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Understanding the Soft Budget Constraint (The Ending)

Author

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  • J. Kornai
  • E. Maskin
  • G. Roland

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.

Suggested Citation

  • J. Kornai & E. Maskin & G. Roland, 2004. "Understanding the Soft Budget Constraint (The Ending)," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 12.
    • Handle: RePEc:nos:voprec:y:2004:id:1975
    DOI: 10.32609/0042-8736-2004-12-35-53
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