DRIIE-International economics

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Browsing DRIIE-International economics by Subject "Economic growth"

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    European Union - A case for prudence while managing Imbalances: Debt-Led Economic Growth
    (SNSPA, 2022-06) Munteanu, Bogdan
    The paper aims to look at the EU Fiscal Framework and Governance from the viewpoints of the challenges to economic growth in a context marked by high inflation, geostrategic risks and commodities markets pressures, of the challenges stemming from the interplay between the fiscal and monetary policies when the monetary policy is constraint to tighten and of the challenges for the national authorities to deploy fiscal measures in a post-pandemic context in which the level of public debts increased substantially and constrain the fiscal space and affect the macro-financial stability. The paper takes into account the considerations and the past approaches at EU level to respond to crises with a view on the fiscal implications to achieve the financial stability, implementing legislative adjustments and working on institutional architecture development. This research takes a look at how to assess and understand the public debts sustainability and explores models and options that are possible to be taken into account by the EU leaders to strengthen the resilience of the EU fiscal framework. The paper concludes that, given the uncertainties caused by inflation, geostrategic tensions, prolonged supply chains bottlenecks, rising commodity prices and diminished fiscal space availability, all these imply expectations for further increases in new government debt instruments issuance, at a moment when the balance sheets in the financial sector (including the central banks) are already constrained by the existing debt.
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    Which way Goes Romanian Capitalism? - making a case for reforms, inclusive institutions and a better functioning European Union
    (European Institute of Romania, 2013-12) Dăianu, Daniel; Murgescu, Bogdan
    This paper examines the Romanian economy and its version of capitalism from a long-term perspective and in a broad context. It focuses on economic prospects in the face of a legacy of backwardness and the endurance of domestic weaknesses, in the context of the Great Recession and the eurozone crisis. Romania has a pressing need to mobilise its internal resources and absorb EU funds on a much greater scale so that it can enhance economic growth and mitigate external shocks. To this end, Romania needs to undertake thorough reforms in the public sector, combat rent-seeking and waste, foster domestic savings. The functioning of institutions and of taxation should convey a sense of fairness to citizens. Romania needs to rethink its growth model. Romania must improve its education system by increasing the level of resources assigned to education and creating coherent policies to strengthen institutional capacities and to improve quality standards. The Romanian economy would benefit significantly from EU policies that are more responsive to the economic and social fractures revealed by the current crisis. Not least, financial markets have to be tamed in Europe and elsewhere if they are to serve economies.