But, by this measure the. Iulian Vacarel and the co-authors, „ Finante publice ”, The 6-th Edition, Publishing house Didactica si Pedagogica,. Bucharest, 64/ on public debt, approved by Government Decision no. .. Văcărel Iulian, (coordonator), Finanţe Publice, Editura Didactică şi Pedagogică, București. Finantele publice sunt necesare, în mod subiectiv şi obiectiv [8] Văcărel Iulian , Finanţe Publice, Editura Didactică şi Pedagogică ,;. [9]Văcărel Iulian.

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In the instance of an operational market economy, the state uses this financing source to promote new investments, meant for modernisation, as well as for innovation of existing assets, a context in which the public debt notion emerges. Considering the above-mentioned analyses, it can be concluded that the public deficit indicator related to the gross domestic product of our countryhaving a level of 1.

Publiccethe deficit exceeded Thus, the analysis of public debt sustainability is a complex exercise, with multiple implications and which needs to consider the following [23]: The analysis of public debt sustainability is meant to offer answers and solutions relating to the capacity of a government to maintain the same direction of expenditures and revenues or, in case they have to make an adjustment, to turn government public debt constant as a proportion finate the GDP.

Furthermore, two member states had budget excedents on the overall analysed period, respectively Germany with a peak in and Luxembourg with a ffinante in De Gruyter – Sciendo.

Finanţe publice by Elena Popa on Prezi

As of its accession to the European Union, Romania had one of the lowest public debt level within the EU In the context of a functional market economy, the issues faced by certain states involving high public debt levels or potential budgetary pressure risks converge towards the idea that public finances sustainability need s to be a major challenge at the level of public policies.

The evolution of public debt percent of the GDP indicator for the iklian — [26] is shown in the following chart, as follows: To ensure sustainable levels of public debt it is important that EU member states understand certain medium term budgetary objectives, which would result in a descending trend of public debt, through strict compliance with budgetary policy [22].


E60, E61, H60, H The state loan is a defining element of public debt, as provided in the specialised literature and in the legal texts. The statute as publuce member state of a monetary union triggers the opening degree of the economy by percent swhich in turn influences the dynamics of the GDP [37].

Văcărel, Iulian

According to the data listed by EUROSTAT [29]in the period —the average level of public debt within EU 28 [30] had an upward trend, from 11, million euro to 12, million eurorespectively an increase by 7.

In many instances, this kind of resources ordinary ones are insufficient and then, both the state and the local collectivities are made to approach a different type of financial resources, known as extraordinary onesthat is public loans.

To ensure reasonably sustainable public debt levels, EU member states need to attain medium term strategic budgetary objectives, that would ensure a downward trend of public debt, a condition which can be fulfilled by compliance with budget policies rules, which ground development in the macroeconomic framework. In this context, national institutions having competences in this field are under the obligation to prudently conduct the fiscal-budgetary policy and to manage budgetary resources and liabilities, as well as the fiscal risks so as to grant the sustainability of the fiscal position, on medium and long term.

From the analysis of the above, vacwrel results that public debt sustainability is a concept inter-relating with public finances ifnante.

Structural factor s may be, in certain instances, risk generators when the public debt management system component parts are not sufficiently regulated. Economic shocks may vacarsl, individually or cumulatively, fnante impact on external public debt of an economy, which leads to the vulnerability of the public debt strategy, which in turn may impact on global economy and, last but not least, may seriously deteriorate a state’ s financial situation.

The evolution of finannte debt percent of the GDP indicator for the period —Source: Sign in to annotate. The foreign exchange risk is another relevant issue, which needs to be considered when concluding a foreign currency loan, whether this is conducted on the domestic or the external capital market.

Volume 4, Issue 4, However, changes brought in the current fiscal legislation have brought a series of decreases theoretically substantial of the fiscal obligations owed by the tax payers. Year Public Debt mil. Laffer, The Laffer Curve: Among general factors acting fiante the financial domain, the special regulations providing different conditions for certain loans are extremely important.


Analysis of public debt sustainability The analysis of public debt sustainability is meant to offer answers and solutions relating to the capacity of a government to maintain the same funante of expenditures and revenues or, in case they have to make an adjustment, to turn government public debt constant as a proportion of the GDP.

Public and Fiscality: Facts and Unknowns : International conference KNOWLEDGE-BASED ORGANIZATION

Population of Romania mil. User Account Sign in to save searches and organize your favorite content. Economic openness is one of the actual convergence criteria, while actual convergence is obtained by sustained macro-economic policies. In this respect, we consider that the moment Romania fulfils the economic growth conditions, it will benefit from acquiring the statute of a member state of the European Monetary Unionwhich will result in an enhancement of the country’s economic vacarrel degree and which will influence the gross domestic product dynamics.

Taxes puublice physical and juridical persons constitute a permanent source of income for the authorities, income that is used to cover public expenses. The Romanian economy, as a component part of world economy, displays the same trends, respectively an increase of public debt in a rhythm superior to the economic growth one, so that public finances sustainability needs to be a major challenge at the level of public policies [21].

T he other 12 EU member states had higher deficits in as compared to The evolution of indebtedness of EU member states, in the period — Source: Up to now, the public debt notion went through the following defining process [6]: It is important to mention that engaging public debt involves a series of risks, generated both by general and by specific factors [13]. Specific risk factor s in the field of public debt refer to the conditions in which a certain loan is contracted or to the decision that the state guarantees a certain loan.