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Economic Resilience and Sustainable Finance Path to Development and Convergence in Romanian Counties

Author

Listed:
  • Oana Oprisan

    (Department of Finance and Accounting, Faculty of Economic Science, Ovidius University of Constanța, Mamaia Boulevard, 124, 900527 Constanta, Romania)

  • Speranta Pirciog

    (Department of Labour Market, National Scientific Research Institute for Labor and Social Protection—INCSMPS, Povernei Street 6, 010643 Bucharest, Romania)

  • Alina Elena Ionascu

    (Department of Finance and Accounting, Faculty of Economic Science, Ovidius University of Constanța, Mamaia Boulevard, 124, 900527 Constanta, Romania)

  • Cristina Lincaru

    (Department of Labour Market, National Scientific Research Institute for Labor and Social Protection—INCSMPS, Povernei Street 6, 010643 Bucharest, Romania)

  • Adriana Grigorescu

    (Department of Public Management, Faculty of Public Administration, National University of Political Studies and Public Administration, Expozitiei Boulevard, 30A, 012104 Bucharest, Romania
    Academy of Romanian Scientists, Ilfov Street 3, 050094 Bucharest, Romania)

Abstract

Economic resilience and sustainable finance are two interlinked and crucial issues for development and convergence in Romania’s counties increasing cohesion. These issues can contribute to sustainable and balanced growth of local and regional economies and to the reduction of inequalities in regional development. Economic resilience in counties refers to their capacity to adapt and survive in the face of unforeseen economic shocks or challenges, and sustainable finance refers to ensuring responsible management of financial resources to support long-term development and protect the environment. Identifying and understanding the significant variations in economic resilience and sustainable financing between counties is essential for the formulation of regional development policies and strategies. These variations provide valuable information about the vulnerabilities and opportunities of individual counties and guide resource allocation and investment decisions. The research provides new data and relevant information on the significant variations among counties in economic resilience and sustainable financing, using a Markov transition probability matrix and exploratory–visual method. This study on Romanian counties aims to provide valuable information for the formulation of public policies to support balanced economic development across the country. The results showed that economic diversification is essential to increase the resilience of the economy to shocks and fluctuations. Counties that have a diversified economic structure, with multiple sources of income and economic activities, are less vulnerable to the negative impact of economic or natural events. Governance and political stability are key factors in creating a favorable environment for investment and economic development. Well-managed government policies can help maintain macroeconomic stability and increase the resilience of the economy to external fluctuations.

Suggested Citation

  • Oana Oprisan & Speranta Pirciog & Alina Elena Ionascu & Cristina Lincaru & Adriana Grigorescu, 2023. "Economic Resilience and Sustainable Finance Path to Development and Convergence in Romanian Counties," Sustainability, MDPI, vol. 15(19), pages 1-24, September.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:19:p:14221-:d:1248027
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    References listed on IDEAS

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