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Hardening a Soft Budget Constraint Through 'Upward Devolution' to a Supranational Institution: The Case of Italian State-Owned Firms and the European Union

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  • Bertero, Elisabetta
  • Rondi, Laura

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File URL: http://www.wider.unu.edu/stc/repec/pdfs/rp2002/dp2002-16.pdf
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Bibliographic Info

Paper provided by World Institute for Development Economic Research (UNU-WIDER) in its series Working Paper Series with number UNU-WIDER Research Paper DP2002/16.

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Length: 39 pages
Date of creation: 2002
Date of revision:
Handle: RePEc:unu:wpaper:dp2002-16

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Keywords: Public enterprises; Soft budget constraint; State aid; European integration; Italy; Federalism;

References

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  1. Timothy Besley & Paul Seabright, 1999. "The effects and policy implications of state aids to industry: an economic analysis," Economic Policy, CEPR;CES;MSH, CEPR;CES;MSH, vol. 14(28), pages 13-53, 04.
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  8. Djankov, Simeon & Murrell, Peter, 2002. "Enterprise Restructuring in Transition: A Quantitative Survey," CEPR Discussion Papers 3319, C.E.P.R. Discussion Papers.
  9. Tirole, Jean, 1994. "The Internal Organization of Government," Oxford Economic Papers, Oxford University Press, vol. 46(1), pages 1-29, January.
  10. Ann P. Bartel & Ann E. Harrison, 1999. "Ownership versus Environment: Why are Public Sector Firms Inefficient?," NBER Working Papers 7043, National Bureau of Economic Research, Inc.
  11. Hart, Oliver & Shleifer, Andrei & Vishny, Robert W, 1997. "The Proper Scope of Government: Theory and an Application to Prisons," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 112(4), pages 1127-61, November.
  12. Oswald, Andrew, 1997. "Happiness and Economic Performance," The Warwick Economics Research Paper Series (TWERPS) 478, University of Warwick, Department of Economics.
  13. Roberto CAFFERATA, 1995. "Italian State-Owned Holdings, Privatization And The Single Market," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 66(4), pages 401-429, December.
  14. Patrizio BIANCHI, 1990. "The Restructuring Of The Italian State Holding Companies' Portfolios," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 61(1), pages 35-61, 01.
  15. David Martimort, 1996. "The multiprincipal nature of government," Working Papers 153244, Institut National de la Recherche Agronomique, France.
  16. Oliver Hart & John Moore, 1994. "Debt and Seniority: An Analysis of the Role of Hard Claims in Constraining Management," NBER Working Papers 4886, National Bureau of Economic Research, Inc.
  17. Megginson, William L & Nash, Robert C & van Randenborgh, Matthias, 1994. " The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis," Journal of Finance, American Finance Association, vol. 49(2), pages 403-52, June.
  18. Kornai, Janos, 2001. "Hardening the budget constraint: The experience of the post-socialist countries," European Economic Review, Elsevier, vol. 45(9), pages 1573-1599, October.
  19. Goodhart, Charles & Schoenmaker, Dirk, 1995. "Should the Functions of Monetary Policy and Banking Supervision Be Separated?," Oxford Economic Papers, Oxford University Press, vol. 47(4), pages 539-60, October.
  20. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-29, May.
  21. Majumdar, Sumit K, 1998. " Assessing Comparative Efficiency of the State-Owned Mixed and Private Sectors in Indian Industry," Public Choice, Springer, vol. 96(1-2), pages 1-24, July.
  22. Brian Pinto & Marek Belka & Stefan Krajewski, 1993. "Transforming State Enterprises in Poland: Evidence on Adjustment by Manufacturing Firms," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(1), pages 213-270.
  23. C.D. Ehlermann, 1992. "European Community Competition Policy, Public Enterprise And The Cooperative, Mutual And Nonprofit Sector," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 63(4), pages 555-571, October.
  24. Eric Maskin & Chenggang Xu, 2001. "Soft budget constraint theories: From centralization to the market," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 9(1), pages 1-27, March.
  25. Torsten Persson & Gerard Roland & Guido Tabellini, . "Separation of Powers and Political Accountability," Working Papers 100, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  26. Lawson, Colin, 1994. " The Theory of State-Owned Enterprises in Market Economies," Journal of Economic Surveys, Wiley Blackwell, vol. 8(3), pages 283-309, September.
  27. Wendy Carlin & Saul Estrin & Mark Schaffer, 1999. "Measuring Progress in Transition and Towards EU Accession: A Comparison of Manufacturing Firms in Poland, Romania, and Spain," William Davidson Institute Working Papers Series 224, William Davidson Institute at the University of Michigan.
  28. Villalonga, Belen, 2000. "Privatization and efficiency: differentiating ownership effects from political, organizational, and dynamic effects," Journal of Economic Behavior & Organization, Elsevier, vol. 42(1), pages 43-74, May.
  29. Lopez-de-Silanes, Florencio, 1997. "Determinants of Privatization Prices," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 112(4), pages 965-1025, November.
  30. Elisabetta Bertero, 1997. "Restructuring financial systems in transition and developing economies: an approach based on the French financial system," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 5(2), pages 367-393, November.
  31. Qian, Yingyi & Roland, Gerard, 1998. "Federalism and the Soft Budget Constraint," American Economic Review, American Economic Association, vol. 88(5), pages 1143-62, December.
  32. Yew-Kwang, Ng, 1997. "A case for Happiness, Cardinalism, and Interpersonal Comparability," Departmental Working Papers _081, Chinese University of Hong Kong, Department of Economics.
  33. Barca, Fabrizio & Trento, Sandro, 1997. "State Ownership and the Evolution of Italian Corporate Governance," Industrial and Corporate Change, Oxford University Press, vol. 6(3), pages 533-59, September.
  34. Wyplosz, Charles, 1997. "EMU: Why and How It Might Happen," CEPR Discussion Papers 1685, C.E.P.R. Discussion Papers.
  35. Bertero, Elisabetta & Rondi, Laura, 2000. "Financial pressure and the behaviour of public enterprises under soft and hard budget constraints: evidence from Italian panel data," Journal of Public Economics, Elsevier, vol. 75(1), pages 73-98, January.
  36. Kornai, Janos, 1998. "The Concept of the Soft Budget Constraint Syndrome in Economic Theory," Journal of Comparative Economics, Elsevier, vol. 26(1), pages 11-17, March.
  37. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
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Cited by:
  1. Elisabetta BERTERO, 2006. "Does a change in the ownership of firms, from public to private, make a difference?," Departmental Working Papers 2006-03, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.

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