Romania: Selected Issues and Statistical Appendix

Author: International Monetary Fund

Volume/Issue: Volume 2004 Issue 220

Publication date: July 2004

ISBN: 9781451832792

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Exports and Imports , Inflation , Economics- Macroeconomics , ISCR , CR , interest rate , rate , producer price inflation , interest rate pass-through , market rate , utility company arrears , impulse response , inflation expectation , B , inflation dynamics , Slovak coefficient , Inflation , Central bank policy rate , Arrears , Producer prices , Exchange rates , Africa , Central and Eastern Europe , Baltics

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Summary

This Selected Issues paper for Romania reports that the practice of nonpayment and arrears accumulation has been widespread in Romania. Managers of enterprises that remain in the pipeline for privatization for long periods of time have little incentive to reduce arrears. The state contributed to growth of arrears by accepting nonmonetary tax and utility payments, using tax offsets in procurement, and tolerating payment arrears. These practices have been prevalent at all levels of state and local government, as well as state utility companies.