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Soft Budget Constraint Theories: From Centralization to the Market

Eric Maskin
Princeton University - Department of Economics; Harvard University - Department of Economics; Massachusetts Institute of Technology (MIT) - Department of Economics

Chenggang Xu
London School of Economics (LSE) - Department of Economics; Hong Kong University of Science & Technology (HKUST); Centre for Economic Policy Research (CEPR)

August 1999

Conference Paper, The Nobel Symposium in Economics - The Economics of Transition, Stockholm, September 1999

Abstract:     
We review theoretical work studying the effect of soft budget constraints (SBC) on economies in transition from centralization to capitalism. We also examine the connection of SBC to corporate finance, banking, and financial crises.

JEL Classifications: D29

Working Paper Series

Date posted: November 29, 1999 ; Last revised: November 29, 1999

Suggested Citation

Maskin, Eric S. and Xu, Chenggang, Soft Budget Constraint Theories: From Centralization to the Market (August 1999). Conference Paper, The Nobel Symposium in Economics - The Economics of Transition, Stockholm, September 1999. Available at SSRN: http://ssrn.com/abstract=197288


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Contact Information

Eric S. Maskin (Contact Author)
Princeton University - Department of Economics ( email )
Institute for Advanced Study
Einstein Drive West Building Room 318
Princeton, NJ 08540
United States
(609) 734-8309 (Phone)
(609) 951-4457 (Fax)
Harvard University - Department of Economics ( email )
Littauer Center
Cambridge, MA 02138
United States
(617) 495-4167 (Phone)
(617) 495-7730 (Fax)
Massachusetts Institute of Technology (MIT) - Department of Economics
50 Memorial Drive
Cambridge, MA 02142
United States
Chenggang Xu
London School of Economics (LSE) - Department of Economics ( email )
Houghton Street
London WC2A 2AE United Kingdom
+44 207 7955 7526 (Phone)
+44 207 7831 1840 (Fax)
Hong Kong University of Science & Technology (HKUST)
Clearwater Bay
Clear Water Bay, Kowloon Hong Kong
Centre for Economic Policy Research (CEPR)
90-98 Goswell Road
London EC1V 7RR United Kingdom
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