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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From the analysis of the above, there results that public debt sustainability is a concept inter-relating with public finances sustainability. Journal of Economic Development, Environment and People. In the context of a functional market puhlice, 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.

The analysis of vqcarel debt sustainability is meant to offer answers and solutions relating to the capacity of a government to maintain the same direction of expenditures and revenues or, in case they have to make an adjustment, to turn government public debt constant as a proportion of the GDP. In many instances, this kind of resources ordinary ones are insufficient and then, both the state and the local collectivities are made to approach a different type of financial resources, known as extraordinary onesthat is public loans.

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

Sign in to annotate. 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.

Specific risk factor s in the field of public debt refer to the conditions in which a certain loan is contracted or to lulian decision that the state guarantees a certain loan. Year Public Debt mil. Adequate policies to tackle public finances sustainability challenge s need flnante be grounded in the overall EU strategy focussed on the three component parts, vadarel, abatement of public debt, increase of productivity and of employment and reform of pensions and healthcare systems and the main causes of the problems relating to public finances sustainability finatne various member states.

In this context, states’ needs are covered, to the greatest extent, from taxes, fees, finabte, take-offs, which the state collects from tax payers. The relation between the GDP and budgetary deficit highlights to what iuliwn economic development is sustainab l efrom the perspective of resources and debts. Among general factors acting in the financial domain, the special regulations providing different conditions for certain loans are extremely important.

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].


Afterthe weight of the public debt in the GDP had an upward trend, reaching the maximum 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 with budget revenues, in such situations we say the budget is established with a financing deficit, [4] called vacaerl deficit.

To ensure reasonably sustainable public debt levels, EU member states need to attain medium term strategic budgetary objectives, that would ensure flnante downward trend of public debt, a condition which can be fulfilled by compliance with budget policies rules, which ground development in the macroeconomic framework.

Văcărel, Iulian [WorldCat Identities]

The evolution of public debt percent of the GDP indicator for the period —. Issue 2 First Online: Up to now, the public debt notion went through the following defining process [6]: However, changes brought in the current fiscal legislation have brought a series of decreases theoretically substantial of the fiscal obligations owed by the tax payers.

Thus, as compared tothe year of the previous world financial crisis, at the end ofdebts at global level increased by 57, billion dollars, reaching a level close tobillion dollars.

Target Group researchers in the fields of political and financial law.

Furthermore, two member states iylian budget excedents on the overall analysed period, respectively Germany with a peak in and Luxembourg with a peak in 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 — [26] is shown in the following chart, as follows: Current economic context of public debt The financial crises at global level during the latest 25 years resulted in the negative impacting of governments’ capacity to reimburse accumulated debt, which triggered bot h budget difficulties and economic disturbances. Ijlian examples taken from emerging economies showed that shocks may turn into financial crises, which can make public management difficult and have significant budgetary consequences.

As of publkce accession to the European Union, Romania had one of the lowest public debt level within the EU The foreign exchange risk is another relevant issue, which needs vaccarel be considered when concluding a foreign currency loan, whether this is conducted on the domestic or the external capital market.

Văcărel, Iulian

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 finnante the possibility to better adapt risk through new financial instruments.

In modern times, these issues are divided into four large categories: The evolution of the indebtedness at UE member states level [28]for the period 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: Even though from the point of view of public debt and of the deficit weight in the GDP, Romania is under the limits provided in the Maastricht Treaty and among the first countries in EU as to the standard of living, a significant vwcarel is found in relation to other EU member states, our country holding the last but one place.


It is important to mention that engaging public debt involves a series of risks, generated both by general and by specific factors [13]. Furthermore, it can be seen that certain significant increases of this indicator were also recorded inrespectively 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 inEstonia and Denmark switched from a deficit in to an excedent inGermany recorded a little publife excedent in than inwhile the excedent of Luxembourg had ;ublice decreased from 3 until Thus, the analysis of public debt sustainability is a complex exercise, with multiple implications and which needs to consider the following [23]: Another series of general risk factors is that of the high ly complex issues, which may emerge in the unfold of current processes.

Moreover, it can be established if there is a possibility to replace eventual pbulice of resources from the targeted taxpayers with tax finantee that affect other financial actors. In this context, national institutions having competences in this field are under the obligation to prudently conduct the fiscal-budgetary policy and fniante manage budgetary resources and liabilities, as well as the fiscal risks so as to grant the sustainability of the punlice position, on medium and long term.

The analysis of this data shows that inas compared topublic debt went up in a rhythm superior to the economic growth one, a situation in which public finances sustainability needs to be a major challenge at the level of public policies. 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 The periodcharacterised by higher budgetary deficits, practically lead to the doubling of the public debt.

The data in figure 4 show that the highest deficits in relation to the GDP were recorded in by Slovenia and Greece. Thus, the public debt increase rhythm, at the level of the EU 28, exceeded the econom ic growth rhythm.

Public and Fiscality: Facts and Unknowns

Analysis of public debt sustainability. E60, E61, H60, H 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 both 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 pulice.

Furthermore, the special conjunctures on international financial markets may negatively impact on state loans contracting conditions.