External debt management in Romania
- Ramona Dumitriu and Razvan Stefanescu
- Sep 2013
- MPRA (Munich Personal RePEC Archive)
- International
This paper approaches the evolution of Romania’s foreign debt in three periods of time: during Nicolae Ceausescu regime, in the transition period and the one which followed the adhesion to European Union. For all three periods external debt management was about different challenges: the sharp increase of real interest rates from the 1980s, the lack of credibility in international financial markets from the 1990s or the recent global crisis of 2008. Conclusion:political regime, the efficiency of the allocation of the borrowed funds and international context play major roles in external debt management.
