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External debt management in Romania

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  • Dumitriu, Ramona
  • Stefanescu, Razvan

Abstract

This paper approaches the evolution of Romania’s foreign debt in three periods of time: during Nicolae Ceausescu regime, in the transition period and the one which followed the adhesion to European Union. For all three periods the external debt management had to deal with different circumstances: the sharp increase of real interest rates from the 1980s, the lack of credibility on international financial markets from the 1990s or the recent global crisis. We conclude that political regime, the efficiency of the allocation of the borrowed funds or the international context played major roles in the external debt management.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 52475.

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Date of creation: 24 Sep 2013
Date of revision: 25 Sep 2013
Handle: RePEc:pra:mprapa:52475

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Keywords: External Debt; Crisis; External Deficits;

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References

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  1. Bulow, Jeremy & Rogoff, Kenneth S., 1989. "A Constant Recontracting Model of Sovereign Debt," Scholarly Articles 12491028, Harvard University Department of Economics.
  2. Michael G. Arghyrou & John D. Tsoukalas, 2011. "The Greek Debt Crisis: Likely Causes, Mechanics and Outcomes," The World Economy, Wiley Blackwell, vol. 34(2), pages 173-191, 02.
  3. Barry Eichengreen & Ricardo Hausmann & Ugo Panizza, 2003. "Currency Mismatches, Debt Intolerance and Original Sin: Why They Are Not the Same and Why it Matters," NBER Working Papers 10036, National Bureau of Economic Research, Inc.
  4. Reinhart, Carmen & Kaminsky, Graciela & Vegh, Carlos, 2003. "The unholy trinity of financial contagion," MPRA Paper 13878, University Library of Munich, Germany.
  5. Carmen M. Reinhart, 2002. "Default, Currency Crises, and Sovereign Credit Ratings," World Bank Economic Review, World Bank Group, World Bank Group, vol. 16(2), pages 151-170, August.
  6. Obstfeld, Maurice, 1996. "Models of currency crises with self-fulfilling features," European Economic Review, Elsevier, Elsevier, vol. 40(3-5), pages 1037-1047, April.
  7. Calvo, Guillermo A, 1988. "Servicing the Public Debt: The Role of Expectations," American Economic Review, American Economic Association, American Economic Association, vol. 78(4), pages 647-61, September.
  8. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 11(3), pages 311-25, August.
  9. Kevin Ross & R. Brooks & Robert Powell & Ydahlia A. Metzgen Quemarez & Doris C. Ross & Mariano Cortes & Saqib Rizavi & Benoit Ketchekmen & Francesca Fornasari, 1998. "External Debt Histories of Ten Low-Income Developing Countries," IMF Working Papers 98/72, International Monetary Fund.
  10. Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "A Decade of Debt," Peterson Institute Press: All Books, Peterson Institute for International Economics, Peterson Institute for International Economics, number 6222, July.
  11. Carmen M. Reinhart, 2010. "This Time is Different Chartbook: Country Histories on Debt, Default, and Financial Crises," NBER Working Papers 15815, National Bureau of Economic Research, Inc.
  12. Kahler, Miles, 1985. "Politics and international debt: explaining the crisis," International Organization, Cambridge University Press, Cambridge University Press, vol. 39(03), pages 357-382, June.
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Cited by:
  1. Razvan STEFANESCU & Ramona DUMITRIU, 2014. "A State-Owned Payment And Savings System As An Alternative To The Banking Regulations Strengthening," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 297-301.

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