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Modeling The Economic Growth In Romania. The Influence Of Fiscal Regimes

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Author Info
Altar, Moisa () (Academy of Economic Studies, Bucharest;)
Necula, Ciprian () (Academy of Economic Studies, Bucharest;)
Bobeica, Gabriel () (Academy of Economic Studies, Bucharest;)

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Abstract

Taking into consideration the importance of the sustainability of public finance, in the present study we calibrate and simulate a three-sector Greiner, Semmler and Gong (2004) model for the Romanian economy. The simulations were performed considering three fiscal regimes, defined according to the way the government expenditures were financed. By calibrating the model to the Romanian economy, we determine for each fiscal regime the optimal tax rate, that is the tax that maximizes the long-run growth rate, and we forecast the evolution of the real GDP.

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File URL: http://www.ipe.ro/rjef/rjef4_08/rjef4_08_6.pdf
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Publisher Info
Article provided by Institute for Economic Forecasting in its journal Romanian Journal for Economic Forecasting.

Volume (Year): 5 (2008)
Issue (Month): 4 (December)
Pages: 146-160
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Handle: RePEc:rjr:romjef:v:5:y:2008:i:4:p:146-160

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Related research
Keywords: endogenous economic growth; fiscal regime; three-sector economy; path simulation; public capital; balanced growth path;

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Find related papers by JEL classification:
C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Statistical Simulation Methods
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy

References listed on IDEAS
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