External debt management in Romania

Ramona Dumitriu and Razvan Stefanescu

MPRA Paper from University Library of Munich, Germany

Abstract: This paper approaches the evolution of Romania’s foreign debt in three periods of time: during Nicolae Ceausescu regime, in the transition period and the one which followed the adhesion to European Union. For all three periods the external debt management had to deal with different circumstances: the sharp increase of real interest rates from the 1980s, the lack of credibility on international financial markets from the 1990s or the recent global crisis. We conclude that political regime, the efficiency of the allocation of the borrowed funds or the international context played major roles in the external debt management.

Keywords: External Debt; Crisis; External Deficits (search for similar items in EconPapers)
JEL-codes: F34 G01 H63 (search for similar items in EconPapers)
Date: 2013-09-24, Revised 2013-09-25
New Economics Papers: this item is included in nep-tra
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:52475

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