| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1017 |
| DP1017 The Political Economy of Trade Regimes in Central Europe | |
| László Csaba | |
| 发表日期 | 1994-10-31 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | The majority of enterprises in China are controlled by local governments at the provincial, city, county, township and village levels. We study the effect of regional decentralization on soft budget constraints in these enterprises. We show that fiscal competition under (foreign) capital mobility may be effective in hardening enterprises' budget constraints. Decentralization of monetary authority leads to a softening of local governments' budget constraints, however, as well as those of enterprises. Fiscal decentralization combined with monetary centralization (i.e. fiscal federalism) may achieve not only hard budget constraint but also the objective of monetary restraint. We also examine the effect of labour and product market conditions on soft budget constraints. We apply our model to explain harder budget constraints of the enterprises controlled by lower-level governments of townships and villages in China. |
| 主题 | International Macroeconomics |
| 关键词 | China Decentralization Economic transition Federalism Soft budget constraint |
| URL | https://cepr.org/publications/dp1017 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530172 |
| 推荐引用方式 GB/T 7714 | László Csaba. DP1017 The Political Economy of Trade Regimes in Central Europe. 1994. |
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