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Record Nr. |
UNINA9910791022603321 |
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Titolo |
Romania : : Romania–Seventh and Eighth Reviews Under the Stand-By Arrangement and Request for Waiver of Nonobservance of Performance Criteria |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2013 |
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ISBN |
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1-4843-3497-3 |
1-4755-6147-4 |
1-4755-5588-1 |
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Descrizione fisica |
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1 online resource (103 p.) |
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Collana |
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IMF Staff Country Reports |
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Disciplina |
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Soggetti |
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Economic development - Romania |
Fiscal policy - Romania |
Banks and Banking |
Exports and Imports |
Inflation |
Macroeconomics |
Public Finance |
International Lending and Debt Problems |
Debt |
Debt Management |
Sovereign Debt |
Price Level |
Deflation |
Banks |
Depository Institutions |
Micro Finance Institutions |
Mortgages |
Interest Rates: Determination, Term Structure, and Effects |
Fiscal Policy |
International economics |
Public finance & taxation |
Banking |
Public ownership |
nationalization |
Arrears |
Public debt |
External debt |
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Prices |
Fiscal stance |
Fiscal policy |
Debts, External |
Debts, Public |
Banks and banking |
Interest rates |
Romania |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di contenuto |
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""Cover""; ""CONTENTS""; ""INTRODUCTION""; ""RECENT DEVELOPMENTS""; ""OUTLOOK AND RISKS""; ""PROGRAM POLICIES""; ""A. Fiscal Policy: Better Fiscal Institutions and Public Financial Management""; ""B. Structural Reforms: Enhancing growth prospects""; ""C. Financial Sector Priorities: Dealing with NPLs and Contingency Planning""; ""D. Monetary and Exchange Rate Policies: Anchoring Expectations""; ""PROGRAM MODALITIES AND OTHER ISSUES""; ""STAFF APPRAISAL""; ""BOXES""; ""1. Major Measures Under the SBA, 2011-13""; ""2. Measures to Reduce Arrears""; ""3. State-Owned Enterprise Arrears"" |
""FIGURES""""1. Real Sector, 2007-13""; ""2. External Sector 2007-13""; ""3. Labor Sector, 2007-13""; ""4. Monetary Sector, 2007-13""; ""5. Fiscal Operations, 2005-13""; ""6. Financial Sector, 2007-13""; ""7. Financial Development, 2007-13""; ""8. Public Debt Sustainability: Bound Tests""; ""9. External Debt Sustainability: Bound Tests""; ""TABLES""; ""1. Quantitative Program Targets""; ""2. Performance for Seventh and Eighth Reviews""; ""3. Selected Economic and Social Indicators, 2009-14""; ""4. Macroeconomic Framework, Current Policies, 2009-18"" |
""5. Balance of Payments, 2009-18""""6. Gross Financing Requirements, 2010-14""; ""7. General Government Operations, 2009-14""; ""8. Monetary Survey, 2009-14""; ""9. Financial Soundness Indicators, 2008-13""; ""10. Schedule of Reviews and Purchases""; ""11. Indicators of Fund Credit, 2013-18""; ""12. Public Sector Debt Sustainability Framework, 2008-18""; ""13. External Debt Sustainability Framework, 2008-18""; ""APPENDIX""; ""I. Letter of Intent""; ""ATTACHMENTS""; ""I. Memorandum of Economic and Financial Policies""; ""II. Technical Memorandum of Understanding"" |
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Sommario/riassunto |
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This paper discusses Romania’s Seventh and Eighth Reviews Under the Stand-by Arrangement and Request for Waiver of Nonobservance of Performance Criteria. Continued strong fiscal consolidation would enable Romania to exit the EU Excessive Deficit Procedure by mid-2013; prudent monetary policy kept core inflation low, and close supervision buttressed banking sector stability. Fiscal and international reserves buffers and a well-capitalized banking sector provide a cushion against shocks. Market sentiment toward Romania improved as political uncertainty subsided in the aftermath of the December 2012 parliamentary elections, which the ruling coalition won. Structural reforms, however, advanced slowly, and the recovery has lagged behind |
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that in most other European emerging economies. |
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