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《Journal of Finance》 2004-06
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On the Endogenous Nature of the Non-performing Loans of the State-owned-bank of China: An analytical Framework Based on the Dual Soft-budget Constraint Theory

Shi Huaqiang  
The paper probes into the mechanism and institutional arrangement that are crucial for the formation and the dynamic accumulation of NPLs of SOB by using the analytical framework of dual soft budget constraints( SBC), which is the SBC of state - owned - enterprises(SOEs)and that of state - owned - banks(SOBs) . By analyzing the sunk costs initially caused by SBC of SOEs, the speculation for resurrection instigated by the SBC of SOBs, and the tragedy of commons of SOBs caused by local governments seeking to free - ride the SBC of SOBs, the paper reveals the endogenous nature of the NFL problem of the SOBs and stresses the importance of hardening dual SBC, especially that of SOBs for banking reform in China.
【CateGory Index】: F832.4
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1 Shi Huaqiang Peng Xingyun;On the Soft Budget Constraint of the Commercial Banks and China' s Banking Reform[J];Journal of Finance;2003-10
2 Zhou Xiaochuan;Financial Stability and Moral Hazard Reduction[J];Journal of Finance;2004-04
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