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Paradigmele istoriei. Datoria publică a României în ultimii 100 de ani
[History paradigms: the public debt of Romania in the last 100 years]

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  • Georgescu, George

Abstract

The study focuses on the analysis of Romania’s public debt over the last 100 years, on three distinct historical periods (interwar, under communist regime, and the transition to the market economy), characterized, despite essential system differencies, by the same paradigm of a sinusoidal trajectory of the economic development, fundamentally affected by the overindebtedness costs and/or, paradoxically, by those of debt liquidation. The paper highlights the main causes of the public debt accumulation, the destinations of loans, trying to assess the sustainability parameters thoughout the last century. It was found that, in terms of debt sustainability, Romania had, in most of the time, an excessive indebtedness degree, accentuated by heavy financial and political consequences of the two world wars before 1990 and, after this, by the transition costs and the global crisis effects, which impacted the macroeconomic situation of the country.

Suggested Citation

  • Georgescu, George, 2017. "Paradigmele istoriei. Datoria publică a României în ultimii 100 de ani [History paradigms: the public debt of Romania in the last 100 years]," MPRA Paper 82219, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:82219
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    File URL: https://mpra.ub.uni-muenchen.de/82219/1/MPRA_paper_82219.pdf
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    References listed on IDEAS

    as
    1. Georgescu, George, 2013. "Public debt, sovereign risk and sustainable development of Romania," MPRA Paper 57256, University Library of Munich, Germany.
    2. Axenciuc, Victor & Georgescu, George, 2017. "Gross Domestic Product – National Income of Romania 1862 – 2010. Secular statistical series and methodological foundations," MPRA Paper 84614, University Library of Munich, Germany.
    3. Zaman, Gheorghe & Georgescu, George, 2011. "Sovereign risk and debt sustainability: warning levels for Romania," MPRA Paper 32924, University Library of Munich, Germany.
    4. Zaman, Gheorghe & Georgescu, George, 2014. "Romania’s external debt threats," Working Papers of Institute for Economic Forecasting 141215, Institute for Economic Forecasting.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    B22; E44; E62; F34; H63; N44;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • N44 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: 1913-

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