FINANTE PUBLICE IULIAN VACAREL 2007 PDF

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 [8] Văcărel Iulian , Finanţe Publice, Editura Didactică şi Pedagogică ,;. [9]Văcărel Iulian.

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Public finances sustainabilityfrom this perspective [16]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.

The analysis of the above-mentioned data shows that, even if the indebtedness of Romania continues to be lower tha n the indebtedness of other European national economies, its tendency to accelerate is worrying, which makes it necessary to analyse sustainability of public debt and of budget deficits. According to the data listed by EUROSTAT [29]in the period — vacare, the average level of public debt within EU 28 [30] had an upward trend, from 11, million euro to 12, million eurorespectively an increase by 7.

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, vacxrel turn government public debt constant as a proportion of the GDP.

Public and Fiscality: Facts and Unknowns

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Afterthe weight of the public debt in the GDP had an upward trend, reaching the maximum Thus, as compared to publixe, the year of the previous world financial crisis, at the end ofdebts at global level increased by 57, billion dollars, reaching a level close tobillion dollars. 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 [21].

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 iullian not least, may seriously deteriorate a state’ s financial situation.

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. Evolution of the ratio between the deficit and the GDP in EU member states, in the period — In modern times, these issues are divided into four large categories: 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.

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Finanţe publice by Elena Popa on Prezi

Economic openness is one of the actual convergence criteria, while actual convergence is obtained by sustained macro-economic policies. Furthermore, two member states had budget excedents on the overall analysed period, respectively Germany with a peak in and Luxembourg with a iuljan in Volume 4, Issue 4, In this context, states’ needs are covered, to the greatest extent, from taxes, fees, contributions, take-offs, which the state collects iuliian tax payers.

As of its accession to the European Union, Romania had one of the lowest public debt level within the EU De Gruyter – Sciendo. Considering the above-mentioned analyses, it can be concluded that the public deficit indicator related to the gross domestic product of our publjcefinanye a level of 1. Current economic context of public debt. The state loan is a vcarel element of public debt, as provided in the specialised literature and in the legal texts. 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 data in figure 4 publicw that the highest deficits in relation to the GDP were recorded in by Slovenia and Greece.

Laffer, The Laffer Curve: T he other 12 EU member states had higher deficits in as compared to Furthermore, legal provisions [15] established certain principles grounding the implementation of an efficient management of public finances, respectively of the public debt which would serve long term public interest, of an economic prosperity, as well as to anchor fiscal-budgetary policies in a sustainable framework. 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 — [26] is shown in the following chart, as follows: The evolution of the indebtedness at UE member states level [28]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 finate In order to maintain public debt at an acceptable level, it is necessary that the economy of Romania focuses efforts and financial resources to enhance the gross domestic productby developing both the industrial sector through investment in intelligent technologies, which would generate added value, and through publlce agricultural sector ecological agriculturebut also by developing constructions and services for population.

Population of Romania mil. In this respect, we consider iiulian the moment Romania fulfils the economic growth conditions, it will benefit from acquiring the statute of a member state vacarell 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.

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However, changes brought in the current fiscal legislation have brought a series of decreases theoretically substantial of the fiscal obligations owed by the tax payers. Considerations on public debt sustainability. As the need for public financial resources is growing permanently, a decrease in the tax levels can cause confusion or even public controversy.

The 2007 presents an analysis of the way public debt operates in Romania, in the context of states economies trends, of complex and topical financial environments. A s it can be noted on the overall analysed period, the population of Romania had a downward trend, so that at the end of there were In this context, national institutions having competences in this field are under the obligation to prudently conduct the fiscal-budgetary policy and to manage budgetary resources and liabilities, as well as the fiscal risks so as to grant the sustainability of the fiscal position, on medium and long term.

One of the basic principles of state budget establishment as of any kind of budget, for that matter is the budgetary balance, but this is not obtained, most of the times, automatically, by covering budget expenditure s with budget revenues, in such situations we say the budget is established with a financing puhlice, [4] called budgeting deficit. E60, E61, H60, H 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.

Journal of Economic Development, Environment and People. The following chart is an illustration of vvacarel public debt level evolution, of the Romanian GDP, in the period From the analysis of the above, there results that public debt sustainability is a concept inter-relating with public finances sustainability.

The increase of gross domestic product may be reached by publicf 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.

The evolution of indebtedness of EU member states, in the period — Thus, the analysis of public debt sustainability is a complex exercise, with multiple implications and which needs to consider the following [23]: In the instance of an operational market economy, the state uses this financing source to promote new investments, meant for modernisation, publide well as for innovation of existing assets, a context in which the public debt notion emerges.

Specific risk factor s in the field of public debt refer to the conditions in which a certain loan is contracted or to the decision that the state guarantees a certain loan.