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  • 1
    Bucharest: Editura ASE
    Publication Date: 2017-09-27
    Description: The fiscal policy response to the consequences of the financial and economic crisis consisted either in adopting expansionary policies to stimulate the aggregate demand, or in promoting fiscal consolidation programs designed to restore the sustainability of the public finances. This paper examines the options of the Romanian authorities regarding the fiscal policy decisions in the immediate aftermath of the crisis, and subsequently as the fiscal consolidation program initiated in 2010 has advanced. The paper concludes that the advantages and disadvantages of both approaches cannot be analyzed without taking into account the short-term constraints and the solution adopted by the policymakers, namely to realize the fiscal adjustment was inevitable.
    Keywords: E62 ; H12 ; H60 ; ddc:330 ; fiscal consolidation ; economic growth ; crisis management
    Language: English
    Type: doc-type:article
    Location Call Number Limitation Availability
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  • 2
    Bucharest: European Institute of Romania
    Publication Date: 2016-06-04
    Description: The severity of the global financial crisis has highlighted major structural limits not only at the level of credit institutions' risk management strategies, but also in the financial safety net. There were very few rules at the onset of the international financial crisis, to determine the actions to be taken by the authorities in case of distressed banks. Lender of last resort funding by central banks, deposit guarantee schemes and the prudential regulatory framework, as they were before the crisis, failed to stem the propagation of systemic shock that spread to the entire European banking system, after the collapse of Lehman Brothers, in the mid-September 2008. The newly created situation showed that public authorities do not have adequate means to handle the situation of distressed banks on today's globalized markets. When a bank had been under stress, there was the risk of contaminating other financial institutions, including those beyond the borders of a country. During the systemic events, several major banks were in such a situation (Fortis, Lehman Brothers, Icelandic banks, Anglo Irish Bank, Dexia), which indicated that existing mechanisms were not effective, being necessary the design of additional elements, in order to allow a proper management of distressed financial institutions. [...]
    Keywords: ddc:330 ; Finanztransaktionssteuer ; Wirkungsanalyse ; Wirtschaftswachstum ; Öffentliche Finanzen
    Language: Romanian
    Type: doc-type:report
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