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130 Man, M.; Marin, R.M. 1. INTRODUCTION A country can consume more than it produces only in case it has access to a certain amount of external financing that allows imports higher than exports. In other words, internal absorption (including: population’s consumption, governmental consumption, and the investments of non-governmental field) can be higher than the Gross Internal Product of the country only in case imports are higher than exports; such a commercial lack of balance should be financed through a proper level of external resources. One can obtain such resources through contracting and using external loans and/or foreign investments (direct and/or portfolio ones). Under such circumstances, it is essential that the external contracted and used loans should target the development and modernization of the economy and of the public services’ infrastructure (and not consumption); accordingly, they determine the potential necessary in order to carry out a durable economic growth, the increase of national production in order to meet the country’s consumption and investments needs; they also determine imports’ decrease and exports’ increase that provide the resources that allow the periodical refunding of public debt’s service. One should avoid directing the strategy of contracting public funds only towards external sources; such a fact is explicitly demonstrated by the experience of those countries that had to face serious problems connected with the administration of external public debt. The larger the funds attracted on an international level the higher dependence of the country in debt on the crediting countries. Although owing to the external loans the State rapidly collects important funds without immediate financial efforts, one should not ignore the degree of debt of the future generations that will have to pay both the due installments of the loans and the afferent interests. Through attracting funds on an internal level the country’s financial dependence on foreign countries diminishes as the administration of internal public debt represents a matter of internal policy and there are no external constraints. 2. The evolution and composition of public debt An adequate administration of public debt implies the carrying out of an optimum structure of public debt’s instruments by the managers of public debt, namely founding out a balance between external funds and internal funds. Romania’s public debt during the period 2000 – 2008 is displayed by Table no. 1. One can notice that during the period 2000-2003 the absolute value of governmental public debt witnessed an accelerated yearly growth. This accelerated yearly growth was interrupted during the period 2004-2006; afterwards, between 2007 and 2008 a higher rate of the yearly growth was registered. The analysis of the data displayed by the table above emphasizes the fact that although the State’s public debt permanently grew, its share within the Gross Internal Product (GIP) decreased from 31.4% in 2000 to 21.8% in 2008 due to the fact that the GIP had a higher growth rate. The ratio between the State’s public debt and GIP, one of the converging criteria settled by the “Protocol regarding the procedure that is to be implemented in case of
Aspects Regarding the Evolution of Romania’s Public Debt in the … 131 excessive deficits” (annex of the Maastricht Treaty) shows that the debt degree was and still is much below the 60% margin. Years Government al public debt Table 1. Evolution of Romania’s public debt Local public debt* Total public debt Gross internal product (GIP) - Million lei - Share of public debt within GIP % 2000 25 231.9 3.3 25 235.2 80 377.3 31.4 2001 33 465.6 41.4 33 507.0 116 768.7 28.7 2002 43 632.7 73.6 43 706.3 151 475.1 28.9 2003 51 137.0 226.7 51 363.7 197 600.0 26.0 2004 55 147.3 404.9 55 552.1 246 400.0 22.5 2005 56 381.9 2 628.8 59 010.8 288 995.0 20.4 2006 59 868.4 3 472.3 63 340.7 344 651.0 18.4 2007 76 149.7 6 174.5 82 324.2 412 762.0 19.9 2008 100 514.3 9 237.7 109 752.0 503 958.7 21.8 *The data regarding local public debt are available only beginning with 2000. Source: The Ministry of Public Finances The composition of Romania’s public debt is displayed by Table no. 2. Table 2. Composition of Romania’s public debt No. Public debt Million lei Million euro equivalent equivalent* 1. Total governmental public debt, out of 100 514.3 25 216.83 which: 1.1 - Directly contracted by the State 91 904.9 23.056,92 1.2 - Guaranteed by the State 8 609.4 2 159.90 2. Total local public debt, out of which: 9 237.7 2 317.54 2.1 - Directly contracted by the 8 529.8 2 139.94 authorities of local public administration 2.2 - Guaranteed by the authorities of the 707.9 177.60 local public administration 3. Total public debt (1+2) 109 752.0 27 534.37 4. Gross internal product (GIP) 503 958.7 - 5. Share of public debt within GIP 21.8% - *According to the BNR course on 31.12.2008: 3.9860 lei/euro. Source: The Ministry of Public Finances According to the data displayed by Table no. 2, Romania’s public debt registered on December 31 st , 2008 represented 109 752 million lei (namely, 27 534.37 million euro), out of which governmental public debt registering 100 514.3 million lei (namely, 25 216.8 million euro) represents 91.6% of the total public debt, and local public debt registering 9 237.7 million lei (namely, 2 317.5 million euro) represents only 8.4% of the total public debt. At the same time, the analysis of the data displayed
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Annals of the University of Petroş
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Concerns on Labour Power Selection
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4. CONCLUSIONS Forms of Tax Evasion
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Mitigation of the Crisis Effects in
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The Influence of the Mining Unions
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