Assessing the Sustainability of Public Finances in Romania
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.
Volume (Year): (2011)
Issue (Month): 2 (June)
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- Polito, Vito & Wickens, Michael R., 2005.
"Measuring Fiscal Sustainability,"
CEPR Discussion Papers
5312, C.E.P.R. Discussion Papers.
- 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.
- Jorge A. Chan-Lau & Andre Santos, 2010. "Public Debt Sustainability and Management in a Compound Option Framework," IMF Working Papers 10/2, International Monetary Fund.
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