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Start Over Author "Berglof, Erik" Journal journal of comparative economics
2 results on '"Berglof, Erik"'

1. Soft budget constraints and banking in transition economies

Author

Berglof, Erik and Roland, Gerard

Subjects
Comparative economics -- Research, Economic research -- Reports, Budget -- Analysis, Business, Economics
Abstract

Analysis of soft budget constraint models of firms financed by banks in transition economies reveals that all models share the same sequential structure due to endogenous lack of credibility in liquidating a project instead of refinancing it. The study also reveals that they also share the property that refinancing is optimal ex post for the decision maker that hard budget constraint mechanism requires endogenous restoration of credibility for liquidation.

Published
1998

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