Download or read book Soft Budget Constraints Firm Commitments and the Social Safety Net written by International Monetary Fund and published by International Monetary Fund. This book was released on 1991-10-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is shown that the inefficiencies created by the “soft” budget constraint, enjoyed by enterprises in Eastern Europe and elsewhere, will continue so long as governments are unable credibly to threaten not to bail out loss-makers. Commitment to a “hard” budget constraint can best be achieved by the institution of a suitable social safety net. The burden on the social safety net can be reduced by the (endogenous) development of financial markets.
Download or read book Soft Budget Constraints Firm Commitments and the Social Safety Net written by Daniel Hardy and published by . This book was released on 2006 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is shown that the inefficiencies created by the quot;softquot; budget constraint, enjoyed by enterprises in Eastern Europe and elsewhere, will continue so long as governments are unable credibly to threaten not to bail out loss-makers. Commitment to a quot;hardquot; budget constraint can best be achieved by the institution of a suitable social safety net. The burden on the social safety net can be reduced by the (endogenous) development of financial markets.
Download or read book Soft Budget Constraints Firm Commitments and the Social Safety Net written by Daniel C. L. Hardy and published by . This book was released on 1991 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Soft budget constraints firm commitments and the social safety net written by Daniel C. Hardy and published by . This book was released on 1991 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Soft Budget Constraint The Emergence Persistence and Logic of an Institution written by Gun Eriksson Skoog and published by Springer Science & Business Media. This book was released on 2013-04-18 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Soft budget constraints and the fate of economic reforms in transition economies and developing countries written by Martin Raiser and published by University of Michigan Press. This book was released on 1996 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: For over a decade, a large number of governments have embarked on economic reforms to strengthen the competitiveness of their countries in the world market and improve the standards of living of their populations. By far the most extensive reforms, both in depth and scope, have occurred since the late 1980s in the former communist economies of Central and Eastern Europe and East Asia. Despite vast differences in initial conditions and reform design, Martin Raiser argues that a central ingredient of the success of these reforms must be the hardening of the budget constraint for domestic producers. To verify this hypothesis, Raiser develops an analytical framework that links the concept of the soft budget constraint to issues of economic reform in developing countries, and examines indicators of the degree of budget softness with particular emphasis on the institutional deficiencies that may undermine the credibility of macroeconomic stabilization and the effectiveness of price signals. In his empirical analysis, Raiser relates the indicators of budget softness to the inflation and growth records of thirty-one developing countries. The cases of Poland and China further illuminate his theory by pointing toward the institutional arrangements that may hinder the effective hardening of budget constraints in transition economies. Finally, Raiser analyzes enterprise level data for China to verify the link between budget softness and technical and allocative inefficiency. Soft Budget Constraints will be of notable interest to those scholars and students of economics specializing in development and transition economics.
Download or read book Global Social Policy and Governance written by Bob Deacon and published by SAGE. This book was released on 2007-04-06 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: `This primer on the global politics of social policy ... is essential reading for students as well as others seriously interested in improving the human condition. Nuanced and critical, Deacon′s book offers a much needed and constructive guide to the complex supra-national debates over rights, regulation and redistribution impinging on social welfare all over the world′ - Jomo K.S., United Nations Assistant, Secretary-General for Economic Development `This book is very timely and addresses many issues that are en vogue at the moment. It relates social policy studies to other fields such as global governance and development studies and thus opens up new discussions in the subject area′ - Dr Antje Vetterlein, University of Oxford Global Social Policy and Governance offers an authoritative understanding of the way social policies at national and supra-national level are shaped in the context of globalisation. The book: " evaluates national social policies advanced by international organisations. " examines policies addressing global social redistribution, regulation and rights. " highlights the roles of global actors, including INGOs, consultants, think tanks, task forces and global policy advocacy coalitions. " explores the political obstacles to reforms in global social governance, " outlines the growing importance of global social movements. " presents arguments for more effective global and regional social policies. " is illustrated by case studies, further reading sections and a glossary. Global Social Policy and Governance will be an essential text for students of social policy, development studies and international relations. It will also be invaluable reading for those shaping social policies in international organisations and those in social movements seeking to influence them. Bob Deacon is Professor of International Social Policy at the University of Sheffield.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1992-01-01 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Common issues emerging from the recent experience with IMF-supported programs in Hungary, Poland, Czechoslovakia, Bulgaria, and Romania are analyzed. These comprise the initial price overshooting and output collapse and the financial and structural problems associated with bad loan portfolios and sluggish implementation of privatization programs. Substantial success has been achieved in the initial microstabilization and opening-up effort. But difficulties with fiscal and monetary control may be emerging as a result of social and political pressures and unclear policy signals on the micro issues involving the structural transformation of the productive and financial systems.
Download or read book IMF Staff papers Volume 39 No 1 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1992-01-01 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on exchange rate economics. Two main views of exchange rate determination have evolved since the early 1970s: the monetary approach to the exchange rate (in flexible-price, sticky-price, and real interest differential formulations); and the portfolio balance approach. In this paper, the literature on these views is surveyed, followed by a discussion of the empirical evidence and likely future developments in the area of exchange rate determination. The literature on foreign exchange market efficiency, exchange rates and “news,” and international parity conditions is also reviewed.
Download or read book Market Discipline written by Mr.Timothy D. Lane and published by International Monetary Fund. This book was released on 1992-06-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Under what circumstances can market forces prevent unsustainable borrowing? Effective market discipline requires that capital markets be open, that; information on the borrower’s existing liabilities be readily available, that no bailout be anticipated, and that the borrower respond to market signals. This paper explores the implications of these conditions, and reviews some relevant empirical evidence.
Download or read book Economics of Transition written by Hüsnü Kizilylli and published by Routledge. This book was released on 2019-05-23 with total page 575 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1998, this volume responded to the recent fall of the Soviet Union and looks at the process of transitioning away from Socialist economies, including case studies in the former Soviet Union, Poland, Hungary, China, East Germany and other Socialist countries. Taking the view that economic and political indicators suggest a lack of success in the post-Soviet transformation process, Kızılyallı argues that they have been unsuccessful due to poor planning. Kızılyallı notes an abandonment of the previous system and an ineffective implementation of market capitalism which have led to these negative outcomes. The new method developed herein provides a partial solution through estimating the correct exchange rate based on world prices and under conditions of macroeconomic equilibrium, while also allowing planning for sequencing market reforms. Reform issues are then discussed, followed by the reform experiences of Poland, Hungary, East Germany, China and the former Soviet Union. Lastly, developments in macroeconomic theory are reviewed in light of these case studies. Kızılyallı concludes that both neoclassical and new Keynesian theories fail to provide an economically meaningful framework for analysis of current economic and employment problems, nor for their cure.
Download or read book Research Activities of the IMF January 1991 December 1999 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2000-01-01 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research activity in the IMF emphasizes the links between the organization's policy and operational concerns. The main objectives of research is IMF staff understanding of policy and operational issues relevant to the institution, and to improve the analytical quality of the work prepared for management and the Executive Board and the advice provided to member countries. The scope of research in the IMF is defined by the purposes and functions of the institution. In order to foster innovation and ensure quality control, the IMF makes much of its research available outside the institution and encourages staff to interact with academia and other research organizations through conferences, seminars, and occasional joint research projects. The visiting scholar’s program has also enhanced the quality of research done in the IMF. This program brings in leading members of the economics profession from around the world to assist in the preparation of papers for the Executive Board and to conduct research on IMF-related issues.
Download or read book The Chinese Economy under Transition written by Sarah Cook and published by Springer. This book was released on 2000-01-28 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: This wide-ranging collection addresses many important issues in China's economy under transition, from grain production to trade, to the development of township enterprises, the restructuring of state-owned enterprises, the emergence of big business, money demand and consumption behaviour. Together, the studies provide insightful analysis and discussion of economic policies, illuminating the institutional context within which reform strategies are negotiated and implemented in different economic sectors.
Download or read book Macroeconomic Management written by Soumitra Sharma and published by Springer. This book was released on 1996-01-12 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume discusses major macroeconomic policies and issues from theoretical and practical perspective focusing on the link between theory of macroeconomic management policy and its practice in the last few decades. The topics selected here are of persistent interest for those interested in economic policy - theorists and policists.
Download or read book IMF Working Paper written by and published by . This book was released on 1992 with total page 606 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Explaining Agricultural and Agrarian Policies in Developing Countries written by Hans P. Binswanger and published by World Bank Publications. This book was released on 1997 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Success of Russian Economic Reforms written by Brigitte Granville and published by Royal Institute of International Affairs. This book was released on 1995 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, Granville contends that Russia's difficulties in controlling its inflation rate were the result of economic reforms not going far enough. External financing never came and a full macrostabilization program was not implemented. The steady process of economic reform continues in Russia, nevertheless, following the collapse of the Soviet Union in 1991.
