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Risks Associated With Romanian Capital Account Liberalization

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Author Info

  • Ramona Mariana CALINICA

    ()
    (Dunarea de Jos University of Galati, Romania)

  • Daniel CALINICA

    ()
    (Dunarea de Jos University of Galati, Romania)

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    Abstract

    The compulsory full liberalization of the capital account of Romania has been undertaken with EU Accession Treaty and put into practice since September 2006. This allowed free entry of capital in the Romanian economy, the financial sector being the main beneficiary. Moreover, the central bank decided to stop using the lever prudential and administrative measures employed to mitigate the growth of private sector credit (reserve level policy). The effect of these measures was the excessive growth of the private sector credit volume in Romania. The objective of this paper is to present the consequences of these actions, the ultimate goal being to identify induced risks to the stability of the financial system.

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    File URL: http://www.rce.feaa.ugal.ro/images/stories/RCE2012/economics/CalinicaCalinica.pdf
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    Bibliographic Info

    Article provided by "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration in its journal Risk in the Contemporary Economy, Proceedings Conference.

    Volume (Year): (2012)
    Issue (Month): ()
    Pages: 25-30

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    Handle: RePEc:ddj:fserec:y:2012:p:25-30

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    Postal: No. 59-61, Nicolae Balcescu Street, Postal Code 800008, Galati
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    Web page: http://www.feaa.ugal.ro
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    Related research

    Keywords: capital account liberalization; risks; capital inflows;

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    1. Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises: A New Database," IMF Working Papers 08/224, International Monetary Fund.
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