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Sustainability of the public debt and budget deficit
Albu, Lucian-Liviu and Pelinescu, Elena |
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| This paper charts how from 1990-98, Romania moved from a situation of almost no debt to a record high. The paper argues that the main reason for this is due to a large increase of social consumption expenditures without a parallel increase in tax revenue, and offers the hypotheses that there is a relationship between the political coalition and efficient management of public debt. It argues that there is a need for greater co-ordination of monetary policy and fiscal authority. |
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