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Romania And The International Monetary Fund
The Romania–IMF relations span for more than 40 years, during which Romania had two economic systems: Soviet-type economic planning of the 1970s and 1980s and capitalism since the 1990s. The IMF had a strong role in shaping the Romanian economy of the 1990s towards neoliberalism. Socialist Republic of Romania Joining the IMF Informal and exploratory discussions between Romania and the IMF began in 1968, but it was only on 21 September 1972 that the IMF announced that Romania applied for membership. Romania was formally accepted on 5 December 1972, following a vote on the IMF's board of directors, becoming a member on 15 December 1972. While Romania was not the first socialist country to become a member (Yugoslavia had been a member for some time), it was the first member of the Comecon to join. In order to become a member, Romania agreed to grant a scrutiny of its economic situation (including holdings of gold and international monetary reserves, international trade, balance o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Soviet-type Economic Planning
Soviet-type economic planning (STP) is the specific model of centralized planning employed by Marxist–Leninist socialist states modeled on the economy of the Soviet Union (USSR). The post-'' perestroika'' analysis of the system of the Soviet economic planning describes it as the administrative-command system due to the ''de facto'' priority of highly centralized management over planning. Characteristics Institutions The major institutions of Soviet-type planning in the USSR included a planning agency (Gosplan), an organization for allocating state supplies among the various organizations and enterprises in the economy ( Gossnab) and enterprises which were engaged in the production and delivery of goods and services in the economy. Enterprises comprised production associations and institutes that were linked together by the plans formulated by Gosplan. In the Eastern bloc countries (Bulgaria, Czechoslovakia, East Germany, Hungary, Poland, Romania, and Albania), economic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mugur Isărescu
Constantin Mugur Isărescu (; born 1 August 1949) is the Governor of the National Bank of Romania, a position he has been holding since September 1990, with the sole exception of a period of time of eleven months (16 November 1999 to 28 October 2000), during which he served as Prime Minister of Romania. In addition, he is also a member of the Romanian Academy. Early life Isărescu was born in Drăgășani, Vâlcea County, Romania. His father was a school teacher who, after the establishment of the Romanian People's Republic, studied at the Academy of Economic Studies in Bucharest (ASE), worked as a bank executive during the 1950s, and then was a professor of accounting for 20 years. Isărescu studied international trade at the Academy of Economic Studies in Bucharest, which he graduated in 1971, and where he was an assistant professor between 1975 and 1989. In 1989, Isărescu defended his Ph.D. thesis on exchange rate policies under the supervision of Costin Kirițescu. For 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Special Drawing Rights
Special drawing rights (SDRs, code ) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF). SDRs are units of account for the IMF, and not a currency ''per se''. They represent a claim to currency held by IMF member countries for which they may be exchanged. SDRs were created in 1969 to supplement a shortfall of preferred foreign exchange reserve assets, namely gold and U.S. dollars. The ISO 4217 currency code for special drawing rights is and the numeric code is ''960''. SDRs are allocated by the IMF to countries, and cannot be held or used by private parties. The number of SDRs in existence was around XDR 21.4 billion in August 2009. During the global financial crisis of 2009, an additional XDR 182.6 billion was allocated to "provide liquidity to the global economic system and supplement member countries' official reserves". By October 2014, the number of SDRs in existence was XDR 204 bi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Bank Of Romania
The National Bank of Romania ( ro, Banca Națională a României, BNR) is the central bank of Romania and was established in April 1880. Its headquarters are located in the capital city of Bucharest. The National Bank of Romania is responsible for the issue of the Romanian leu and as such it sets the monetary policy, holds the currency reserves and manages the exchange rate. History The bank's first governor was Ion Câmpineanu. Eugeniu Carada is associated to the National Bank, as he was the founder of the bank and he was elected director of the bank, but he never accepted the role of Governor. In 1916, in the wake of the Central Powers' invasion, the valuables of the National Bank of Romania, together with many other valuables (the Romanian Treasure) were sent to Moscow for safekeeping, but were never returned (except for the Pietroasele treasure - now on display at the National Museum of Romanian History, the numismatic collection of the National Bank, some paintings a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Emil Boc
Emil Boc (; born 6 September 1966) is a Romanian politician who was Prime Minister of Romania from 22 December 2008 until 6 February 2012 and is the current Mayor of Cluj-Napoca, the largest city of Transylvania, where he was first elected in July 2004. Boc was also the president of the Democratic Liberal Party (PDL), which proposed and supported him as Prime Minister in late 2008, from December 2004 until July 2012. On 13 October 2009, his cabinet fell after losing a motion of no confidence in Parliament. He was acting as the head of acting cabinet until a new Prime Minister and cabinet were confirmed by Parliament. On 17 December 2009, President Traian Băsescu designated him again to form a new government, receiving afterwards the vote of confidence from the Parliament. Personal life Emil was born to Ioan and Ana Boc in the village of Răchițele, commune Mărgău, Cluj County; he has three older brothers (Ioan, Gheorghe, and Traian) and one sister (Dorina). Emil Boc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HotNews
HotNews is one of the oldest and biggest Romanian news sites focused mainly on general topics, finance, politics, and current affairs. The website constantly publishes news, interviews, video documentaries, and opinion pieces. As of February 2019, the site has around 250,000–300,000 unique users daily, more than 3 million monthly unique visitors, and around 30 million monthly page views, according to stats measured by the Romanian BRAT/SATI. The website was founded in October 1999 by a group of financial journalists under the name ''RevistaPresei.ro'' and contained articles from outside sources put together as a press review. It was rebranded as HotNews.ro in 2005. Located in Bucharest, the company employed more than 30 journalists in 2018. Its advertising Advertising is the practice and techniques employed to bring attention to a product or service. Advertising aims to put a product or service in the spotlight in hopes of drawing it attention from consumers. It is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Traian Băsescu
Traian Băsescu (; born 4 November 1951) is a conservative Romanian politician who served as President of Romania from 2004 to 2014. Prior to his presidency, Băsescu served as Romanian Minister of Transport on multiple occasions between 1991 and 2000, and as Mayor of Bucharest from 2000 to 2004. Additionally, he was elected as leader of the Democratic Party (PD) in 2001. During his term as leader of the PD, the party formed the Justice and Truth Alliance (DA) with the National Liberal Party (PNL). Following Theodor Stolojan's withdrawal from the presidential elections in 2004, Băsescu entered the presidential race on behalf of the alliance. After being elected president, he suspended his PD membership; Romanian law does not permit the incumbent president to be a member of a political party. He was subsequently re-elected in 2009. In 2007, during his presidency, Romania acceded to the European Union. He is the only president of Romania to have been suspended by the parli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sovereign Debt
A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occurs when a government's expenditures exceed revenues. Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's external debt. In 2020, the value of government debt worldwide was $87.4 US trillion, or 99% measured as a share of gross domestic product (GDP). Government debt accounted for almost 40% of all debt (which includes corporate and household debt), the highest share since the 1960s. The rise in government debt since 2007 is largely attributable to the global financial crisis of 2007–2008, and the COVID-19 pandemic. The ability of government to issue debt has been central to state formation and to state building. Public deb ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subsidy
A subsidy or government incentive is a form of financial aid or support extended to an economic sector (business, or individual) generally with the aim of promoting economic and social policy. Although commonly extended from the government, the term subsidy can relate to any type of support – for example from NGOs or as implicit subsidies. Subsidies come in various forms including: direct (cash grants, interest-free loans) and indirect ( tax breaks, insurance, low-interest loans, accelerated depreciation, rent rebates). Furthermore, they can be broad or narrow, legal or illegal, ethical or unethical. The most common forms of subsidies are those to the producer or the consumer. Producer/production subsidies ensure producers are better off by either supplying market price support, direct support, or payments to factors of production. Consumer/consumption subsidies commonly reduce the price of goods and services to the consumer. For example, in the US at one time it was cheaper to b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shock Therapy (economics)
In economics, shock therapy is a group of policies intended to be implemented simultaneously in order to liberalize the economy, including liberalization of all prices, privatization, trade liberalization, and stabilization via tight monetary policies and fiscal policies. In the case of post-Communist states, it was implemented in order to transition from a command economy to a market economy. Overview Shock therapy is a program intended to economically liberalize a mixed economy or transition a planned economy or developmentalist economy to a free-market economy through sudden and dramatic neoliberal reform. Shock therapy policies generally include ending price controls, stopping government subsidies, privatizing state-owned industries, and tighter fiscal policies, such as higher tax rates and lowered government spending. In essence, shock therapy policies can be distilled to price liberalization accompanied by strict austerity. The first instance of shock therapy was the neol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Romanian Democratic Convention
The Romanian Democratic Convention ( ro, Convenţia Democrată Română or Convenția Democratică Română; abbreviated CDR) was an electoral alliance of several democratic, anti-Communist, anti-totalitarian, and centre-right political parties in Romania, active from 1991 until 2000. The most prominent leaders of the CDR throughout the 1990s were by far Corneliu Coposu, Ion Rațiu, and Ion Diaconescu, all three members of the Christian Democratic National Peasants' Party (PNȚCD) - successor and political heir to the National Peasants' Party (PNȚ), active in the Kingdom of Romania between 1926 and 1948). The name of the CDR was coined by Sergiu Cunescu, the leader of the Romanian Social Democratic Party (PSDR), as stated in a late 1990s interview by former PNL re-founding president Radu Câmpeanu at ''Marius Tucă Show'' by talk show journalist Marius Tucă. History Political composition The core members of the CDR included the following political parties: * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Romanian General Election, 1996
General elections were held in Romania on 3 November 1996, with a second round of the presidential election on 17 November.Dieter Nohlen & Philip Stöver (2010) ''Elections in Europe: A data handbook'', p1591 Opinion polls prior to the elections suggested incumbent President Ion Iliescu of the Social Democracy Party of Romania (PDSR, formerly the Democratic National Salvation Front) would win a third term, though it was believed a large field of candidates would push him into a runoff. Iliescu received the most votes in the first round, just ahead of his 1992 runoff opponent, Emil Constantinescu of the Romanian Democratic Convention (CDR). In the second round, Constantinescu defeated Iliescu with 54 percent of the vote. Iliescu conceded defeat soon after the polls closed. Constantinescu took office on 29 November, marking the first peaceful transfer of power since the fall of Communism. To date, it is the only time since the introduction of direct presidential elections tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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