Abstract Within the framework of soft budget constraint problem, this article investigates impact a legislative reform that increased regional tax autonomy on propensity Spanish governments to incur deficit. For purpose, dynamic panel data model is estimated, using for period 1984–2019. The sample shows breakpoint in 2002, when financing system came into force, providing regions with greater au...

I put forward a new theoretical framework to analyze the relationship between soft budget constraint syndrome and the economic performances of firms. It differs from the existing theoretical framework, à la Dewatripont and Maskin (1995), in the soft budget constraint literature. In this paper, soft budget constraint syndrome arises when firms that are expected to lose money are financed. The pa...

Based on definitions, two joint-criteria, namely, the optical-thin constraint and the energy budget constraint, are proposed to judge whether the emission nature of radio pulsars is incoherent or obligatory to be coherent. We find that the widely accepted criterion, kTB ≤ ǫ, is not a rational criterion to describe the optical-thin condition, even for the simplest case. The energy budget constra...