A Political Economy Theory of the Soft Budget Constraint
收藏NBER2006-04-01 更新2025-01-04 收录
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https://www.nber.org/papers/w12133
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Why do soft budget constraints exist and persist? In this paper we argue that the prevalence of soft budget constraints can be best explained by the political desirability of softness. We develop a political economy model where politicians cannot commit to policies that are not ex post optimal. We
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美国国家经济研究局创建时间：
2006-04-01
