Economic Rebalancing: Governance, Capital and Financial Discipline
Economy has two ways of dealing with financial loss. It can admit it, or it can circulate it. Admission is expensive and visible on a balance sheet. Circulation is less visible and can become quite persistent. This is precisely why early restructuring matters. It preserves viable businesses and releases valuable resources. The purpose is not
The Paradox of Financial Intermediation: How Do We Finance the Economy?
Romania has the lowest level of financial intermediation in the European Union, whereas Romanian firms have among the highest levels of indebtedness. Understanding this paradox is crucial in assessing the financing of companies. Developing Romania’s economy on sound foundations means concrete and effective paths to support financing
An overview of state-owned enterprises: the two-speed sector
The performance of state-owned enterprises (SOEs) has broad direct implications for the economy through the quality of the services provided, as well as through financial discipline and the manner of implementing corporate governance principles. A poor management of SOEs results in increased costs, inefficiency and
External imbalances and export competitiveness: structural challenges
The persistence of external imbalances increases the dependence on foreign capital flows and affects financial sustainability. In Romania, external imbalances have structural causes: demand exceeds domestic output, so we consume more than we produce, and imports outpace exports.
Financial sustainability in architecture of convergence – Economic@NBR
We have launched the second volume of the Economic@NBR project, at the current juncture dominated by multiple uncertainties and challenges, when economic policy decisions require coherence, consistency and rigorous substantiation. The volume brings together the most relevant indicators for Romania’s economic picture,
