Understanding the Soft Budget Constraint-Reference-Cited by-同舟云学术

Understanding the Soft Budget Constraint

Published:2004-11-20 Issue:11 Volume: Page:4-33
ISSN:0042-8736
Container-title:Voprosy Ekonomiki
language:
Short-container-title:Vopr. èkon.

Author:

Kornai J.¹,Maskin E.²,Roland G.³

Affiliation:

1. Harvard University; Collegium Budapest

2. Institute for Advanced Study; Princeton University

3. University of California, Berkeley

Abstract

The article deals with the phenomenon of the soft budget constraint (SBC). Though originally it was formulated to illuminate economic behavior in socialist economies, this concept is increasingly acknowledged to be pertinent well beyond their realm. The authors have two main objectives: conceptual clarification and survey of formal theoretical literature on SBC. In the first part of the article the accent is made on analyzing the essence of the SBC syndrome, means of its softening and corresponding expectations of organizations. Formal models of SBC in socialist and transition economies are also analyzed.

Publisher

NP Voprosy Ekonomiki

Subject

Economics and Econometrics,Finance

Reference17 articles.

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