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Sustainability of Public Finances in Times of Crisis

Author

Listed:
  • ConstanÈ›a Adriana GORIE

    (University of Craiova)

  • Bogdan LaurenÈ›iu NICOLA

    (University of Craiova)

Abstract

In the face of crises like the COVID-19 pandemic, this article delves into the pressing need for governments to sustainably manage public finances amid economic and social turbulence. It underscores the pivotal role of fiscal sustainability during such periods of upheaval, emphasizing its significance in stabilizing budgets and fostering enduring economic recovery. By scrutinizing various fiscal strategies and policies, the article seeks to elucidate pathways towards maintaining budgetary stability while simultaneously facilitating sustainable growth. It highlights the importance of prudent financial management in navigating through tumultuous times, where the resilience and adaptability of public finances become paramount. Through an examination of effective fiscal measures, the article aims to provide insights into how governments can address immediate challenges while laying the groundwork for long-term fiscal sustainability. Ultimately, it advocates for a comprehensive approach to financial governance that prioritizes resilience and sustainability in times of crisis, thereby fortifying economies against future shocks.

Suggested Citation

  • ConstanÈ›a Adriana GORIE & Bogdan LaurenÈ›iu NICOLA, 2023. "Sustainability of Public Finances in Times of Crisis," Finante - provocarile viitorului (Finance - Challenges of the Future), University of Craiova, Faculty of Economics and Business Administration, vol. 1(25), pages 81-90, November.
    • Handle: RePEc:aio:fpvfcf:v:1:y:2023:i:25:p:81-90
    as

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    File URL: https://feaa.ucv.ro/finance/fisiere/revista/9024505539.%20Gorie_Nicola.pdf
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    References listed on IDEAS

    as
    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press.
    2. Reinhart, Karmen & Rogoff, Kenneth, 2009. ""This time is different": panorama of eight centuries of financial crises," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 77-114, March.
    3. Olivier J. Blanchard & Daniel Leigh, 2013. "Growth Forecast Errors and Fiscal Multipliers," American Economic Review, American Economic Association, vol. 103(3), pages 117-120, May.
    4. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 215-268, November.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Economic Crisis; Budget deficit; Public Debt; Austerity Measures; Economic Recovery Policies;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • C58 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Financial Econometrics
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • M11 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Production Management

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