A combination of cyclical and structural factors has lead to a situation which could threaten financial stability worldwide. As the current financial turmoil is unfolding it becomes clearer that the effects of the initial sub-prime crisis, which originated in the US, are spreading across other...

The Romanian tax revenue-to-GDP ratio has been far below the average level of both the European Union and the New Member States for many years. The decade long growth cycle hid significant structural imbalances in the public budget. This paper attempts to identify reasons why tax revenues in...

It is an acknowledged fact that the tax revenue to GDP ratio in Romania is extremely low. This article suggests several ways through which budgetary revenues can be increased and, in the process, strengthen fiscal consolidation. Increasing tax collection rates, combating fiscal evasion and...