Luo, Changlin - In: Annals of Economics and Finance 15 (2014) 1, pp. 403-412
First, this paper claims that the soft budget constraint is a contradiction in terms by showing that each "soft" budget … soft budget constraint. Finally, we illustrate how the former conclusions drawn from the "soft" perspective can be adjusted … budget constraint," we show that a "hard" budget constraint exists for each specific problem. This leads to the realization …