haku: @author Kornai, J. / yhteensä: 7
viite: 4 / 7
| Tekijä: | Kornai, J. |
| Otsikko: | Hardening of the budget constraint under the postsocialist system |
| Lehti: | Japan and the World Economy
1996 : JUN, VOL. 8:2, p. 135-152 |
| Asiasana: | JAPAN HUNGARY BUDGET |
| Kieli: | eng |
| Tiivistelmä: | The article examines how postsocialist society, which has been accustomed to a soft budget constraint, can learn the financial discipline characteristic of a market economy. Before there can be financial discipline, a new kind of long-term "insurance contract" typical of a market economy must emerge between the state and the firms. The prerequisite for this is the commitment and credibility of the state, which can only play its part of an "insurer" on exceptional occasions and under clearly defined conditions. |
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