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| Author: | Dewatripont, M. Roland, G. |
| Title: | Soft budget constraints, transition, and industrial change |
| Journal: | Journal of Institutional and Theoretical Economics
2000 : MAR, VOL. 156:1, p. 245-260 |
| Index terms: | ECONOMIC THEORY BUDGET INDUSTRIES |
| Language: | eng |
| 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 Ä1995Å, the paper looks at soft budget constraints as dynamic commitment problems in the presence of sunk monopolization, decentralization of government, decentralization of credit, and banking reform. |
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