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An Optimality Assessment Of The Fiscal Consolidation Process Initiated By Romania In 2010

Listed author(s):
  • DUMITRESCU, Bogdan Andrei

    (The Bucharest University of Economic Studies, Department of Money and Banking and CARFIB)

The manifestation of the economic and financial crisis consequences in Romania at the end of 2008 coincided with the accumulation of severe imbalances in terms of public finances position and current account balance. The inevitable decision of the Romanian authorities to implement a program of fiscal consolidation in 2010 raised the question of its optimality in terms of size and composition, namely the mix between the modification of different categories of revenues and expenditures. The present study calculated the short and medium term need for fiscal adjustment existent in 2009 and also compared the structure of the chosen fiscal consolidation package with the one indicated by the best practices from the literature. The paper concludes that, although the fiscal consolidation program has been successful in correcting the fiscal imbalances, its quality in terms of composition was an average one.

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File URL: ftp://www.ipe.ro/RePEc/vls/vls_pdf/vol19i1p8-20.pdf
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Article provided by Centre of Financial and Monetary Research "Victor Slavescu" in its journal Studii Financiare (Financial Studies).

Volume (Year): 19 (2015)
Issue (Month): 1 ()
Pages: 8-20

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Handle: RePEc:vls:finstu:v:19:y:2015:i:1:p:8-20
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  1. Stephen Cecchetti & Madhusudan Mohanty & Fabrizio Zampolli, 2011. "The real effects of debt," BIS Working Papers 352, Bank for International Settlements.
  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. Alejandro D Guerson, 2013. "The Composition of Fiscal Consolidation Matters; Policy Simulations for Hungary," IMF Working Papers 13/207, International Monetary Fund.
  4. Boris Cournède & Antoine Goujard & Álvaro Pina, 2013. "How to Achieve Growth- and Equity-friendly Fiscal Consolidation?: A Proposed Methodology for Instrument Choice with an Illustrative Application to OECD Countries," OECD Economics Department Working Papers 1088, OECD Publishing.
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