Kornai János: "Hardening of the Budget Constraint under the Postsocialist System", Japan and the World Economy, 1996, Vol. 8, pp. 135-151.

JAPAN AND THE WORLD ECONOMY Aims and Scope The increase in Japan's share of international trade and financial transactions has had a major impact on the world economy in general and on the U.S. economy in particular. The new economic interdependence between Japan and its trading partners created a variety of problems and so raised many issues that require further study. Japan and the World Economy will publish original research in economics, finance, managerial sciences, and marketing that express these concerns. Japan and the World Economy seeks to meet the growing need for comprehensive, impartial and scientific study of trade imbalance and friction, technological competition, internationalization of financial markets, exchange rate variation and macroeconomic coordination, comparative managerial and marketing practices and other related topics. Contributions are solicited from a broad-based, international community of scholars. In addition to empirical and policy-oriented studies, Japan and the World Economy also welcomes theoretical analysis that contributes to an understanding of the issues and proposes corrective action. Editor Ryuzo SATO, New York University, New York, NY, USA Associate Editors Hajime HORI (Coordinating Editor, Japan), Tohoku University, Sendai, Japan Takashi NEGISHI, Aoyama Gakuin University, Tokyo, Japan Rama RAMACHANDRAN (Coordinating Editor, U.S.A.), New York University, New York, NY, USA Paul WACHTEL, New York University, New York, NY, USA Richard ZECKHAUSER, Kennedy School of Government, Cambridge, MA, USA Board of Editors William J. BAUMOL, New York University, New York, NY, USA Jagdish BHAGWATI, Columbia University, New York, NY, USA Dieter BÖS, University of Bonn, Bonn, Germany William H. BRANSON, Princeton University, Princeton, NJ, USA Marie Thérèse FLAHERTY, The Wharton School, Philadelphia, PA, USA ThorvaldurGYLFASON, University of Iceland, Reykjavik, Iceland Gabriel HAWAWINI, Euro-Asia Center, Fontainebleau, France Tsuneo IIDA, International Research Center for Japanese Studies, Kyoto, Japan Kenichi IMAI, Stanford Japan Center - Research, Kyoto, Japan Hiroshi KATO, Keio University, Tokyo, Japan Paul KRUGMAN, Stanford University, Stanford, CA, USA Richard C. MARSTON, University of Pennsylvania, Philadelphia, PA, USA Merton H. MILLER, University of Chicago, Chicago, IL, USA Hugh PATRICK, Columbia University, New York, NY, USA Richard PORTES, The London Business School, London, England Henry ROSOVSKY, Harvard University, Cambridge, MA, USA Paul A. SAMUELSON, Massachusetts Institute of Technology, Cambridge, MA, USA and New York University, New York, NY, USA Marti SUBRAHMANYAM, New York University, New York, NY, USA Kazuo UEDA, University of Tokyo, Tokyo, Japan Hal R. VARIAN, University of Michigan, Ann Arbor, Ml, USA Published quarterly 0922-1425/96/$15.00 Printed in The Netherlands

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