Dinamica echilibrului extern al României si al tarilor CEE, în perioada recesionista

This study aims to reveal structural changes in the balance of payments for Romania and five other CEE countries, along with macroeconomic effects of these adjustments during the period 2008-2011. First, we studied the dynamics of foreign capital inflow components - foreign direct investment, portfolio investment and other investment - and its impact on domestic demand, foreign reserves and exchange rate, in order to assess the destabilizing effect hypothesis of an extensive change in external financing. Second, we followed the dynamics of trade balance - the evolution of export, import and export/import ratio - structured by product groups, trading partners and product technological levels, and we analysed the extent to which the domestic absorption shock was transmitted to the national product demand and import demand.