Public Debt Policy in Romania - A Critical Review

摘要

Public debt policy must be anchored in both the socio-economic background in which it is promoted and the medium and long-term development strategies reflected in promoted macroeconomic policies. Under the impact of some pressure factors (changes of the political regime, socio-economic system or the economic crisis) indebtedness decisions may often be taken ad-hoc, lacking vision and thus creating a major threat to medium and long-term development. From this perspective our work aims, by analyzing Romanian indebtedness data (1990-2011), to identify the main coordinates of public debt policy, focusing on highlighting the poor approaches, their causes and implications, by reference to already validated scientific conclusions. The analysis is detailed over three periods of time differing in economic background and applicable legal regulations, the general conclusion of the study reflecting the lack of a coherent and effective debt policy, with unfavourable implications over the long-term development of our economy.