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Understanding the Soft Budget Constraint (The Ending)
https://doi.org/10.32609/0042-8736-2004-12-35-53
Abstract
The phenomenon of the soft budget constraint (SBC) in a competitive environment is analyzed in the second part of the article. Its consequences for banks and the role played in developing financial crises are considered. Political intervention in firms is studied. The conclusion is made that the SBC syndrome can arise in any economic system.
About the Authors
J. Kornai
Harvard University; Collegium Budapest
Hungary
Hungary
E. Maskin
Institute for Advanced Study; Princeton University
United States
United States
G. Roland
University of California, Berkeley
United States
United States
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Review
For citations:
Kornai J., Maskin E., Roland G. Understanding the Soft Budget Constraint (The Ending). Voprosy Ekonomiki. 2004;(12):35-53. (In Russ.) https://doi.org/10.32609/0042-8736-2004-12-35-53
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