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Vulnerabilities In Economy Arising From Deficiencies In Public Procurement

Author

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  • MATEI, Adrian Ducu

    (NIER †C.C. Kiritescu†– Romanian Academy, Bucharest, Romania)

Abstract

Economy benefits from a powerful instrument for growth and development, namely public procurement; it can generate solutions to social and environmental challenges and contribute to the advancement of innovation. Public procurement plays a crucial role for both the public sector and the private sector, as its specific processes involve expenditures on goods, services, and works, enable investments, fostering employment. Integrity in public procurement is essential to fully benefit from the processes taking place within the economy. Otherwise, when public procurement is not conducted in compliance with legal procedures, lacking economic and social efficiency, and sound financial management, it generates vulnerabilities in economy. In practice, the primary objective is to assess whether effectiveness, and economy (‘value for money’) are achieved under conditions of integrity and accountability.The objective of this study is to assess the scope and scale of deficiencies and to focus on their reduction. The consequences of the identified deficiencies are reflected in the substantial extent of losses, additional revenues, and financial-accounting irregularities. The conclusion is that strengthening oversight in the field of public procurement in Romania can lead to a reduction of deficiencies in this area.

Suggested Citation

  • MATEI, Adrian Ducu, 2025. "Vulnerabilities In Economy Arising From Deficiencies In Public Procurement," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 13(1), pages 249-260, October.
    • Handle: RePEc:vls:rojfme:v:13:y:2025:i:1:p:249-260
    DOI: https://doi.org/10.65672/jfme.2025.1.23
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    References listed on IDEAS

    as
    1. Deodat Mwesiumo & Kjetil Magnus Olsen & Geir Arne Svenning & Richard Glavee-Geo, 2019. "Implementing public procurement of innovations in an organization: lessons from Norway," Journal of Public Procurement, Emerald Group Publishing Limited, vol. 19(3), pages 252-274, August.
    2. Athena Roumboutsos & Konstantinos Anagnostopoulos, 2008. "Public-private partnership projects in Greece: risk ranking and preferred risk allocation," Construction Management and Economics, Taylor & Francis Journals, vol. 26(7), pages 751-763.
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    Keywords

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    JEL classification:

    • D73 - Microeconomics - - Analysis of Collective Decision-Making - - - Bureaucracy; Administrative Processes in Public Organizations; Corruption
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • H57 - Public Economics - - National Government Expenditures and Related Policies - - - Procurement

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