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Analysis of the Evolution of Public Finances in Romania

Author

Listed:
  • Constantin ANGHELACHE

    (Bucharest University of Economic Studies / „Artifex” University of Bucharest)

  • Madalina-Gabriela ANGHEL

    („Artifex” University of Bucharest)

  • Florin Paul Costel LILEA

    („Artifex” University of Bucharest)

  • Mariana CHILIMENT

    (Bucharest University of Economic Studies)

Abstract

The financial system of a country is essential because it highlights the economic flows that are established between economic agents and state institutions as well as among a number of other components that contribute to the realization of the gross domestic product. On the other hand, the financial-banking system is the one that facilitates the correlation of the obligations and rights of the economic agents and highlights at any moment what the evolution was at one point. Of course, the financial-banking system has existed for a long time and in general terms it is defined as the total of financial and local activities in a country. In principle, we are talking about public finances, which provide an adequate framework for the realization of money resources and public funds, the modalities and instruments used in general with a certain link between public finances and the legislative framework that are not mutually exclusive. The existence of public financial resources is carried out in any social organization by the distribution of gross domestic product of amounts intended, being included in the consolidated budget, meeting the needs of the social environment. In other words, finance expresses social relations of an economic nature, in a monetary expression, which appears in the oldest times. Of course, the public finance system has evolved and adapted according to the requirements or characteristics of the company. From this point of view, in this article we can identify a period until the First World War, an interwar period, which coincides with the beginning of the formation of the Romanian unitary national state in 1918, then it is the period of the Second World War, and since 1945 until 1989, a period of the stagnant economy where public finances had a certain structure, a certain evolution, a certain organization, and many others. Then, since 1990, a market economy has its own characteristics, and on this background, public finances are changing and appropriate to the system of market economy. Here some elements can be detached, but they are not essential in terms of the role of public finances. The authors’ study also presents some graphs and series of data that reveal – especially in the most recent period – the evolution of tax revenues, the structure of revenues and expenditures, the public debt of Romania and many others that are on all of which are highlighted and also relate to budget implementation.

Suggested Citation

  • Constantin ANGHELACHE & Madalina-Gabriela ANGHEL & Florin Paul Costel LILEA & Mariana CHILIMENT, 2018. "Analysis of the Evolution of Public Finances in Romania," Romanian Statistical Review Supplement, Romanian Statistical Review, vol. 66(3), pages 68-79, March.
  • Handle: RePEc:rsr:supplm:v:66:y:2018:i:3:p:68-79
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    More about this item

    Keywords

    public finance; budget; income; financial resource; free market;

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • E64 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Incomes Policy; Price Policy
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus

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