HIDDEN THREATS BEHIND ROMANIA’S CONGRUOUS BORROWING – CASE STUDY

Monica Susanu ()
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Monica Susanu: University “Dunarea de Jos”, Galati, Romania

Risk in Contemporary Economy, 2015, 377-387

Abstract: The global financial crisis deeply marked the East-European emerging economies especially, which barely passed the dramatic transition, had taken the benefits of their first years of membership and had experienced significant growth until mid-2008. Then they followed downward trends, with individual rhythms of evolution and different manifestations comparing each economy to another in this panel of countries. Since generalized and chronic deficits caused indebtedness of these countries, the first corrective action was cutting most of their public spending, aiming at fiscal consolidation and economic recovery. Despite the goal pursued and declared by the governors, not only Euro-scepticism was encouraged by the unexpected turn of the economic developments but also extremism and even secessionist movements. The purpose of this paper is to assess Romania’s profile in the context of European sovereign debt crisis. Amid this conjuncture together with the failure of the well-known foundations of economic theory, the author tends to suggest acceptable solutions to get the country out of crisis, thus ensuring the continuation of the complex process of Europeanization.

Keywords: Sovereign Debt; fiscal crisis; transition process; Romania; ex-socialist country; EU and EMU membership (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:ddj:fserec:y:2015:p:377-387

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