AN OVERVIEW OF ROMANIA’S FOREIGN DEBT OVER THE RECENT YEARS

Camelia Milea and Alina Ailinca
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Alina Ailinca: Centre for Financial and Monetary Research “Victor Slavescu”, N.I.E.R., Romanian Academy, Bucharest, Romania

Journal of Financial and Monetary Economics, 2016, vol. 3, issue 1, 82-89

Abstract: The paper analyses indicators reflecting the state of Romania's foreign debt by maturity and creditors, as well as the structure of the reserve assets held by the National Bank of Romania (NBR), over the period 2013-2015. One may notice that during the surveyed period, the medium and long-term foreign debt has decreased gradually. The private foreign debt has had the same trend, on the background of the mistrust and risk aversion of creditors, but also of a modest flow of liquidity and of the economic activity still recovering after the strong effects of the global economic and financial crisis. As revealed by the analysis, in the structure by creditors of the medium and long-term foreign debt, the multilateral loans have been prevalent. The almost continuous, yet modest, increase of NBR' reserve assets shows the financial and banking credibility and stability of Romania. The paper is based on the chapter "Assessing the external equilibrium", from the research project "The financial state of Romania" elaborated in "Victor Slăvescu" Centre for Financial and Monetary Research in 2015, under the coordination of PhD Constantin Marin

Keywords: foreign debt; reserve assets; public debt; sustainability (search for similar items in EconPapers)
JEL-codes: F34 H63 (search for similar items in EconPapers)
Date: 2016
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