Qian, Yingyi; Roland, Gérard - C.E.P.R. Discussion Papers - 1994
village levels. We study the effect of regional decentralization on soft budget constraints in these enterprises. We show that …. 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 …