Araştırma Makalesi
BibTex RIS Kaynak Göster

Türkiye’nin İç Borcu Açısından Mali Alan Analizi

Yıl 2020, Cilt: 28 Sayı: 43, 33 - 48, 25.01.2020
https://doi.org/10.17233/sosyoekonomi.2020.01.02

Öz

Kriz sonrası maliye politikalarının kullanımını sınırlayan yüksek kamu borçları birçok ülkenin mali alanını etkilemiştir. Sonuçta, bu ülkeler mali alan yaratmak için yapısal ekonomik reformları benimsemek zorunda kalmışlardır. 2000’li yıllarda benimsenen maliye politikası Türkiye’de farklı sonuçlar yaratmıştır. Bu politikaların esas sonuçları, bütçe açıkları, kamu borçları ve faiz ödemelerindeki muazzam düşüşlerdir. Böylece Türkiye mali alan yaratmıştır. Bu çalışma çerçevesinde, ilk olarak mali alan tanımlanmıştır. Daha sonrasında 2000:Ç1-2015:Ç4 arası dönemde Türkiye için mali alan hesaplanmıştır. Tahminler maliye politikalarının kullanımı için yeterli mali alan olmasına rağmen, kamu borçlarının artışının böylesi politikaların kullanımını sınırlayabileceğini ve mali yorgunluğa sebep olabileceğini göstermektedir.

Kaynakça

  • Aizenman, J., & Jinjarak, Y. (2010). De Facto Fiscal Space And Fiscal Stimulus: Definition And Assessment. NBER Working Paper Series. (No.16539) https://doi.org/10.1017/CBO9781107415324.004
  • Atac, B. (2013). Maliye Politikası. (10th ed.). Ankara: Turhan Kitabevi.
  • Bastos, F., & Pineda, E. (2013). Fiscal Space of Brazilian States. Urban Public Economics Review, 19(August), 1–20.
  • Blejer, M. I., & Cheasty, A. (1991). The Measurement of Fiscal Deficits: Analytical and Methodological Issues. Journal of Economic Literature, 29(4), 1644–1678. https://doi.org/10.2307/2727793
  • Bohn, H. (1998). The Behavior of U. S. Public Debt and Deficits. Quarterly Journal of Economics, 113(3), 949–963. https://doi.org/10.1162/003355398555793
  • Celasun, O., Debrun, X., & Ostry, J. (2007). Primary Surplus Behavior and Risks to Fiscal Sustainability in Emerging Market Countries: A “Fan-Chart” Approach. IMF Staff Papers, 53(3), 401–425. http://dx.doi.org/10.5089/9781451863277.001
  • Feldstein, M. (2016). A Debt Agenda For the G7. [Retrieved 25/10/2016]. Available at:https://www.project-syndicate.org/commentary/g7-summit-debt-agenda-by-martin-feldstein-2016-05#comments,
  • Ghosh, A. R., Kim, J. I., Mendoza, E. G., Ostry, J. D., & Qureshi, M. S. (2013). Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced Economies. The Economic Journal, 123(February), 4–30. https://doi.org/10.1111/ecoj.12010
  • Ghosh, A. R., Ostry, J. D., & Qureshi, M. S. (2013). Fiscal space and sovereign risk pricing in a currency union. Journal of International Money and Finance, 34, 131–163. https://doi.org/10.1016/j.jimonfin.2012.11.008
  • Hajnovic, Frantisek; Zeman, Juraj; Zilinsky, J. (2012). Fiscal Space in the Eurozone, NBS Working Papers, (No. 2012/1).
  • Heller, P. S. (2005). Back to Basics-Fiscal Space-What It Is and How to Get It. Finance and Development Magazine. IMF.
  • Kaya, F., & Yilar, S. (2011). Fiscal Transformation in Turkey over the Last Two Decades. OECD Journal on Budgeting, 11(1), 59–74. https://doi.org/10.1787/budget-11-5kggc0zr42g6
  • Mendoza, E. G., & Ostry, J. D. (2007). International Evidence on Fiscal Solvency: Is Fiscal Policy “Responsible”?. IMF Working Paper. (DOI): 10.3386/w12947.
  • Nerlich, C., & Reuter, W. H. (2015). Fiscal rules , Fiscal space and Procyclical fiscal Policy. European Central Bank. Working Paper Series. No 1872/December 2015.
  • Park, S. G. (2012). Quantifying Impact of Aging Population on Fiscal Space. IMF Working Papers, 12(164), 1. https://doi.org/10.5089/9781475505122.001Turan, T. (2011). Maliye Politikası ve Ekonomik Şoklar: Türkiye Örneği. Maliye Bakanlığı, Strateji Geliştirme Başkanlığı, Ankara.
  • Zandi, M., Cheng, X., & Packard, T. (2011). Fiscal Space, Special Report. Moody’s Analytics.

A Fiscal Space Analysis In Terms Of Turkey’s Domestic Debt

Yıl 2020, Cilt: 28 Sayı: 43, 33 - 48, 25.01.2020
https://doi.org/10.17233/sosyoekonomi.2020.01.02

Öz

High public debts after the crises have restrict the use of fiscal policies affect the fiscal space of many countries. In consequence, these countries have to adopt structural economic reforms to create a fiscal space. Fiscal policy adopted in 2000’s has created different results in Turkey. The main consequences of these policies, are the huge decrease in budget deficits, public debt ratios and in interest payments. Thus Turkey created fiscal space. Within this framework, first, we clarify fiscal space. Then, we calculated fiscal space for Turkey in the period between 2000:Q1-2015:Q4. Our estimates suggest that although there is ample fiscal space for Turkey to use fiscal policies, increasing public debt might restrain to use such policies and cause fiscal fatigue.

Kaynakça

  • Aizenman, J., & Jinjarak, Y. (2010). De Facto Fiscal Space And Fiscal Stimulus: Definition And Assessment. NBER Working Paper Series. (No.16539) https://doi.org/10.1017/CBO9781107415324.004
  • Atac, B. (2013). Maliye Politikası. (10th ed.). Ankara: Turhan Kitabevi.
  • Bastos, F., & Pineda, E. (2013). Fiscal Space of Brazilian States. Urban Public Economics Review, 19(August), 1–20.
  • Blejer, M. I., & Cheasty, A. (1991). The Measurement of Fiscal Deficits: Analytical and Methodological Issues. Journal of Economic Literature, 29(4), 1644–1678. https://doi.org/10.2307/2727793
  • Bohn, H. (1998). The Behavior of U. S. Public Debt and Deficits. Quarterly Journal of Economics, 113(3), 949–963. https://doi.org/10.1162/003355398555793
  • Celasun, O., Debrun, X., & Ostry, J. (2007). Primary Surplus Behavior and Risks to Fiscal Sustainability in Emerging Market Countries: A “Fan-Chart” Approach. IMF Staff Papers, 53(3), 401–425. http://dx.doi.org/10.5089/9781451863277.001
  • Feldstein, M. (2016). A Debt Agenda For the G7. [Retrieved 25/10/2016]. Available at:https://www.project-syndicate.org/commentary/g7-summit-debt-agenda-by-martin-feldstein-2016-05#comments,
  • Ghosh, A. R., Kim, J. I., Mendoza, E. G., Ostry, J. D., & Qureshi, M. S. (2013). Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced Economies. The Economic Journal, 123(February), 4–30. https://doi.org/10.1111/ecoj.12010
  • Ghosh, A. R., Ostry, J. D., & Qureshi, M. S. (2013). Fiscal space and sovereign risk pricing in a currency union. Journal of International Money and Finance, 34, 131–163. https://doi.org/10.1016/j.jimonfin.2012.11.008
  • Hajnovic, Frantisek; Zeman, Juraj; Zilinsky, J. (2012). Fiscal Space in the Eurozone, NBS Working Papers, (No. 2012/1).
  • Heller, P. S. (2005). Back to Basics-Fiscal Space-What It Is and How to Get It. Finance and Development Magazine. IMF.
  • Kaya, F., & Yilar, S. (2011). Fiscal Transformation in Turkey over the Last Two Decades. OECD Journal on Budgeting, 11(1), 59–74. https://doi.org/10.1787/budget-11-5kggc0zr42g6
  • Mendoza, E. G., & Ostry, J. D. (2007). International Evidence on Fiscal Solvency: Is Fiscal Policy “Responsible”?. IMF Working Paper. (DOI): 10.3386/w12947.
  • Nerlich, C., & Reuter, W. H. (2015). Fiscal rules , Fiscal space and Procyclical fiscal Policy. European Central Bank. Working Paper Series. No 1872/December 2015.
  • Park, S. G. (2012). Quantifying Impact of Aging Population on Fiscal Space. IMF Working Papers, 12(164), 1. https://doi.org/10.5089/9781475505122.001Turan, T. (2011). Maliye Politikası ve Ekonomik Şoklar: Türkiye Örneği. Maliye Bakanlığı, Strateji Geliştirme Başkanlığı, Ankara.
  • Zandi, M., Cheng, X., & Packard, T. (2011). Fiscal Space, Special Report. Moody’s Analytics.
Toplam 16 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Makaleler
Yazarlar

Süleyman Kasal 0000-0001-8409-1090

Özay Özpençe 0000-0003-1502-3240

Yayımlanma Tarihi 25 Ocak 2020
Gönderilme Tarihi 2 Ocak 2019
Yayımlandığı Sayı Yıl 2020 Cilt: 28 Sayı: 43

Kaynak Göster

APA Kasal, S., & Özpençe, Ö. (2020). A Fiscal Space Analysis In Terms Of Turkey’s Domestic Debt. Sosyoekonomi, 28(43), 33-48. https://doi.org/10.17233/sosyoekonomi.2020.01.02
AMA Kasal S, Özpençe Ö. A Fiscal Space Analysis In Terms Of Turkey’s Domestic Debt. Sosyoekonomi. Ocak 2020;28(43):33-48. doi:10.17233/sosyoekonomi.2020.01.02
Chicago Kasal, Süleyman, ve Özay Özpençe. “A Fiscal Space Analysis In Terms Of Turkey’s Domestic Debt”. Sosyoekonomi 28, sy. 43 (Ocak 2020): 33-48. https://doi.org/10.17233/sosyoekonomi.2020.01.02.
EndNote Kasal S, Özpençe Ö (01 Ocak 2020) A Fiscal Space Analysis In Terms Of Turkey’s Domestic Debt. Sosyoekonomi 28 43 33–48.
IEEE S. Kasal ve Ö. Özpençe, “A Fiscal Space Analysis In Terms Of Turkey’s Domestic Debt”, Sosyoekonomi, c. 28, sy. 43, ss. 33–48, 2020, doi: 10.17233/sosyoekonomi.2020.01.02.
ISNAD Kasal, Süleyman - Özpençe, Özay. “A Fiscal Space Analysis In Terms Of Turkey’s Domestic Debt”. Sosyoekonomi 28/43 (Ocak 2020), 33-48. https://doi.org/10.17233/sosyoekonomi.2020.01.02.
JAMA Kasal S, Özpençe Ö. A Fiscal Space Analysis In Terms Of Turkey’s Domestic Debt. Sosyoekonomi. 2020;28:33–48.
MLA Kasal, Süleyman ve Özay Özpençe. “A Fiscal Space Analysis In Terms Of Turkey’s Domestic Debt”. Sosyoekonomi, c. 28, sy. 43, 2020, ss. 33-48, doi:10.17233/sosyoekonomi.2020.01.02.
Vancouver Kasal S, Özpençe Ö. A Fiscal Space Analysis In Terms Of Turkey’s Domestic Debt. Sosyoekonomi. 2020;28(43):33-48.

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https://doi.org/10.18070/erciyesiibd.881564