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Policy burden, privatization and soft budget constraint

Lin, Justin Yifu ; Li, Zhiyun

Journal of Comparative Economics, 2008-03, Vol.36 (1), p.90-102 [Periódico revisado por pares]

San Diego: Elsevier Inc

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  • Título:
    Policy burden, privatization and soft budget constraint
  • Autor: Lin, Justin Yifu ; Li, Zhiyun
  • Assuntos: Budget constraint ; Business management ; Economic efficiency ; Economic policy ; Economic theory ; Enterprises ; Market competition ; Policy analysis ; Policy burden ; Privatization ; Public enterprise ; Socialism ; Soft budget constraint ; Transition economies
  • É parte de: Journal of Comparative Economics, 2008-03, Vol.36 (1), p.90-102
  • Notas: ObjectType-Article-2
    SourceType-Scholarly Journals-1
    ObjectType-Feature-1
    content type line 23
  • Descrição: We propose a new cause for the pervasive syndromes of soft budget constraint (SBC) in socialist and transition economies, that is, the policy burdens on enterprises result in the SBC problems. The policy burdens induce low effort input of firm manager and thus the low efficiency of production. And with the policy burdens, increasing market competition will make the SBC syndromes arise more likely. Privatization will not necessarily harden the budget constraint of the enterprise. On the contrary, when a SOE still bears the policy burdens, privatization will only aggravate the SBC problems. Because in this case, a private enterprise will demand more ex post subsidies from the government, than a SOE under the same condition. Our results help to explain many stylized facts in transition and socialist economies. Journal of Comparative Economics 36 (1) (2008) 90–102.
  • Editor: San Diego: Elsevier Inc
  • Idioma: Inglês
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