软预算约束、资产负债表失衡与债务危机

Soft Budget Constraint,Balance Sheet Vulnerability and Debt Crisis

通过对历史上几次重大债务危机成因的比较研究,探讨软预算约束、资产负债表失衡与债务危机之间的内在逻辑关系,发现软预算约束是导致债务危机爆发的共同制度根源,主要表现在财政纪律软约束、有限责任和破产重组、存款保险和最后贷款人制度以及社会保障安全网等四个方面。以此为基础,从政府、企业、中央银行、社会保障体系四个方面提出硬化预算约束、实现经济可持续发展的相关政策建议。

Based on comparing causes of some important debt crises in history, the paper researches inner logical relationship among the soft budget constraint, balance sheet vulnerability and debt crisis. Soft budget constraint is the institutional reason of debt crisis which including the fiscal discipline laxity, limited liability and bankruptcy reorganization, deposit insurance system, lender of last resort, and social security safety. Finally, the paper puts some suggestions on hardening budget constraint and realizing economic sustainable development from the perspective of government, enterprises, central bank and social security system.