Abstract: The model presented in this article is an adaptation of the IS-LM model for an open economy in which we took into account the temporal variable to more accurately determine the equilibrium levels of the macroeconomic indicators. We analyzed the periods during which the values of the indicators exceeded the level of equilibrium and we identified the possible causes that led to these situations.

A second equation relates the actual final consumption of households according to disposable income:

iG – the marginal index of final consumption of the government according to total income

CH(t) – the exchange rate of the national currency based on the euro at the moment t;

D(t)=(cV+cVcTF-cVtY+iGtY+iGiOR+iY+exY-imY)Y(t)+irr(t)+cV(TF0-TR0)+iG(TR0+OR0)+C0+G0+ I0+EX0-IM0

(cV+cVcTF-cVtY+iGtY+iGiOR+iY+exY-imY-1)Y(t)+irr(t)+cV(TF0-TR0)+iG(TR0+OR0)+C0+G0+ I0+EX0-IM0=0

Solving the equations (1)-(15) we find that at equilibrium (“t” being the year):

The analysis of “Actual final consumption of households” emphasizes that in 2000, 2001, 2006, 2007, 2008, 2010, 2011, 2012, 2013 is above the equilibrium value and in 2002, 2003, 2004, 2005, 2009, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Actual final consumption of households” emphasizes that in 2008, 2010, 2011, 2012 is above the equilibrium value and in 2009 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Actual final consumption of households” was registered in 2000 (118.37%) and the minimum in 2002 (86.27%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 63.23-68.16%.

The analysis of “Actual final consumption of the government” emphasizes that in 2000, 2001, 2009, 2010, 2011, 2012, 2013, 2015 is above the equilibrium value and in 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2014, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Other revenues” emphasizes that in 2009, 2010, 2011, 2012 is above the equilibrium value and in 2008 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Actual final consumption of the government” was registered in 2000 (139.41%) and the minimum in 2004 (79.77%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 13.55-18.52%.

The analysis of “Other revenues” emphasizes that in 2000, 2001, 2009, 2010, 2011, 2012, 2013, 2014, 2015 is above the equilibrium value and in 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Other revenues” emphasizes that in 2009, 2010, 2011, 2012 is above the equilibrium value and in 2008 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Other revenues” was registered in 2000 (198.13%) and the minimum in 2005 (61.93%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 4.45-9.98%.

The analysis of “Investment” emphasizes that in 2000, 2001, 2005, 2006, 2007, 2008, 2010, 2011, 2012, 2013 is above the equilibrium value and in 2002, 2003, 2004, 2009, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Investment” emphasizes that in 2008, 2010, 2011, 2012 is above the equilibrium value and in 2009 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Investment” was registered in 2000 (139.03%) and the minimum in 2002 (60.54%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 14.09-19.21%.

The analysis of “Government transfers” emphasizes that in 2000, 2001, 2005, 2006, 2007, 2008, 2010, 2011, 2012 is above the equilibrium value and in 2002, 2003, 2004, 2009, 2013, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Government transfers” emphasizes that in 2008, 2010, 2011, 2012 is above the equilibrium value and in 2009 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Government transfers” was registered in 2000 (139.54%) and the minimum in 2002 (33.81%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 6.61-10.89%.

The analysis of “Tax revenue” emphasizes that in 2004, 2005, 2006, 2007, 2008, 2010, 2011, 2012 is above the equilibrium value and in 2000, 2001, 2002, 2003, 2009, 2013, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Tax revenue” emphasizes that in 2008, 2010, 2011, 2012 is above the equilibrium value and in 2009 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Tax revenue” was registered in 2008 (116.92%) and the minimum in 2002 (75.11%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 12.45-13.32%.

The analysis of “Broad money” emphasizes that in 2000, 2001, 2005, 2006, 2007, 2012, 2013, 2015, 2016 is above the equilibrium value and in 2002, 2003, 2004, 2008, 2009, 2010, 2011, 2014 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Broad money” emphasizes that in 2012 is above the equilibrium value and in 2008, 2009, 2010, 2011 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Broad money” was registered in 2000 (120.04%) and the minimum in 2014 (78.08%).

The analysis of “Exports” emphasizes that in 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012 is above the equilibrium value and in 2000, 2001, 2002, 2003, 2004, 2013, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Exports” emphasizes that in 2008, 2009, 2010, 2011, 2012 is above the equilibrium value. The maximum ratio between real and equilibrium value of “Exports” was registered in 2007 (115.94%) and the minimum in 2015 (86.48%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 17.84-20.61%.

The analysis of “Imports” emphasizes that in 2000, 2001, 2007, 2008, 2010, 2011, 2012, 2013 is above the equilibrium value and in 2002, 2003, 2004, 2005, 2006, 2009, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Imports” emphasizes that in 2008, 2010, 2011, 2012 is above the equilibrium value and in 2009 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Imports” was registered in 2000 (178.28%) and the minimum in 2002 (56.45%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 13.04-18.29%.

The analysis of “Trade balance” emphasizes that in 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2015, 2016 is above the equilibrium value and in 2000, 2001, 2011, 2012, 2013, 2014 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Trade balance” emphasizes that in 2008, 2009, 2010 is above the equilibrium value and in 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Trade balance” was registered in 2015 (282.22%) and the minimum in 2014 (-275.62%).

The analysis of “Output” emphasizes that in 2000, 2001, 2006, 2007, 2008, 2010, 2011, 2012, 2013 is above the equilibrium value and in 2002, 2003, 2004, 2005, 2009, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Output” emphasizes that in 2008, 2010, 2011, 2012 is above the equilibrium value and in 2009 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Output” was registered in 2000 (112.77%) and the minimum in 2002 (87.16%).

The analysis of “Real interest rate (%)” emphasizes that in 2001, 2002, 2003, 2008, 2010, 2011, 2012, 2014 is above the equilibrium value and in 2000, 2004, 2005, 2006, 2007, 2009, 2013, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Real interest rate (%)” emphasizes that in 2008, 2010, 2011, 2012 is above the equilibrium value and in 2009 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Real interest rate (%)” was registered in 2008 (662.49%) and the minimum in 2007 (-339.23%).

Solving the equations (1)-(15) we find that at equilibrium (“t” being the year):

The analysis of “Actual final consumption of households” emphasizes that in 2000, 2002, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 is above the equilibrium value and in 2001, 2003 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Actual final consumption of households” emphasizes that in 2008, 2009, 2010, 2011, 2012 is above the equilibrium value. The maximum ratio between real and equilibrium value of “Actual final consumption of households” was registered in 2016 (163.33%) and the minimum in 2001 (99.35%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 61.03-68.93%.

The analysis of “Actual final consumption of the government” emphasizes that in 2003, 2004, 2005, 2006, 2007 is above the equilibrium value and in 2000, 2001, 2002 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Other revenues” emphasizes that in is below the equilibrium value. The maximum ratio between real and equilibrium value of “Actual final consumption of the government” was registered in 2005 (109.03%) and the minimum in 2000 (88.71%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 13.78-15.07%.

The analysis of “Other revenues” emphasizes that in 2003, 2005, 2006, 2007 is above the equilibrium value and in 2000, 2001, 2002, 2004 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Other revenues” emphasizes that in is below the equilibrium value. The maximum ratio between real and equilibrium value of “Other revenues” was registered in 2005 (120.80%) and the minimum in 2001 (90.45%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 5.82-6.76%.

The analysis of “Investment” emphasizes that in 2000, 2001, 2002, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 is above the equilibrium value and in 2003, 2004, 2005, 2006, 2007 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Investment” emphasizes that in 2008, 2009, 2010, 2011, 2012 is above the equilibrium value. The maximum ratio between real and equilibrium value of “Investment” was registered in 2000 (146.93%) and the minimum in 2004 (78.67%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 14.18-21.48%.

The analysis of “Government transfers” emphasizes that in 2002, 2003, 2004, 2005, 2006, 2007 is above the equilibrium value and in 2000, 2001, 2008, 2009, 2011, 2012, 2013, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Government transfers” emphasizes that in 2008, 2009, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Government transfers” was registered in 2007 (200.82%) and the minimum in 2013 (-187.55%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 9.58-13.46%.

The analysis of “Tax revenue” emphasizes that in 2004, 2005, 2006, 2007 is above the equilibrium value and in 2000, 2001, 2002, 2003 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Tax revenue” emphasizes that in is below the equilibrium value. The maximum ratio between real and equilibrium value of “Tax revenue” was registered in 2007 (123.25%) and the minimum in 2001 (86.60%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 15.02-16.96%.

The analysis of “Broad money” emphasizes that in 2000, 2001, 2002, 2003, 2015, 2016 is above the equilibrium value and in 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Broad money” emphasizes that in 2008, 2009, 2010, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Broad money” was registered in 2000 (159.10%) and the minimum in 2010 (75.13%).

The analysis of “Exports” emphasizes that in 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 is above the equilibrium value and in 2000, 2001, 2002, 2003 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Exports” emphasizes that in 2008, 2009, 2010, 2011, 2012 is above the equilibrium value. The maximum ratio between real and equilibrium value of “Exports” was registered in 2014 (157.61%) and the minimum in 2000 (78.66%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 37.13-46.99%.

The analysis of “Imports” emphasizes that in 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 is above the equilibrium value and in 2000, 2001, 2002, 2003, 2004 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Imports” emphasizes that in 2008, 2009, 2010, 2011, 2012 is above the equilibrium value. The maximum ratio between real and equilibrium value of “Imports” was registered in 2014 (172.14%) and the minimum in 2001 (89.04%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 32.28-41.82%.

The analysis of “Trade balance” emphasizes that in 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2012, 2013 is above the equilibrium value and in 2000, 2001, 2002, 2003, 2011, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Trade balance” emphasizes that in 2008, 2009, 2010, 2012 is above the equilibrium value and in 2011 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Trade balance” was registered in 2006 (174.23%) and the minimum in 2000 (4.12%).

The analysis of “Output” emphasizes that in 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 is above the equilibrium value and in 2000, 2001, 2002, 2003 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Output” emphasizes that in 2008, 2009, 2010, 2011, 2012 is above the equilibrium value. The maximum ratio between real and equilibrium value of “Output” was registered in 2016 (152.89%) and the minimum in 2000 (96.81%).

The analysis of “Real interest rate (%)” emphasizes that in 2000, 2001, 2002 is above the equilibrium value and in 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Real interest rate (%)” emphasizes that in 2008, 2009, 2010, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Real interest rate (%)” was registered in 2000 (764.70%) and the minimum in 2011 (-8.88%).

Solving the equations (1)-(15) we find that at equilibrium (“t” being the year):

The analysis of “Actual final consumption of households” emphasizes that in 2000, 2001, 2002, 2010, 2011, 2012, 2013 is above the equilibrium value and in 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Actual final consumption of households” emphasizes that in 2010, 2011, 2012 is above the equilibrium value and in 2008, 2009 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Actual final consumption of households” was registered in 2000 (110.94%) and the minimum in 2016 (86.15%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 59.84-62.32%.

The analysis of “Actual final consumption of the government” emphasizes that in 2000, 2001, 2002, 2008, 2010, 2011 is above the equilibrium value and in 2003, 2004, 2005, 2006, 2007, 2009, 2012, 2013, 2014, 2015 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Other revenues” emphasizes that in 2008, 2010, 2011 is above the equilibrium value and in 2009, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Actual final consumption of the government” was registered in 2000 (103.73%) and the minimum in 2015 (91.36%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 18.11-19.15%.

The analysis of “Other revenues” emphasizes that in 2000, 2001, 2002, 2006, 2010, 2011, 2012 is above the equilibrium value and in 2003, 2004, 2005, 2007, 2008, 2009, 2013, 2014, 2015 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Other revenues” emphasizes that in 2010, 2011, 2012 is above the equilibrium value and in 2008, 2009 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Other revenues” was registered in 2000 (318.26%) and the minimum in 2005 (64.77%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 5.74-15.45%.

The analysis of “Investment” emphasizes that in 2000, 2001, 2002, 2010, 2011 is above the equilibrium value and in 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2012, 2013, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Investment” emphasizes that in 2010, 2011 is above the equilibrium value and in 2008, 2009, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Investment” was registered in 2000 (124.13%) and the minimum in 2016 (64.77%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 18.39-22.34%.

The analysis of “Government transfers” emphasizes that in 2002, 2004, 2005, 2006, 2007, 2008, 2010, 2011, 2012, 2013, 2014, 2015 is above the equilibrium value and in 2000, 2001, 2003, 2009, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Government transfers” emphasizes that in 2008, 2010, 2011, 2012 is above the equilibrium value and in 2009 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Government transfers” was registered in 2013 (124.83%) and the minimum in 2016 (-17.70%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 10.69-12.73%.

The analysis of “Tax revenue” emphasizes that in 2002, 2004, 2005, 2006, 2007, 2008, 2011 is above the equilibrium value and in 2000, 2001, 2003, 2009, 2010, 2012, 2013, 2014, 2015 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Tax revenue” emphasizes that in 2008, 2011 is above the equilibrium value and in 2009, 2010, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Tax revenue” was registered in 2008 (108.60%) and the minimum in 2015 (86.81%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 14.22-16.53%.

The analysis of “Broad money” emphasizes that in 2000, 2001, 2002, 2011, 2012, 2013, 2016 is above the equilibrium value and in 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2014, 2015 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Broad money” emphasizes that in 2011, 2012 is above the equilibrium value and in 2008, 2009, 2010 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Broad money” was registered in 2000 (136.24%) and the minimum in 2005 (90.25%).

The analysis of “Exports” emphasizes that in 2004, 2005, 2006, 2007, 2008 is above the equilibrium value and in 2000, 2001, 2002, 2003, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Exports” emphasizes that in 2008 is above the equilibrium value and in 2009, 2010, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Exports” was registered in 2007 (110.89%) and the minimum in 2000 (88.28%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 11.33-12.06%.

The analysis of “Imports” emphasizes that in 2000, 2001, 2002, 2008, 2010, 2011, 2012, 2013 is above the equilibrium value and in 2003, 2004, 2005, 2006, 2007, 2009, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Imports” emphasizes that in 2008, 2010, 2011, 2012 is above the equilibrium value and in 2009 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Imports” was registered in 2000 (162.11%) and the minimum in 2016 (66.00%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 6.80-12.61%.

The analysis of “Trade balance” emphasizes that in 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014 is above the equilibrium value and in 2000, 2001, 2002, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Trade balance” emphasizes that in 2008, 2009, 2010, 2011, 2012 is above the equilibrium value. The maximum ratio between real and equilibrium value of “Trade balance” was registered in 2010 (987.21%) and the minimum in 2016 (-85.47%).

The analysis of “Output” emphasizes that in 2000, 2001, 2002, 2008, 2010, 2011 is above the equilibrium value and in 2003, 2004, 2005, 2006, 2007, 2009, 2012, 2013, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Output” emphasizes that in 2008, 2010, 2011 is above the equilibrium value and in 2009, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Output” was registered in 2000 (106.82%) and the minimum in 2016 (84.34%).

The analysis of “Real interest rate (%)” emphasizes that in 2002, 2003, 2004, 2005, 2006, 2008, 2009, 2010, 2011, 2012, 2014, 2015, 2016 is above the equilibrium value and in 2000, 2001, 2007, 2013 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Real interest rate (%)” emphasizes that in 2008, 2009, 2010, 2011, 2012 is above the equilibrium value. The maximum ratio between real and equilibrium value of “Real interest rate (%)” was registered in 2016 (320.13%) and the minimum in 2001 (90.66%).

Solving the equations (1)-(15) we find that at equilibrium (“t” being the year):

The analysis of “Actual final consumption of households” emphasizes that in 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 is above the equilibrium value and in 2000, 2001, 2002, 2003, 2004, 2005, 2006 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Actual final consumption of households” emphasizes that in 2008, 2009, 2010, 2011, 2012 is above the equilibrium value. The maximum ratio between real and equilibrium value of “Actual final consumption of households” was registered in 2016 (195.24%) and the minimum in 2000 (67.97%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 61.30-63.62%.

The analysis of “Actual final consumption of the government” emphasizes that in 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015 is above the equilibrium value and in 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Other revenues” emphasizes that in 2008, 2009, 2010, 2011, 2012 is above the equilibrium value. The maximum ratio between real and equilibrium value of “Actual final consumption of the government” was registered in 2015 (214.71%) and the minimum in 2000 (62.09%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 15.50-18.22%.

The analysis of “Other revenues” emphasizes that in 2003, 2008, 2009, 2010, 2011, 2012, 2013 is above the equilibrium value and in 2000, 2014, 2015 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Other revenues” emphasizes that in 2008, 2009, 2010, 2011, 2012 is above the equilibrium value. The maximum ratio between real and equilibrium value of “Other revenues” was registered in 2013 (2754.50%) and the minimum in 2014 (-4863.72%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 8.22-13.15%.

The analysis of “Investment” emphasizes that in 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 is above the equilibrium value and in 2000, 2001, 2002, 2003, 2004, 2005, 2006 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Investment” emphasizes that in 2008, 2009, 2010, 2011, 2012 is above the equilibrium value. The maximum ratio between real and equilibrium value of “Investment” was registered in 2016 (1793.43%) and the minimum in 2000 (31.34%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 21.38-26.81%.

The analysis of “Government transfers” emphasizes that in 2003, 2008, 2009, 2010, 2011, 2012 is above the equilibrium value and in 2000, 2001, 2002, 2004, 2005, 2006, 2007, 2013, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Government transfers” emphasizes that in 2008, 2009, 2010, 2011, 2012 is above the equilibrium value. The maximum ratio between real and equilibrium value of “Government transfers” was registered in 2012 (6071.27%) and the minimum in 2013 (-2698.64%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 8.12-9.76%.

The analysis of “Tax revenue” emphasizes that in 2008, 2009, 2010, 2011, 2012, 2013 is above the equilibrium value and in 2000, 2003, 2014, 2015 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Tax revenue” emphasizes that in 2008, 2009, 2010, 2011, 2012 is above the equilibrium value. The maximum ratio between real and equilibrium value of “Tax revenue” was registered in 2013 (7139.35%) and the minimum in 2014 (-2344.75%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 12.12-14.56%.

The analysis of “Broad money” emphasizes that in 2000, 2001, 2002, 2015, 2016 is above the equilibrium value and in 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Broad money” emphasizes that in 2008, 2009, 2010, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Broad money” was registered in 2000 (373.52%) and the minimum in 2009 (72.52%).

The analysis of “Exports” emphasizes that in 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 is above the equilibrium value and in 2000, 2001, 2002, 2003, 2004, 2005, 2006 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Exports” emphasizes that in 2008, 2009, 2010, 2011, 2012 is above the equilibrium value. The maximum ratio between real and equilibrium value of “Exports” was registered in 2016 (207.13%) and the minimum in 2000 (61.16%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 15.44-17.13%.

The analysis of “Imports” emphasizes that in 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 is above the equilibrium value and in 2000, 2001, 2002, 2003, 2004, 2005, 2006 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Imports” emphasizes that in 2008, 2009, 2010, 2011, 2012 is above the equilibrium value. The maximum ratio between real and equilibrium value of “Imports” was registered in 2016 (557.86%) and the minimum in 2000 (37.97%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 16.68-22.19%.

The analysis of “Trade balance” emphasizes that in 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2011, 2012, 2013, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Trade balance” emphasizes that in 2008, 2009, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Trade balance” was registered in 2009 (-25.38%) and the minimum in 2007 (-674.50%).

The analysis of “Output” emphasizes that in 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 is above the equilibrium value and in 2000, 2001, 2002, 2003, 2004, 2005, 2006 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Output” emphasizes that in 2008, 2009, 2010, 2011, 2012 is above the equilibrium value. The maximum ratio between real and equilibrium value of “Output” was registered in 2016 (222.92%) and the minimum in 2000 (62.25%).

The analysis of “Real interest rate (%)” emphasizes that in 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2011, 2012, 2013, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Real interest rate (%)” emphasizes that in 2008, 2009, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Real interest rate (%)” was registered in 2006 (74.35%) and the minimum in 2007 (-10170.54%).

Solving the equations (1)-(15) we find that at equilibrium (“t” being the year):

The analysis of “Actual final consumption of households” emphasizes that in 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015 is above the equilibrium value and in 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Actual final consumption of households” emphasizes that in 2008, 2009, 2010, 2011, 2012 is above the equilibrium value. The maximum ratio between real and equilibrium value of “Actual final consumption of households” was registered in 2000 (426.53%) and the minimum in 2016 (94.06%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 62.32-65.65%.

The analysis of “Actual final consumption of the government” emphasizes that in is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Other revenues” emphasizes that in is below the equilibrium value. The maximum ratio between real and equilibrium value of “Actual final consumption of the government” was registered in (0.00%) and the minimum in (0.00%).

The analysis of “Other revenues” emphasizes that in is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Other revenues” emphasizes that in is below the equilibrium value. The maximum ratio between real and equilibrium value of “Other revenues” was registered in (0.00%) and the minimum in (0.00%).

The analysis of “Investment” emphasizes that in 2000, 2001, 2002, 2003, 2004, 2005, 2006 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Investment” emphasizes that in is below the equilibrium value. The maximum ratio between real and equilibrium value of “Investment” was registered in 2000 (-29.52%) and the minimum in 2006 (-93.76%).

The analysis of “Government transfers” emphasizes that in 2015, 2016 is above the equilibrium value and in 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Government transfers” emphasizes that in 2008, 2009, 2010, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Government transfers” was registered in 2016 (148.56%) and the minimum in 2010 (44.11%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 0.00-0.00%.

The analysis of “Tax revenue” emphasizes that in is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Tax revenue” emphasizes that in is below the equilibrium value. The maximum ratio between real and equilibrium value of “Tax revenue” was registered in (0.00%) and the minimum in (0.00%).

The analysis of “Broad money” emphasizes that in 2000, 2001, 2002 is above the equilibrium value and in 2003, 2004, 2005, 2006 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Broad money” emphasizes that in is below the equilibrium value. The maximum ratio between real and equilibrium value of “Broad money” was registered in 2000 (201.91%) and the minimum in 2006 (89.81%).

The analysis of “Exports” emphasizes that in 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015 is above the equilibrium value and in 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Exports” emphasizes that in 2008, 2009, 2010, 2011, 2012 is above the equilibrium value. The maximum ratio between real and equilibrium value of “Exports” was registered in 2000 (541.56%) and the minimum in 2016 (98.51%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 27.03-32.35%.

The analysis of “Imports” emphasizes that in 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014 is above the equilibrium value and in 2000, 2001, 2002, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Imports” emphasizes that in 2008, 2009, 2010, 2011, 2012 is above the equilibrium value. The maximum ratio between real and equilibrium value of “Imports” was registered in 2003 (12548.52%) and the minimum in 2002 (-686.01%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 24.86-29.02%.

The analysis of “Trade balance” emphasizes that in 2013, 2014 is above the equilibrium value and in 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2011, 2012, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Trade balance” emphasizes that in 2008, 2009, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Trade balance” was registered in 2013 (834.84%) and the minimum in 2012 (-590.36%).

The analysis of “Output” emphasizes that in 2001, 2002, 2003, 2004, 2005, 2006 is above the equilibrium value and in 2000 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Output” emphasizes that in is below the equilibrium value. The maximum ratio between real and equilibrium value of “Output” was registered in 2001 (1486.00%) and the minimum in 2000 (-1923.85%).

The analysis of “Real interest rate (%)” emphasizes that in 2000, 2001, 2002, 2003, 2004, 2005, 2006 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Real interest rate (%)” emphasizes that in is below the equilibrium value. The maximum ratio between real and equilibrium value of “Real interest rate (%)” was registered in 2000 (7.77%) and the minimum in 2001 (-2.92%).

Solving the equations (1)-(15) we find that at equilibrium (“t” being the year):

The analysis of “Actual final consumption of households” emphasizes that in 2002, 2003 is above the equilibrium value and in 2000, 2001, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Actual final consumption of households” emphasizes that in 2008, 2009, 2010, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Actual final consumption of households” was registered in 2002 (260.60%) and the minimum in 2001 (-49011.72%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 63.63-67.67%.

The analysis of “Actual final consumption of the government” emphasizes that in 2003 is above the equilibrium value and in 2000, 2001, 2002, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Other revenues” emphasizes that in 2008, 2009, 2010, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Actual final consumption of the government” was registered in 2003 (213.50%) and the minimum in 2002 (-470.19%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 10.94-10.94%.

The analysis of “Other revenues” emphasizes that in 2003 is above the equilibrium value and in 2000, 2001, 2002, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Other revenues” emphasizes that in 2008, 2009, 2010, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Other revenues” was registered in 2003 (258.04%) and the minimum in 2002 (-182.76%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 6.79-6.79%.

The analysis of “Investment” emphasizes that in 2003 is above the equilibrium value and in 2002, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Investment” emphasizes that in 2010, 2011, 2012, 2013, 2014 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Investment” was registered in 2003 (430.64%) and the minimum in 2002 (-93.90%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 13.54-13.54%.

The analysis of “Government transfers” emphasizes that in 2000, 2001, 2002 is above the equilibrium value and in 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Government transfers” emphasizes that in 2008, 2009, 2010, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Government transfers” was registered in 2000 (327.41%) and the minimum in 2016 (-7.77%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 15.60-16.42%.

The analysis of “Tax revenue” emphasizes that in 2003 is above the equilibrium value and in 2000, 2001, 2002, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Tax revenue” emphasizes that in 2008, 2009, 2010, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Tax revenue” was registered in 2003 (175.68%) and the minimum in 2002 (-1347.69%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 15.25-15.25%.

The analysis of “Broad money” emphasizes that in 2002, 2003, 2013, 2014, 2015, 2016 is above the equilibrium value and in 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Broad money” emphasizes that in 2013, 2014 is above the equilibrium value and in 2010, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Broad money” was registered in 2015 (119.22%) and the minimum in 2007 (83.50%).

The analysis of “Exports” emphasizes that in 2003 is above the equilibrium value and in 2000, 2001, 2002, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Exports” emphasizes that in 2008, 2009, 2010, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Exports” was registered in 2003 (153.49%) and the minimum in 2002 (-2180.27%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 18.70-18.70%.

The analysis of “Imports” emphasizes that in 2003 is above the equilibrium value and in 2000, 2001, 2002, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Imports” emphasizes that in 2008, 2009, 2010, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Imports” was registered in 2003 (225.91%) and the minimum in 2002 (-170.53%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 16.64-16.64%.

The analysis of “Trade balance” emphasizes that in 2004 is above the equilibrium value and in 2000, 2001, 2002, 2003, 2005, 2006, 2007, 2008, 2009, 2011, 2012, 2013, 2014, 2015, 2016 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Trade balance” emphasizes that in 2008, 2009, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Trade balance” was registered in 2004 (241.99%) and the minimum in 2005 (-210.22%).

The analysis of “Output” emphasizes that in 2002, 2003 is above the equilibrium value and in 2000, 2001, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Output” emphasizes that in 2008, 2009, 2010, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Output” was registered in 2002 (536.28%) and the minimum in 2001 (-334.51%).

The analysis of “Real interest rate (%)” emphasizes that in 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2011, 2012, 2013, 2014 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Real interest rate (%)” emphasizes that in 2008, 2009, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Real interest rate (%)” was registered in 2004 (20.12%) and the minimum in 2007 (-1.99%).

Solving the equations (1)-(15) we find that at equilibrium (“t” being the year):

The analysis of “Actual final consumption of households” emphasizes that in 2007, 2008, 2009, 2012, 2013 is above the equilibrium value and in 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2010, 2011, 2014 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Actual final consumption of households” emphasizes that in 2008, 2009, 2012 is above the equilibrium value and in 2010, 2011 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Actual final consumption of households” was registered in 2008 (104.16%) and the minimum in 2003 (69.12%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 48.76-59.26%.

The analysis of “Investment” emphasizes that in 2007, 2008, 2010, 2011, 2012, 2013, 2014 is above the equilibrium value and in 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2009 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Investment” emphasizes that in 2008, 2010, 2011, 2012 is above the equilibrium value and in 2009 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Investment” was registered in 2012 (154.63%) and the minimum in 2003 (21.76%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 19.73-28.20%.

The analysis of “Government transfers” emphasizes that in 2002, 2003, 2004, 2011, 2012, 2013 is above the equilibrium value and in 2000, 2001, 2005, 2006, 2007, 2008, 2009, 2010, 2014 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Government transfers” emphasizes that in 2011, 2012 is above the equilibrium value and in 2008, 2009, 2010 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Government transfers” was registered in 2013 (275.66%) and the minimum in 2007 (-147.84%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between -3.51--2.62%.

The analysis of “Broad money” emphasizes that in 2000, 2001, 2007, 2009, 2012, 2013 is above the equilibrium value and in 2002, 2003, 2004, 2005, 2006, 2008, 2010, 2011 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Broad money” emphasizes that in 2009, 2012 is above the equilibrium value and in 2008, 2010, 2011 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Broad money” was registered in 2000 (174.15%) and the minimum in 2005 (76.93%).

The analysis of “Exports” emphasizes that in 2000, 2001, 2004, 2005, 2006, 2007, 2008 is above the equilibrium value and in 2002, 2003, 2009, 2010, 2011, 2012, 2013, 2014 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Exports” emphasizes that in 2008 is above the equilibrium value and in 2009, 2010, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Exports” was registered in 2006 (112.30%) and the minimum in 2010 (89.69%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 34.01-50.87%.

The analysis of “Imports” emphasizes that in 2006, 2007, 2008, 2012 is above the equilibrium value and in 2000, 2001, 2002, 2003, 2004, 2005, 2009, 2010, 2011, 2013, 2014 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Imports” emphasizes that in 2008, 2012 is above the equilibrium value and in 2009, 2010, 2011 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Imports” was registered in 2007 (128.73%) and the minimum in 2003 (44.75%). The excess of equilibrium values is due, in the corresponding periods, to the large share of GDP, between 16.48-22.70%.

The analysis of “Trade balance” emphasizes that in 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2009, 2014 is above the equilibrium value and in 2007, 2008, 2010, 2011, 2012, 2013 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Trade balance” emphasizes that in 2009 is above the equilibrium value and in 2008, 2010, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Trade balance” was registered in 2014 (142.00%) and the minimum in 2012 (54.33%).

The analysis of “Output” emphasizes that in 2000, 2006, 2007, 2008, 2009, 2012, 2013 is above the equilibrium value and in 2001, 2002, 2003, 2004, 2005, 2010, 2011, 2014 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Output” emphasizes that in 2008, 2009, 2012 is above the equilibrium value and in 2010, 2011 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Output” was registered in 2008 (108.42%) and the minimum in 2003 (77.74%).

The analysis of “Real interest rate (%)” emphasizes that in 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014 is below the equilibrium value. During the financial crisis (2008-2012), the behavior of “Real interest rate (%)” emphasizes that in 2008, 2009, 2010, 2011, 2012 is below the equilibrium value. The maximum ratio between real and equilibrium value of “Real interest rate (%)” was registered in 2010 (54.74%) and the minimum in 2008 (-101.32%).

Ioan C.A.; Pusca A.C.; Nuta F.M. & Ioan G. (coord.) (2019). Economic development models of emerging countries, Galati: Danubius Publishing.

Ioan C.A. & Ioan G. (2011). The Equilibrium Analysis of a Closed Economy Model with Government and Money Market Sector, Acta Universitatis Danubius, Oeconomica, nr.5, vol.7, pp.127-143.

Ioan C.A. & Ioan G. (2013). A Mathematical Model of an Open Economy with Applications in Romania, Acta Universitatis Danubius, Oeconomica, nr.5, vol.9, pp.103-170.

Ioan C.A. & Ioan G. (2016). An Equilibrium Model for the Romanian Economy, Journal of Accounting and Management, Nr.2, Vol.6, pp.41 – 75.

1 Associate Professor, PhD, Danubius University of Galati, Department of Economics, Romania, Address: 3 Galati Blvd., Galati 800654, Romania, Tel.: +40372361102, Corresponding author: catalin_angelo_ioan@univ-danubius.ro.

2 Senior Lecturer, PhD, Danubius University of Galati, Department of Economics, Romania, Address: 3 Galati Blvd., Galati 800654, Romania, Tel.: +40372361102, E-mail: ginaioan@univ-danubius.ro.

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