@book{MTMT:35802701,
	title = {Fragments of Life: for Future Generations},
	url = {https://m2.mtmt.hu/api/publication/35802701},
	isbn = {9782839944861},
	author = {Kalotay, Kálmán},
	publisher = {Szerzői kiadás},
	unique-id = {35802701},
	year = {2025},
	orcid-numbers = {Kalotay, Kálmán/0000-0001-7349-9365}
}

@{MTMT:36879175,
	title = {A Unicorn under Sanctions: The Case of Yandex},
	url = {https://m2.mtmt.hu/api/publication/36879175},
	author = {Panibratov, Andrei and Kalotay, Kálmán},
	booktitle = {Unicorns from Emerging Economies},
	doi = {10.1017/9781009469210.013},
	unique-id = {36879175},
	abstract = {In this chapter we discuss the case of the Russian unicorn Yandex, also known as the ‘Russian Google’. The company has become one of the largest information technology (IT) champions in Russia over the years and seemed to be unaffected by government, political interests and geopolitical tensions. In 2022, after the military conflict with Ukraine triggered severe economic sanctions on Russia, the company experienced political pressures both from the sanctioning countries and its home country government. We analyse the journey of Yandex, which started as a national IT unicorn, and shed light on its transformation into a state-affiliated enterprise in a dynamic situation of geopolitical reshuffling.},
	year = {2025},
	pages = {357-375},
	orcid-numbers = {Kalotay, Kálmán/0000-0001-7349-9365}
}

@misc{MTMT:33806840,
	title = {The Hungarian strategy towards attracting business. results and challenges},
	url = {https://m2.mtmt.hu/api/publication/33806840},
	author = {Kalotay, Kálmán},
	doi = {10.13140/RG.2.2.29579.57129},
	unique-id = {33806840},
	year = {2023},
	pages = {1},
	orcid-numbers = {Kalotay, Kálmán/0000-0001-7349-9365}
}

@CONFERENCE{MTMT:34003220,
	title = {Indirect FDI: Lessons 11 Years After a First Paper},
	url = {https://m2.mtmt.hu/api/publication/34003220},
	author = {Kalotay, Kálmán},
	booktitle = {3rd Visegrad Conference},
	unique-id = {34003220},
	year = {2023},
	pages = {1},
	orcid-numbers = {Kalotay, Kálmán/0000-0001-7349-9365}
}

@techreport{MTMT:34043152,
	title = {Indirect FDI. Some lessons learned},
	url = {https://m2.mtmt.hu/api/publication/34043152},
	isbn = {9789633017265},
	author = {Kalotay, Kálmán},
	doi = {10.13140/RG.2.2.27918.54082},
	unique-id = {34043152},
	abstract = {This review presents some lessons learned about indirect foreign direct investment (FDI), mostly over the past decade. Indirect FDI denotes investment projects, in which the ultimate owner is different from the immediate investor. The review categorizes the literature of the 2010s and early 2020s into three main threads: one focusing on the developmental aspects of the phenomenon, another one with a fiscal–legal–regulatory approach, and a third one raising questions about the quality and reliability of FDI data or special aspects such as the relationship between sanctions and outward FDI. This review also highlights improvements in FDI data collection on ultimate investors over the past decade, based on the example of three Visegrad countries. In this respect, important progress has been achieved. Prospects for future research on indirect FDI are quite promising, especially via interdisciplinary approaches and aiming at improving the coverage and the quality of relevant data. Ultimately, the quality of the evaluation of indirect FDI hinges, more than anything, on the availability of empirical evidence.},
	year = {2023},
	orcid-numbers = {Kalotay, Kálmán/0000-0001-7349-9365}
}

@article{MTMT:34414423,
	title = {War, Sanctions, and Foreign Direct Investment to and from Russia},
	url = {https://m2.mtmt.hu/api/publication/34414423},
	author = {Kalotay, Kálmán},
	doi = {10.18485/iipe_mp.2023.74.1189.6},
	journal-iso = {MEDUNARODNA POLITIKA},
	journal = {MEDUNARODNA POLITIKA},
	volume = {74},
	unique-id = {34414423},
	issn = {0543-3657},
	abstract = {Russia’s full-fledged war on Ukraine, which started in February 2022, added major uncertainties to foreign direct investment (FDI) to and from Russia and affected it negatively in the short, medium, and long run. The degree of the hit would depend on the exact contents of sanctions and countersanctions in constant development. However, the severe consequences of some of them were already visible early on, adding to the financial strain caused by the war. FDI to and from Russia fell drastically in 2022 and, depending on the length and depth of the conflict, would remain sluggish in the subsequent years if no exit strategy is found to stop the conflict and its eventual escalation. This article concludes that the fall in FDI would, in the end, hurt the economic capacities of Russia, already affected by a previous round of sanctions imposed in 2014. If it works, decoupling the Russian economy from FDI partners by applying sanctions would be effective only partially and at a relatively high cost. That, in turn, could thwart the very economic fundamentals of the war effort.},
	year = {2023},
	eissn = {2787-0618},
	pages = {133-153},
	orcid-numbers = {Kalotay, Kálmán/0000-0001-7349-9365}
}

@techreport{MTMT:32900645,
	title = {Chinese investment in the Baltic Sea region: main characteristics and policy challenges},
	url = {https://m2.mtmt.hu/api/publication/32900645},
	author = {Kalotay, Kálmán and Szunomár, Ágnes},
	unique-id = {32900645},
	year = {2022},
	orcid-numbers = {Kalotay, Kálmán/0000-0001-7349-9365; Szunomár, Ágnes/0000-0003-0306-2103}
}

@misc{MTMT:32936863,
	title = {Mennyit ér a magyar vétó? Magyarország veszít rajta, ha nem támogatjuk a történelmi kísérletet},
	url = {https://m2.mtmt.hu/api/publication/32936863},
	author = {Kalotay, Kálmán},
	unique-id = {32936863},
	year = {2022},
	orcid-numbers = {Kalotay, Kálmán/0000-0001-7349-9365}
}

@article{MTMT:33117635,
	title = {„Most nincs alternatívája az ENSZ-nek” interjú Kalotay Kálmánnal, az UNCTAD korábbi vezető közgazdászával},
	url = {https://m2.mtmt.hu/api/publication/33117635},
	author = {Trautmann, László},
	doi = {10.14267/RETP2022.02.02},
	journal-iso = {KÖZ-GAZDASÁG},
	journal = {KÖZ-GAZDASÁG},
	volume = {17},
	unique-id = {33117635},
	issn = {1788-0696},
	abstract = {A Köz-Gazdaság interjút kért Kalotay Kálmántól, az UNCTAD korábbi vezető közgazdászától, aki jelenleg az ELKH KRTK Világgazdasági Intézetének kutatója. Kalotay Kálmán 1983 és 1990 között az akkori Marx Károly Budapesti Közgazdaságtudományi Egyetem Világgazdasági Tanszékének volt ösztöndíjasa, adjunktusa. 1990 és 1996 között az Egyesült Nemzetek Kereskedelmi és Fejlesztési Konferenciája (UNCTAD) Fejlődő Országok Közötti Gazdasági Együttműködési Főosztályának volt (ECDC) gazdasági ügyekkel foglalkozó segédmunkatársa, majd 1996-tól egészen 2021-ig az Egyesült Nemzetek Kereskedelmi és Fejlesztési Konferenciája (UNCTAD) Befektetési és Vállalkozásfejlesztési Főosztályának (DIAE) gazdasági ügyekkel foglalkozó munkatársa. Tagja volt a World Investment Reportokat és az Investment Policy Review-kat készítő csoportnak. Az előbbinek 1996–2010 és 2016–2021 között, az utóbbinak 2010–2016 között. Széles körű oktatási tapasztalattal rendelkezik, tanított Torinóban, Finnországban és Mexikóban is.},
	year = {2022},
	eissn = {2939-8711},
	pages = {29-42},
	orcid-numbers = {Kalotay, Kálmán/0000-0001-7349-9365}
}

@{MTMT:33220019,
	title = {The impact of sanctions on Russian business abroad and Hungarian business in Russia: parallel stories of adjustment},
	url = {https://m2.mtmt.hu/api/publication/33220019},
	author = {Kalotay, Kálmán and Weiner, Csaba},
	booktitle = {Emerging market multinationals report 2022},
	unique-id = {33220019},
	abstract = {This chapter examines how the sanctions imposed on Russia after its 2022 invasion of Ukraine have impacted Russian firms, their direct investment abroad, and Hungarian business presence in Russia, and, in particular, how Russian and Hungarian firms have adjusted to this new reality. It highlights the main commonalities, such as the difficulties of access to finance transactions and the interruption of logistics and supply chains, especially in the areas of technology goods. The chapter also looks at the main differences between Russia and Hungary. In Russia, large firms with exposure to the West have been facing major difficulties in their international operations and have focused their efforts on mitigating the effects of sanctions. On the other side, Hungarian firms investing in and/or exporting to Russia typically try to hold their ground in the Russian market. They are attempting to overcome difficulties such as risks of foreign exchange and non-payment, issues with logistics and supply chain disruptions, problems with banking and financial transactions, increased time and costs of international shipping due to altered routing, additional administrative burdens at the border, air travel restrictions, and a constant need for information to adapt to sanctions and countersanctions. It is uncertain whether the generally positive attitude of Hungarian firms towards staying (and even taking advantage of the situation to expand further) will change over time. The challenges may become too great to take on, not only for smaller, resource-poor, and less-experienced firms, but also for stronger enterprises.},
	year = {2022},
	pages = {110-117},
	orcid-numbers = {Kalotay, Kálmán/0000-0001-7349-9365; Weiner, Csaba/0000-0002-9524-1215}
}