Der Verfasser setzt sich zunächst anknüpfend an Kornai auf theoretischer Ebene mit der Problematik weicher Budgetrestriktionen auseinander und weist auf Schwierigkeiten bei der Interpretation von Unternehmensdaten in diesem Zusammenhang hin. Vor diesem Hintergrund werden empirische Daten aus...

We take a retrospective look at Hungary's experiment with a articularly draconian bankruptcy law. For an eighteen-month period in 1992-93, the Hungarian bankruptcy code contained an unusual automatic trigger that required the managers of firms that held overdue debts of any size to any creditor...

Transition has entailed the introduction of policies to stimulate product market competition, to establish effective corporate governance and to harden enterprise budget constraints. How do these policies interact; Are they substitute policy instruments or does one policy reinforce the effect of...

This paper makes some selective comparisons of the empirical evidence relating to financial discipline and soft budget constraints in the enterprise sector in China and the transition countries of Central and Eastern Europe and the former Soviet Union (CEEFSU). The paper finds that: (1) in both...