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Assessing the Sustainability of Public Finances in Romania

Author

Listed:
  • Zaman, Constantin

    () (CASE (Centre for Social and Economic Analyses) Warsaw and CES (Centre d’Economie de la Sorbonne) Paris)

Abstract

This paper proposes a simple method to assess the sustainability of public finances in Romania, which uses the twin deficits concept. We conclude that the sustainability of the country has been seriously affected by the recent crisis, but to a larger extent by the inappropriate design of economic policies in the past years. Budget deficits have been recorded even in times of high economic growth, while foreign debt has accumulated at an unjustifiable increasing speed.

Suggested Citation

  • Zaman, Constantin, 2011. "Assessing the Sustainability of Public Finances in Romania," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 106-115, June.
  • Handle: RePEc:rjr:romjef:v::y:2011:i:2:p:106-115
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    File URL: http://www.ipe.ro/rjef/rjef2_11/rjef2_2011p106-11.pdf
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    References listed on IDEAS

    as
    1. Jorge A Chan-Lau & Andre O Santos, 2010. "Public Debt Sustainability and Management in a Compound Option Framework," IMF Working Papers 10/2, International Monetary Fund.
    2. Polito, Vito & Wickens, Michael R., 2005. "Measuring Fiscal Sustainability," CEPR Discussion Papers 5312, C.E.P.R. Discussion Papers.
    3. Maximiano Pinheiro & Vanda Geraldes da Cunha, 2007. "MISS: A model for assessing the sustainability of public social security in Portugal," Working Papers o200703, Banco de Portugal, Economics and Research Department.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Tosun, M. Umur & Iyidogan, Pelin Varol & Telatar, Erdinç, 2014. "The Twin Deficits in Selected Central and Eastern European Economies: Bounds Testing Approach with Causality Analysis," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 141-160, June.

    More about this item

    Keywords

    sustainability; public finances; budget deficit;

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing

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