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Romania'S External Debt: Trend And Characteristics After The Accession To The European Union

Author

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  • MILEA, Camelia

    ("Victor Slavescu" Centre for Financial and Monetary Research, Romanian Academy, Bucharest.)

Abstract

The paper aims to argue the importance of the external debt and of its structure for the management of macroeconomic policies. The survey focused on the period 2006-2017, in order to reveal the effects of Romania’s joining the European Union on the trend of the external debt of and of its components. During the analysed period, the medium and long-term external debt held the majority within Romania’s total external debt. The evolution of the external debt and of its components had a turning point in 2013 when, for the first time in the surveyed period, they started to diminish. The structure by creditors of the medium and long-term external direct public debt shows that the multilateral credits formed the majority of the debt in 2006-2012, while the share of bonds issues increased in 2013-2017. The almost continuous increase of NBR’s (National Bank of Romania) reserve assets shows Romania’s financial and banking solidity and credibility.

Suggested Citation

  • MILEA, Camelia, 2018. "Romania'S External Debt: Trend And Characteristics After The Accession To The European Union," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 22(2), pages 52-64, June.
    • Handle: RePEc:vls:finstu:v:22:y:2018:i:2:p:52-64
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    Citations

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    Cited by:

    1. Memduh Alper DEMÄ°R, 2021. "External debt sustainability in the transition economies of southeast Europe: an application by wavelet-based unit root tests," Eastern Journal of European Studies, Centre for European Studies, Alexandru Ioan Cuza University, vol. 12, pages 173-190, June.

    More about this item

    Keywords

    external debt structure; external direct public debt; debt problems; creditors;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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