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The Soft Budget Constraint - The Emergence, Persistence and Logic of an Institution (Paperback, Softcover reprint of the original 1st ed. 2000)
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The Soft Budget Constraint - The Emergence, Persistence and Logic of an Institution (Paperback, Softcover reprint of the original 1st ed. 2000)
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Total price: R4,286
Discovery Miles: 42 860
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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."
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