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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Among general factors acting in the financial domain, the special regulations providing different conditions for certain loans are extremely important. The relation between the GDP and budgetary deficit highlights to what extent economic development is sustainab l efrom the perspective of resources and debts.
In this context, with the Romanian population permanently decreasing, while the volume of the country’s public debt increased on a continual, there follows that the population indebtedness had an alert rhythm, reaching at the end of the value of 14, Up to now, the public debt notion went through the following defining process : 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, EIBthe World Bankthe Bank of Japan as well as the diminishing of the economy need to borrow funds.
Both state budget deficit and public debt of the state are established in a rather wide sense and without considering al l influence factors which can modify their size during budget execution .
Public debt is made of the central administration’ liabilities and includes the following categories: 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 .
It is important to mention that engaging public debt involves a series of risks, generated both by general and by specific factors .
The evolution of indebtedness of EU member states, in the period — Source: 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.
As of its accession to the European Union, Romania had one of the lowest public debt level within the EU The following chart is an illustration of the public debt level evolution, of the Romanian GDP, in the period Iuloan, the public debt increase rhythm, at the level of the EU 28, exceeded the econom ic growth rhythm.
Thus, it is natural to try ihlian identify the potential benefits or consequences of the fiscal relaxation that has occurred.
Public and Fiscality: Facts and Unknowns : International conference KNOWLEDGE-BASED ORGANIZATION
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 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. 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.
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.
According to the data listed by EUROSTAT in the period —the average level of public debt within EU 28  had an upward trend, from 11, million euro to 12, million eurorespectively an increase by 7.
The state loan is a defining element of public debt, as provided in the specialised literature and in the legal texts. Abstract PDF References Article Recommendations Abstract Taxes on physical and juridical persons constitute a permanent source of income for the authorities, income that is used to cover public expenses. Evolution of the ratio between the deficit and the GDP in EU member states, in the period — Issue 2 First Online: Thus, as compared tothe year of the previous world financial crisis, at the end ofdebts at global level increased by 57, billion dollars, reaching a level close tobillion dollars.
Target Group researchers in the fields of political and financial law. The evolution of public debt percent of the GDP indicator for the period —. Afterthe weight of the public debt in the GDP had an upward trend, reaching the maximum The periodcharacterised by higher budgetary deficits, practically lead to the doubling of the public debt.
Year Public Debt mil. Economic shocks may have, individually or cumulatively, an impact ;ublice external public debt of an economy, which leads to the vulnerability of the finange debt strategy, which in turn vaacarel impact on global economy and, last but not least, may seriously deteriorate a state’ s financial situation.
In this context, states’ needs are covered, to the greatest extent, from taxes, fees, contributions, take-offs, which the state collects from tax payers. Public debt managers operate nowadays in sophisticated and complex financial environment sand a global capital market can generate numerous benefits for example, easier access to a larger capital portfolio at a lower cost, more effective internal capital markets and the possibility to better adapt risk through new financial instruments.
A s it can be noted on the overall analysed period, the population of Romania had a downward trend, so that at publicr end of there were The evolution of public debt percent of the GDP indicator for the period —Source: Analysis of public finanre sustainability. The analysis of the above-mentioned data shows that, even if the indebtedness of Romania continues to be lower tha n the indebtedness of other European national economies, its tendency to accelerate is worrying, which makes it necessary to analyse sustainability of public debt and of budget deficits.
From this perspective, the openness of Romanian economy shall be influenced in its evolution only by the exports volume, which, in turn, shall depend on the variations of the demand and offer on international markets and on the gross domestic product dynamics. 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.
Public and Fiscality: Facts and Unknowns
In our country, the concept of public debt was reconsidered in relation to 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. 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.
Taxes on physical 207 juridical persons constitute a permanent source of income for the lublice, income that is used to cover public expenses.
rinante As the need for public financial resources is growing permanently, a decrease in the tax levels can cause confusion or even public controversy. User Account Sign in to save searches and organize your favorite content. De Gruyter – Sciendo. At European and world level, financial stability is upset by the alarming increase of states ‘ debts.
As finantd topublic deficit in relation to the GDP decreased in in 10 member states, the Netherlands and the United Kingdom had the same deficits in as inEstonia and Denmark switched from a deficit in to an excedent inGermany recorded a little higher excedent in than inwhile the excedent of Luxembourg had slightly decreased from 3 until