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Evaluation Of The Criteria For Determining The Medium-Term Budgetary Objective

Author

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  • LEONIDA, Ionel

    (Centre for Financial and Monetary Research “Victor Slavescu”, N.I.E.R., Romanian Academy, Bucharest, Romania)

Abstract

The objective of this paper is to evaluate the criteria for determining the medium-term budgetary objective. In this respect, the criteria of institutional, economic and behavioral nature will be evaluated. The association of the criteria with the determinants of the medium-term budgetary objective will be done as follows: the component regarding the cost of population aging over a time horizon, we consider it the determinant of institutional nature; The potential Gross Domestic Product is considered the determining factor of economic nature, this being an important indicator in determining the medium-term budgetary objective - the structural deficit - in determining the production gap, but also with other "responsibilities"; we associate the public debt with the behavioral determinant, which is an indicator in which the historical budgetary behavior of a Member State is observed. Based on the evaluation of these criteria, strengths and vulnerabilities of the framework for determining the medium-term budgetary objective will be presented.

Suggested Citation

  • LEONIDA, Ionel, 2019. "Evaluation Of The Criteria For Determining The Medium-Term Budgetary Objective," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 7(1), pages 52-61, October.
    • Handle: RePEc:vls:rojfme:v:7:y:2019:i:1:p:52-61
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    More about this item

    Keywords

    public debt; budget deficit; fiscal consolidation; medium-term budgetary objective;
    All these keywords.

    JEL classification:

    • H22 - Public Economics - - Taxation, Subsidies, and Revenue - - - Incidence
    • H26 - Public Economics - - Taxation, Subsidies, and Revenue - - - Tax Evasion and Avoidance
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus

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