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Views On The Concept Of Financial Policy And Its Manifestation


  • Pop Mugurel Gabriel Sorin

    () ("Dimitrie Cantemir" Christian University Bucharest, Faculty of Economic Sciences of Cluj-Napoca)


The present study proposes an analysis of the main views expressed in the literature on financial policy, as well as the shaping of our own, clear and comprehensive vision, regarding the content of this concept. The main objective of our research is to clarify the content of the financial policy concept, so that this policy may be effectively used in the service of overall development of our economy and society. Reaching such an objective has implied the research of a vast existing literature on the field, in the country as well as abroad, observing a vast variety of understandings regarding the meaning of the concept itself, the objectives stated within the financial policy as well as the main approaches (ways to follow) for achieving these objectives. Of course the achievement of such a research is not possible without a meaningful analysis of the principles expressed in this field's literature. In relation to this matter we can see that each author has his own conception regarding the subject under review. These expressed conceptions are, in turn, based on previous research in the analyzed area. The accelerated dynamism proved by the evolution of our economy and society in this stage shows us that through the financial policy, outlined both at a micro and a macroeconomic level, clear fundamental objectives must be formulated that should be possible to achieve by partial objectives (sequential), practical methods and procedures being adapted to them. Our research is at the present stage, a theoretical and methodological one. It is based on the comparisons we make between the views expressed in the studies of different authors, trying to draw the "red line" of these views and observing the fundamental meaning given to the financial policy concept. We express our conviction that a clear conceptual expression of the financial policy notion comes to the rescue of the general management (macro and microeconomic) facilitating the process of adopting the most appropriate decisions for achieving the objectives set by the financial policy. The result of our research is represented by the formulation of a clear and comprehensive concept concerning the financial policy. Removing ambiguities in formulating the concept under review as well as in the means of achieving the formulated objectives is for the benefit of achieving the monetary, financial and budgetary balance at a macroeconomic level, which is the foundation for promoting some beneficial financial policies at a microeconomic level.

Suggested Citation

  • Pop Mugurel Gabriel Sorin, 2011. "Views On The Concept Of Financial Policy And Its Manifestation," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 423-430, July.
  • Handle: RePEc:ora:journl:v:1:y:2011:i:1:p:423-430

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    References listed on IDEAS

    1. Carmen M. Reinhart & Kenneth S. Rogoff & Miguel A. Savastano, 2003. "Debt Intolerance," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(1), pages 1-74.
    2. Carmen M. Reinhart & Kenneth S. Rogoff, 2010. "Growth in a Time of Debt," American Economic Review, American Economic Association, vol. 100(2), pages 573-578, May.
    3. Vincent Koen & Paul van den Noord, 2005. "Fiscal Gimmickry in Europe: One-Off Measures and Creative Accounting," OECD Economics Department Working Papers 417, OECD Publishing.
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    More about this item


    financial policy; financial policy elements; investment policy; financing policy; dividend policy; evolution;

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill


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