Theoretical and Applied Economics
No. 1 / 2011 (554)
Re-modeling the Romanian Fiscal Policy under the Terms of the Economic Crisis
Bucharest Academy of Economic Studies
Dorin MĂNTESCU
Bucharest Academy of Economic Studies
Abstract. This paper brings arguments for the necessity to re-think the modality to analize and interpret the Romanian fiscal policy, under the terms of the future adheration to the Euro Zone. Under these terms, this study estimates the structural budget deficit, considering this indicator as one of the most relevant for assessing the performance of the fiscal management, and also the extent to which the Romanian fiscal policy is prepared to act as a sole instrument which can stabilize the national economy after entering the Euro Zone. The work is structured as it follows: (i) estimate for the potential GDP and for the output gap by means of the production function method and by the use of the Hodrick- Prescott filter; (ii) estimate for the cyclic budget component, based on the deficit sensitivity (using the elasticities of the government revenues and purchases related to the GDP) and on the value of the output gap and, subsequently, of the structural budget component. Finally, the work mentions a series of conclusions and recommendations regarding the methodological re-construction of the assessment for the fiscal policy’s efficiency.
Contents
Considerations Regarding the Mix of Anticrisis Fiscal Policies in Romania
Women Entrepreneurship in the Western Romania. Research Results and Policy Recommendations
How to Improve Small and Medium-Sized Enterprises Profitability by Practicing an Efficient Human Resources Management
Time and Causality in the Economic Process – a Critical Approach Based on Consistency Criteria
The Reform of the National Public Policies Process under the Influence of Europeanization Changes in the Policy-Making in Romania on Institutional and Legislative Level
Re-modeling the Romanian Fiscal Policy under the Terms of the Economic Crisis
New Hypothesis on Service Management within the Global World
Current Economic and Financial Crisis – New Issues or Returning to the Old Problems? Paradigms, Causes, Effects and Solutions Adopted
Contributions of Agriculture to Economic Fluctuations in Romania
Foreign Direct Investments Expansion – Essential Globalization Factor
Implications of Asymmetric Information in the Real Estate Crisis in US
The Crowding out Effect on the Labor Market in Romania