But, by this measure the. Iulian Vacarel and the co-authors, „ Finante publice ”, The 6-th Edition, Publishing house Didactica si Pedagogica,. Bucharest, 64/ on public debt, approved by Government Decision no. .. Văcărel Iulian, (coordonator), Finanţe Publice, Editura Didactică şi Pedagogică, București. Finantele publice sunt necesare, în mod subiectiv şi obiectiv  Văcărel Iulian , Finanţe Publice, Editura Didactică şi Pedagogică ,;. Văcărel Iulian.
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Public and Fiscality: Facts and Unknowns
The data in figure 4 show that the highest deficits in relation to the GDP were recorded in by Slovenia and Greece. Moreover, it can be established if there is a possibility to replace eventual losses of resources from the targeted taxpayers with tax charges that affect other financial actors.
Economic shocks may have, individually or cumulatively, an impact on external public debt of an economy, which leads to the vulnerability of the public debt strategy, which in turn may impact on global economy and, last but not least, may seriously deteriorate a state’ s financial situation.
The increase of gross domestic product may be reached by abating taxation pressure over economyespecially over the productive sector of all economic branchesas well as by increasing the collection degree of taxes and feeswhich can generate financial resources, funds which need to be oriented with priority towards investment making in the production sector of the Romanian economy. E60, E61, H60, H Evolution of the ratio between the deficit and the GDP in EU member states, in the period — Year Public Debt mil.
Up to now, the public debt notion went through the following defining process : Furthermore, two member states had budget excedents on the overall analysed period, respectively Germany with a peak in and Luxembourg with a peak in The relation between the GDP and budgetary deficit highlights to what extent economic development is sustainab l efrom the perspective of resources and debts.
Journal of Economic Development, Environment and People. T he other 12 EU member states had higher deficits in as compared to The analysis of this data shows that inas compared topublic debt went up in a rhythm superior to the economic growth one, a situation in which public finances sustainability needs to be a major challenge at the level of public policies.
To ensure reasonably sustainable public debt levels, EU member states need to attain medium term strategic budgetary objectives, that would ensure a downward trend of public debt, a condition which can be fulfilled by compliance with budget policies rules, which ground development in the macroeconomic framework.
The analysis of public debt sustainability is meant to offer answers and solutions relating to the capacity of a government to maintain the same direction of expenditures and revenues or, in case they have to make an adjustment, to turn government public debt constant as a proportion of the GDP. According to the data listed by EUROSTAT in the period —the average level of public debt within EU 28  had an upward trend, from 11, million euro to 12, million eurorespectively an vacare by 7.
Public finances sustainabilityfrom this perspective involves Government being able to manage, in the medium and long run, risks or unforeseen situations, without being forced to operate significant adjustments of the expenditures, revenues or budgetary deficit swith destabilising effects from the economic and social point of view. Among general factors acting in the financial domain, the special regulations providing different conditions for certain loans are extremely important.
Thus, it is natural to try and identify the potential benefits vxcarel consequences of the fiscal relaxation that has occurred. Population of Romania mil.
Finanţe publice by Elena Popa on Prezi
Both state budget deficit and public debt of the state are established in a rather wide sense and without considering al l influence factors which can modify their size during budget execution .
Thus, the public debt increase rhythm, at the level of the EU 28, exceeded the econom ic growth rhythm. The evolution of public debt percent of the GDP indicator for the period —Source: Economic openness is one of the actual convergence criteria, while actual convergence is obtained by sustained macro-economic policies. Current economic context of public debt The financial crises at global level during the latest 25 years resulted in the negative impacting of governments’ capacity to reimburse accumulated debt, which triggered bot h budget difficulties and economic disturbances.
Adequate policies to tackle public finances sustainability challenge s need to be grounded in iuulian overall EU strategy focussed on the three component parts, namely, abatement of public debt, increase of productivity and of employment and reform of pensions and healthcare systems and the main causes of the problems relating to public finances sustainability confronting various member states.
The evolution of the indebtedness at UE member states level for the period is further presented, in order to offer an overall image and to be in a position to assess the stage reached by Romania, as follows: Issue 2 First Online: The periodcharacterised by higher budgetary deficits, practically lead to the doubling iuulian the public debt.
Structural factor s may be, in certain instances, risk generators when the pulice debt management system component parts are not sufficiently regulated. In this respect, we consider that the moment Romania fulfils the economic growth conditions, it will benefit from acquiring the statute of a member state of the European Monetary Unionwhich will result in an enhancement of the country’s economic opening degree and which will influence the gross domestic product dynamics.
Nevertheless, public debt strategies may become dangerously vulnerable when confronted with unforeseen events, such as private sector balance deterioration, which can result in tax ationfinancial and economic crises. In the context of a functional market economy, the issues faced by certain states involving high public debt levels or potential budgetary pressure risks converge towards the idea that public finances sustainability need s to be a major challenge puboice the level vacrael public policies.
Inflationist phenomena, known as puublice eroding public debt, also have a negative influence on budgets, especially in the instance of external public debt, since their effects impact stronger on non-convertible currency than on convertible ones. Taxes on physical and juridical persons constitute a permanent source of income for the authorities, income that is used to cover public expenses. Considerations on public debt sustainability. Abstract PDF References Article Recommendations Abstract Taxes on physical and juridical persons constitute a permanent source of income for the authorities, income that is used to cover public expenses.
The evolution of public debt percent of the GDP indicator for the period —  is shown in the following chart, as follows: In many instances, this kind of resources ordinary ones are insufficient and then, both the state and the local collectivities are made to approach a different type of financial resources, known as extraordinary onesthat is public loans.
In the instance of an operational market economy, the state uses this financing source to promote new investments, meant for modernisation, as well as for innovation of existing assets, a context in which the public debt notion emerges.
In this context, with the Romanian population permanently decreasing, while the volume of the country’s public debt increased on a continual, there follows that the population indebtedness had an alert rhythm, reaching at the end of the value of 14, The state loan is a defining element of public debt, as provided in the specialised literature and in the legal texts.
As of its accession to the European Union, Romania had one of the lowest public debt level within the EU In modern times, these issues are divided into four large categories: Target Group researchers in the fields of political and financial law. Laffer, The Laffer Curve: Analysis of public debt sustainability The analysis of public debt sustainability is meant to offer answers and solutions relating to the capacity of a government to maintain the same direction of expenditures and revenues or, in case they have to make an adjustment, to turn government public debt constant as a proportion of the GDP.
Thus, the analysis of public debt iuliian is publce complex exercise, with multiple implications and which needs to consider the following : The Romanian economy, as a component part of world economy, displays the same trends, respectively an increase of public debt in a rhythm superior to the economic growth one, so that public finances sustainability needs to be a major challenge at the level of public policies .
At European and world level, financial stability is upset by the alarming increase of states ‘ debts.