Publication:
The Challenges to Long Run Fiscal Sustainability in Romania

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dc.contributor.authorCanagarajah, Sudharshan
dc.contributor.authorBrownbridge, Martin
dc.contributor.authorPaliu, Anca
dc.contributor.authorDumitru, Ionut
dc.date.accessioned2012-03-19T17:28:17Z
dc.date.available2012-03-19T17:28:17Z
dc.date.issued2012-01-01
dc.description.abstractRomania, along with many other countries in the European Union, faces daunting fiscal challenges. Fiscal balances deteriorated sharply following the global economic crisis, forcing Romania to implement a fiscal consolidation that was one of the largest in the European Union, but which may not be sustainable without a recovery of economic growth. Although the ratio of public debt to gross domestic product is still relatively modest, at around 35 percent, long-term fiscal solvency is threatened by the costs of funding the public pension system in the face of adverse demographic shifts over the next 50 years. Because of widespread tax evasion, the tax system in Romania is one of the least efficient in the European Union. Tax reforms that can reduce the amount of tax lost to evasion and fraud could make a major contribution to enhancing fiscal sustainability.en
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20120103111719
dc.identifier.doi10.1596/1813-9450-5927
dc.identifier.urihttps://hdl.handle.net/10986/3213
dc.languageEnglish
dc.relation.ispartofseriesPolicy Research working paper ; no. WPS 5927
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectACCUMULATION OF ARREARS
dc.subjectADVERSE CONSEQUENCES
dc.subjectANNUAL REPORT
dc.subjectARREARS
dc.subjectBALANCE SHEETS
dc.subjectBASIS POINTS
dc.subjectBENEFICIARIES
dc.subjectBORROWING COSTS
dc.subjectBORROWING REQUIREMENTS
dc.subjectBUDGET CONSTRAINT
dc.subjectBUDGET DEFICIT
dc.subjectBUDGETARY RESOURCES
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKET DEVELOPMENT
dc.subjectCDS
dc.subjectCENTRAL GOVERNMENT
dc.subjectCONTINGENT LIABILITIES
dc.subjectCORPORATE INCOME TAX
dc.subjectCREDIT RATING
dc.subjectCREDITOR
dc.subjectCUSTOMS UNION
dc.subjectCUTTING EXPENDITURES
dc.subjectDEBT BURDEN
dc.subjectDEBT CRISIS
dc.subjectDEBT DYNAMICS
dc.subjectDEBT LEVELS
dc.subjectDEBT SERVICING
dc.subjectDEBT SERVICING COSTS
dc.subjectDEBT SUSTAINABILITY
dc.subjectDEBTS
dc.subjectDEMOCRACY
dc.subjectDEMOGRAPHIC
dc.subjectDEMOGRAPHIC CHANGE
dc.subjectDEMOGRAPHIC CHANGES
dc.subjectDEVELOPMENT BANK
dc.subjectDOMESTIC CURRENCY
dc.subjectDOMESTIC DEMAND
dc.subjectDOMESTIC MARKET
dc.subjectDOMESTIC SAVINGS
dc.subjectECONOMIC CRISIS
dc.subjectECONOMIC FORECAST
dc.subjectECONOMIC GROWTH
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET COUNTRIES
dc.subjectENTITLEMENTS
dc.subjectEUROBOND
dc.subjectEXCHANGE RATE
dc.subjectEXPENDITURE
dc.subjectEXPENDITURE CUTS
dc.subjectEXPENDITURE OBLIGATIONS
dc.subjectEXPENDITURES
dc.subjectEXPORT GROWTH
dc.subjectEXPOSURE
dc.subjectEXPOSURE TO RISK
dc.subjectFINANCIAL AFFAIRS
dc.subjectFINANCIAL CAPACITY
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL PERFORMANCE
dc.subjectFINANCIAL STATEMENTS
dc.subjectFINANCIAL SUSTAINABILITY
dc.subjectFISCAL ADJUSTMENT
dc.subjectFISCAL ADMINISTRATION
dc.subjectFISCAL BALANCE
dc.subjectFISCAL BALANCES
dc.subjectFISCAL CONSOLIDATION
dc.subjectFISCAL COSTS
dc.subjectFISCAL CRISIS
dc.subjectFISCAL DATA
dc.subjectFISCAL DEFICIT
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL IMPLICATIONS
dc.subjectFISCAL INFORMATION
dc.subjectFISCAL MANAGEMENT
dc.subjectFISCAL OBLIGATIONS
dc.subjectFISCAL POLICIES
dc.subjectFISCAL POLICY
dc.subjectFISCAL POSITION
dc.subjectFISCAL PROJECTIONS
dc.subjectFISCAL RETRENCHMENT
dc.subjectFISCAL STANCE
dc.subjectFISCAL STATISTICS
dc.subjectFISCAL SUSTAINABILITY
dc.subjectFISCAL SYSTEM
dc.subjectFIXED INTEREST
dc.subjectFIXED INTEREST RATE
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN INVESTORS
dc.subjectFOREIGN SHARE
dc.subjectFRAUD
dc.subjectGENERAL TAXATION
dc.subjectGOVERNMENT BUDGET
dc.subjectGOVERNMENT DEBT
dc.subjectGOVERNMENT DEFICITS
dc.subjectGOVERNMENT REVENUE
dc.subjectGOVERNMENT SUBSIDIES
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROSS PUBLIC DEBT
dc.subjectGROWTH RATES
dc.subjectHEALTH INSURANCE
dc.subjectHOLDING
dc.subjectHUMAN CAPITAL
dc.subjectIMPLICIT TAX
dc.subjectINCOME TAX
dc.subjectINCOME TAXES
dc.subjectINFORMAL ECONOMY
dc.subjectINSURANCE
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL MARKETS
dc.subjectINTERNATIONAL FINANCIAL MARKETS
dc.subjectINTERNATIONAL MARKET
dc.subjectINTERNATIONAL MARKETS
dc.subjectINVESTOR CONFIDENCE
dc.subjectISSUANCE
dc.subjectLEGAL OBLIGATIONS
dc.subjectLEGAL TAX RATE
dc.subjectLEGAL TAX RATES
dc.subjectLOAN
dc.subjectLOAN GUARANTEES
dc.subjectLOCAL BANKS
dc.subjectLOCAL GOVERNMENT
dc.subjectLOCAL GOVERNMENTS
dc.subjectLONG-RUN DEBT
dc.subjectLONG-TERM COSTS
dc.subjectMACROECONOMIC PROJECTIONS
dc.subjectMACROECONOMIC STABILITY
dc.subjectMATURITY
dc.subjectMATURITY STRUCTURE
dc.subjectMEDIUM-TERM FISCAL FRAMEWORK
dc.subjectMEDIUM-TERM PROJECTIONS
dc.subjectMONETARY FUND
dc.subjectMONETARY UNION
dc.subjectMULTILATERAL LENDERS
dc.subjectNATIONAL AGENCY
dc.subjectNET WORTH
dc.subjectOLD-AGE
dc.subjectOLD-AGE PENSIONS
dc.subjectOUTPUT
dc.subjectOUTPUT GAP
dc.subjectOUTSTANDING PUBLIC DEBT
dc.subjectPENSION
dc.subjectPENSION EXPENDITURES
dc.subjectPENSION FUND
dc.subjectPENSION LAW
dc.subjectPENSION REFORM
dc.subjectPENSION REFORMS
dc.subjectPENSION SCHEME
dc.subjectPENSION SYSTEM
dc.subjectPENSION SYSTEMS
dc.subjectPENSIONS
dc.subjectPERSONAL INCOME
dc.subjectPERSONAL INCOME TAX
dc.subjectPORTFOLIO
dc.subjectPOVERTY REDUCTION
dc.subjectPRIVATE BANKS
dc.subjectPRIVATE PENSIONS
dc.subjectPRIVATE SECTOR
dc.subjectPROGRESSIVE TAXATION
dc.subjectPROVISIONS
dc.subjectPUBLIC
dc.subjectPUBLIC AGENCIES
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC DEBT MANAGEMENT
dc.subjectPUBLIC ENTERPRISE
dc.subjectPUBLIC EXPENDITURE
dc.subjectPUBLIC EXPENDITURES
dc.subjectPUBLIC FINANCE
dc.subjectPUBLIC FINANCES
dc.subjectPUBLIC PENSION
dc.subjectPUBLIC PENSION SYSTEM
dc.subjectPUBLIC PENSIONS
dc.subjectPUBLIC POLICY
dc.subjectPUBLIC POLICY OBJECTIVES
dc.subjectPUBLIC SECTOR
dc.subjectPUBLIC SECTOR DEFICITS
dc.subjectPUBLIC SECTOR WAGES
dc.subjectPUBLIC SERVICES
dc.subjectPUBLIC SPENDING
dc.subjectRAPID GROWTH
dc.subjectREAL GROWTH
dc.subjectREAL GROWTH RATE
dc.subjectREAL INTEREST
dc.subjectREAL INTEREST RATE
dc.subjectREAL INTEREST RATES
dc.subjectREPLACEMENT RATES
dc.subjectRETIREMENT AGE
dc.subjectRETIREMENT AGES
dc.subjectREVENUE COLLECTION
dc.subjectSECURITIES
dc.subjectSOCIAL CONTRIBUTIONS
dc.subjectSOCIAL INSURANCE
dc.subjectSOCIAL INSURANCE FUNDS
dc.subjectSOCIAL SECURITY
dc.subjectSOCIAL SECURITY CONTRIBUTIONS
dc.subjectSOCIAL SECURITY SYSTEM
dc.subjectSOCIAL WELFARE
dc.subjectSOLVENCY
dc.subjectSOVEREIGN DEBT
dc.subjectSTATE OWNED ENTERPRISES
dc.subjectSUSTAINABILITY ANALYSIS
dc.subjectSUSTAINABLE ECONOMIC GROWTH
dc.subjectSUSTAINABLE FISCAL POLICY
dc.subjectTAX
dc.subjectTAX ADMINISTRATION
dc.subjectTAX BASE
dc.subjectTAX COLLECTIONS
dc.subjectTAX EFFORT
dc.subjectTAX EVASION
dc.subjectTAX POLICY
dc.subjectTAX RATE
dc.subjectTAX RATES
dc.subjectTAX REVENUE
dc.subjectTAX SYSTEM
dc.subjectTOTAL DEBT
dc.subjectUNCERTAINTY
dc.subjectWAGE EXPENDITURES
dc.titleThe Challenges to Long Run Fiscal Sustainability in Romaniaen
dspace.entity.typePublication
okr.crossref.titleThe Challenges to Long Run Fiscal Sustainability in Romania
okr.date.disclosure2012-01-01
okr.date.doiregistration2025-04-10T11:04:55.452266Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20120103111719
okr.guid514421468293465513
okr.identifier.doi10.1596/1813-9450-5927
okr.identifier.externaldocumentum000158349_20120103111719
okr.identifier.internaldocumentum15593006
okr.identifier.reportWPS5927
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2012/01/03/000158349_20120103111719/Rendered/PDF/WPS5927.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.administrativeEurope and Central Asia
okr.region.countryRomania
okr.region.geographicalEurope
okr.region.geographicalEastern Europe
okr.topicPublic Sector Expenditure Policy
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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