası İlişkiler/International Relations 13(49): 107–130.

Kalotay, K. (2015) Acquisitions as engines of foreign expansion of Russian multinationals. In Demirbag, M.; Yaprak, A. (eds.) Handbook of Emerging Market Multinational Corporations (Research Handbooks in Business and Management) Cheltenham – Northampton MA: Edward Elgar: 239–259.

Kalotay, K.; Panibratov, A. (2013) Cross-border M&A and competitive advantage of Russian EMNEs. In Williamson, P.J.; Ramamurti, R.; Fleury, A.; Leme Fleury, M.T. (eds.) The Competitive Advantage of Emerging Market Multinationals. Cambridge: Cambridge University Press: 220–238.

Kalotay, K. (2012) Indirect FDI. The Journal of World Investment & Trade 13(4): 542–555.

Filippov, S.; Kalotay, K. (2011) Global Crisis and Activities of Multinational Enterprises in New EU Member States. International Journal of Emerging Markets 6(4): 304–328.

Kalotay, K. (2010) Patterns of inward FDI in economies in transition. Eastern Journal of European Studies 1(2): 55–76.

Kalotay, K.; Sulstarova, A. (2010) Modelling Russian outward FDI. Journal of International Management 16(2): 131–142.

Kalotay, K. (2008) Russian transnationals and international investment paradigms. Research in International Business and Finance 22(2): 85–107.

Kalotay, K. (2006) New members in the European Union and foreign direct investment. Thunderbird International Business Review 48(4): 485–513.

Kalotay, K. (2004) Outward FDI from Central and Eastern European countries. Economics of Planning 37(2): 141–172.

Kalotay, K. (2004) The European Flying Geese: New FDI patterns for the old continent. Research in International Business and Finance 18(1): 27–49.

Kalotay, K. (2003) Működőtőke – válságban? Közgazdasági Szemle 50(1): 35–55.

Kalotay, K. (2000) Is the sky the limit? The absorptive capacity of Central Europe for foreign direct investment. Transnational Corporations 9(3): 137–162.

Kalotay, K.; Hunya, G. (2000) Privatization and foreign direct investment in Central and Eastern Europe. Transnational Corporations 9(1): 39–66.