Hard Budgets Soft States
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Hard Budgets Soft States
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Author : John Eatwell
language : en
Publisher: Institute for Public Policy Research
Release Date : 2000
Hard Budgets Soft States written by John Eatwell and has been published by Institute for Public Policy Research this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
Shows that the welfare state makes a fundamental contribution to economic efficiency and should be an important component of a policy for a successful transition.
Fiscal Decentralization And The Challenge Of Hard Budget Constraints
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Author : Jonathan Rodden
language : en
Publisher: MIT Press
Release Date : 2003
Fiscal Decentralization And The Challenge Of Hard Budget Constraints written by Jonathan Rodden and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
A multi-country study of the conditions under which decentralized countries might ensure fiscal discipline.
Soft Budget Constraints And The Dual Track System
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Author : Jiahua Che
language : en
Publisher:
Release Date : 2000
Soft Budget Constraints And The Dual Track System written by Jiahua Che and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
I put forward a new theoretical framework to analyze the relationship between soft budget constraint syndrome and the economic performances of firms. It differs from the existing theoretical framework, a la Dewatripont and Maskin (1995), in the soft budget constraint literature. In this paper, soft budget constraint syndrome arises when firms that are expected to lose money are financed. The paper highlights a trade-off between hard and soft budget constraints. While soft budget constraints may compromise firms' incentives to improve performances, an all-out effort to harden budget constraints may put macro stability at risk, especially for economies suffering from allocative inefficiency. Based on this trade-off, the paper shows that a transition from centralized financing to decentralized financing in fact compromises firms' incentives to improve their performances, whereas a transition from centralized financing to a financial dual track system enhances efficiency. In the financial dual track system, budget constraints are soft in the centralized track but the macro stability of the economy is assured as a result. The macro stability enhances the disciplinary effect of hard budget constraints in the decentralized track, which in turn promotes firms' incentives to improve performances. The paper sheds light on a complementary relation between soft budget constraint syndrome in the state sector (i.e., the centralized track) and the remarkable growth of the non-state sector (i.e., the decentralized track) in China.
The Soft Budget Constraint The Emergence Persistence And Logic Of An Institution
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Author : Gun Eriksson Skoog
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-04-18
The Soft Budget Constraint The Emergence Persistence And Logic Of An Institution written by Gun Eriksson Skoog and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-18 with Business & Economics categories.
This is a story of the soft budget constraint. It seeks an answer to a paradox: the prevalence of the soft budget constraint in spite of the tremendous inefficiencies that it gives rise to, and its persistence in spite of reform of the system of which it is an integral part. The story aims at increasing our understanding of why the phenomenon exists. By studying the case of state in Tanzania before, during and after socialism, an explanation of the owned enterprises emergence, persistence and logic of the soft budget constraint is suggested. This introductory chapter presents an argument showing why this story is worth telling. It discusses the research topic and how the problem it presents is attacked. THE SOFT BUDGET CONSTRAINT The soft budget constraint is today a popular metaphor. Originally it was seen as a characteristic of the socialist system. It refers to the tendency of primarily state-owned enterprises to have their liquidity gaps or losses accommodated by the state, or some other external funding body, and to the resulting expectations of such bail-out. The concept was coined by the Hungarian economist Hmos Kornai. ' He distinguishes between four major forms of external financial assistance that contribute to the soft budget constraint: soft subsidies, soft taxation, soft credit and soft 2 administrative pricing.
Downsizing The State
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Author : Dag MacLeod
language : en
Publisher: Penn State Press
Release Date : 2004
Downsizing The State written by Dag MacLeod and has been published by Penn State Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Political Science categories.
Beginning in 1983, the Mexican government implemented one of the most extensive programs of market-oriented reform in the developing world. Downsizing the State examines a key element of this reform program: the privatization of public firms. After providing a broad overview of the growth and decline of public ownership in Mexico, Dag MacLeod analyzes the process of privatization in three key industries - aviation, telecommunications, and railroads. Drawing upon interviews with government officials, business executives, and labor leaders as well data from government archives and corporate documents, MacLeod highlights the difficulties of linking market reforms to improved public welfare. Privatization failed to live up to its promise of raising living standards or decentralizing the economy. Indeed, privatization actually increased the concentration of wealth in Mexico while redirecting the economy toward foreign markets. Downsizing the State is a theoretically innovative account of how actors and institutions may construct capitalist markets so that they actually resemble the asocial ideal of neoclassical economics: facilitating exchange among actors while denying the obligations and commitments that attach to other types of social relations.
Fiscal Decentralization And The Challenge Of Hard Budget Constraints
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Author : Gunnar S. Eskeland
language : en
Publisher:
Release Date : 2003
Fiscal Decentralization And The Challenge Of Hard Budget Constraints written by Gunnar S. Eskeland and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
In many parts of the world, lower levels of government are taking over responsibilities from national authorities. This often leads to difficulty in maintaining fiscal discipline. So-called soft budget constraints allow these subnational governments to expand expenditures without facing the full cost. Until now, however, there has been little understanding of how decentralization leads to large fiscal deficits and macroeconomic instability. This book, based on a research project at the World Bank, develops an analytical framework for considering the issues related to soft budget constraints, including the institutions, history, and policies that drive expectations for bailouts among subnational governments. It examines fiscal, financial, political, and land market mechanisms for subnational discipline in Argentina, Brazil, Canada, China, Germany, Hungary, India, Norway, South Africa, Ukraine, and the United States. The book concludes that the dichotomy between market and hierarchical mechanisms is false. Most countries--and virtually all developing countries--must rely on market mechanisms as well as hierarchical constraints to maintain fiscal discipline. When bailouts cannot be avoided, they present important opportunities to reform underlying institutions. Successful market discipline--where voluntary lenders perform important monitoring functions--is most likely to emerge from a gradual process that begins with carefully crafted rules and oversight.
State Failure And Distorted Urbanisation In Post Mao S China 1993 2012
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Author : Yazhuo Zheng
language : en
Publisher: Springer
Release Date : 2018-07-20
State Failure And Distorted Urbanisation In Post Mao S China 1993 2012 written by Yazhuo Zheng and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-07-20 with Business & Economics categories.
This book examines failure in the urbanisation of Northwest China as a result of government industrial policies that have impacted on the economic development of the region. By looking at the under-researched provinces of Gansu, Qinghai and Inner Mongolia, which make up a quarter of China's territory, Zheng and Deng challenge the common story of China's miracle growth and reveal the dark side of the country’s pursuit of modernity. Severe weather conditions, chronic drought, permanent lack of oxygen and unforgiving terrain in the Northwest make farming, manufacture and services difficult simply because people tend not to stay. Yet, China’s current political system forces growth to take place even though basic conditions and prerequisites for market-based growth are missing. This volume analyses 'ghost cities' and social tension in the process of ‘forced urbanisation’ in which huge amount of resources are wasted, the local environment is systematically damaged and ordinary people’s basic rights are brutally violated in the name of higher GDP and greater government glory.
Soft Budget Constraints Pecuniary Externality And Financial Dual Track
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Author : Jiahua Che
language : en
Publisher:
Release Date : 2001
Soft Budget Constraints Pecuniary Externality And Financial Dual Track written by Jiahua Che and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
This paper analyzes financial dual track in China. We show that the co-existence of a soft-budget track (under centralized financing) and a hard-budget track (under decentralized financing) can be strictly more efficient than the two pure cases. Our argument is as follows. First, a hard budget constraint alone is not sufficient to induce sound firm performances, positive incentives in terms of firms' profitability are needed as well. Second, for an economy such as China where many firms are hopeless money losers, there is pecuniary externality in financing. That is, the total number of firms financed into operation in the economy can affect the profitability of all firms. This paper offers a number of examples of such externality. In such an economy, centralized financing helps internalize the externality, improving firms' profitability, and yet it leads to a soft budget constraint. Under decentralized financing, budget constraint is hard, but firms suffer from low profitability. A financial dual track does better: the existence of the soft-budget sector improves profitability, enhancing the disciplinary effect in the hard-budget sector. Based on this analysis, the paper sheds light on the complementary relation between soft budget constraint syndrome in the state sector and the remarkable growth of the non-state sector in China.
Professional Team Sports And The Soft Budget Constraint
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Author : Storm, Rasmus K.
language : en
Publisher: Edward Elgar Publishing
Release Date : 2022-09-08
Professional Team Sports And The Soft Budget Constraint written by Storm, Rasmus K. and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-09-08 with Business & Economics categories.
Exploring why professional team sport clubs are almost always able to survive despite financial mismanagement, inflated player salaries and persistent deficits, this book provides new evidence on how to explain this phenomenon. It looks at the context in which many clubs operate – the soft budget constraint – and how the clubs in this respect resemble state-owned enterprises in socialist countries or big banks in financial crises.
State Capitalism And Development In East Asia Since 1945
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Author :
language : en
Publisher: BRILL
Release Date : 2023-08-28
State Capitalism And Development In East Asia Since 1945 written by and has been published by BRILL this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-28 with Political Science categories.
During the second half of the twentieth century the countries of East Asia saw one of the most remarkable transformations in human history, from relatively poor societies to global powerhouses of accumulation, proletarianisation and mega-urbanisation. This volume features Marxist scholars from East Asia and Europe who are pioneering a new approach to this transformation using the theory of state capitalism. The essays analyse the histories of countries on either side of the Cold War divide within the broader framework of twentieth century global capitalist expansion, while at the same time offering a sophisticated critique of Developmental State Theory. Contributors are: Tobias ten Brink, Gareth Dale, Jeong Seongjin, Michael Haynes, Kim Ha-young, Kim Yong-uk, Lee Jeong-goo, and Owen Miller