0000000000862170
AUTHOR
Tatomir Cristina Flavia
showing 2 related works from this author
FISCAL DISCIPLINE IN THE PIIGS COUNTRIES IN THE LIGHT OF THE NEW FISCAL TREATY. WOULD IT HAVE BEEN DIFFERENT?
2012
In this paper we analyze the fiscal discipline in the PIIGS countries during the last three decades using the Maastricht convergence criteria. We also explore the effects of the new rule established by the recent Fiscal Treaty on the fiscal positions of these countries. The analysis shows significant budgetary adjustments in the post-Maastricht period in all the PIIGS countries. By contrast, the public debts have been increasing even after the introduction of the 60% of GDP ceilling, except for Ireland. The 0.5% of GDP limit for the structural deficit would have led to significantly better fiscal positions if the rule would have been introduced ten years ago.
BUSINESS CYCLE SYNCHRONIZATION BETWEEN ROMANIA AND THE EURO AREA. A FRESH LOOK IN VIEW OF THE RECENT CRISIS
2012
This paper examines the degree of business cycles synchronization between Romania and the Euro area, by using Germany as a benchmark for the area economic cycle. The period of the study is 2000 - 2011, with a special emphasis on the recent economic and financial crisis. Using the Hodrick-Prescott filter, we find important, but decreasing correlations in times of crisis in the level of GDP. Furthermore, the analysis by GDP components reveals that private consumption remains the least correlated with the Euro area, while foreign trade is highly correlated and its synchronization even increased during the recent crisis.