Economic cycles and political regimes in Romania during 1862-1914 period

The paper analyzes the interdependences of the volatility of the Gross Domestic Product (GDP) and the political regimes in Romania during the 1862-1914 period. There are identified the Juglar, Kondratief and Kuznets type economic cycles related to the above mentioned period. Also, the political regimes and the representative changes of the institutional-legislative framework in each of the respective regimes are reviewed. It is emphasized that economic recessions influenced the political dynamics, especially by favoring the transfer of power and government rotation. In the same time, it is remarked that the use of Kuznets-type cycles for the periodization of Romania's economic history during the analyzed period allows a better understanding of the stages of the first transition to market economy. The Kuznets-type cycles are correlated in a certain manner with the political regimes. Also, we may notice that the changes of the political regimes positively influenced the economic development.