Various supply and demand effects may emerge due to the existence of transition-
specific market imperfections which feature the economies undergoing transition from plan to
market. In particular, corporate financial flows are seriously affected by the existence of “soft
budget constraints”. Initially the term soft budget constraints was used by Kornai (1980) to
denote paternalistic behavior on the part of the state in the ex-post bailing out of loss-making
state-owned enterprises (SOEs) that found themselves in financial distress. Later, the concept
was extended in different directions, in particular subsuming adverse selection in long-term
banking lending under imperfect information when banks are...
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When Credit Bites Back: Leverage, Business Cycles, and Crises
When Credit Bites Back: Leverage, Business Cycles, and Crises
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