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O retrospectivă analitică a contextului crizei datoriei externe a României din anii 1980
[A deeper insight into the background of 1980s external debt crisis in Romania]


  • Georgescu, George


This study, based on more recent research, including disarchived and / or declassificated information regarding the communist period in Romania, both internally and internationally, focuses on exploring the 1980s external debt crisis context and causes, as well as the impact of internal and external factors, having as intention a reevaluation, closer to the reality, of those times state of affaires. At the beginning of the 1980s, the global economy was marked by a severe economic and financial crisis, the first on global-scale in history, felt by more than 30 developing countries as a balance of payments crisis, which resulted in the renegotiation and rescheduling of their sovereign debt. In the case of Romania, the external debt crisis triggered in 1982 has been aggravated, in an extremely severe manner, by overlapping internal vulnerabilities accumulated in previous decades with external shock caused by the major changes in the global economic, financial and geopolitical context at the end of 1979, which led to the explosive rise in interest rates on loans contracted from private commercial banks under floating interest rates, as well as the introduction of conditionalities on loans granted by international financial institutions. The study conclude that the decision of Romanian authorities to liquidate the external debt and the crisis management errors had a destructive impact on the Romanian economy, degenerated in a system crisis at the end of 1989. Many of the external debt crisis were felt also afterwards, slowing down significantly the pace of the transition to the market economy and the positioning of the country on a sustainable development trajectory.

Suggested Citation

  • Georgescu, George, 2018. "O retrospectivă analitică a contextului crizei datoriei externe a României din anii 1980
    [A deeper insight into the background of 1980s external debt crisis in Romania]
    ," MPRA Paper 86790, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:86790

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    References listed on IDEAS

    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 1065-1188, November.
    2. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters,in: This Time Is Different: Eight Centuries of Financial Folly Princeton University Press.
    3. Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "From Financial Crash to Debt Crisis," American Economic Review, American Economic Association, vol. 101(5), pages 1676-1706, August.
    4. Jeffrey Sachs, 1986. "Managing the LDC Debt Crisis," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 17(2), pages 397-440.
    5. Kornai, Janos, 1992. "The Socialist System: The Political Economy of Communism," OUP Catalogue, Oxford University Press, number 9780198287766.
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    More about this item


    external debt crisis; oil crisis shocks; IMF; FED monetary policy; interest rates; sovereign debt rescheduling;

    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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