reached in sample, beyond which (initial) debt ends up lowering (subsequent)growth. On average, significantly negative … percent of GDP or 140 percent of exports. Second, we depart from reduced form growth regressions and perform direct tests of … level of debt is reached: (i)investment falls precipitously as it should when it becomes optimal to default, (ii) economic …

also investigated. The conclusion which came out was, on one side that the export growth in Romania since 2007 is mainly … export developments of the country. On the other side, the significant imports growth was due to strong reduction in …

both socially and individually optimal domestic input policies in free trade areas (FTAs). When asymmetries in the number …