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THE PRICE EVOLUTION IN THE CONTEXT OF ECONOMIC CRISIS

Doriana Andreea Ramescu () and Nicoleta Sirghi ()
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Doriana Andreea Ramescu: Department of Economics and Business Modelling, Faculty of Economics and Business Administration, West University of Timisoara, Timisoara, Romania
Nicoleta Sirghi: Department of Economics and Business Modelling, Faculty of Economics and Business Administration, West University of Timisoara, Timisoara, Romania

Oradea Journal of Business and Economics, 2017, vol. 2, issue 1, 72-80

Abstract: The economic crisis is a negative macroeconomic phenomenon with consequences both at European Union level and worldwide. The main objective of this paper is to analyse the variation of price levels in Romania, during the economic crisis until the end of 2015, compared with the Member States of the European Union and the countries of the European Free Trade Association. For this research, information provided by EUROSTAT was used, such as price level indices for actual individual consumption per capita, and for different goods and services, calculated based on purchasing power parity. The aim is to identify solutions to rising living standards, compared with more developed countries of the European Union. This paper presents possible solutions for avoiding a future economic crisis, caused by overconsumption. The paper is divided into four sections: introduction, part two which presents aspects of the economic crisis in Romania and in the European Union, the third part presents price level indices for different products and services in 2015, and the last part, the conclusions of the research.

Keywords: Economic crisis; Price level; Consumption; Purchasing power parity (search for similar items in EconPapers)
JEL-codes: E37 E31 E29 C32 (search for similar items in EconPapers)
Date: 2017
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