Updated : Oct 13, 2021 in Personal Growth


But, by this measure the. Iulian Vacarel and the co-authors, „ Finante publice ”, The 6-th Edition, Publishing house Didactica si Pedagogica,. Bucharest, 64/ on public debt, approved by Government Decision no. .. Văcărel Iulian, (coordonator), Finanţe Publice, Editura Didactică şi Pedagogică, București. Finantele publice sunt necesare, în mod subiectiv şi obiectiv [8] Văcărel Iulian , Finanţe Publice, Editura Didactică şi Pedagogică ,;. [9]Văcărel Iulian.

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Volume 4, Issue 4, The decision to make a sub-loan involves recovery risks. The evolution of the indebtedness at UE member states level [28]for the 200 is further presented, in order to offer an overall image and to be in a position to assess the stage reached by Romania, as follows: In modern times, these issues are divided into four large categories: Moreover, it can be established if there is a possibility to replace eventual losses of resources from the targeted taxpayers with tax charges that affect other financial actors.

Văcărel, Iulian [WorldCat Identities]

Furthermore, two member states had budget excedents on the overall analysed period, respectively Germany with a peak in publuce Luxembourg with a peak in The relation between the GDP and budgetary deficit highlights to what extent economic development vacwrel sustainab l efrom the perspective of resources and debts.

Thus, as compared tothe year pubblice the previous world financial crisis, at the end ofdebts at global level increased by 57, billion dollars, reaching a level close tobillion dollars. Evolution of the ratio between the deficit and the GDP in EU member states, in the period — As compared topublic deficit in relation to the GDP decreased in in 10 member states, the Netherlands and the United Kingdom had the same deficits in as in vacarl, Estonia and Denmark switched from a deficit in to an excedent inGermany recorded a little higher excedent in than inwhile the excedent of Luxembourg had slightly decreased from 3 iuluan In this context, states’ needs are covered, to the iuliah extent, from taxes, fees, contributions, take-offs, which the state collects from tax payers.

Analysis of public debt sustainability. The evolution of indebtedness of EU member states, in the period — Source: The data in figure 4 show that the highest deficits in relation to the GDP were recorded in by Slovenia and Greece. Among general factors acting in the financial domain, the special regulations providing different conditions for certain loans are extremely important.

As of its accession to the European Union, Romania had one of the lowest public debt level within the EU In order to maintain public debt at an acceptable level, it is necessary that the economy of Romania focuses efforts and financial resources to enhance the gross domestic productby developing vacardl the industrial sector through investment in intelligent technologies, which would generate added value, and through the agricultural sector ecological agriculturebut also by developing constructions and services for population.


In this context, national institutions having competences in this field are under the obligation to prudently conduct the fiscal-budgetary policy and to manage budgetary resources and liabilities, as well as the fiscal risks so as to grant the sustainability of the fiscal position, on medium and long term.

Abstract PDF References Article Recommendations Abstract Taxes on physical and juridical persons constitute a permanent source of income for the authorities, income that is used to cover public expenses.

The evolution of public debt percent of the GDP indicator for the period —. In the context of a functional market economy, the issues faced by certain states involving high public debt levels or potential budgetary pressure risks converge towards the idea that public finances sustainability need s to be a major challenge at the level of public policies.

De Gruyter – Sciendo. Issue 2 First Online: Inflationist phenomena, known as factors eroding public debt, also have a negative influence on budgets, especially in the instance of external public debt, since their effects impact stronger on non-convertible currency than on convertible ones. The level of the GDP within the EU 28 had a similar, but less abrupt tendencywhich only went up by 3.

Laffer, The Laffer Curve: The evolution of public debt percent of the GDP indicator for the period — [26] is shown in the following chart, as follows: Public debt is made of the central administration’ liabilities and includes the following categories: Public debt managers operate nowadays in sophisticated and complex financial environment sand a global capital market can generate numerous benefits for example, easier access to a larger capital portfolio at a lower cost, more effective internal capital markets and the possibility to better adapt risk through new financial instruments.

Considering this situation, the adequate policies to tackle public finances sustainability need to have, as a launching base, the overall strategy of the European Union, focused on the three component parts, namely abatement of public debt, increasing productivity and employment and last but not least, reforming the pension and healthcare systems.

Public and Fiscality: Facts and Unknowns

Up to now, the public debt notion went through the following defining process [6]: One of the basic principles of state budget establishment as of any kind of budget, for that matter is the budgetary balance, but this is not obtained, most of the times, automatically, by covering budget expenditure s publuce budget revenues, in such situations we say the budget is established with a financing deficit, [4] called finanre deficit.

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Nevertheless, public debt strategies may become dangerously vulnerable when confronted with unforeseen events, such as private sector balance deterioration, which can result in tax ationfinancial and economic finahte. Another series of general risk factors is that of the high ly complex issues, which may emerge in the unfold of current processes. From the analysis of the above, there results that public debt sustainability is a concept inter-relating with public finances sustainability.

Thus, the public debt increase rhythm, at the level of the EU 28, exceeded the econom ic growth rhythm.

Văcărel, Iulian

Publlice, the analysis of public debt sustainability is a complex exercise, with multiple implications and which needs to consider the following [23]: At European and world level, financial stability is upset by the alarming increase of states ‘ debts. To ensure sustainable levels of public debt it is important that EU member states understand certain medium term budgetary objectives, which would result in a descending trend of public debt, through strict compliance with budgetary policy [22].

The increase of gross domestic product may be reached by abating taxation pressure over economyespecially over the productive sector of all economic branchesas well as by increasing the collection degree of taxes and feeswhich can generate financial resources, funds which need to be oriented with priority towards investment making in the production sector of the Romanian economy.

E60, E61, H60, H Both state budget deficit and public debt of the state are established in a rather wide sense and vacaeel considering al l influence factors which can modify their size during budget execution [5]. A s it can be noted on the overall analysed period, the population of Romania had a downward trend, so that at the end of there were Furthermore, it fknante be seen that certain significant increases of this indicator were also recorded inrespectively From this perspective, the openness of Romanian economy shall be influenced in its evolution only by the exports volume, which, in turn, shall depend on the variations of the demand and offer on international markets and on the gross domestic product dynamics.