IDEAS home Printed from https://ideas.repec.org/a/blg/journl/v6y2011i3p5-38.html
   My bibliography  Save this article

Fiscal And Debt Sustainability And Growth Challenges

Author

Listed:
  • Albu Lucian-Liviu

    (Institute for Economic Forecasting, Romania)

Abstract

Although there is a long period since the problem of public debt sustainability captures the attention of economists, today continues to be no unanimity concerning an adequate unique sustainability indicator or function generally accepted. Moreover, during the actual period of global crisis and reforming at the EU level of fiscal policy, the debt sustainability has become an extremely important issue. In this line of elaborating new models and improving methodologies in order to quantify the impact of various factors on public debt sustainability is our study. During its period of pre- and post-accession into EU, and moreover in actual crisis time, Romanian economy is facing to a number of dificile problems. Among these, the public debt sustainability plays a central role, its implications being practically expanded on all fields connected to the economic dynamics. This study is analyzing past and current situation as well as potential factors affecting fiscal and public debt sustainability over next period. A descriptive analysis of the main fiscal challenges for the the next period is made, focusing in particular on future budgetary pressures of sufficient magnitude to affect fiscal sustainability (e.g. pensions). The forecast takes into account: current fiscal policies as set out in the Fiscal Strategy, projections from international organizations, certain assumptions and own estimations, etc.

Suggested Citation

  • Albu Lucian-Liviu, 2011. "Fiscal And Debt Sustainability And Growth Challenges," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 6(3), pages 5-38, December.
    • Handle: RePEc:blg:journl:v:6:y:2011:i:3:p:5-38
    as

    Download full text from publisher

    File URL: http://eccsf.ulbsibiu.ro/RePEc/blg/journl/631albu.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Hussein, Khaled A. & de Mello, Luiz Jr., 2001. "Is foreign debt portfolio management efficient in emerging economies?," Journal of Development Economics, Elsevier, vol. 66(1), pages 317-335, October.
    2. Fry, Maxwell J., 1992. "Some stabilizing and destabilizing effects of foreign debt accumulation in developing countries," Economics Letters, Elsevier, vol. 39(3), pages 315-321, July.
    3. Rudiger Dornbusch, 1987. "Dollars, Debts, and Deficits," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262541696, April.
    4. Albu, Lucian Liviu, 2002. "Sustainability Function," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 5-14, June.
    5. Ales Krejdl, 2006. "Fiscal Sustainability - Definition, Indicators and Assessment of Czech Public Finance Sustainability," Working Papers 2006/3, Czech National Bank.
    6. Albu, Lucian-Liviu, 2008. "A simulation model of public debt sustainability," MPRA Paper 11713, University Library of Munich, Germany.
    7. Mr. Khaled Hussein, 2001. "Is Foreign Debt Portfolio Management Efficient in Emerging Economies?," IMF Working Papers 2001/121, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Piotr Krajewski, 2017. "Heterogeneity of Households and the Effects of Fiscal Policy in the CEE Countries," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 79-93, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Albu, Lucian-Liviu, 2008. "A simulation model of public debt sustainability," MPRA Paper 11713, University Library of Munich, Germany.
    2. Junko Shimizu & Eiji Ogawa, 2004. "Risk Properties of AMU denominated Asian Bonds," Hi-Stat Discussion Paper Series d04-45, Institute of Economic Research, Hitotsubashi University.
    3. Zaman, Gheorghe & Georgescu, George, 2014. "Romania’s external debt threats," Working Papers of Institute for Economic Forecasting 141215, Institute for Economic Forecasting.
    4. Dudzich Viktar, 2020. "Relationships between exchange rate regime, real exchange rate volatility and currency structure of government bonds in emerging markets," Review of Economic Perspectives, Sciendo, vol. 20(1), pages 3-22, March.
    5. Marwan Abdul-Malik Thanoon & Ahmad Zubaidi Baharumshah, 2012. "Comparing Savings Behavior in Asia and Latin America: The Role of Capital Inflows and Economic Growth," Journal of Developing Areas, Tennessee State University, College of Business, vol. 46(1), pages 113-131, January-J.
    6. Auboin, Marc, 2004. "The trade, debt and finance nexus: at the cross-roads of micro- and macroeconomics," WTO Discussion Papers 6, World Trade Organization (WTO), Economic Research and Statistics Division.
    7. Shimizu, Junko & Ogawa, Eiji, 2005. "Risk properties of AMU denominated Asian bonds," Journal of Asian Economics, Elsevier, vol. 16(4), pages 590-611, August.
    8. Jane Mpapalika, 2020. "Alternative Financing Instruments for African Economies," 2020 Papers pmp2, Job Market Papers.
    9. Vojtěch Roženský, 2012. "Mandatorní výdaje a flexibilita fiskální politiky v ČR [Mandatory Expenditure and the Flexibility of Fiscal Policy in the Czech Republic]," Politická ekonomie, Prague University of Economics and Business, vol. 2012(1), pages 40-57.
    10. Savvas MAVRIDIS, 2017. "The spirit of the constitution. The institutionalized unsociability in Greece," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 9(2), pages 112-122, August.
    11. Kemme, David M. & Roy, Saktinil, 2006. "Real exchange rate misalignment: Prelude to crisis?," Economic Systems, Elsevier, vol. 30(3), pages 207-230, October.
    12. Covalschi Tatiana & Lazăr Sebastian, 2016. "The Sustainability of Public Finances in Republic of Moldova Under EU Fiscal Rules," Scientific Annals of Economics and Business, Sciendo, vol. 63(2), pages 149-159, June.
    13. Adel M. EL-MAHDY & Neveen M. TORAYEH, 2009. "Debt Sustainabiliy And Economic Growth In Egypt," International Journal of Applied Econometrics and Quantitative Studies, Euro-American Association of Economic Development, vol. 9(1).
    14. Abderrahim Chibi & Sidi Mohamed Chekouri & Mohamed Benbouziane, 2019. "Debt sustainability, structural breaks and nonlinear fiscal adjustment: empirical evidence from Algeria," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 66(4), pages 369-397, December.
    15. Zaman, Gheorghe & Georgescu, George, 2011. "Sovereign risk and debt sustainability: warning levels for Romania," MPRA Paper 32924, University Library of Munich, Germany.
    16. Pavel V. Stroev & Olga V. Pivovarova & Khasanbi V. Sheozhev & Anna I. Dudnik, 2023. "Regions with Low Financial Sustainability: Analysis and Enhancement of Development," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 1, pages 26-44, February.
    17. Michał Mackiewicz & Piotr Krajewski, 2009. "On the mechanisms of achieving fiscal (un)sustainability: the case of Poland," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 36(4), pages 445-460, November.
    18. E. A. Ndaguba & O. I. Nzewi & K. B. Shai, 2018. "Financial Imperatives and Constraints towards Funding the SADC Standby Force," India Quarterly: A Journal of International Affairs, , vol. 74(2), pages 179-196, June.
    19. Albu, Lucian-Liviu, 2010. "Scenarios for post-crisis period based on a set of presumed changes in the interest rate – investment – GDP growth relationship," MPRA Paper 32753, University Library of Munich, Germany.
    20. Norbert Ouma Ondenge & Peterson Obara Magutu & Richard Nyaanga Ongeri, 2020. "Operations Modernization Strategies And Service Delivery Among Non-Commercial State Owned Ent Ities In Kenya," Noble International Journal of Social Sciences Research, Noble Academic Publsiher, vol. 5(5), pages 75-86, May.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:blg:journl:v:6:y:2011:i:3:p:5-38. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Mihaela Herciu (email available below). General contact details of provider: https://edirc.repec.org/data/feulbro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.