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Soft Budget Constraints, Transition, and Industrial Change

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Author Info
Mathias Dewatripont
Gerard Roland

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Abstract

This paper surveys a number of contributions that deal with the "soft budget constraint problem," that is, the refinancing of loss-making enterprises. This problem is particularly prevalent in transition economies but is also pervasive in market economies. Following Dewatripont and Maskin [1995], the paper looks at soft budget constraints as dynamic commitment problems in the presence of sunk costs. Various ways to harden budget constraints are analyzed: privatization, demonopolization, decentralization of government, decentralization of credit, and banking reform. Finally, the paper looks at the role of budget constraints on risk taking and innovation.

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Publisher Info
Article provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.

Volume (Year): 156 (2000)
Issue (Month): 1 (March)
Pages: 245-
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Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200003)156:1_245:sbctai_2.0.tx_2-v

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Find related papers by JEL classification:
P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General
P34 - Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

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  1. Christa Hainz, 2006. "Business Groups in Emerging Markets-Financial Control & Sequential Investment," William Davidson Institute Working Papers Series wp830, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  2. Christa Hainz, 2006. "Business Groups in Emerging Markets – Financial Control and Sequential Investment," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  3. Bignebat, C. & Gouret, F., 2006. "Which Firms Have a Soft Loan ? Managers' Believes in a Cross-Country Survey in Transition Economies," Working Papers 200603, UMR MOISA : Marchés, Organisations, Institutions et Stratégies d'Acteurs : CIHEAM-IAMM, CIRAD, INRA, Montpellier SupAgro, IRD - Montpellier, France. [Downloadable!]
  4. Fabian Gouret, 2004. "The Macroeconomics of Massive Giveaways," Development and Comp Systems 0403001, EconWPA. [Downloadable!]
  5. Nobuo Akai & Motohiro Sato, 2005. "leadership meets soft budget," CIRJE F-Series CIRJE-F-391, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
  6. Giannetti, C., 2009. "Relationship Lending and Firm Innovativeness," Discussion Paper 2009-08, Tilburg University, Center for Economic Research. [Downloadable!]
  7. Budina, Nina & Garretsen, Harry & de Jong, Elke, 2000. "Liquidity constraints and investment in transition economies - the case of Bulgaria," Policy Research Working Paper Series 2278, The World Bank. [Downloadable!]
  8. Frederic Chabellard, 2001. "Dollarization of Liabilities in Non-tradable Goods Sector," William Davidson Institute Working Papers Series 380, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  9. Herbert Brücker & Philipp J. H. Schröder & Christian Weise, 2003. "Can EU Conditionality Remedy Soft Budget Constraints in Transition Countries?," Discussion Papers of DIW Berlin 375, DIW Berlin, German Institute for Economic Research. [Downloadable!]
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