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The soft budget constraint

An introductory study to volume IV of the Life’s Work series

Acta Oeconomica
Author: János Kornai

Alexeev, M. - Kim, S. (2008): The Korean Financial Crisis and the Soft Budget Constraint. Journal of Economic Behavior and Organization , 68(1): 178–193. Kim S

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): ‘Hard’ and ‘Soft’ Budget Constraint . Acta Oeconomica , 25 ( 3–4 ): 231 – 245 . Kornai , J. ( 2006 ): By Force of Thought – Irregular Memoirs of an Intellectual Journey

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American Hospital Association, Hospital Statistics , http://www.aha.org Bordignon, M. (2000): “Problems of Soft Budget Constraints in Intergovernmental Relationships: The Case of Italy

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: North-Holland . Kornai , J. ( 1986 ): The Soft Budget Constraint . Kyklos , 39 ( 1 ): 1 – 30

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constraint of local governments is soft: the expectation of being bailed out may determine the decisions of local governments in the long term and may encourage them to continue overspending. The central government had to act in order to harden the budget

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Soft Budget Constraint. Journal of Economic Literature , 41(4): 1095–1136. Roland G. Understanding the Soft Budget Constraint Journal of Economic

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Design . Journal of Law, Economics and Organization , 7 : 24 – 52 . Huang , H. – Xu , C. ( 1998a ): Soft Budget Constraint and the Optimal Choices of Research and Development

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Alexeev, M. (2008): The Korean Financial Crisis and the Soft Budget Constraint. Journal of Economic Behavior and Organization , 68(1, October): 178–193. Alexeev M

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): The Place of the Soft Budget Constraint in Economic Theory . Journal of Comparative Economics , 26 ( 1 ): 11 – 17 . Kornai , J. ( 2006 ): By Force of Thought

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In our paper we focus on situations when central banks have to conduct monetary policy in a world in which they cannot rely fully on what is regarded the best practice and they have to cope with financial system inherent tendency to be unstable. Both phenomena are rooted in János Kornai’s intellectual heritage highlighting that economy tends to divert from equilibrium and that soft budget constraint erodes economic actors’ behavior.

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