EXTERNAL DEBT MANAGEMENT IN ROMANIA
Abstract
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 the external debt
management had to deal with different circumstances: the sharp increase of real interest
rates from the 1980s, the lack of credibility on international financial markets from the
1990s or the recent global crisis. We conclude that political regime, the efficiency of the
allocation of the borrowed funds or the international context played major roles in the
external debt management.
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