Feb 19 2019

But, by this measure the. Iulian Vacarel and the co-authors, „ Finante publice ”, The 6-th Edition, Publishing house Didactica si Pedagogica,. Bucharest, 64/ on public debt, approved by Government Decision no. .. Văcărel Iulian, (coordonator), Finanţe Publice, Editura Didactică şi Pedagogică, București. Finantele publice sunt necesare, în mod subiectiv şi obiectiv [8] Văcărel Iulian , Finanţe Publice, Editura Didactică şi Pedagogică ,;. [9]Văcărel Iulian.

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Economic openness is one of the actual convergence criteria, while actual convergence is obtained by sustained macro-economic policies. Thus, it is natural to try and identify the potential benefits or consequences of the fiscal relaxation that has occurred.


Văcărel, Iulian

Population of Romania mil. Considerations on public debt sustainability. Both state budget deficit and public debt of the state are established in a rather wide sense and without considering al l influence factors which can modify their size during budget execution [5]. In the instance of an operational market economy, the state uses this financing source to promote new investments, meant for modernisation, as well as for innovation of existing assets, a context in which the public debt notion emerges.

The evolution of public debt percent of the GDP indicator for the period — [26] is shown in the following chart, as follows: Structural factor s may be, in certain instances, risk generators when the public debt management system component parts are not sufficiently regulated.

The foreign exchange risk is another relevant issue, which needs to be considered when concluding a foreign currency loan, whether this is conducted on the domestic or the external capital market.

Public and Fiscality: Facts and Unknowns : International conference KNOWLEDGE-BASED ORGANIZATION

Laffer, The Laffer Curve: The decision to make a sub-loan involves recovery risks. The evolution of the indebtedness at UE member states level [28]for the period is further presented, in order to offer an overall image and to be in a position to assess the stage reached by Romania, as follows: Sign in to annotate. Current economic context of public debt. De Gruyter – Sciendo.

To ensure reasonably sustainable public debt levels, EU member states need to attain medium term strategic budgetary objectives, that would ensure a downward trend of public debt, a condition which can be fulfilled by compliance with budget policies rules, which ground development in the macroeconomic framework. User Account Sign in to save searches and organize your favorite content.

In modern times, these issues are divided into four large categories: Considering this situation, the adequate policies to tackle public finances sustainability need to have, as a launching base, the overall strategy of the European Union, focused on the three component parts, namely abatement of public debt, increasing productivity and employment and last but not least, reforming the pension and healthcare systems.


The evolution of indebtedness of EU member kulian, in the period — Source: In this context, facarel needs are covered, to the greatest extent, from taxes, fees, contributions, take-offs, which the state collects from tax payers. In this respect, we consider that the moment Romania fulfils the economic growth conditions, it will benefit from acquiring the statute of a member state of the European Monetary Unionwhich will result in an enhancement of the country’s economic opening degree and which will influence the gross domestic product dynamics.

Finanţe publice by Elena Popa on Prezi

Adequate policies to tackle public finances sustainability challenge s need to be grounded in the overall EU strategy focussed on the three component parts, namely, abatement of public debt, increase of productivity and of employment and reform of pensions and healthcare systems and the main causes of the problems relating to public finances sustainability confronting various member states.

Year Public Debt mil. Afterthe weight of the public debt in the GDP had an upward trend, reaching the maximum Considering the above-mentioned analyses, it can be concluded that the public deficit indicator related to the gross domestic product of our countryhaving a level of 1. Economic shocks may have, individually or cumulatively, an impact on external public debt of an economy, which leads to the vulnerability of the public debt strategy, which in turn may pyblice on global economy and, last but not least, may seriously deteriorate a state’ s financial situation.

In this context, national institutions having competences in this field are under the obligation to prudently conduct the fiscal-budgetary vacarrl and to manage budgetary resources and liabilities, as well as the fiscal risks so as to grant the sustainability of the fiscal position, on medium and long term. Up to now, the public debt notion went through the following defining process [6]: Target Group researchers in the fields of political and financial law.

Public and Fiscality: Facts and Unknowns

Among general factors acting in the financial domain, the special regulations providing different conditions for certain loans are extremely important. Current economic context of public debt The financial crises at global level during the latest 25 years resulted in the negative impacting of governments’ capacity to reimburse accumulated debt, which triggered bot h budget difficulties and economic disturbances.

From this perspective, the openness of Romanian economy shall be influenced in its evolution only by the exports volume, which, in turn, shall depend on the variations of the demand and offer on international markets and on the gross domestic product dynamics. The increase of gross domestic product may be reached by abating taxation pressure over economyespecially over the productive sector of all economic branchesas well as by increasing the collection degree of taxes and feeswhich can generate financial resources, funds which need to be oriented with priority towards investment making in the production sector of the Romanian economy.


At European and world level, financial stability is upset by the alarming increase of states ‘ debts. The periodcharacterised by higher budgetary deficits, practically lead to the doubling of the public debt. Furthermore, legal provisions [15] established certain principles grounding the implementation of an efficient management of public finances, respectively of the public debt which would serve long term public interest, of an economic prosperity, as well as to anchor fiscal-budgetary policies in a sustainable framework.

The analysis of public debt sustainability is meant to offer answers and solutions relating to the capacity of a government to maintain the same direction of expenditures and revenues or, in case they have to make an adjustment, to turn government public debt constant as a proportion of the GDP. The evolution of public debt percent of the GDP indicator for the period —Source: Recent examples taken from emerging economies showed that shocks may turn into financial crises, which can make public management difficult and have significant budgetary consequences.

The analysis of this data shows that inas compared topublic debt went up in a rhythm superior to the economic growth one, a situation in which public finances sustainability needs to be a major challenge at the level of public policies. Evolution of the ratio between the deficit and the GDP in EU member states, in the period — The statute as a member state of a monetary union triggers the opening degree of the economy by percent swhich in turn influences the dynamics of the GDP [37].

To ensure sustainable levels of public debt it is important that EU member states understand certain medium term budgetary objectives, which would result in a descending trend of public debt, through strict compliance with budgetary policy [22].

Furthermore, two member states had budget excedents on the overall analysed period, respectively Germany with a peak in and Luxembourg with a peak in In order to maintain public debt at an acceptable level, it is necessary that the economy of Romania focuses efforts and financial resources to enhance the gross domestic productby developing both the industrial sector through investment in intelligent technologies, which would generate added value, and through the agricultural sector ecological agriculturebut also by developing constructions and services publicw population.