You are here

Home » Content

DIS BORÇLARIN EKONOMİK BÜYÜME ÜZERİNDEKİ ETKİSİ: TÜRKİYE ÖRNEGİ

THE EFFECTS OF EXTERNAL DEBTS ON ECONOMIC GROWTH: THE CASE OF TURKEY

Journal Name:

  • Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi

Publication Year:

  • 2008

Key Words:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
Less developed and developing countries have been facing some restrictions in the way to achieve the level of economic growth that they plan. Among these, the most serious restriction is the insufficiency of domestic savings, which are supposed to finance the investments. Besides, in less developed and developing countries, relatively-low export earnings cause scarcity of foreign exchange. In order to overcome these restrictions and so achieve a higher rate of growth, these countries often utilize external loans. However, there is a dispute in the literature over the correlation between foreign debt and economic growth. Most empirical studies indicate a negative correlation between foreign debt and economic growth, especially in those countries whose foreign debts are relatively high. This study, examines the correlation between foreign debt and economic growth in Turkish economy. Toward this objective, it uses the economic indicators of Turkey between 1968 and 2005. Results of the regression analysis demonstrate that foreign debts in Turkey negatively affect economic growth and therefore Turkey is facing the problem of overhang, that is, excessive debts. This conclusion suggests that the amount of foreign debt should be reduced so as to increase the level of economic growth in Turkey.
Bookmark/Search this post with
Abstract (Original Language): 
Az gelismis ve gelismekte olan ülkeler arzuladıkları ekonomik büyüme hızına ulasmada çesitli kısıtlarla karsı karsıyadırlar. Bunlardan en önemlisi yatırımları finanse edecek olan iç tasarrufların yetersizligidir. Ayrıca bu ülkelerde ihracat gelirlerinin düsük olması döviz kıtlıgına neden olmaktadır. Az gelismis ve gelismekte olan ülkeler bu kısıtları asarak yüksek büyüme hızlarına ulasmak için dıs borçlanmaya sık basvurmaktadırlar. Fakat literatürde dıs borçlanma ve ekonomik büyüme arasındaki iliski tartısmalıdır. Yapılan ampirik çalısmaların büyük bir kısmında yüksek dıs borca sahip ülkelerde dıs borç ile ekonomik büyüme arasında negatif bir iliski tespit edilmistir. Bu çalısmada, dıs borç ve ekonomik büyüme iliskisi Türkiye ekonomisi açısından ele alınmıstır. Çalısmada, Türkiye için 1968-2005 dönemine ait yıllık veriler kullanılmıstır. Yapılan regresyon analizi sonucunda Türkiye’deki dıs borçların ekonomik büyüme üzerinde negatif bir etkiye sahip oldugu dolayısıyla borç fazlası sorunu ile karsı karsıya oldugu sonucuna ulasılmıstır. Bu sonuç, ekonomik büyümeyi hızlandırmak için ülkenin dıs borçlarının azaltılması gerektigi seklinde yorumlanabilir.
FULL TEXT (PDF): 
PDF icon arastirmax-dis-borclarin-ekonomik-buyume-uzerindeki-etkisi-turkiye-ornegi.pdf
  • 31
1-23
  • Turkish

REFERENCES

References: 

AJAYI, I. ve M. KHAN; (2000), External Debt and Capital Flight in Sub-
Saharan Africa, IMF Publications, nternet Adresi: http://www.imf.org
/external/pubs/nft/2000/extdebt/index.htm, Erisim Tarihi: 02.08.2006.
AKLAN, Nejla Adanur; (2002), “Dıs Borçlanma Gelismekte Olan Ülkeler çin
Etkin Bir Finansman Yöntemi Midir?”, Dıs Ticaret Dergisi, 25.
ARNONE, Marco; Luca BANDIERA ve A. F. PRESBITERO; External Debt
Sustainability: Theory and Emprical Evidence, nternet Adresi:
http://129.3.20.41/eps/if/papers/0512/0512007.pdf, Erisim Tarihi:
02.02.2007.
AVRAMOVIC, Dragoslav; Ravi GULHATI; J. Philip HAYES vd.; (1964),
Economic Growth and External Debt, The Johns Hopkins Pres, USA.
BANGURA, Sheku; Damoni KITABIRE ve Robert POWELL; (2000),
External Debt Management in Low-Income Countries, IMF
Working Paper, No: 00/196, Washington, ss. 1-35.
BLGNOGLU, M. Ali; (1988), “Türkiye’nin Dıs Borç Sorunu”, Erciyes Üniversitesi
Sosyal Bilimler Enstitüsü Dergisi, 2, ss. 247-257.
CHOWDHURY, Abdur R.; (2001), External Debt and Growth in Developing
Countries: A Sensitivity and Causal Analysis, World Institute for
Development Economics Research, Discussion Paper, No. 2001/95, ss.
1-26.
CLAESSENS, Stijn; Enrica DETRAGIACHE; Ravi KANBUR vd.; (1996),
Analytical Aspects of The Debt Problems of Heavily Indebted Poor
Countries, World Bank Policy Research Working Paper, No. 1618, ss.
1-48.
CLEMENTS, Benedict; Rina BHATTACHARYA ve Toan Quoc NGUYEN;
(2003), External Debt, Public Investment and Growth in Low-
Income Countries, IMF Working Paper, No. WP/03/249, ss. 1-25.
COHEN, Daniel; (1996), The Sustainability of African Debt, World Bank
Policy Research Working Paper, No.1621, ss. 1-40.
CUNNINGHAM, R.T.; (1993), “The Effects of Debt Burden on Economic
Growth in Heavily Indebted Nations”, Journal of Economic
Development, 18 (1), June, ss. 115-126.
DESHPANDE, Ashwini; (1997), “The Debt Overhang and the Disincentive to
Invest”, Journal of Development Economics, 52, ss. 169-187.
DEVLET PLANLAMA TESKLATI; Ekonomik ve Sosyal Göstergeler 1950-
2004, nternet Adresi: http://ekutup.dpt.gov.tr/ekonomi/gosterge/tr/
esg.asp, Erisim Tarihi: 12.01.2006.
22 Erciyes Üniversitesi
ktisadi ve
dari Bilimler Fakültesi Dergisi, Sayı: 31, Temmuz-Aralık 2008, ss.1-23
EROL, Ahmet; (1992), Ekonomik Etkileri Açısından Türkiye’de Devlet
Borçları: 1981-1990, Maliye ve Gümrük Bakanlıgı Arastırma Planlama
ve Koordinasyon Kurulu Baskanlıgı, Yayın No: 1992 / 324, Ankara.
GLASBERG, Davita Silfen ve Kathryn B. WARD; (1993), “Foreign Debt and
Economic Growth in the World System”, Social Science Quarterly,
74(4), ss. 703-721.
HANSEN, Henrik; (2001), “The Impact of Aid and External Debt on
Growth and Investment: Insights From Cross-Country Regression
Analysis”, Wider Development Conference on Debt Relief, Helsinki.
HJERTHOLM, Peter; (1999), “Analytical History of Heavily Indebted Poor
Country (HIPC) Debt Sustainability Targets”, World Bank/ Nordic
Working Seminar, Review of The HIPC Initiative, Oslo, nternet Adresi:
http://www.econ.ku.dk/wpa/pink/2000/0003.pdf, Erisim Tarihi:
15.11.2006.
HJERTHOLM, Peter; (2001), “Debt Relief and The Rule pf Thumb: of HIPC
Debt Sustainability Targets”, Wider Development Conference on
Analytical History Debt Relief, Helsinki.
NCE, Macit; (2001), Devlet Borçları ve Türkiye, Altıncı Baskı, Gazi
Kitabevi, Ankara.
JAVED, Zahoor Hussain ve Ahmet SAHNÖZ; (2005), “External Debt: Some
Experience From Turkish Economy”, Journal of Applied Sciences,
5(2), ss. 363-367.
KARA, Mehmet; (2001), “Türkiye’nin Ekonomik Büyüme Sürecinde Dıs Borç
Çıkmazı”, Süleyman Demirel Üniversitesi ktisadi ve dari Bilimler
Fakültesi Dergisi, 6(1), ss. 95-110.
KARAGÖL, Erdal; (2002), “The Causality Analysis of External Debt Service
and GNP: The Case of Turkey”, Central Bank Review, 1, ss. 39-64.
KLEIN, Thomas M.; (1994), External Debt Management, World Bank
Technical Paper, No. 245.
LIN, Shuanglin ve Kim SOSIN; (2001), “ Foreign Debt and Economic Growth”,
Economics of Transition, 9(3), ss. 635-655.
MALYE BAKANLIGI; (1992), Bütçe Gider ve Gelir Gerçeklesmeleri
(1924-1991), Ankara..
MOSS, Todd J. ve Hanley S. CHIANG; (2003), The Other Cost of High Debt
in Poor Countries: Growth, Policy Dynamics and Institutions,
Center for Global Development, Issue Paper on Debt Sustainability No.
3, Washington.
NGUYEN Toan Quoc; (2004), Essays on The Dynamics of Social Capital
and External Debt in Low Income Countries, Dissertation for the
Degree of Doctor of Philosophy, New York University, New York.NISSANKE, Machiko ve Benno FERRANRINI; (2001); “Debt Dynamics and
Contingency Financing: Theoretical Reappraisal of the HIPC
Initiative”, WIDER Development Conference on Debt Relief, Helsinki.
OLEKSANDR Demchuk; (2003), Nonlinear Impact of External Debt on
EconomicGrowth: The Case of Post-Soviet Countries, Master
Thesis, National University of Kyiv-Mohyla Academy, Kiev.
PATTILLO, Catherine; Helene POIRSON ve Luca RICCI; (2002), “External
Debt and Growth”, Finance and Development, 39, ss. 32-36.
PRESBITERO, Andrea F.; “The Debt-Growth Nexus: An Emprical
Analysis”, nternet Adresi: http://www.unicatt.it/convegno/open_
economy /Allegati/debt-growthpresbitero.pdf, Erisim Tarihi:
19.12.2006.
SERIEUX, John ve Yiagadeesen SAMY; (2001), “The Debt Service Burden
and Growth: Evidence From Low Income Countries”, The Nourth-
South Institute, Canada, nternet Adresi: http://62.237.131.18/
conference/conference-2001-2/parallel%20papers/ 4_2_Serieux. pdf,
Erisim Tarihi: 18.01.2007.
SERVEN, Luis; (1997), Uncertainty, Instability and Irreversible
Investment, World Bank Policy Research Working Paper, No. 1722, ss.
1-52.
TÜRKYE STATSTK KURUMU; statistik Göstergeler 1923-2005; nternet
Adresi: http://www.tuik.gov.tr/Start.do, Erisim Tarihi: 12.01.2006.
ULUSOY, Ahmet ve Yakup KÜÇÜKKALE; (1996), “Türkiye’de Dıs Borçların
ktisadi Büyüme ve Enflasyon Üzerine Etkisi”, Ekonomik Yaklasım,
7(21), ss.13-25.
ULUSOY, Ahmet; (2004), Devlet Borçlanması, kinci Baskı, Celepler Matbaacılık,
Trabzon.
WERE, Maureen; (2001), “The Impact of External Debt on Economic
Growth and Private Investment in Kenya: An Emprical Assessment”,
Wider Development Conference on Debt Relief, Helsinki.
WIJEWEERA, Albert; Brian DOLLERY; Palitha PATHBERIYA; (2005),
Economic Growth and External Debt Servicing: A Cointegration
Analysis of Sri Lanka 1952 to 2002, Working Paper Series in
Economics, No. 2005-8, University of New England School of
Economics, nternet Adresi: http://www.une.edu.au/economics/
publications/econ_2005_8.pdf, Erisim Tarihi: 02.12.2006.World
Development Indicator (WDI), 2005.

Thank you for copying data from http://www.arastirmax.com