软预算约束理论-从中央计划到市场

-59-*JanosKornai,JanetMitchellGrardRoland,,NSF:*艾里克马斯金许成钢,,,3040(),,,40,,,,(Kornai1980,1992),(Kornai1979,1980),,,,():(,,),,(Kornai1980,1992,1998),,,,,:();,,(1980),,(),,-60-20004,,GrossmanHart(1986)HartMoore(1990)!Maskin(1996);Dewatripont,MaskinRoland(1998),Maskin(1996,1999);Maskin(1996,1999),,(Coase1937)(ModiglianiMiller1958),,,,,,,,,,!-(Dewatripont-Maskin1995),,,,1软预算约束理论:Dewatripont-Maskin模型(1979,1980),,Schaffer(1989)GoldfeldhQuandt(1988)Freixas,GuesnerieTirole(1985),,,,,DewatripontMaskin(1995)DM(),,(),,,,,,,()RfRs(fs),Ei,Ec,Ei0Ec,(),,,,:(1);(2);(3),:,;,,,,Rf-61-DM,:Rf-1Ec(1),,Rf-10,(),,,:-1Ei(2),,,,Rs,0,Rs0)Rsp,(p)),p=p*Rs=(p*),:s=pRs-(p*)-2(3)Ec,s-1(4),,(4),(s0),,(),,,:,,(,,),,,p,,Rs(Rs=Rs),p,Rs(),,,p*,,,(Ei0),,,,,,,Ec0,,,,,,,,,,()()(),(),,,-62-20004:,,,,,:,,,2中央计划经济下软预算约束的后果,?(1998),;,,,,,()(),(),DM0,,1,I1()(),,2,I2()3,(p)R,0,pRI1+I2,,30I3(),4,R,0,I3pRI1+I2+I3(,,I1+I2,),2,3,,2,,(DM(1998)),(hold-up)(HartMoore(1995)BoltonScharfstein(1996)),3,2,,,,,,(,);(,,),:,,-63-Prell(1996)(Kornai1980,1992)(1994)DM,(),(),,:,,,,DM,(1992),,,,,D-M,,,,,,(4),:s-1(5)2,(5)(4),,(1992),,,,,:Ec+s-1Ei(6)EcEi,,∀#(6),,3转轨经济中的软预算约束,,,,,,BerglofRoland(1998)Segal(1998),,(1993),70,,,:,,Roland(1998),(),,,,-64-20004,,,,(),,,,,,,,,(),,(),,,,,BerglofRoland(1998)Roland(1998),0,c1,,00?,1,,,,,,,,1,:(1)0;(2)BerglofRoland(1995),,,,,,,0n1,,,1,,,,,,1,,,,,,,Faure-GrimaudRochet(1998),,,,,,,-65-,,,,Aghion,BoltonFries(1996),,,,,,,,,,,,,,,,,,(Korani1986,LaffontTirole1992)SchmidtSchnitzer(1993),,,,,,,Schmidt(1996),,,,,(),,,,,Perotti(1998),,,,,,,,,,(),,,,4公司财务和市场结构中的软预算约束问题(Coase1937):?(1998):,?,,,?(1998),,DM,,-66-20004,,,:∀#,?,,,:,,,;,,(1998),,:∀#,,c()e(e),(,2c,)1,,,c(,c,,),,,()1,,,,,,,,:(1);(2),,,,,∀#(incentiveconstraint),,,,(,),,,,(),,,,,,,(),1(),,,,,,DewatripontMaskin(1995),,-,,()-67-,(1991),,,Faure-Grimaud(1996),,,()(),,,,,,,,,,,,Segal(1998),,,,,;,,,,N,(,,)N*(),N*NN,0,N*,N*,,,,N-N*,1/(N-N*)N,,N,Modigliani-Miller(1958),,-,HartMoore(1995),0,1,2,,1HartMoore,0∀#(harddebt),,,,HartMoore,,,,-68-20004,BoltonScharfstein(1996),,,(),HartMoore(1995),,,,,,Poval(1995),,DM,,,5银行金融危机和中央银行中的软预算约束(Krugman1998),1997,,KimLee(1998)∀#(1999a),,DiamondDybvig(1983),(1),(3),1,,,1,2,2,,(1998)(1998),,(),,,1,,,,,,,,,,,,(1999),,RochetTirole(1996)A-69-,,B,BA,,(7)(11),11,,(Aghion,HartMoore1994),(BradleyRosenzweig1992)(Aghionetal1994)11,,()Mitchell(1993),,,,,,,Mitchell(1998,1999):,,,Mitchell(1998)∀#,,,,,,,,,Mitchell:,,,,,,,(),,GoodhartSchoenmaker(1995),!,GDP30%,27%(Freixas1999),∃,Thornton(1802),Bagehot(1873)Bagehot,(),,BagehotBagehot,,,(GoodfriendKing1988;Humphrey1986;Schwartz1995),,,,(Mishkin1995;SantomeroHoffman1998;Freixas,ParigiRochet1998),,BagehotGoodhart(1995),,,,Goodhart,,!104,73,31∃(1994),-70-20004(1999),GoodhartSchoenmaker(1993),Goodhart(1999),,,∀#(TLTF)Freixas(1999),∀#(creativeambiguity),(1999a),TLTF,,,,TLTF,,,(1999a),6金融制度和经济增长(AghionHowitt1992;Lucas1988;GrossmanHelpman1991;Romer1990),(1999b),,(),;,,,,,,,AK:yt=[(1-at)+atkt]AK,at,kt,,,,,,,,IiI,Il=I2+I3XY,YI1+IlI3XIl,,rs=[(1-)X+Y]/(I1+Il)-1,,,1,rh=Y/(I1+Yl)-1,,,,,,,,,,,,,(国务院体改办王信译)编者注:∀参考文献#部分因篇幅所限无法刊登,读者可以以电子邮件方式向本刊索取