The Challenges to Long Run Fiscal Sustainability in Romania

Canagarajah, Sudharshan; Brownbridge, Martin; Paliu, Anca; Dumitru, Ionut

dc.creator	Canagarajah, Sudharshan
dc.creator	Brownbridge, Martin
dc.creator	Paliu, Anca
dc.creator	Dumitru, Ionut
dc.date	2012-03-19T17:28:17Z
dc.date	2012-03-19T17:28:17Z
dc.date	2012-01-01
dc.date.accessioned	2023-02-17T20:49:08Z
dc.date.available	2023-02-17T20:49:08Z
dc.identifier	http://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	http://hdl.handle.net/10986/3213
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/243548
dc.description	Romania, 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.
dc.language	English
dc.relation	Policy Research working paper ; no. WPS 5927
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	ACCOUNTING
dc.subject	ACCUMULATION OF ARREARS
dc.subject	ADVERSE CONSEQUENCES
dc.subject	ANNUAL REPORT
dc.subject	ARREARS
dc.subject	BALANCE SHEETS
dc.subject	BASIS POINTS
dc.subject	BENEFICIARIES
dc.subject	BORROWING COSTS
dc.subject	BORROWING REQUIREMENTS
dc.subject	BUDGET CONSTRAINT
dc.subject	BUDGET DEFICIT
dc.subject	BUDGETARY RESOURCES
dc.subject	CAPITAL MARKET
dc.subject	CAPITAL MARKET DEVELOPMENT
dc.subject	CDS
dc.subject	CENTRAL GOVERNMENT
dc.subject	CONTINGENT LIABILITIES
dc.subject	CORPORATE INCOME TAX
dc.subject	CREDIT RATING
dc.subject	CREDITOR
dc.subject	CUSTOMS UNION
dc.subject	CUTTING EXPENDITURES
dc.subject	DEBT BURDEN
dc.subject	DEBT CRISIS
dc.subject	DEBT DYNAMICS
dc.subject	DEBT LEVELS
dc.subject	DEBT SERVICING
dc.subject	DEBT SERVICING COSTS
dc.subject	DEBT SUSTAINABILITY
dc.subject	DEBTS
dc.subject	DEMOCRACY
dc.subject	DEMOGRAPHIC
dc.subject	DEMOGRAPHIC CHANGE
dc.subject	DEMOGRAPHIC CHANGES
dc.subject	DEVELOPMENT BANK
dc.subject	DOMESTIC CURRENCY
dc.subject	DOMESTIC DEMAND
dc.subject	DOMESTIC MARKET
dc.subject	DOMESTIC SAVINGS
dc.subject	ECONOMIC CRISIS
dc.subject	ECONOMIC FORECAST
dc.subject	ECONOMIC GROWTH
dc.subject	EMERGING MARKET
dc.subject	EMERGING MARKET COUNTRIES
dc.subject	ENTITLEMENTS
dc.subject	EUROBOND
dc.subject	EXCHANGE RATE
dc.subject	EXPENDITURE
dc.subject	EXPENDITURE CUTS
dc.subject	EXPENDITURE OBLIGATIONS
dc.subject	EXPENDITURES
dc.subject	EXPORT GROWTH
dc.subject	EXPOSURE
dc.subject	EXPOSURE TO RISK
dc.subject	FINANCIAL AFFAIRS
dc.subject	FINANCIAL CAPACITY
dc.subject	FINANCIAL CRISIS
dc.subject	FINANCIAL PERFORMANCE
dc.subject	FINANCIAL STATEMENTS
dc.subject	FINANCIAL SUSTAINABILITY
dc.subject	FISCAL ADJUSTMENT
dc.subject	FISCAL ADMINISTRATION
dc.subject	FISCAL BALANCE
dc.subject	FISCAL BALANCES
dc.subject	FISCAL CONSOLIDATION
dc.subject	FISCAL COSTS
dc.subject	FISCAL CRISIS
dc.subject	FISCAL DATA
dc.subject	FISCAL DEFICIT
dc.subject	FISCAL DEFICITS
dc.subject	FISCAL IMPLICATIONS
dc.subject	FISCAL INFORMATION
dc.subject	FISCAL MANAGEMENT
dc.subject	FISCAL OBLIGATIONS
dc.subject	FISCAL POLICIES
dc.subject	FISCAL POLICY
dc.subject	FISCAL POSITION
dc.subject	FISCAL PROJECTIONS
dc.subject	FISCAL RETRENCHMENT
dc.subject	FISCAL STANCE
dc.subject	FISCAL STATISTICS
dc.subject	FISCAL SUSTAINABILITY
dc.subject	FISCAL SYSTEM
dc.subject	FIXED INTEREST
dc.subject	FIXED INTEREST RATE
dc.subject	FOREIGN CURRENCY
dc.subject	FOREIGN INVESTORS
dc.subject	FOREIGN SHARE
dc.subject	FRAUD
dc.subject	GENERAL TAXATION
dc.subject	GOVERNMENT BUDGET
dc.subject	GOVERNMENT DEBT
dc.subject	GOVERNMENT DEFICITS
dc.subject	GOVERNMENT REVENUE
dc.subject	GOVERNMENT SUBSIDIES
dc.subject	GROSS DOMESTIC PRODUCT
dc.subject	GROSS PUBLIC DEBT
dc.subject	GROWTH RATES
dc.subject	HEALTH INSURANCE
dc.subject	HOLDING
dc.subject	HUMAN CAPITAL
dc.subject	IMPLICIT TAX
dc.subject	INCOME TAX
dc.subject	INCOME TAXES
dc.subject	INFORMAL ECONOMY
dc.subject	INSURANCE
dc.subject	INTEREST RATES
dc.subject	INTERNATIONAL BANK
dc.subject	INTERNATIONAL CAPITAL
dc.subject	INTERNATIONAL CAPITAL MARKETS
dc.subject	INTERNATIONAL FINANCIAL MARKETS
dc.subject	INTERNATIONAL MARKET
dc.subject	INTERNATIONAL MARKETS
dc.subject	INVESTOR CONFIDENCE
dc.subject	ISSUANCE
dc.subject	LEGAL OBLIGATIONS
dc.subject	LEGAL TAX RATE
dc.subject	LEGAL TAX RATES
dc.subject	LOAN
dc.subject	LOAN GUARANTEES
dc.subject	LOCAL BANKS
dc.subject	LOCAL GOVERNMENT
dc.subject	LOCAL GOVERNMENTS
dc.subject	LONG-RUN DEBT
dc.subject	LONG-TERM COSTS
dc.subject	MACROECONOMIC PROJECTIONS
dc.subject	MACROECONOMIC STABILITY
dc.subject	MATURITY
dc.subject	MATURITY STRUCTURE
dc.subject	MEDIUM-TERM FISCAL FRAMEWORK
dc.subject	MEDIUM-TERM PROJECTIONS
dc.subject	MONETARY FUND
dc.subject	MONETARY UNION
dc.subject	MULTILATERAL LENDERS
dc.subject	NATIONAL AGENCY
dc.subject	NET WORTH
dc.subject	OLD-AGE
dc.subject	OLD-AGE PENSIONS
dc.subject	OUTPUT
dc.subject	OUTPUT GAP
dc.subject	OUTSTANDING PUBLIC DEBT
dc.subject	PENSION
dc.subject	PENSION EXPENDITURES
dc.subject	PENSION FUND
dc.subject	PENSION LAW
dc.subject	PENSION REFORM
dc.subject	PENSION REFORMS
dc.subject	PENSION SCHEME
dc.subject	PENSION SYSTEM
dc.subject	PENSION SYSTEMS
dc.subject	PENSIONS
dc.subject	PERSONAL INCOME
dc.subject	PERSONAL INCOME TAX
dc.subject	PORTFOLIO
dc.subject	POVERTY REDUCTION
dc.subject	PRIVATE BANKS
dc.subject	PRIVATE PENSIONS
dc.subject	PRIVATE SECTOR
dc.subject	PROGRESSIVE TAXATION
dc.subject	PROVISIONS
dc.subject	PUBLIC
dc.subject	PUBLIC AGENCIES
dc.subject	PUBLIC DEBT
dc.subject	PUBLIC DEBT MANAGEMENT
dc.subject	PUBLIC ENTERPRISE
dc.subject	PUBLIC EXPENDITURE
dc.subject	PUBLIC EXPENDITURES
dc.subject	PUBLIC FINANCE
dc.subject	PUBLIC FINANCES
dc.subject	PUBLIC PENSION
dc.subject	PUBLIC PENSION SYSTEM
dc.subject	PUBLIC PENSIONS
dc.subject	PUBLIC POLICY
dc.subject	PUBLIC POLICY OBJECTIVES
dc.subject	PUBLIC SECTOR
dc.subject	PUBLIC SECTOR DEFICITS
dc.subject	PUBLIC SECTOR WAGES
dc.subject	PUBLIC SERVICES
dc.subject	PUBLIC SPENDING
dc.subject	RAPID GROWTH
dc.subject	REAL GROWTH
dc.subject	REAL GROWTH RATE
dc.subject	REAL INTEREST
dc.subject	REAL INTEREST RATE
dc.subject	REAL INTEREST RATES
dc.subject	REPLACEMENT RATES
dc.subject	RETIREMENT AGE
dc.subject	RETIREMENT AGES
dc.subject	REVENUE COLLECTION
dc.subject	SECURITIES
dc.subject	SOCIAL CONTRIBUTIONS
dc.subject	SOCIAL INSURANCE
dc.subject	SOCIAL INSURANCE FUNDS
dc.subject	SOCIAL SECURITY
dc.subject	SOCIAL SECURITY CONTRIBUTIONS
dc.subject	SOCIAL SECURITY SYSTEM
dc.subject	SOCIAL WELFARE
dc.subject	SOLVENCY
dc.subject	SOVEREIGN DEBT
dc.subject	STATE OWNED ENTERPRISES
dc.subject	SUSTAINABILITY ANALYSIS
dc.subject	SUSTAINABLE ECONOMIC GROWTH
dc.subject	SUSTAINABLE FISCAL POLICY
dc.subject	TAX
dc.subject	TAX ADMINISTRATION
dc.subject	TAX BASE
dc.subject	TAX COLLECTIONS
dc.subject	TAX EFFORT
dc.subject	TAX EVASION
dc.subject	TAX POLICY
dc.subject	TAX RATE
dc.subject	TAX RATES
dc.subject	TAX REVENUE
dc.subject	TAX SYSTEM
dc.subject	TOTAL DEBT
dc.subject	UNCERTAINTY
dc.subject	WAGE EXPENDITURES
dc.title	The Challenges to Long Run Fiscal Sustainability in Romania
dc.type	Publications & Research :: Policy Research Working Paper
dc.coverage	Europe and Central Asia
dc.coverage	Europe and Central Asia
dc.coverage	Europe
dc.coverage	Eastern Europe
dc.coverage	Romania