Soft Budget Constraints, Firm Commitments and the Social Safety Net.
It is shown that the inefficiencies created by the 'soft' budget constraint, enjoyed by enterprises in Eastern Europe and elsewhere, will continue so long as governments are unable credibly to threaten not to bail out loss-makers. Commitment to a 'hard' budget constraint can best...
| Autor kompanije: | |
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| Format: | Žurnal |
| Jezik: | English |
| Izdano: |
Washington, D.C. :
International Monetary Fund,
1991.
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| Serija: | IMF Working Papers; Working Paper ;
No. 1991/098 |
| Online pristup: | Full text available on IMF |