search query: @author Kornai, J. / total: 7
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| Author: | Kornai, J. |
| Title: | Hardening the budget constraint: the experience of the post-socialist countries |
| Journal: | European Economic Review
2001 : OCT, VOL. 45:9, p. 1573-1599 |
| Index terms: | BUDGET LIBERALIZATION PRIVATIZATION STABILIZATION |
| Freeterms: | POST-SOCIALIST COUNTRIES |
| Language: | eng |
| Abstract: | The study surveys the typical manifestations of the softness of the budget constraint, such as state subsidies, soft taxation, non-performing loans, the accumulation of trade arreras between firms, and the build-up of wage arreras in the various post-socialist countries. It was widely maintained at the outset of the post-socialist transition that the "Holy Trinity" of liberalization, privatization and stabilization would suffice to produce an efficient market economy. Since then, it has become clear that hardening the budget constraint needs to be given equal priority with these. |
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