Financing the Current Account Deficit in the Turkish Economy: ARDL Bounds Test Approach

Erkan Ağaslan

doi:10.25229/beta.1619017

TR EN

Türkiye Ekonomisinde Cari Açığın Finansmanı: ARDL Sınır Testi Yaklaşımı

Abstract

Cari açık, son yıllarda Türkiye ekonomisinin en önemli sorunlarından biri haline gelmiştir. Türkiye ekonomisinin üretim yapısının ithalata bağımlı olması ve sermaye malları, yarı mamuller ve hammaddelerin toplam ithalatın büyük bir çoğunluğunu oluşturması bu sorunun büyümesine yol açmıştır. Cari işlemler açığının sürekli açık vermesi, finansmanını son derece önemli hale getirmektedir. Bu çalışmada cari açığın finansmanını açıklamak için Pesaran, Shin ve Smith (2001) tarafından geliştirilen ARDL sınır testi yaklaşımı kullanılarak kısa ve uzun dönem etkileri analiz edilmiştir. Model tahmininde 2005Q4 - 2024Q2 dönemi için Türkiye Cumhuriyet Merkez Bankası'ndan elde edilen Cari Açık, Resmi Rezervler, Reel Efektif Döviz Kuru, Özel Sektör Kredi Büyümesi, Dış Borç ve Doğrudan Yabancı Yatırım değişkenleri kullanılmıştır. Analiz sonucunda değişkenler arasında eşbütünleşme ilişkisi olduğu sonucuna varılmıştır. Bu değişkenler ve gecikmeli değerleri cari açığın finansmanında önemli arz etmektedir.

Keywords

Cari İşlemler Hesabı, ARDL Sınır Testi, FDI, Resmi Rezervler, Reel Efektif Döviz Kuru

Financing the Current Account Deficit in the Turkish Economy: ARDL Bounds Test Approach

Abstract

In recent decades, the current account deficit has become one of the most critical problems in the Turkish economy. The fact that the production structure of the Turkish economy is dependent on imports and that capital goods, semi-finished products and raw materials constitute the majority of total imports has led to the growth of this problem. The persistent deficit in the current account deficit makes its financing extremely important. To explain the funding of the current account deficit, the ARDL bounds test approach developed by Pesaran, Shin, and Smith (2001) is used in this study to analyze the short and long-run effects. Current Account Deficit, Official Reserves, Real Effective Exchange Rate, Private Sector Credit Growth, External Debt, and Foreign Direct Investment variables obtained from the Central Bank of the Republic of Turkey for 2005Q4 - 2024Q2 are used in the model estimation. As a result of the analysis, it is concluded that there is a cointegration relationship between the variables. These variables and their lagged values are essential in financing the current account deficit.

Keywords

Current Account, ARDL Bounds Test, FDI, Official Reserves, Real Effective Exchange Rate

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Details

Primary Language

English

Subjects

Applied Macroeconometrics, Time-Series Analysis

Journal Section

Research Article

Authors

Erkan Ağaslan ^*
0000-0001-8118-7222
Türkiye

Early Pub Date

June 30, 2025

Publication Date

June 30, 2025

Submission Date

January 13, 2025

Acceptance Date

February 27, 2025

Published in Issue

Year 2025 Volume: 10 Number: 2

DOI

https://doi.org/10.25229/beta.1619017

IZ

https://izlik.org/JA24WR26SE

APA

Ağaslan, E. (2025). Financing the Current Account Deficit in the Turkish Economy: ARDL Bounds Test Approach. Bulletin of Economic Theory and Analysis, 10(2), 553-572. https://doi.org/10.25229/beta.1619017

AMA

1.Ağaslan E. Financing the Current Account Deficit in the Turkish Economy: ARDL Bounds Test Approach. Beta. 2025;10(2):553-572. doi:10.25229/beta.1619017

Chicago

Ağaslan, Erkan. 2025. “Financing the Current Account Deficit in the Turkish Economy: ARDL Bounds Test Approach”. Bulletin of Economic Theory and Analysis 10 (2): 553-72. https://doi.org/10.25229/beta.1619017.

EndNote

Ağaslan E (June 1, 2025) Financing the Current Account Deficit in the Turkish Economy: ARDL Bounds Test Approach. Bulletin of Economic Theory and Analysis 10 2 553–572.

IEEE

[1]E. Ağaslan, “Financing the Current Account Deficit in the Turkish Economy: ARDL Bounds Test Approach”, Beta, vol. 10, no. 2, pp. 553–572, June 2025, doi: 10.25229/beta.1619017.

ISNAD

Ağaslan, Erkan. “Financing the Current Account Deficit in the Turkish Economy: ARDL Bounds Test Approach”. Bulletin of Economic Theory and Analysis 10/2 (June 1, 2025): 553-572. https://doi.org/10.25229/beta.1619017.

JAMA

1.Ağaslan E. Financing the Current Account Deficit in the Turkish Economy: ARDL Bounds Test Approach. Beta. 2025;10:553–572.

MLA

Ağaslan, Erkan. “Financing the Current Account Deficit in the Turkish Economy: ARDL Bounds Test Approach”. Bulletin of Economic Theory and Analysis, vol. 10, no. 2, June 2025, pp. 553-72, doi:10.25229/beta.1619017.

Vancouver

1.Erkan Ağaslan. Financing the Current Account Deficit in the Turkish Economy: ARDL Bounds Test Approach. Beta. 2025 Jun. 1;10(2):553-72. doi:10.25229/beta.1619017

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Türkiye Ekonomisinde Cari Açığın Finansmanı: ARDL Sınır Testi Yaklaşımı

Abstract

Keywords

Financing the Current Account Deficit in the Turkish Economy: ARDL Bounds Test Approach

Abstract

Keywords

References

Details

Primary Language

Subjects

Journal Section

Authors

Early Pub Date

Publication Date

Submission Date

Acceptance Date

Published in Issue

DOI

IZ

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