Considerations about Romania’s Public Debt and its Future Perspectives
AbstractThe model of economic growth that Romania adopted was not sustainable. The recent economic crisis proved that. With the continued growth in salaries and pensions without a complex analysis of the budget and its future projections, and without an increase in productivity, Romania was turned into the perfect victim in front of the disequilibrium of the foreign markets. The IMF and the European Union played a significant role in saving Romania from what might have seemed another Greece at the time. This paper will analyze the effects of the external loan in the long run and also the absolute necessity of the loan. Recent events like the crisis of the sovereign debts in EU just show that the loans have only postponed an even greater crisis. The deficit will not reach 3% without a real economic growth and the external debt is growing rapidly. So, the loan had its price, maybe by sacrificing the sustainable development.
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Bibliographic InfoArticle provided by Ovidius University of Constantza, Faculty of Economic Sciences in its journal Ovidius University Annals, Economic Sciences Series.
Volume (Year): XI (2011)
Issue (Month): 2 (May)
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Web page: http://www.univ-ovidius.ro/facultatea-de-stiinte-economice
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deficit; external debt; external loan; sustainable development; economic growth.;
Find related papers by JEL classification:
- H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
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