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FISCAL VULNERABILITY vs. FISCAL SUSTAINABILITY: THEORETICAL BACKGROUND

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  • Andreea Stoian

    (Bucharest Academy of Economic Studies)

Abstract

The aim of this study is to present the theoretical background for the concepts of fiscal vulnerability and fiscal sustainability. The distinction between them is very thin and accounts for the time horizon. For assessing the state (vulnerable/sustainable) of fiscal policy, it can be used few indicators. Applying them for the case of European Union members, it was shown that Belgium and Italy confronts with a vulnerable fiscal policy. In such situation, it is imperative for the governments to take fiscal adjustment measures to avoid an unsustainable fiscal policy in the long run.

Suggested Citation

  • Andreea Stoian, 2011. "FISCAL VULNERABILITY vs. FISCAL SUSTAINABILITY: THEORETICAL BACKGROUND," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 5(5(558)(su), pages 541-547, July.
  • Handle: RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:541-547
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    References listed on IDEAS

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    4. Carmen M. Reinhart & Vincent Raymond Reinhart, 2002. "What Hurts Emerging Markets Most? G3 Exchange Rate or Interest Rate Volatility?," NBER Chapters,in: Preventing Currency Crises in Emerging Markets, pages 133-170 National Bureau of Economic Research, Inc.
    5. Meese, Richard A & Rogoff, Kenneth, 1988. " Was It Real? The Exchange Rate-Interest Differential Relation over the Modern Floating-Rate Period," Journal of Finance, American Finance Association, vol. 43(4), pages 933-948, September.
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    8. Ronald MacDonald, 1997. "What Determines Real Exchange Rates? The Long and Short of it," IMF Working Papers 97/21, International Monetary Fund.
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    Cited by:

    1. Laura Obreja Braşoveanu, 2012. "Correlation Between Government and Economic Growth - Specific Features for 10 Nms," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 2(5), pages 1-14, October.
    2. Marilena Ciobănaşu & Mirela - Anca Postole, 2012. "Contribution of Taxes to the Making-Up of Budget Revenues in the Economic Growth," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 2(6), pages 1-12, December.

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