An Optimality Assessment Of The Fiscal Consolidation Process Initiated By Romania In 2010
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.
Volume (Year): 19 (2015)
Issue (Month): 1 ()
|Contact details of provider:|| Postal: Casa Academiei, Calea 13 Septembrie nr.13, sector 5, Bucuresti|
Phone: 004 021 3182419
Fax: 004 021 3182419
Web page: http://www.icfm.ro/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Stephen Cecchetti & Madhusudan Mohanty & Fabrizio Zampolli, 2011. "The real effects of debt," BIS Working Papers 352, Bank for International Settlements.
- 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.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2010. "Growth in a Time of Debt," NBER Working Papers 15639, National Bureau of Economic Research, Inc.
- Reinhart, Carmen M. & Rogoff, Kenneth S., 2010. "Growth in a Time of Debt," Scholarly Articles 11129154, Harvard University Department of Economics.
- Reinhart, Carmen M. & Rogoff, Kenneth, 2010. "Growth in a Time of Debt," CEPR Discussion Papers 7661, C.E.P.R. Discussion Papers.
- Alejandro D Guerson, 2013. "The Composition of Fiscal Consolidation Matters; Policy Simulations for Hungary," IMF Working Papers 13/207, International Monetary Fund.
- 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.
- Douglas Sutherland & Peter Hoeller & Rossana Merola, 2012. "Fiscal Consolidation: Part 1. How Much is Needed and How to Reduce Debt to a Prudent Level?," OECD Economics Department Working Papers 932, OECD Publishing. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:vls:finstu:v:19:y:2015:i:1:p:8-20. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Daniel Mateescu)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.