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The Sustainability Of Romania’S External Debt During The Recent Financial Crisis


  • Sorin Calea

    () (Babes-Bolyai University, Faculty of Economics and Business Administration, Department of Economics Cluj-Napoca, Romania)

  • Ioana Mihut

    () (Babes-Bolyai University, Faculty of Economics and Business Administration, Department of Economics Cluj-Napoca, Romania)

  • Mihaela Lutas

    () (Babes-Bolyai University, Faculty of Economics and Business Administration, Department of Economics Cluj-Napoca, Romania)


Between the sustainability of the current account deficit and the sustainability of the external debt there is a direct connection: the accumulation of external deficits generates in a certain degree the increase of the external debt stock and, at the same time, problems with its sustainability. The analysis of the external debt sustainability constitute a subject of interests for the researchers, both from a theoretical but also empirical point of view, offering various perspectives according to the economical background and future expectations of the international debtors and creditors. The main purpose of this article is to investigate the sustainability of Romania’s external debt during the recent financial crisis that determined without any doubt a reconfiguration of the worldwide economic architecture with reference to the main indicators that are considered by the literature in the field to be relevant in shaping the general framework of debt sustainability. This analysis may be perceived as a starting point for the responsible authorities to develop new strategies that would enable a proper management of the external debt in order to achieve high economic growth rates without any financial compromises.

Suggested Citation

  • Sorin Calea & Ioana Mihut & Mihaela Lutas, 2014. "The Sustainability Of Romania’S External Debt During The Recent Financial Crisis," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 6(2), pages 46-56, July.
  • Handle: RePEc:jes:wpaper:y:2014:v:6:i:2:p:46-56

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    References listed on IDEAS

    1. Gian Maria Milesi Ferretti & Assaf Razin, 2000. "Current Account Reversals and Currency Crises: Empirical Regularities," NBER Chapters,in: Currency Crises, pages 285-323 National Bureau of Economic Research, Inc.
    2. Sebastian Edwards, 2005. "The end of large current account deficits : 1970-2002 : are there lessons for the United States?," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, issue Aug, pages 205-268.
    3. Zaman, Gheorghe & Georgescu, George, 2011. "Sovereign risk and debt sustainability: warning levels for Romania," MPRA Paper 32924, University Library of Munich, Germany.
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    More about this item


    external debt; external debt sustainability; indicators of the external debt sustainability Romania;

    JEL classification:

    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt


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