O retrospectivă analitică a contextului crizei datoriei externe a României din anii 1980

A deeper insight into the background of 1980s external debt crisis in Romania

George Georgescu

MPRA Paper from University Library of Munich, Germany

Abstract: This study, based on more recent research, including disarchived and / or declassificated information regarding the communist period in Romania, both internally and internationally, focuses on exploring the 1980s external debt crisis context and causes, as well as the impact of internal and external factors, having as intention a reevaluation, closer to the reality, of those times state of affaires. At the beginning of the 1980s, the global economy was marked by a severe economic and financial crisis, the first on global-scale in history, felt by more than 30 developing countries as a balance of payments crisis, which resulted in the renegotiation and rescheduling of their sovereign debt. In the case of Romania, the external debt crisis triggered in 1982 has been aggravated, in an extremely severe manner, by overlapping internal vulnerabilities accumulated in previous decades with external shock caused by the major changes in the global economic, financial and geopolitical context at the end of 1979, which led to the explosive rise in interest rates on loans contracted from private commercial banks under floating interest rates, as well as the introduction of conditionalities on loans granted by international financial institutions. The study conclude that the decision of Romanian authorities to liquidate the external debt and the crisis management errors had a destructive impact on the Romanian economy, degenerated in a system crisis at the end of 1989. Many of the external debt crisis were felt also afterwards, slowing down significantly the pace of the transition to the market economy and the positioning of the country on a sustainable development trajectory.

Keywords: external debt crisis; oil crisis shocks; IMF; FED monetary policy; interest rates; sovereign debt rescheduling (search for similar items in EconPapers)
JEL-codes: B22 E44 E62 F34 H63 N44 (search for similar items in EconPapers)
Date: 2018-05-15
New Economics Papers: this item is included in nep-his, nep-mac and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/86790/1/MPRA_paper_86790.pdf original version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:86790

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().