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2007•Journal of Beijing Institute of Finance and Commerce ManagementRequires access

Analysis of soft budget constraint

XU Zh

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Abstract

Since the term Soft Budget Constraint(SBC) was coined by Kornai(1980),it has been widely accepted as a basic concept for analyzing problems in centrally planned economies and transition economies,particularly those associated with state-owned firms.Meanwhile soft budget constraints are not restricted to state-owned firms,most theories of soft budget constraint compare state-owned firms with firms in decentralized economies,This paper induces theory summarize of soft budget constraints that applies to corporations in market economies and to state-owned firms in centralized economies and comments on them,meanwhile to apply dynamic soft budget constraint.

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Since the term Soft Budget Constraint(SBC) was coined by Kornai(1980),it has been widely accepted as a basic concept for analyzing problems in centrally planned economies and transition economies,particularly those associated with state-owned firms.Meanwhile soft budget constraints are not restricted to state-owned firms,most theories of soft budget constraint compare state-owned firms with firms in decentralized economies,This paper induces theory summarize of soft budget constraints that applies to corporations in market economies and to state-owned firms in centralized economies and comments on them,meanwhile to apply dynamic soft budget constraint.

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Available abstract

Since the term Soft Budget Constraint(SBC) was coined by Kornai(1980),it has been widely accepted as a basic concept for analyzing problems in centrally planned economies and transition economies,particularly those associated with state-owned firms.Meanwhile soft budget constraints are not restricted to state-owned firms,most theories of soft budget constraint compare state-owned firms with firms in decentralized economies,This paper induces theory summarize of soft budget constraints that applies to corporations in market economies and to state-owned firms in centralized economies and comments on them,meanwhile to apply dynamic soft budget constraint.

Key concepts: Budget constraint, Constraint (computer-aided design), Economics, Planned economy, State (computer science), Microeconomics, Business, Economic system

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