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The Assessment Of The Public Debt Sustainability

Author

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  • MILEA, Camelia

    (“Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy, Bucharest, Romania)

Abstract

The subject of the article42 is justified by the international concerns following the rapid growth of the public debt, as an effect of the global economic and financial crisis. Based on the main concepts and definitions in the economic literature on debt sustainability, the author adopts her own opinion on the definition of debt sustainability. In the paper, there are analysed the factors influencing public debt and the risk of default, there are identified some limitations of the analysis of the public debt sustainability, there are presented the factors influencing public debt sustainability and the risk factors in ensuring the sustainability of the debt. Finally, some methods of ensuring debt sustainability are highlighted. One of the most important conclusions is that there is no rule for determining a "safe" level of the public debt. Each country must define its maximum level of public debt based on its own macroeconomic and financial experience and of other countries, but taking into account its own characteristics.

Suggested Citation

  • MILEA, Camelia, 2019. "The Assessment Of The Public Debt Sustainability," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 7(1), pages 111-120, October.
    • Handle: RePEc:vls:rojfme:v:7:y:2019:i:1:p:111-120
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    Keywords

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    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G01 - Financial Economics - - General - - - Financial Crises
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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