Politica Fiscala Romania

8/12/2019 Politica Fiscala Romania

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ACADEMIA DE STUDII ECONOMICE BUCURETI

LUCRARE DE DIPLOM

POLITICI MACROECONOMICEPOLITICA FISCAL

STUDIU DE CAZ ROMNIA

STUDENT: PIC ELENA ANUL:III

COORDONATOR, ABSOLVENT,


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CUPRINS

INTRODUCERE.....3

CAPITOLUL IPOLITICA FISCAL def!"e, #$e%&'e !(&)*+e!&e....I.-. P#&%/ f(%/0 %#!%e1& ...I.2. O$e%&'ee 1#&% f(%/e ...-I.3. I!(&)*+e!&ee 1#&% f(%/e ...2-I.4.Ef%/%&/&e/ 1#&% f(%/e ...4

CAPITOLUL IIPOLITICA FISCAL 5N ROMNIA (&*d* de %/6...2II.- P#&%/ +#!e&/)0 7 f(%/0 8! R#+9!/ 2II.2 Ce)%* '%#( / e%#!#+#) .;II.3 Ce)%* '%#( / 1#&% f(%/e II.4 Ce)%* '%#( / e%#!#+e !e#f%/e ...e+e!&0) $e)/e 7 # 1)#1)e&/&e 1)'/&0, d/), de

/(e+e!e/, 7 !(&&*" /de%'/&e. D! /%e(& +#&', &)/!6"/ !* (e 1#/&e de)*/ >)/d*/,de#/)e%e %#!(&)*%"/ !(&&*"#!/0 e(&e *! 1)#%e( de d*)/&0, /'9!d / $/60 !##)>/!6/", !# )e>e+e!&0), d/) 7 !# +e&/+#)f#6/ %#+1#)&/+e!&/0 / !'e*'/)/&e#) e!&&0" e%#!#+%e. A(&06, *!/ d!&)e %ee +/ +1#)&/!&e "!&e /eR#+9!e e(&e !&e>)/)e/ 8! U!*!e/ E*)#1e/!0. P#&%/ +#!e&/)0 7 '/*&/)0 8!R#+9!/ !* 1#/&e f >9!d&0 8! /f/)/ +1*!e) )e(1e%&0) #$e%&'e#) +1%/&e de(1e%f%&/&e/ 1)#%e(** de /de)/)e / U!*!e/ E*)#1e/!0. 5! 'ede)e/ /de)0) /*!*!e/ e*)#1e/!0 R#+9!/ &)e$*e (0 /$0 8! 'ede)e #)e!&/)e/ 1#&%#) e%#!#+%e8! 'ede)e/ #$"!e) %#!'e)>e!"e !#+!/e 7 )e/e %* "0)e U!*! E*)#1e!e. Pe!&)*

/%e/(&/, 1#&%e '#) /'e/ 8! 'ede)e /*(&0) (&)*%&*)/e 7 )ef#)+ee+%)#e%#!#+%e, 1e!&)* / f/%&/ 8!de1!)e/ %)&e)#) de e C#1e!/>/, /d%0 ,,e(&e!"/ *!e e%#!#+ de 1/"0 f*!%"#!/e 7 / %/1/%&0" de / f/%e f/"0 %e)!"e#)%#!%*)e!"/e d! %/d)* UE. P#&%/ f(%/0 )e1)e6!&0 *! !(&)*+e!& +1#)&/!& 1)!%/)e (&/&* 1#/&e /%"#!/ 8! 'ede)e/ %)e7&e) 7 de6'#&0) e%#!#+%e. Ef%/%&/&e/f(%/&0" (e 1#/&e #$(e)'/ /&9& d! +#d* 8! %/)e +1#6&ee 7 &/ee (e )e8!)% /

$*>e&* de (&/& (*$ f#)+/ %/&0" (e)'%#) (e)'%#) %9& 7 8! +#d* 8! %/)e ee/(>*)0, 8! +#d (*(&e!/$ , +e!"!e)e/ 7 e&!de)e/ $/6e de +1#6&/)e.Re//)e/f(%/0 e(&e *! 1#! +1#)&/!& 1)! %/)e (&/&* 1#/&e de&e!(#!/ +ed* de /f/%e) d!R#+9!/, (&+*/ !"/&'/ 1)'/&0 " de / 8!%*)// #f%/6/)e/ e%#!#+e /(%*!(e. Of(%/&/&e )d%/&0 %#+1#)&0 # (e)e de /+e!!"0) / /d)e(/ e%#!#+e )e/e:

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5! 1)+* %/1 /+ 1)e6e!&/& %#!%e1&* de 1#&%0 f(%/0, e>0&*)e 1#&%f(%/e %* 1#&%e (e%)/e ? !d*(&)e, />)%*&*)0, %#+e)"@ , %* %ee f!/!%/)e,+#!e&/)e (#%/e 1)e%*+ 7 (&)/&e>e e>(/&' !(&&*"#!/e. P)! 1#&%/ f(%/0 (e(&/$e7&e 8! 1)+* )9!d, '#*+* )e(*)(e#) f!/!%/)e, 1)e%*+ 7 1)#'e!e!"/)e(*)(e#) f!/!%/)e. O$e%&'ee 1#&% f(%/e 1)e6e!&/&e de /(e+e!e/ 8! 1)+* %/1 !e /)/&0+1/%&* 1e %/)e 8 /)e 1#&%/ f(%/0 /(*1)/ e%#!#+e, +1/%& %/)e 1#/&e ff/'#)/$ (/* !ef/'#)/$. O$e%&'ee 1#&% f(%/$*>e&/)e (*!& (&)9!( %#)e/&e %*f*!%"e 1#&% 7 efe%&ee /%e()/ /(*1)/ e%#!#+e !/"#!/e 1)e%*+ 7 %*

)e6*&/&ee #$"!*&e 1)! f##()e/ +1#6&e#), 8+1)*+*&*)#) de (&/& e&%. I!(&)*+e!&ee 1#&% f(%/e 1)e6e!&/&e 8! 1)+* %/1 !e /)/&0 +#d* 8! %/)e (e%#!(&&*e 7 /%"#!e/60 8! 1)#%e(* de /1%/)e / +1#6&e#), &/e#) 7 %e#)/&e+#/%e de %#e%&/)e / 'e!&*)#) $*>e&/)e. Ef%/%&/&e/ 1#&% f(%/e )e6*&0 d!%#!(e%!"ee 1)/>** de (*1#)&/$&/&e / 1)e(*! f(%/e 1)! )ed*%e)e/ ef#)&**

1)#d*%&', f)/*d0 7 e'/6*!e f(%/0, e'/6*!e !&e)!/"#!/0. 5! %e de/ d#e/ %/1 e(&e 1)e6e!&/&0 1#&%/ f(%/0 / R#+9!e 8! 1e)#/d/ de&)/!6"e, fe* %*+ /%e/(&/ / !f*e!"/& 1#6&' (/* !e>/&' e%#!#+/ !/"#!/0,+1%/"e 1#&%e 1e 1/)%*)(* /%e(&e 1e)#/de 1)e%*+ 7 1#&%/ de )ef#)+0 /

e>(/"e f(%/e.C/1* &)e 1)e6!&0 %##)d#!/)e/ 1#&%#) e%#!#+%e / !'e e*)#1e/!, +/1)e%( / 1#&%#) +#!e&/)e 7 f(%/e. Pe!&)* / /'e/ # e%#!#+e %#+1e&&'0 / !'ee*)#1e/!, 1#&%e e%#!#+%e ?+#!e&/)0, f(%/0, '/*&/)0 @ &)e$*e (0 (e %##)d#!e6e%* %ee e*)#1e!e. 5! /%e(& *&+ %/1 (e f/%e # e'/*/)e / 1)#%e(** de %##)d#!/)e/ 1#&%#) e%#!#+%e 8! UE, (e 1)e6!&0 %/d)* !(&&*"#!/ 7 )e/"#!/ /%##)d#!0) 1#&%#) e%#!#+%e, %/)e (*!& !(&)*+e!&ee +#de** e*)#1e/!, %ee(&e P/%&* de S&/$6/)e 7 C)e7&e)e. P#&%/ f(%/0 (e 1#/&e d#'ed $e!ef%0 1e!&)* de6'#&/)e e%#!#+%0 8! %#!d"e 8!

%/)e (e "!e (e/+/ de %#!d"e %#!%)e&e /e 'e" e%#!#+%#(#%/e, de e>e!"ee1)e6e!&** 7 !e%e(&0"e ')**, 8! %/6 %#!&)/), d/%0 !* (e (e(6e/60 /%e(&e+1e)/&'e, e/ 1#/&e f)9!/ de6'#&/)e/, 1#/&e %#!d*%e / )e>)e( e%#!#+% 7 &e!(*!(#%/e.

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CUPRINS

CAPITOLUL -POLITICA FISCAL def!"e, #$e%&'e, !(&)*+e!&eP#&%/ f(%/0 %#!%e1& 3

O$e%&'ee 1#&% f(%/e -;I!(&)*+e!&ee 1#&% f(%/e -4Ef%/%&/&e/ 1#&% f(%/e 4;

CAPITOLUL 2POLITICA FISCAL 5N ROMNIA (&*d* de %/62.- P#&%/ +#!e&/)0 7 f(%/0 8! R#+9!/ 42.2 Ce)%* '%#( / e%#!#+#) 42.3 Ce)%* '%#( / 1#&% f(%/e

2.4 Ce)%* '%#( / e%#!#+e !e#f%/e -2. I+1%/" de 1#&%0 4


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2. P#&%/ de )ef#)+0 / e>(/"e f(%/e

CAPITOLUL 3COORDONAREA POLITICII ECONOMICE LA NIVEL

EUROPEAN. POLITICI MONETARE I FISCALE3.- E'/*/)e/ 1)#%e(** de %##)d#!/)e / 1#&%#) e%#!#+%e8! U!*!e/ E*)#1e/!0 4

3.2 C/d)* !(&&*"#!/ 7 )e/"#!/ / %##)d#!0) 1#&%#) e%#!#+%e e&/)e d! 6#!/ e*)# =3. P)#1*!e) de )ef#)+0 / PSC e&/)e,de/#%/)e / %e&*e#) $*>e&/)e,1)e%*+ 7 de /(>*)/)e / e%$)e#) $*>e&/)e,%/)e1)e6e!&9!d 1#&%/ $*>e&/)0 / (&/&**,#)e!&/&0 (1)e )e/6/)e/ *!#) #$e%&'e,+/+*& (/* +/ 1*"! de+&/&e.5! /%e(& (e!(,1#&%/ $*>e&/)0 '/ f d(#%/&0 8! &)e%#+1#!e!&e,1*&e)!% !&e)%#!e%&/&e:

1#&%/ f(%/0,>e!e)/&0 de !(&)*+e!&/)e/ ee+e!&e#) de +1#6&e 7 &/eH

1#&%/ /#%/&'0?(/* $*>e&/)0 8! (e!( )e(&)9!(@ >e!e)/&0 1)! !(&)*+e!&/)eee+e!&e#) de %e&*eH


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1#&%.P/)&dee 1#&%e /f/&e / 1*&e)e 87 1*! /+1)e!&/ #)e!&0)#) #) 1#&%e/(*1)/ 1#&% f(%/e,1)! !%*de)e/ 8! 1)#>)/+ee #) de >*'e)!/)e /%##)d#!/&e#) %* %/)/%&e) f(%/. P#&%/ f(%/0 (e !&e)fe)e/60 1*&e)!% %* 1#&%e (e%)/e ?!d*(&)e,/>)%*&*)0,%#+e)",e&%.@, %* 1#&%e f!/!%/)e, +#!e&/)e, (#%/e, 1)e%*+ 7 %*(&)/&e>e e>(/&' !(&&*"#!/e. 5!&)*%9& 1)e'ede)e de )e(*)(e $0!e7& de /

1e)(#/!e f6%e (/* *)d%e / f#!d*)e 1*$%e %#!d*% / d+!*/)e/1/&)+#!**10&)#),/%e(&e (*+e &)e$*e (&/$&e de /*)&0"e 1*$%e %#+1e&e!&e,&)e$*e (0%/1e&e # f#)+0 *)d%0 /de%'/&0e>e,de%)e& e&%. #1#6/$0 &*&*)#) +e+$)#)(#%e&0". Le>0&*)/ 1#&% f(%/e %* %e/ (#%/0 de)'0 d! f/1&* %0 *!ee d!&)e #$e%&'ee%* %/)/%&e) (#%/ (e )e/6e/60 1)! +0(*) de #)d! f(%/,%*+ (*!&:e#!e)0) 7)ed*%e) de +1#6&e 7 &/e,/1%/)e/ *!#) ded*%e) / +/&e)/ +1#6/$0Hf/%&0"f(%/e /%#)d/&e 8! f*!%"e de (&/)e/ %'0 / %#!&)$*/$**,de !*+0)* de %#1 (/*

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%ee/&e %#+1#!e!&e /e 1#&% e%#!#+%e 7 (#%/e,1)e%*+ 7 %* %ee de 1)#&e%"e/ +ed**,/10)/)e !/"#!/0.


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A7/ %*+ (/ /f)+/&,1#&%/ f(%/0 e(&e (&)9!( e>/&0 de %e/ $*>e&/)0 ?/#%/&'0@,ee f!d,de /(&fe, e/$#)/&e %#!%#+&e!& de %0&)e /*)&0" 1*$%e:1e +0(*)0 %e%)e7&e !'e* 7 (e d'e)(f%0 (&)*%&*)/ %e&*e#) $*>e&/)e,e(&e !e%e(/)0 >0()e/ de!# )e(*)(e de /+e!&/)e / f#!d*)#) 1*$%e.5 5!(07 )e/6/)e/ f*!%"#) $*>e&/)ede (&/$6/)e %#!*%&*)/0,de /fe%&/)e / )e(*)(e#) 7 de )e1/)&"e / 'e!&*)#)

1)e(*1*!e # /$#)d/)e de /!(/+$* / 'e!&*)#) 7 %e&*e#) $*>e&/)e 7 de% #1#&%0 f(%/$*>e&/)0 *!&/)0. Ve!&*)e 7 %e&*ee $*>e&/)e /fe%&e/60 %e)e)e/ >#$/0. P#&%/ f(%/0 1#/&e/%"#!/ /(*1)/ %#!(*+** 1)! +#df%/)e/ %e)e) (#'/$e / 1#1*/"e.A(&fe, %9!d(e *)+0)e7&e )ed*%e)e/ %#!(*+**,8! >e!e)/, (e )e%*)>e fe / +/#)/)e/ %#&e#) de+1#6& e(&e!&e,fe / !&)#d*%e)e/ de +1#6&e !#.D/%0 (e !&e!"#!e/60#)e!&/)e/ %e)e) de %#!(*+ (1)e /!*+&e 1)#d*(e,!(&)*+e!&* 8 )e1)e6!&0 &/eede %#!(*+/"e 1)! (ee%&/)e/ 1)#d*(e#) (*1*(e +1*!e) 7 dfe)e!"e)e/ %#&e#) de+1*!e)e.

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1/)&%*/)#) 7 />e!"#) e%#!#+% 7 8! %#!(e%!"0%#!(*+* 7 !'e(&"e. P#&%/ f(%/0 +1%0 *&6/)e/ %e&*e#) >*'e)!/+e!&/e 7 / 1#&%#) de+1#6&/)e +e!&e (0 !f*e!"e6e %e&*ee &/e de6)/$e 1e!&)* / /&!>e#$e%&'ee f/&e de >*'e)!. 5! >e!e)/, $*>e&* (&/&** !f*e!"e/60 e%#!#+/ 1)! (#d* (0*, %/)e e1)+0 8!%/6 de def%& *! de6e%$)* 8!&)e 'e!&*) 7 %e&*e. I!&e)de1e!de!"/ 1#&% f(%/e %* 1#&%/ +#!e&/)0 de'!e +/ 1)e>!/!&08! f*!%"e de +#d/&0"e / %/)e (e )e%*)>e 1e!&)* /(>*)/)e/ f!/!"0) def%&**

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&)/!6/%"#) %* $/!%/ %e!&)/0 (/* !(&&*" !&e)!/"#!/e 7 e%ede!&ee $*>e&/)e*)+e/60 /%e/7 %)%*&, /&*!% / !'e* de1#6&e#) $0!% %e!&)/e /* #%, 8! +#d%#)e(1*!60), (%0de) (/* %)e7&e) /e d(1#!$&0"#) $0!e7& 8! %#!&*).C)e7&e)e(/* de(%)e7&e)e %/!&&0"#) de $/! de )e6e)'0 %e 8!(#"e(% e%ede!&* (/* def%&*

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1e)+& # +/ $*!0 (#*"#!/)e / 1)#$e+e#) f(%/e.De # +/ +1#)&/!"0 de%9&!*+0)* e(&e fe* !(&)*+e!&e#) de 1)ee'/)e f##(&e,( /!*+e: +1#6&e 7 &/e(&/$&e !d'd*/,de 1e)(#/!e f6%e 7 *)d%e 8! f*!%"e de 'e!&,/'e)e (/* /&e%)&e),1e)%e1*&e / &e)+e!e d!/!&e (&/$&eH +1#6&e 7 &/e 1e)%e1*&e / '9!6/)e/de $*!*) (/* 1)e(&0) de (e)'%,f0)0 / f )e1/)&6/&e 8! 1)e//$,1e 10&).

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-;


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DeEee+1*,&// 1e '/#/)e/ /d0*>/&0 (e /1%0 8! +#d *!&/) &*&*)#) %e#) %e !&)0 (*$!%de!"/ e ?(e /1%0 /%ee/7 +#d/&/&e de %/%*,%* %#&e %#)e(1*!60/)e 7 (e(&/$e7&e /%e/7 &e)+e! de 1/&0@. P#&)'& e%&0" fe%/)e 10&) %#!&)$*e 1)! 1/&/ +1#6&e#) 7 &/e#),

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--


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A1e* / f(%/&/&e 8! (%#1* )e>0) %#!*!%&*)/e e(&e /de(e/ %/f%/& %/ #1#&%0 de fe$&/&e f(%/0.E/ (e 8!(%)e,de #$%e,8!&)# 1#&%0 de /!(/+$*,%*1)!69!d /&9& +0(*) e>/&e de %e&*ee 1*$%e,%9& 7 +0(*) de 1#&%0+#!e&/)0.P)!%1/ee &1*) de de%6 8! 1#&%/ f(%/0 (e )efe)0/ TVA,+1#6&e 1e 'e!&*)e 1e)(#/!e#) f6%e 7 !'e(&"e 8!&)e1)!de)#).

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(1e%f%e +0(*)#) %#!*!%&*)/e?/e>e)e/ %e#) +/ /de%'/&e +0(*) @. %@ Re(&)*%&*)/)e/ 7 %)e7&e)e/ e%#!#+%0 F##()e/ +1#6&** %/ !(&)*+e!& de 1#&%0 (&)*%&*)/0 (e )efe)0 / +0(*)e'69!d ee+e!&ee )e/&' (&/$e d! /%&'&/&e/ e%#!#+%0: ee 1#& !&e)'e! 8!d#+e! dfe)&e,de / +#de)!6/)e/ /1/)/&** 1)#d*%&' / )ed*%e)e/ )/&e#) de

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De%, %* %9& 1)#f&* )0+/( / d(1#6"/ f)+e#) e(&e +/ +/)e %* /&9& %e&*ee de!'e(&" '#) f +/ +/). Ce&*ee de !'e(&" +/ +/) 8!(e/+!0, 8!(0 %*+10)0)(1#)&e de $*!*) de !'e(&", de% # %e)e)e />)e>/&0 +/ +/)e. De /%, )e6*&0 %0, # )ed*%e)e / )/&e +1#6&** 1e 1)#f& de&e)+!0 %)e7&e)e/%e&*e#) de !'e(&" 7 de% %)e7&e)e/ %e)e) />)e>/&e, 8! &+1 %e # %)e7&e)e / )/&e

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d#+%* (/* )e6de!"/ 8!&)*! /!*+& (&/&,1)e%*+ 7 %ee !e)e6de!&e,%/)e)e/6e/60 'e!&*) / %0)#) (*)(0 (e /f0 1e &e))* (&/&** )e(1e%&'.5! 1)/%&%0 (e*&6e/60 dfe)&e ((&e+e de +1*!e)e: +1*!e)e/ (e1/)/&0,8! %/)e 'e!&*)e 1)#'e!&e d! (*)(e dfe)&e (e +1#6&e/60(e1/)/&,%/ # +#d de /7e6/)e 7 %#&e %#)e(1*!60/)e 1)#'e!e!"e#)H

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1Pe)#/d/ de /'9!& e%#!#+%,+1#6&ee !d)e%&e /* *! )/!d/+e!& f(%/ )d%/&,/)8! 1e)#/dee de %)60 7 de1)e(*!e, 8!%/(0)e / $*>e& 1e /%e/(&0 %/e 8!)e>(&)e/60/%ee/7 &e!d!"0. I+1#6&ee !d)e%&e %*1)!d: &/ee de %#!(*+/"e,&/ee '/+/e, +#!#1#*)ef(%/e,1)e%*+ 7 d'e)(e /&e &/e.

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e'/*/)e/ 1e $/6/ !d%#) e&e)#/)e /e #$e%&** +1#6/$ 7 %/)e %#!d*%e /(&/$)e/ %* /1)#+/"e / +0)+ /%e(&*/ 7 !* "!e (e/+/ de (&*/"/ 1e)(#!/0 /%#!&)$*/$**H e'/*/)e/ /d+!(&)/&'0,%/)e %#!(&0 8! (&/$)e/ '/#) +/&e)/e +1#6/$e 8!f*!%"e de d/&ee de %/)e /*)&0"e 1*$%e d(1*!,%* d)e1& de %#!(&/&/)e d! 1/)&e

10&)**,8! %/6* *!#) !e%#!%#)d/!"e *(&f%/&e.metoda evalurii directe,$/6/&0 1e 1)#$e,/)e / )9!d* (0* d#*0 '/)/!&e %#!%)e&e de

/1%/)e: e'/*/)e/ 1e $/6/ de%/)/"e (%)(e / *!e &e)"e 1e)(#/!e %/)e %*!#/7&e +0)+e/#$e%&** +1#6/$H e'/*/)e/ %#!f#)+ de%/)/"e 10&)**,d/&0 1e $/6/ *!e e'de!"e,1e %/)e /%e(&/&)e$*e (0 # 8!%+e/(%0.5! f*!%"e de +#d* de %/%* / +1#6&** 1)#1)*6(,1)/%&%/ f(%/0 / %*!#(%*& :+1#6&e de )e1/)&"e,%/)/%&e)6/&e 1)! /%ee/ %0 (&/&*, %#)e(1*!60) !e'##) (/e

de 'e!&*),(&/$e/ (*+/ &/0 / +1#6&e#) %e *)+/* / f 8!%/(/&e d! 8!&)e/>/"/)0,*)+9!d %/ /1# /%e/(&0 '/#/)e (0 fe 8+10)"&0 1e /d+!(&)/" #%/e,19!0/ *!&/&e/ &e))/0 de $/60,*!de /'e/ #% def/%/)e/ 1e (*$e%&e (/* #$e%&e+1#6/$eH

+1#6&e de %#&&/&e (e (&/$e(% 1#)!!d de / +0)+e/ #$e%&** +1#6/$ 7(&*/"/ 1e)(#!/0 / 10&)**, de% de #( 8! (*(.Le>/& de /%e(& (*$e%&,/*)&0"e 1*$%e 1#& *&6/,1e 9!>0 +#d* de %/%* / +1#6&** 7 /&e!(&)*+e!&e f(%/e %*+ (*!&: efe%&*/)e/ *!#) (%060+!&e d! '/#/)e/ +/&e)e+1#6/$e,%#)e(1*!60) (&*/"e f/+/e / %#!&)$*/$**H)ed*%e) (/*+/#)0) 8! f*!%"e de (&/)e/ %'0 / 10&)**.

d@%. N*+0)* 7 d'e)(&/&e/ (%*&)#),)ed*%e)#),ded*%e)#)

N*+0)* 7 d'e)(&/&e/ (%*&)#),)ed*%e)#),ded*%e)#),)e1)e6!&0 # (&)9!(0e>0&*)0 %* #$e%&'ee *)+0)&e de (&/&.D!&)e /%e(&e !(&)*+e!&e %/)e 1#& f *&6/&ef/% 1/)&e:

/%#)d/)e/ de f/%&0" f(%/e 1e!&)* e1#)&,(/* /d#1&/)e/ *!#) &/e de(%*)//!&e /+1#)& 1e!&)* 1)#&e/)e/ 1)#d*%"e !&e)!e.5! *&+ /!,/0&*) de (%*&)e,)ed*%e)e,7 )e(&&*)e de +1#6&e,8! %/d)* 1#&%#) f(%/e 1e!&)*(&+*/)e/ e1#)&** (e 1)/%&%0 /7/ !*+&ee ,,%)ed&e f(%/e,, H

/1%/)e/ *!#) $#!f%/" f(%/e )e1)e6!&0 *! !(&)*+e!& de (&+*/)e d)e%&0 /!'e(&"#) 7 %#!(&0 8! /%#)d/)e/ /%e()/ 1e # /!*+&0 1e)#/d0,/ '/#/)e/

*!* /!*+& 1)#%e!& d! !'e(&"/ )e/6/&0H

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)ed*%e)e/ 1)#>)e('&0" +1*!e) /)e d)e1& (%#1 +1*(#!/)e/ !'e(&"#) (/*(&+*/)e/ e%#!#+(),d*10 %*+ (e /1%0 / +1#6&* 1e 1)#f&* (#%e&0"#)(/* %e/ / 'e!&** 1e)(#!/H

1)/%&%/)e/ *!#) !#)+e de 'e!& (&/$&e / *! !'e +/ +% de%9& %e #$&e!/$ 8!%#!d" !#)+/e )e1)e6!&0 # 19)>e de !f*e!"/)e / %)e7&e) 1)#d*%"e

/>)%#e. P#&%/ f(%/0 +/ 1#/&e f def!&0 %/, /$&/&e/ >*'e)!e#) de /7 f##( 1*&e)e/1)! +1#6&e 7 %e&*e 1e!&)* / /fe%&/ !'e* PIB**.P/!*)e >*'e)!**e>/&e de +1#6&e 7 %e&*e def!e(% 1#&%/ f(%/0, %/)e /)e +1#)&/!&e efe%&e/(*1)/ PIB**, /&9& 1e &e)+e! *!>, %9& 7 1e &e)+e! (%*)&.Ve!&*)e %#e%&/&e d! +1#6&e 7 8!%/(/&e de >*'e)! +!*( 10"e &)/!(fe)/$e

efe%&*/&e e >*'e)! def!e(% +1#6&ee !e&e. P#&%/ f(%/0 +1%0 *&6/)e/ %e&*e#) >*'e)!/+e!&/e 7 / 1#&%#) de+1#6&/)e +e!&e (0 !f*e!"e6e %e&*ee &/e de6)/$e 1e!&)* / /&!>e

#$e%&ee f/&e de %0&)e >*'e)!. A&9&/ &+1 %9& %e&*ee >*'e)!/+e!&/e (1#)e(%%e&*ee />)e>/&e de6)/$e, 8! %#!d"e 8! %/)e +1#6&/)e/ (%/de, d)e%"e(%+$0)#) !d*(e 8! %e&*e 7 +1#6&0) (*!&, 8! >e!e)/, *7#) de de&e)+!/&d/%0 7&+ d)e%"/ (%+$0) de6)/$e / PIB**.O)%e 1#&%0, %/)e 8!%e/)%0 (0 (&/$6e6e PIB* / *! /!*+& !'e (/* /1)#/1e de

#)%e !'e d#)& ? de #$%e PIBUL 1#&e!"/@ e(&e !*+&0 1#&%0 (&/$6/)e. ? 5!+/%)#e%#!#+e e(&e *& (0 d(&!>e+ 8!&)e &e!d!"/ 1e &e)+e! *!> / PIB** 7f*%&*/"e %%%e 8! *)* &)e!d**. Pe!&)* / f/%&/ /%e/(&0 (e1/)/)e (e f##(e(%%#!%e1&ee de PIB /%&*/ 7 1#&e!"/, 7 !e )efe)+ / dfe)e!"/ d!&)e ee %/ / /7/ !*+&* de%// PIB.PIB* /%&*/ )e1)e6!&0 %ee/ %e e%#!#+/ 1)#d*%e 8! )e/&/&e, PIB* 1#&e!"/

+0(#/)0 %9& /) 1*&e/ 1)#d*%e e%#!#+/ d/%0 /&e )e(*)(ee 10+9!&, +*!%0 7%/1/%&/&e/ 1)#d*%&'0 /) f %#+1e& f##(&e / !'e*)e #) !#)+/e de *&6/)e.De%//* PIB e(&e %/%*/& 1)! (%0de)e/ PIB** /%&*/ d! PIB* 1#&e!"/ ? KK@. A&*!% %9!d e%#!#+/ f*!%"#!e/60 (*$ !'e* (0* 1#&e!"/ de 1)#d*%"e /&*!% %9!d K e(&e +/ +% de%9& K de%//* de 1)#d*%"e e(&e !*+& de%//)e%e(#!(&.A&*!% %9!d PIB* /%&*/ de107e7&e PIB* 1#&e!"/, e(&0 # 1)e(*!e >e!e)/0 /

1)e"*)#). D! /%e(& +#&', /&*!% %9!d K de107e7&e K de%//* de 1)#d*%"e e(&e

!*+& de%// !f/"#!(&.O )ed*%e)e / )/&e#) de +1#6&/)e (/* # (1#))e / %e&*e#) >*'e)!/+e!&/ede1/(e/60 %*)$/ AE 8! (*(, de&e)+!9!d # %)e7&e)e / PIB** de e%$)*. O (1#))e/ )/&e#) de +1#6&/)e (/* # (%0de)e / %e&*e#) >*'e)!/+e!&/e de1/(e/60 %*)$/AE 8! #(, de&e)+!9!d # (%0de)e / PIB** de e%$)* ? F>*)/ -I.3.3@. D/%0 >*'e)!* d#)e7&e (0 /&!>0 *! /!*+& !'e"!&0 / PIB**,1#/&e *&6/+1#6&ee 7 %e&*ee d)e1& !(&)*+e!&e 1e!&)* / 8+1!>e e%#!#+/ %0&)e)e/6/)e/ /%ee "!&e.

F>*)/ -.3.3 Efe%&* *!e +#df%0) / %e&*e#) >*'e)!/+e!&/e

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AEK AE-

e- AE #

e#

K# K-Ve!&* !/"#!/ )e/

O schimbare a cheltuielilor guvernamentale conduce la o modificare a PIB-ului, deplasnd liniaAE paralel cu poziia sa iniial ! "igura arat efectul unei cre#teri a cheltuielilor guvernamentale!$ivelul iniial al cheltuielilor agregate este AEo #i nivelul de echilibru al PIB-ului este %o,corespunztor unor cheltuieli dezirabile e&! O cre#tere a cheltuielilor guvernamentale deplaseaz

funcia cheltuielilor agregate 'n sus, la AE(! )rept rezultat, PIB-ul cre#te la %(pentru carecheltuielile dezirabile sunt e(! *re#terea PIB-ului de la %o la %(este egal cu sporirea cheltuielilor

guvernamentale 'nmulit cu multiplicatorul!O reducere a cheltuielilor guvernamentale poate fi analizat 'n aceea#i figur dac 'ncepem cufuncia cheltuielilor agregate AE(#i cu PIB-ul! O reducere a cheltuielilor guvernamentaledeplaseaz funcia AE 'n +os de la %(la %&! cderea este egal cu modificarea cheltuielilor

guvernamentale 'nmulit cu multiplicatorul!5! %/6* 8! %/)e e%#!#+/ /) &)/'e)(/ # 1e)#/d0 de )e%e(*!e >*'e)!* /) d#) (0

(1#)e/(%0 PIB*. I!(&)*+e!&ee f(%/e /de%'/&e '6e/60 # %)e7&e)e / %e&*e#) 7 #(%0de)e / +1#6&e#). 5! %/6* 8! %/)e e%#!#+/ e(&e ,,(*1)/8!%06&0 !'e* PIB** e(&e f#/)&e )d%/&, 8!%9& %e)e)e/ 8! e%e( 8+1!>e 8! (*( 1)e"*)e 7 de&e)+!0/1/)"/ !f/"e. 5! /%e(& %/6, >*'e)!* 1)! !(&)*+e!&ee f(%/e /f/&e / d(1#6"/

(/ '6e/60 (%0de)e/ %e&*e#) >*'e)!/+e!&/e 7 %)e7&e)e/ )/&e#) de +1#6&/)e,/+$ee /'9!d *! efe%& de )ed*%e)e /(*1)/ PIB. Af)+/"/ 8! ')&*&e/ %0)e/ >*'e)!* 1#/&e e'&/ )e%e(*!e 1)! (&+*/)e/de$e)/&0 / %e)e) />)e>/&e / %)e/& # )e'#*"e +/#)0 8! >9!d)e/ e%#!#+%0.A%e/(&/ e(&e %*!#(%*&0 8! >9!d)e/ e%#!#+%0 (*$ de!*+)e/ de )e'#*"/eJ!e(/!0. P#&)'& &e#)e * J!e(, >*'e)!ee 1#& *&6/ 1#&%/ f(%/0 1e!&)* /(1#) %e&*ee />)e>/&e 1e $/6/ %)e7&e) %e&*e#) >*'e)!/+e!&/e (/* /)ed*%e) +1#6&e#) ?(/* e 1#/&e *&6/ 1e /+9!d#*[email protected]#)/ f*!d/+e!&/0 / (&/$60) f(%/e

M#de* de de&e)+!/)e / 'e!&** 7 #*&1*&** !/"#!/ 1e $/6/ %e&*e#)1)e%#!6e/60 %/ PIB (0 1#/&0 f (&/$6/& / *! !'e %/)e (0 fe +/ +% de%9& !'e*(0* 1#&e!"/ %#)e(1*!60) #%*10) de1!e. S*>e)e/60, de /(e+e!e/, +#d* 8! %/)e

1#&%/ f(%/0 /) 1*&e/ f *&6/&0 1e!&)* / )e/d*%e e%#!#+/ / !'e* 1#&e!"/ /PIB**. U&6/)e/ de %0&)e >*'e)! / +1#6&e#) 7 %e&*e#) %* (%#1* de / %#!&)#/e%#!#+/ e(&e %*!#(%*&0 (*$ de!*+)e/ depolitic fiscaldiscreionar de

stabilizare. A%e/(&0 1#&%0 e(&e def!&0 1)!&)# (%+$/)e deliberat/ )/&e#) de+1*!e)e f(%/0 (/* / %e&*e#) >*'e)!/+e!&/e %/)e /* d)e1& "!&0 (&/$6/)e/e%#!#+e.

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A&9&/ ')e+e %9& (1#))e/ %e&*e#) >*'e)!/+e!&/e %#!d*%e / # %)e7&e)e / %e)e)/>)e>/&e, 8! &+1 %e %)e7&e)e/ +1#6&e#) d*%e / # )ed*%e)e / %)e7&e) />)e>/&e,d)e%"e (%+$0)#) !e%e(/)e 8! %e&*e 7 +1#6&e (*!&, 8! >e!e)/, *7#) dede&e)+!/& #d/&0 %e %*!#/7&e+ d)e%"/ (%+$0)#) de6)/$e /e PIB**, 5!

1)/%&%0, !* de 1*"!e #), +#+e!&* 8! %/)e (e de%de /1%/)e/ *!#) /(&fe de +0(*),

/+1&*d!e/ #), 1)e%*+ 7 +#d* 8! %/)e (*!& %#+$!/&e, )d%0 1)#$e+e de(&* dedf%e. P#&%/ f(%/0 1#/&e f *! +1#)&/!& !(&)*+e!& de (&/$6/)e / e%#!#+e. 5!

1e)#/d/ de >#)e / /1%0) 1#&%#) f(%/e, %*1)!(0 8!&)e -)#)/" de +*&1ee+&e /e 1#&% f(%/e.

O )ed*%e)e / )/&e#) de +1#6&/)e (/* # (1#))e / %e&*e#) '#) %#!d*%e / #de1/(/)e / %*)$e %e)e) />)e>/&e, AD, / d)e/1&/, de&e)+!9!d # (1#))e / PIB**.O (1#))e / )/&e#) de +1#6&/)e (/* # )ed*%e)e / %e&*e#) >*'e)!/+e!&/e'#) %#!d*%e / # de1/(/)e / (&9!>/ / %*)$e %e)e) />)e>/&e, AD, de&e)+!9!d /(&fe# (%0de)e / PIB**. O /!/60 +/ de&//&0 / +#d** de f*!%"#!/)e / (&/$60) f(%/e (e d#'ede7&ede#(e$& de *&0. O /(&fe de /!/60 (e)'e7&e, de /(e+e!e/, / e'de!"e)e/ %9)'/d!&)e %#+1%/"e %/)e 1#& /10)e/ e>/& de f*!d/+e!&/)e/ 7 /1%/)e/ 1#&%f(%/e. U! de%// )e%e(#!(&. M#d* 8! %/)e 1#/&e f 8!0&*)/& *! de%// )e%e(#!(& e(&e*(&)/& 8! F>*)/ -I.3.4 5! >e!e)/,(e %#!(de)0 %0 e(&0 d#*0 +#d/&0" 1#($e 1)!%/)e 1#/&e f e+!/& *! /(&fe de de%//.

F>*)/ -I.3.4 5!0&*)/)e/ *!* de%// )e%e(#!(&

LRAS SRAS# AD# AD- LRAS

AD# SRAS-

SRAS;

P2 E2P# E# P# E#P-

E-

K# K PIB )e/?@ De%// )e%e(#!(& 8!0&*)/& 1)! ?@ De%// )e%e(#!(& e+!/& 1)! de1/(/)e/ de1/(/)e/ / d)e/1&/ / %*)$e SRAS / d)e/1&/ / %*)$e AD

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U! de%// )e%e(#!(& 1#/&e f 8!0&*)/& 1)!&)# de1/(/)e e!&0 / d)e/1&/ / %*)$eSRAS, 1)!&)# )e'>#)/)e f(%/0 1e %/e !/&*)/0 / %e)e) (e%)** 1)'/& (/*

1)!&)# %)e7&e)e / %e)e) />)e>/&e !d*(0 de 1#&%/ f(%/0.I!"/, e%$)* e(&e /&!( 8! 1*!%&* E#, %#)e(1*!60) *!* PIB )e/ K# 7 *!* !'e

/ 1)e"*)#) P#. De%//* )e%e(#!(& e(&e d/& de KK#. A7/ %*+ (e /)/&0 8!(e%"*!e/ ?@ / f>*), de%//* /) 1*&e/ f 8!0&*)/& 1)!&)# de1/(/)e / %*)$e SRAS/ d)e/1&/, de / SRAS# / SRAS-. C)e7&e)e/ #fe)&e />)e>/&e /) 1*&e/ /10)e/ %/)e6*&/& / )ed*%e)#) (//)#) 7 /) 1)e"*) /e f/%)#) de 1)#d*%"e. De1/(/)e/%*)$e SRAS de&e)+!0 # de1/(/)e 8! #( 7 / d)e/1&/ de/ *!>* %*)$e AD#.A%e/(&0 +7%/)e (&/$e7&e *! !#* e%$)* / E-, /&!>9!d PIB* 1#&e!"/ K, 7d*%9!d / # (%0de)e / !'e** 1)e"*)#) / P-.A7/ %*+ (e /)/&0 8! (e%"*!e/ ?@ , de%//* /) 1*&e/ (0 fe, 8!0&*)/& 1)!&)#

de1/(/)e / %*)$e AD / AD-.A%e/(&0 %)e7&e)e / %e)e) />)e>/&e /) 1*&e/ /10)e/, fe

8! *)+/ *!e )e'>#)0) !/&*)/e / %e&*e#) (e%)** 1)'/&, fe %/ efe%& / *!e%)e7&e) / %e&*e#), %)e7&e)e !d*(0 de 1#&%/ f(%/0. De1/(/)e/ %*)$e ADde&e)+!0 # +7%/)e 8! (*( 7 / d)e/1&/ de/ *!>* %*)$e SRAS#.A%e/(&0 e'#*"ede1/(e/60 e%$)* / E2,%)e(%9!d PIB* / K 7,)e(1e%&', !'e* 1)e"*)#) /P2.

5! 1)+* )9!d, de%//* )e%e(#!(& 1#/&e d*%e, 8! %ee d! *)+0 / # (%0de)e /(//)#) 7 / /) 1)e"*) /e f/%)#) de 1)#d*%"e, %/)e (e 1#/&e d#'ed (*f%e!&0

1e!&)* / %#!d*%e / # de1/(/)e / %*)$e SARS / d)e/1&/ %/)e (0 1e)+&0 )e!(&//)e/#%*10) de1!e 7 /&!>e)e/ PIB** 1#&e!"/ ?%#)e(1*!60) *!* !'e +/ (%06*&/ 1)e"*)#)@.5! / d#e/ )9!d, %*)$/ AD (e 1#/&e de1/(/ / d)e/1&/, %#!d*%9!d d!!#* e%#!#+/ / # #%*1/)e de1!0 7 / PIB* 1#&e!"/ ?/ *! !'e +/ +/)e /

1)e"*)#)@.*'e)!* 1#/&e de&e)+!/ /(&fe # de1/(/)e 1)! *&6/)e/ *!e 1#&%f(%/e e1/!(#!(&e, 1)! %/)e (0 )ed*%0 +1#6&ee (/* (0 %)e/(%0 %e&*ee>*'e)!/+e!&/e. A'/!&/* *&60) 1#&% f(%/e e(&e %0 /%e/(&/ 1#/&e d+!*/%#!(de)/$ %ee/ %e, 8! /&e %#!d", (/) 1*&e/ %#!(&&* 8!&)# *!>0 )e%e(*!e. U!de6/'/!&/ e(&e %0 *&6/)e/ 1#&% f(%/e 1#/&e (&+*/ e%#!#+/ %/) 8!/!&e %/,%e&*ee (e%)** 1)'/& (0 (e )e%*1e)e6e 1e %#!& 1)#1)*. D)e1& )e6*&/&,e%#!#+/ 1#/&e de107 !'e* (0* 1#&e!"/ 7 (e 1#/&e +/!fe(&/ /(&fe *! de%//!f/"#!(&. 5! /%e(& %/6, 1#&%/ f(%/0 1#/&e 1)#'#%/ !(&/$&/&e, %/) d/%0

!&e!"/ de%/)/&0 / 1)#+#'0) /%e(&e 1#&% / f#(& %e/ de /(>*)/)e / (&/$&0"e%#!#+%e.U! de%// !f/"#!(&. F>*)/ -.2. /)/&0 %/)e (*!& +#d/&0"e 1)! %/)e 1#/&e f

8!0&*)/& *! de%// !f/"#!(&.

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F>*)/ -I.3. 5!0&*)/)e/ *!* de%// )e%e(#!(& LRAS SARS# LRAS SRAS- SRAS#

P- E- E# E# P#P# P2 E2 AD# AD#

AD- K K; K K;

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