期刊名称：Ovidius University Annals: Economic Sciences Series
电子版ISSN：2393-3127
出版年度：2014
卷号：14
期号：2
语种：English
出版社：Ovidius University Press
摘要：In this paper we intend to analyze the effects of fiscal and monetary policies on investment in Romania using a Vector Autoregression (VAR) model. We used quarterly data provided by the National Statistics Institute and Eurostat. The independent variables that we included in our study are: private consumption,government debt,gross fixed capital formation,inflation,ROBOR interest rate,government consumption,government revenue and GDP. We analyzed the influence of fiscal and monetary policies both on the short term and on the long term. Using impulse function specific to Vector Autoregressive (VAR) model,we identified the effects of fiscal and monetary policies components in Romania on the investment by Cholesky impulse functions. Our findings suggest that introduction of the flat rate tax for both corporate income and personal income had a significant positive effect on investment. The increase in VAT standard rate had a negative impact on inflation,but is positively related to investment.
关键词：fiscal policy;monetary policy;VAR;gross fixed capital formation
