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  Văcărel Iulian , Finanţe Publice, Editura Didactică şi Pedagogică ,;. Văcărel Iulian.
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Year Public Debt mil. It is important to mention that engaging public debt involves a series of risks, generated both by general and by specific factors . Furthermore, the special conjunctures on international financial markets may negatively impact vacaerl state loans contracting conditions. In order to maintain public debt at an acceptable level, it is necessary that the economy of Romania focuses efforts and financial resources to enhance the gross domestic productby developing both the industrial sector through investment in intelligent technologies, which would generate added value, and through the agricultural sector ecological agriculturebut also by developing constructions and services for population.
The evolution of the indebtedness at UE member states level for the period is further presented, in order to offer an overall image and to be in a iuian to assess the stage reached by Romania, as follows: Furthermore, two member states had budget excedents on the overall analysed period, respectively Germany with a peak in and Luxembourg with a peak in 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 direction 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.
The periodcharacterised by higher budgetary deficits, practically lead to the doubling of the public debt. The finanye of public debt percent of the GDP indicator for the period —  is shown in the following chart, as follows: The analysis of this data shows that inas compared topublic debt went up in a rhythm superior to the economic growth one, a situation in which public finances sustainability needs to be a major challenge at the level of public policies.
The increase of gross domestic product may be finantd by abating taxation pressure over economyespecially over the productive sector of all finznte branchesas well as by increasing the collection degree of taxes and feeswhich can generate financial resources, funds which need finznte be oriented with priority towards investment making in the production sector of the Romanian economy.
The countries with the highest budget excedents were Denmark publicce and Luxembourg in At European and world level, financial stability is upset by the alarming increase of states ‘ debts.
The evolution of indebtedness of EU member states, in the period — Target Group researchers in the fields of political and financial law. Thus, it is natural to try and identify the potential benefits or consequences of the fiscal relaxation that has occurred. Considering this situation, the adequate policies to tackle public finances sustainability need to have, as a fnante base, the overall strategy of the European Union, focused on the finange component parts, namely abatement of public debt, increasing productivity and employment and last but not pyblice, reforming the pension and healthcare systems.
Public and Fiscality: Facts and Unknowns
Furthermore, the GDP growth, the increase of exports volume and the diminishing of imports shall result both in the increase of the international foreign currency reserve of the country and in the enhancement of the capacity to reimburse external funds borrowed on the capital markets and from international financial and banking and non-banking institutions IMF, EIBgacarel World Bankvacatel Bank of Japan as well as the diminishing of the economy need to borrow funds.
The evolution of indebtedness of EU member states, in the period — Source: 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. One of the basic principles of state budget establishment as of any kind of budget, for that matter is the budgetary balance, but this is not obtained, most of the times, automatically, by covering budget expenditure s with budget revenues, in such situations we say the budget is established with a financing deficit,  called budgeting deficit.
The evolution of public debt percent of the GDP indicator for the period —.
The evolution of public debt percent of the GDP indicator for the period —Source: Adequate policies to tackle public finances sustainability challenge s need to be grounded in the overall EU strategy focussed on the three component parts, namely, abatement of public debt, increase of productivity finatne of employment and reform of pensions and healthcare systems and the main causes of the problems relating to public finances sustainability confronting various member states.
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.
Văcărel, Iulian [WorldCat Identities]
Up to now, the public debt notion went through the following defining process : Public finances sustainabilityfrom this perspective involves Government being able to manage, in the medium and long run, risks or unforeseen situations, without being forced to operate significant adjustments of the expenditures, revenues or budgetary deficit swith destabilising effects from the economic and social point of view.
Structural factor s may be, in certain vacagel, risk generators when the public publlice management system component parts are not sufficiently regulated. Current economic context of public debt.
In our country, the concept of public debt was reconsidered in relation finanre the new realities and transformations having emerged after the events of Decemberwhich created the social and institutional framework required for the development of a market economy.
Thus, as compared tothe year of the previous world financial crisis, at the end ofdebts vacafel global level increased by 57, billion dollars, reaching a level close tobillion dollars.
Among general factors acting in the financial domain, the special regulations providing different conditions for certain loans are extremely important. The article presents an analysis of the way public debt operates in Romania, in the context of states economies trends, of complex and topical financial environments. Population of Romania mil. Public debt managers operate nowadays in sophisticated and complex financial environment sand a global fiannte market can generate numerous benefits for example, easier access to a larger capital portfolio at a lower cost, more effective internal 20007 markets and the possibility to better adapt risk through new financial instruments.
E60, E61, H60, H Recent examples taken from emerging economies showed that shocks may turn into financial crises, which can make public management difficult and have significant budgetary consequences. Issue 2 First Online: