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The Impact of the Current Financial Crisis on Romania’ Budget

Author

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  • Mi?ac Mirela

    () (National Bank of Romania, Constanta Branch)

Abstract

Global economy was significantly affected by the global financial crisis and especially the budget balance of all countries. Starting with 2008 the global economy has been confronting the deepest economic downturn since the Great Recession in 1930. The crisis had a high level of synchronization, both the developed and the emerging economies being affected, showing a significant increase of the inter-dependence between the world economies. Many countries experienced recession in 2008 and Romania went into recession in the third quarter of 2008. In this article we present the impact of the present crisis on the Romania’ budget and fiscal sector between the end of 2007 and the end of 2010 and the forecasts for 2011 and 2012.

Suggested Citation

  • Mi?ac Mirela, 2011. "The Impact of the Current Financial Crisis on Romania’ Budget," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 821-824, May.
  • Handle: RePEc:ovi:oviste:v:xi:y:2011:i:9:p:821-824
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    More about this item

    Keywords

    financial crisis; budget; deficit; fiscal policy;

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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