Financial Pressure and the Behaviour of Public Enterprises Under Soft and Hard Budget Constraints

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Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Financial Pressure and the Behaviour of Public Enterprises Under Soft and Hard Budget Constraints by : Elisabetta Bertero

Download or read book Financial Pressure and the Behaviour of Public Enterprises Under Soft and Hard Budget Constraints written by Elisabetta Bertero and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the effect of the hardening of the budget constraint on the behaviour of public enterprises. Drawing from finance theory, we provide empirical evidence of a change in behaviour of public enterprises between soft and hard budget constraint regimes by investigating the financial discipline enforced by debt across the two regimes. Using a panel of Italian state-owned manufacturing firms, we undertake a natural experiment exploiting a shift of budget regimes in the late 1980s. Consistent with the theoretical predictions, the results show that state firms do respond to financial pressure by increasing productivity and reducing employment in a hard budget constraint environment.

Ownership and Governance of Enterprises

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Publisher : Springer
ISBN 13 : 1403943907
Total Pages : 275 pages
Book Rating : 4.4/5 (39 download)

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Book Synopsis Ownership and Governance of Enterprises by : Laixiang Sun

Download or read book Ownership and Governance of Enterprises written by Laixiang Sun and published by Springer. This book was released on 2003-10-16 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional wisdom recommends the superiority of private ownership of enterprises. The reality confronts it with a rich diversity in ownership and governance structures. This volume examines five types of unorthodox ownership and governance form emerging in the industrial sector across major economies. It analyzes two cases to demonstrate that there are alternative ways to harden budget constraints of state-owned enterprises. It investigates the driving forces behind these evolving dynamics and explores policy implications for developing and transition economies.

The Microeconomics of Public Policy Analysis

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Publisher : Princeton University Press
ISBN 13 : 1400885701
Total Pages : 784 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis The Microeconomics of Public Policy Analysis by : Lee S. Friedman

Download or read book The Microeconomics of Public Policy Analysis written by Lee S. Friedman and published by Princeton University Press. This book was released on 2017-02-15 with total page 784 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book shows, from start to finish, how microeconomics can and should be used in the analysis of public policy problems. It is an exciting new way to learn microeconomics, motivated by its application to important, real-world issues. Lee Friedman's modern replacement for his influential 1984 work not only brings the issues addressed into the present but develops all intermediate microeconomic theory to make this book accessible to a much wider audience. Friedman offers the microeconomic tools necessary to understand policy analysis of a wide range of matters of public concern--including the recent California electricity crisis, welfare reform, public school finance, global warming, health insurance, day care, tax policies, college loans, and mass transit pricing. These issues are scrutinized through microeconomic models that identify policy strengths, weaknesses, and ideas for improvements. Each chapter begins with explanations of several fundamental microeconomic principles and then develops models that use and probe them in analyzing specific public policies. The book has two primary and complementary goals. One is to develop skills of economic policy analysis: to design, predict the effects of, and evaluate public policies. The other is to develop a deep understanding of microeconomics as an analytic tool for application--its strengths and extensions into such advanced techniques as general equilibrium models and pricing methods for natural monopolies and its weaknesses, such as behavioral inconsistencies with utility-maximization models and its limits in comparing institutional alternatives. The result is an invaluable professional and academic reference, one whose clear explanation of principles and analytic techniques, and wealth of constructive applications, will ensure it a prominent place not only on the bookshelves but also on the desks of students and professionals alike.

Soft Budget Constraints, Firm Commitments and the Social Safety Net

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Publisher : International Monetary Fund
ISBN 13 : 145194909X
Total Pages : 26 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Soft Budget Constraints, Firm Commitments and the Social Safety Net by : International Monetary Fund

Download or read book Soft Budget Constraints, Firm Commitments and the Social Safety Net written by International Monetary Fund and published by International Monetary Fund. This book was released on 1991-10-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is shown that the inefficiencies created by the “soft” budget constraint, enjoyed by enterprises in Eastern Europe and elsewhere, will continue so long as governments are unable credibly to threaten not to bail out loss-makers. Commitment to a “hard” budget constraint can best be achieved by the institution of a suitable social safety net. The burden on the social safety net can be reduced by the (endogenous) development of financial markets.

Fixing State-Owned Enterprises

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Publisher : Inter-American Development Bank
ISBN 13 : 1597823716
Total Pages : 259 pages
Book Rating : 4.5/5 (978 download)

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Book Synopsis Fixing State-Owned Enterprises by : Aldo Musacchio

Download or read book Fixing State-Owned Enterprises written by Aldo Musacchio and published by Inter-American Development Bank. This book was released on 2019-11-20 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: The situation of state-owned enterprises (SOEs) in Latin America and the Caribbean continues to be dire. This book uses an original database of SOE performance that shows that every year about one-third of such enterprises in the region report losses (up to 70 percent in some countries) and that they require between 0.3 and one percentage point of GDP in fiscal transfers to cover such losses. Countries in the region have adopted centralized agency monitoring of their SOEs, managed to reduce the fiscal burden of SOEs, shown better financial returns, and accumulated less liabilities to GDP, thus generating less fiscal risk for the government overall. Each of the chapters provides a practical way to solve either asymmetry of information problems in the monitoring of SOEs or solutions to reduce the discretionary nature of the fiscal governance of SOEs. Chapter 2 details the kinds of fiscal risks and contingent liabilities that SOEs create for governments and provides a set of controls to limit those risks. Chapter 3 shows that allowing SOEs to issue bonds has been an ineffective way of hardening their budget constraint, given that investors price those bonds at a discount. Chapter 4 presents a state-contingent financial instrument that allows investors to value an SOE. Chapter 5 provides empirical evidence on the advantages of SOE centralized monitoring agencies in Latin America and the Caribbean, highlighting Chile, Peru, and Paraguay. Chapter 6 examines the experience of East Asian countries with holding companies and discusses when holding companies are a better vehicle to control SOEs. Chapter 7 suggests ways to align the incentives of politicians and SOE managers to provide better goods and services. Finally, Chapter 8 provides a practical guide to improve the monitoring of SOEs and to design a centralized monitoring agency.

State Ownership and Labor Redundancy

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Publisher : World Bank Publications
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4./5 ( download)

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Book Synopsis State Ownership and Labor Redundancy by : Patrick Belser

Download or read book State Ownership and Labor Redundancy written by Patrick Belser and published by World Bank Publications. This book was released on 2001 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: To predict the number of workers who will lose their jobs if state-owned enterprises are privatized or restructured, several approaches have been taken: drawing on international experience, accepting estimates from current directors of state enterprises, and inferring the number of redundancies from ad hoc indicators of profitability, productivity, or labor cost. All three approaches may be irrelevant and inferior to systematically comparing employment levels across similar enterprises that differ in the share of capital owned by the state.

The Turkish Economy

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Publisher : Routledge
ISBN 13 : 1134213611
Total Pages : 272 pages
Book Rating : 4.1/5 (342 download)

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Book Synopsis The Turkish Economy by : Sumru G. Altug

Download or read book The Turkish Economy written by Sumru G. Altug and published by Routledge. This book was released on 2006-04-18 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Including contributions from noted international scholars, this collection of papers provides a strong theoretical and empirical underpinning for the discussion of major public policy issues facing Turkey today. Matters addressed include: determinants of growth and productivity education and human capital accumulation income inequality corporate control and government performance of the government sector impact of major public policy issues on the future growth prospects of the Turkish economy. This volume relates the impact of major public policy issues on the future growth prospects of the Turkish economy. At a time when Turkey is currently attempting to gain membership to the European Union, this pertinent reference questions whether the country's economy is in fact ready for EU accession and membership.

Ownership and Control of Oil

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Publisher : Routledge
ISBN 13 : 1317695437
Total Pages : 178 pages
Book Rating : 4.3/5 (176 download)

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Book Synopsis Ownership and Control of Oil by : Bianca Sarbu

Download or read book Ownership and Control of Oil written by Bianca Sarbu and published by Routledge. This book was released on 2014-05-09 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ownership and Control of Oil examines government decisions about how much control to exert over the petroleum industry, focusing on the role of National Oil Companies in the production of crude oil since the nationalizations in the 1970s. What are the motives for which some producing states opt for less and NOT more control of their oil production sector? When can International Oil Companies enter the upstream industry of producing states and under what conditions? The diversity of policy choices across producers provides the stage for this investigation: different theoretical explanations are confronted, with the empirical evidence, with the aim of finally proposing an interdisciplinary framework of analysis to explain who controls oil production around the world. This book is intended for both specialists and general readers who have an interest in the issue of government control of the petroleum industry. Due to its multidisciplinary approach, the book is aimed at a large academic public composed of scholars of Political Science, International Political Economy, Comparative Politics, and Middle East Area Studies. Moreover, this book should be relevant to international consultants, industry professionals and decision-makers in countries assessing their experience with existing control structures as well as the many countries in the process of joining the ‘petroleum club’ of oil producing nations.

Journal of Economic Literature

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Publisher :
ISBN 13 :
Total Pages : 448 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Journal of Economic Literature by :

Download or read book Journal of Economic Literature written by and published by . This book was released on 2003 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Performance of Public Enterprises

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Publisher : Amsterdam ; New York : North-Holland ; New York, N.Y., U.S.A. : Sole distributors for the U.S.A. and Canada, Elsevier Science Publishing Company
ISBN 13 :
Total Pages : 316 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis The Performance of Public Enterprises by : International Centre of Research and Information on Public and Cooperative Economy

Download or read book The Performance of Public Enterprises written by International Centre of Research and Information on Public and Cooperative Economy and published by Amsterdam ; New York : North-Holland ; New York, N.Y., U.S.A. : Sole distributors for the U.S.A. and Canada, Elsevier Science Publishing Company. This book was released on 1984 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Privatization Experiences in the European Union

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Publisher : MIT Press
ISBN 13 : 0262112965
Total Pages : 445 pages
Book Rating : 4.2/5 (621 download)

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Book Synopsis Privatization Experiences in the European Union by : Marko Köthenbürger

Download or read book Privatization Experiences in the European Union written by Marko Köthenbürger and published by MIT Press. This book was released on 2006 with total page 445 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experts evaluate the varied outcomes of privatization experiences in Austria, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Spain, and the UK. The trend toward privatization, which began with privatization experiments in the UK under Margaret Thatcher and the deregulation of the telecommunications sector in the United States, has attracted the attention of policymakers over the past two decades. Privatization is broadly supported by most academic economists, but the results of actual privatization efforts seem mixed. In the UK, for example, telecom rates fell sharply after privatization, but privatized rail service was widely perceived to have declined dramatically in quality. In this CESifo volume, international experts examine the experiences of 10 EU countries, evaluating the real outcomes of privatization policies in Austria, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Spain, and the UK.The effects of privatization--which includes not only changes in ownership of public activitiesand entities but also liberalization of markets and deregulation--are difficult to distinguish from the effects of other economywide influences. The studies in this volume meet this methodological challenge by using a well-defined set of criteria, including reducing consumer prices, increasing quantity, and improving quality, by which to make their assessments. Background chapters provide a conceptual framework for considering the issues. Contributors Pablo Arocena, Sean D. Barrett, Ansgar Belke, Michel Berne, Henrik Christoffersen, Andrea Goldstein, Günter Knieps, David Newbery, Martin Paldam, David Parker, Gérard Pogorel, Friedrich Schneider, Eric van Damme, Ingo Vogelsang, Johan Willner

The Soft Budget Constraint — The Emergence, Persistence and Logic of an Institution

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Publisher : Springer Science & Business Media
ISBN 13 : 1475767935
Total Pages : 416 pages
Book Rating : 4.4/5 (757 download)

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Book Synopsis The Soft Budget Constraint — The Emergence, Persistence and Logic of an Institution by : Gun Eriksson Skoog

Download or read book The Soft Budget Constraint — The Emergence, Persistence and Logic of an Institution written by Gun Eriksson Skoog and published by Springer Science & Business Media. This book was released on 2013-04-18 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a story of the soft budget constraint. It seeks an answer to a paradox: the prevalence of the soft budget constraint in spite of the tremendous inefficiencies that it gives rise to, and its persistence in spite of reform of the system of which it is an integral part. The story aims at increasing our understanding of why the phenomenon exists. By studying the case of state in Tanzania before, during and after socialism, an explanation of the owned enterprises emergence, persistence and logic of the soft budget constraint is suggested. This introductory chapter presents an argument showing why this story is worth telling. It discusses the research topic and how the problem it presents is attacked. THE SOFT BUDGET CONSTRAINT The soft budget constraint is today a popular metaphor. Originally it was seen as a characteristic of the socialist system. It refers to the tendency of primarily state-owned enterprises to have their liquidity gaps or losses accommodated by the state, or some other external funding body, and to the resulting expectations of such bail-out. The concept was coined by the Hungarian economist Hmos Kornai. ' He distinguishes between four major forms of external financial assistance that contribute to the soft budget constraint: soft subsidies, soft taxation, soft credit and soft 2 administrative pricing.

Italy

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Publisher :
ISBN 13 :
Total Pages : 240 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Italy by : Robert Leonardi

Download or read book Italy written by Robert Leonardi and published by . This book was released on 2003 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:

International Bibliography of Economics

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Publisher : Psychology Press
ISBN 13 : 9780415262361
Total Pages : 720 pages
Book Rating : 4.2/5 (623 download)

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Book Synopsis International Bibliography of Economics by : Compiled by the British Library of Political and Economic Science

Download or read book International Bibliography of Economics written by Compiled by the British Library of Political and Economic Science and published by Psychology Press. This book was released on 2001-11-22 with total page 720 pages. Available in PDF, EPUB and Kindle. Book excerpt: IBSS is the essential tool for librarians, university departments, research institutions and any public or private institution whose work requires access to up-to-date and comprehensive knowledge of the social sciences.

Financing China's Rural Enterprises

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Publisher : University of Hawaii Press
ISBN 13 : 9780824827441
Total Pages : 170 pages
Book Rating : 4.8/5 (274 download)

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Book Synopsis Financing China's Rural Enterprises by : Jun Li

Download or read book Financing China's Rural Enterprises written by Jun Li and published by University of Hawaii Press. This book was released on 2003-02-28 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rural enterprises have played an important role in the extraordinary success of China’s economy over the last twenty years. This study comprehensively examines the financing of China’s rural enterprises over the reform period and discusses the key elements driving rural enterprise development in China, including the growth of rural enterprises and enterprise-level behavior, the role of state policy, rural financial institutions, and local government controls.

The Elgar Companion to Public Economics

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Publisher : Edward Elgar Publishing
ISBN 13 : 1845424557
Total Pages : 495 pages
Book Rating : 4.8/5 (454 download)

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Book Synopsis The Elgar Companion to Public Economics by : Attiat F. Ott

Download or read book The Elgar Companion to Public Economics written by Attiat F. Ott and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 495 pages. Available in PDF, EPUB and Kindle. Book excerpt: Attiat Ott and Richard Cebula have recognised the need to present, in an accessible and straightforward way, the voluminous literature in the public economics arena. Advances in econometric techniques and the spillover of knowledge from other disciplines made it difficult, not only for students but also for lecturers, to accurately find the information they need. This major Companion addresses a wealth of topics common to the study of both public economics and public choice including questions such as: How does one structure the whole spectrum of public finance in a manageable framework? What is Wagner s Law really about and what does empirical testing tell us? How binding is the budget constraint? How encompassing is a dictator s interest? How do veto powers of the executive, institutional structures and regimes affect public sector outcomes? Do voters behave rationally? Do conflicts yield benefits? Is war cost effective and does secession offer a viable exit option? The contributions, both theoretical and empirical, shed light on some contentious issues in the public economics literature and provide readers with insight into issues that are at the forefront of discussions about the public economy. The empirical analysis utilizes recent econometric techniques to validate or refute empirical findings based on older vintage econometrics. The diversity of coverage ranges from traditional models of the public economy to the incorporation of defence spending as a significant and often neglected function of the public sector. The contributors include many pioneers and leading lights in the field. The Elgar Companion to Public Economics will be required reading for academics and scholars at many levels in the fields of public economics and public choice but mainly graduate and above. The Companion will also be of value to scholars in the wider social sciences in general and political science in particular.

Fiscal Decentralization and the Challenge of Hard Budget Constraints

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Author :
Publisher : MIT Press
ISBN 13 : 9780262182294
Total Pages : 502 pages
Book Rating : 4.1/5 (822 download)

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Book Synopsis Fiscal Decentralization and the Challenge of Hard Budget Constraints by : Jonathan Rodden

Download or read book Fiscal Decentralization and the Challenge of Hard Budget Constraints written by Jonathan Rodden and published by MIT Press. This book was released on 2003 with total page 502 pages. Available in PDF, EPUB and Kindle. Book excerpt: A multi-country study of the conditions under which decentralized countries might ensure fiscal discipline.