Theoretical and Applied Economics
No. 3 / 2013 (580)
Sustainability of the public debt and the financial crisis
The Bucharest University of Economic Studies
Abstract. The European Union sovereign-debt crisis brings up again the problem of current account sustainability, the fiscal policy sustainability and the public debt sustainability, as well as the interconditionality between them. On the background of the severe structural problems, the lack of competitiveness has constituted the main factor resulting in the severe deterioration of the European public finances. The external deficits have put additional pressure upon the fiscal deficits. Practically, they entered a vicious circle, to a great extent due to the extremely different economic evolutions of the weak economies opposite to the strongly structurally advanced and solid economies. This study makes a risk analysis of the public debt sustainability in Romania for the period 2010-2015, under the circumstances in which it will enter the Euro zone in the near future.
Contents
Sustainability of the public debt and the financial crisis
The lending channel and budget balance: empirical evidences from Central and Eastern European economies
Heterogeneous capital and consumption goods in a structurally generalized Uzawa’s model
Differences between the nominal values of the gross domestic product and the provisional and semi-final variant
Forecasting the variance and return of Mexican financial series with symmetric GARCH models
Meanings and spreading patterns of the “positive” concept in economic thought
Implications of the single supervisory mechanism on ECB's functions and on credit institutions' activity
Analysing movements in investor’s risk aversion using the Heston volatility model
The labour market in the post-crisis economy: the case of Spain
Liberalisation and regulation in the financial crisis – is behavioural economics a solution?