DRIIE-International economics

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Browsing DRIIE-International economics by Author "Kallai, Ella"

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    Romania's Euro Area accession : the question is under what terms!
    (European Institute of Romania, 2017-12) Dăianu, Daniel; Kallai, Ella; Mihailovici, Gabriela; Socol, Aura
    Euro area (EA) accession should mainly depend on the achievement of a critical mass of real and structural convergence, which should diminish the risks to operate in an incomplete monetary union. Accession would also be enhanced by reforms in the functioning of euro area institutions and policies which should deal with asymmetric shocks. We argue that the true stake of euro adoption in Romania should be neither “if’’ nor “when”, but “under what terms” and “how it will be done”. The essential prerequisite for real convergence is raising competitiveness. Our analysis shows common problems regarding competitiveness in new member states in terms of infrastructure, institutional development, business sophistication, innovation; it points out the scale of risks attached to a premature euro area accession. This accession does not require the achievement of the euro area average level of GDP/capita (in PPP terms). As we argue, one can imagine Romania’s accession after having achieved a minimum of 75% of euro area GDP/capita average and the fulfilment of a series of structural conditions against the backdrop of euro area reforms.
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    Tax Policy under the Curse of Low Revenues: The Case of Romania (Part I)
    (Institute for Economic Forecasting, 2012-03) Dăianu, Daniel; Kallai, Ella; Lungu, Laurian
    The Romanian tax revenue-to-GDP ratio has been far below the average level of both the European Union and the New Member States for many years. The decade long growth cycle hid significant structural imbalances in the public budget. This paper attempts to identify reasons why tax revenues in Romania are the lowest among the EU-27 countries. It takes a broader perspective by looking at the main sources of tax revenues over the last two decades. Implications of the policy regime change following the introduction of flat tax in 2005 are considered. It also does a few comparisons with other countries from Central and Eastern Europe by looking at the main tax revenue components.
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    Tax Policy under the Curse of Low Revenues: The Case of Romania (Part II)
    (Institute for Economic Forecasting, 2012-08) Dăianu, Daniel; Kallai, Ella; Lungu, Laurian
    It is an acknowledged fact that the tax revenue to GDP ratio in Romania is extremely low. This article suggests several ways through which budgetary revenues can be increased and, in the process, strengthen fiscal consolidation. Increasing tax collection rates, combating fiscal evasion and bringing parts of the shadow economy into the open would repair a fractured sentiment of fairness in the Romanian society. In particular, the results in this paper show that public sector revenues could rise by the equivalent of 4% of GDP if only half of the informal economy were to be brought to light.