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The Role of Sovereign Debts in the Development of the Actual Macroeconomic Environment

Author

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  • Emilia Cornelia Stoica

    (Faculty of Economics and Business Administration "Nicolae Titulescu" University of Bucharest)

  • Nicoleta Georgeta Panait

    (Faculty of Economics and Business Administration "Nicolae Titulescu" University of Bucharest)

Abstract

Globally, the volume of public debt, most of which is sovereign debt, has increased significantly and although the macroeconomic development of most states has made good progress since the consequences of the global financial crisis triggered by the United States since 2007, their share has become a major concern for global financial equilibrium. In this context, the analysis of the evolution of public debt in each country as well as in the geographic areas of strategic importance for the international economic conjuncture is an imperative for international financial analysts and institutions as well as for those who develop forecasts and propose economic-financial policies in the short term, and especially in the medium and long term. The analysis of public debt in each country, region or community / association of sovereign states is of major importance both for assessing the financial stability and, implicitly, the economic at national, global as well as presently when capital, as well as goods and services circulate with great ease between countries and continents to identify potential risk factors that may affect the macroeconomic development and social life of the communities involved. The aggravation of free movement, along with the increase in public debt, along with other factors of an economic, political and social nature, contributes to the establishment of a new world economic order characterized by a new hierarchy of world states, new economic and financial relations between countries with a developed economy and those with important natural and human resources, but whose level of macroeconomic performance is well below the level of developed ones.

Suggested Citation

  • Emilia Cornelia Stoica & Nicoleta Georgeta Panait, 2019. "The Role of Sovereign Debts in the Development of the Actual Macroeconomic Environment," Global Economic Observer, "Nicolae Titulescu" University of Bucharest, Faculty of Economic Sciences;Institute for World Economy of the Romanian Academy, vol. 7(2), pages 104-111, December.
    • Handle: RePEc:ntu:ntugeo:vol7-iss2-19-104
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    References listed on IDEAS

    as
    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "A Decade of Debt," Central Banking, Analysis, and Economic Policies Book Series, in: Miguel Fuentes D. & Claudio E. Raddatz & Carmen M. Reinhart (ed.),Capital Mobility and Monetary Policy, edition 1, volume 18, chapter 4, pages 97-135, Central Bank of Chile.
    2. Alexandru Minea & Antoine Parent, 2012. "Is High Public Debt Always Harmful to Economic Growth? Reinhart and Rogoff and some complex nonlinearities," Working Papers 12-08, Association Française de Cliométrie (AFC).
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