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FACTORS AFFECTING EXTERNAL DEBT IN TRANSITION ECONOMIES: THE CASE OF CENTRAL ASIA AND THE CAUCASUS

Year 2020, , 891 - 909, 31.12.2020
https://doi.org/10.17130/ijmeb.853521

Abstract

This study is to examine the key factors affecting external debts for the Central Asia and the
Caucasus economies between the years 1995-2017 by using panel data analysis. Panel regression results
show that public expenditures and the debt service have positive effect on external debt, while current
account of the balance, inflation rate and domestic savings have a negative, and also significant effect
on external debt. The results of this study show that foreign debt is being used as a significant source
of financing for public expenditures, foreign debt repayments, and the current account deficit in the
countries of Central Asia and the Caucasus.

References

  • Açba, S. (2016). Devlet Borçlanması. Ankara: Adım Yayıncılık.
  • Adıyaman, A.T. (2006). Dış Borçlarımız ve Ekonomik Etkileri. Sayıştay Dergisi, 62, 21-45.
  • Abdullahi, M. M., Abu Bakar, N.A. & Hassan, S.B. (2015). Determining the macroeconomic factors of external debt accumulation in Nigeria: An ARDL bound test approach. 2nd Global Conference on Business and Social Sciences, September 17-18, Bali, Indonesia.
  • Al-Fawwaz, T.M. (2016). Determinants of external debt in Jordan: An empirical study (1990-2014). International Business Research, 9(7), ss 116-123.
  • Arslan, E. & Athwari, B. (2019). The factors affecting the external debt: Case of Turkey. International Social Sciences Studies Journal, 5(31), ss. 1295-1301.
  • Akduğan, U. (2017). Türkiye’de dış borç stokunun belirleyicileri. Business and Economics Research Journal, 8(2), ss. 183-202.
  • Awan, A., Asghar, N. & Ur Rehman, H. (2011). The impact of exchange rate, fiscal deficit and terms of trade on external debt of Pakistan. Australian Journal of Business and Management Research, 1(3), ss. 10–24.
  • Awan, R.U., Anjum, A. & Rahim, S. (2015). An econometric analysis of determinants of external debt in Pakistan. British Journal of Economics, Management & Trade, 5(4), ss. 382-391.
  • Bai, J. & Ng, S. (2004). A panic attack on unit roots and cointegration. Econometrica, 72(4), ss. 1127- 1177.
  • Bilginoğlu, M. A. & Aysu, A. (2008). Dış borçların ekonomik büyüme üzerindeki etkisi: Türkiye örneği. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 31, ss. 1-23.
  • Bittencourt, M. (2018). Young democracies and government debt: Evidence from South America. Journal of Economic Policy Reform,22(4), ss. 351-368.
  • Breitung, J. (2000). The local power of some unit root tests for panel data. Nonstationary Panels, Panel Cointegration and Dynamic Panels, (Ed. B.H. Baltagi- T.B. FOMBY- R.C. Hill), Amsterdam: Elsevier, ss. 161-177.
  • Breusch, T. S. & Pagan, A. R. (1980). The lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), ss. 239-253.
  • Bulut, C. & Süleymanov, E. (2013). Dövlet Maliyyesi. Bakü: Qafqaz Universiteti Nəşri.
  • Chang, Y. (2002). Nonlinear IV unit root tests in panels with cross-sectional dependency. Journal of Econometrics, 110(2), ss. 261-292.
  • Chenery, S. & Strout, A.M. (1966). Foreign assistance and economic development. The American Economic Review, 56(4), ss. 679-733.
  • Choi, I. (2001). Unit root tests for panel data. Journal of International Money and Finance, 20(2), ss. 249-272.
  • Chiminya, A., Dunne, J. P. & Nikolaidou, E. (2018). The determinants of external debt in Sub Saharan Africa. University of Cape Town School of Economics Macroeconomic Discussion Paper Series, Vol. 2,ss. 1-20.
  • Colombo, E. & Longoni, E. (2009). The politics of external debt in developing countries. University of Milan Department of Economics Working Paper Series, Vol. 176, ss. 1-22.
  • Domar, E.D. (1946). Capital expansion, rate of growth, and employment. Econometrica The Econometric Society, 14(2), ss. 137-147.
  • Eaton, J. & Gersovitz, M. (1981). Debt with potential repudiation: Theoretical and empirical analysis. The Review of Economic Studies, C. 48(2), ss. 289-309.
  • Edo, S. E. (2002). The external debt problem in Africa: A comparative study of Nigeria and Morocco. African Development Review, 14(2), ss. 221-236.
  • Eichengreen, B. & Portes, R. (1986). Debt and default in the 1930s: Causes and consequences. National Bureau of Economic Research Working Paper, ss. 1772, 1-61.
  • Güloğlu, B. & İvrendi, M. (2010). Output fluctuations: Transitory or permanent? The case of Latin America. Applied Economics Letters, 17(4), ss. 381-386.
  • Hadri, K. (2000). Testing for stationarity in heterogeneous panel data. The Econometrics Journal, 3(2), ss. 148-161.
  • Hajivassiliou, V. A. (1987). The external debt repayments problems of LDC’s: An econometric model based on panel data. Journal of Econometrics, 17(1-2), ss. 205-230.
  • Harris, R. D. & Tzavalis, E. (1999). Inference for unit roots in dynamic panels where the time dimension is fixed. Journal of Econometrics, C. 91(2), 201-226.
  • Harrod, R. F. (1939). An essay in dynamic theory. The Economic Journal, 49(193), ss. 14-33. IMF (2018). World economic outlook databases. https://www.imf. org/ external/pubs/ft/weo/2018/01/ weodata/index.aspx, (Accessed: October 14, 2018).
  • Im, K. S., Pesaran, M. H. & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), ss. 53-74.
  • Imimole, B., Ehikioya, E. L. & Okhuese, M. A. (2014). Determinants and sustainability of external debt in a deregulated economy: A cointegration analysis from Nigeria (1986-2010). American International Journal of Contemporary Research, 4(6), ss. 201-214.
  • İnce, M. (2001). Devlet Borçları ve Türkiye. Ankara: Gazi Kitabevi.
  • Kamaci, A. (2018). Determinants of the external debt: The case of Turkey. Economic & Management Issues in Retrospect & Prospect, (Ed. W. Eszter-O. ŞİMŞEK-Ş. APAYDIN), London: IJOPEC Publication, ss. 145-156.
  • Karagöl, E. (2002). The causality analysis of external debt service and GNP: The case of Turkey. Central Bank Review I, ss. 39-64.
  • Karagöl, E. (2005). Defence expenditures and external debt in Turkey. Defence and Peace Economics, 16(2), ss. 117-125.
  • Karagöz, K. (2007). Türkiye’de dış borçlanmanın nedenleri: Ekonometrik bir değerlendirme. Sayıştay Dergisi, 66-67, ss. 99-110.
  • Koyuncu, F.T. & Tekeli, S. (2010). 1990 Sonrası dönemde Türkiye’de dış borç stoku üzerinde etkili olan ekonomik faktörlerin analizi. Ekonomi Bilimler Dergisi, 2(1), ss. 123-130.
  • Lane, P. R. (2004). Empirical perspectives on long-term external debt. The B.E. Journal of Macroeconomics, 4(1), ss. 1-23.
  • Lau, E., Lee, A.S. & Arip, M. A. (2015). Macroeconomics determinants of external debt in Malaysia. International Journal of Economic Sciences, 4(4), ss. 14-26.
  • Lau, E. & Lee, A.S. (2016). Determinants of external debt in Thailand and the Philippines. International Journal of Economics and Financial Issues, 6(4), ss. 1973-1980.
  • Levin, A., Lin, C. & Chu, C. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1), ss. 1-24.
  • Loganathan, N., Sukemi, M.N. & Sanusi, N.A. (2010). External debt and macroeconomics performance in Malaysia: Sustainable or not?. Global Economy and Finance Journal, 3(2),ss. 122-132.
  • Maddala, G. S. & Wu, S. (1999). A comparative study of unit root tests with panel data and a new simple test. Oxford Bulletin of Economics and Statistics, Special Issue, ss. 631-652.
  • Mercan, M. (2014). Feldstein-Horioka hipotezinin AB-15 ve Türkiye ekonomisi için sınanması: Yatay kesit bağımlılığı altında yapısal kırılmalı dinamik panel veri analizi. Ege Akademik Bakış, 14(2), ss. 1-23.
  • Meriç, M. (2013). Devlet Borçları. Ankara: Şafak Matbaacılık.
  • Moon, H. R. & Perron, B. (2004). Testing for a unit root in panels with dynamic factors. Journal of Econometrics, 122(1), ss. 81-126.
  • Nguyen, A.T. (2018). The relationship between external debt, economic growth, unemployment and national expenditure in Vietnam: A vector autoregressive model approach. Journal of Economics and Management Sciences, 1(2), ss. 129-140.
  • Oatley, T. (2010). Political institutions and foreign debt in the developing world. International Studies Quarterly, 54(1), ss. 175-195.
  • Özler, S. & Tabellini, G. (1991). External debt and political instability. National Bureau of Economic Research Working Paper, 3772, ss. 1-42.
  • Özata, E. (2017). Determinants of external debt accumulation in Turkey: Evidence from an ARDL bound test approach. Journal of Business & Economic Policy, 4(4), ss. 134-143.
  • Peker, O. & Bölükbaş, M. (2013). Türkiye’de dış borçlanmanın belirleyicileri: Ekonometrik bir analiz. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 27(2), ss. 289-302.
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in Panels. Cambridge University Working Paper, 435, ss. 1-39.
  • Pesaran, M. H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica, 76(4), ss. 967-1012.
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 2(2), ss. 265-312.
  • Pesaran, M. H., Ullah, A. & Yamagata, T. (2008). A bias-adjusted LM test of error cross-section independence. The Econometrics Journal, 11(1), ss. 105-127.
  • Phillips, P. C. B. & Sul, D. (2003). Dynamic panel estimation and homogeneity testing under cross section dependence. The Econometrics Journal, 6(1), ss. 217-259.
  • Sa’ad, S.A., Umar, A.T., Waziri, S.I. & Maniam, G.S. (2017). External debt burden and its determinants in Nigeria: An ARDL cointegration technique. Journal of Economics and Sustainable Development, 8(12), ss. 31-37.
  • Şak, N. (2015). Panel birim kök testleri. Stata ile panel veri modelleri, (Ed. Selahattin Güriş), İstanbul: Der Yayınları, ss. 203-267.
  • Tatoğlu, F. Y. (2012). Panel veri ekonometrisi, İstanbul: Beta Yayıncılık.
  • Tatoğlu, F. Y. (2013). İleri panel veri analizi: Stata uygulamalı, İstanbul: Beta Yayıncılık.
  • Tiruneh, M.W. (2004). An empirical investigation into the determinants of external indebtedness. Prague Economic Papers, 3, ss. 261-277.
  • Toktaş, Y., Altiner, A. & Bozkurt, E. (2019). The relationship between Turkey’s foreign debt and economic growth: An asymmetric causality analysis. Applied Economics, 51(26),ss. 2807-2817.
  • Ün, T. (2015). Stata ile panel veri analizi. Stata ile panel veri modelleri, (Ed. Selahattin Güriş), İstanbul: Der Yayınları, ss. 39-80.
  • Uzun, A. M., Karaköy, Ç. & Emsen, Ö.S. (2012). Orta Asya ve Kafkaslarda borç-ekonomik büyüme ilişkileri. International Conference on Eurasian Economies, Almaty-Kazakhstan, ss. 151-158.
  • Waheed, A. (2017). Determinants of external debt: A panel data analysis for oil and gas exporting and importing countries. International Journal of Economics and Financial Issues, 7(1), ss. 234-240.
  • World Bank (2018). World Development Indicators. https://datacatalog.worldbank.org/dataset/worlddevelopment- indicators, (Accessed: December 15, 2018).
  • Yamaçlı, D.S. (2015). Türkiye’de dış borçlanmanın belirleyicileri: Bazı kritik makroekonomik göstergelerin rolü. Finans Politik & Ekonomik Yorumlar, 52(605), ss. 19-40.
  • Yaşa, M. (1978). Devlet Borçları. Ankara: Ankara Üniversitesi Hukuk Fakültesi Yayınları.
Year 2020, , 891 - 909, 31.12.2020
https://doi.org/10.17130/ijmeb.853521

Abstract

References

  • Açba, S. (2016). Devlet Borçlanması. Ankara: Adım Yayıncılık.
  • Adıyaman, A.T. (2006). Dış Borçlarımız ve Ekonomik Etkileri. Sayıştay Dergisi, 62, 21-45.
  • Abdullahi, M. M., Abu Bakar, N.A. & Hassan, S.B. (2015). Determining the macroeconomic factors of external debt accumulation in Nigeria: An ARDL bound test approach. 2nd Global Conference on Business and Social Sciences, September 17-18, Bali, Indonesia.
  • Al-Fawwaz, T.M. (2016). Determinants of external debt in Jordan: An empirical study (1990-2014). International Business Research, 9(7), ss 116-123.
  • Arslan, E. & Athwari, B. (2019). The factors affecting the external debt: Case of Turkey. International Social Sciences Studies Journal, 5(31), ss. 1295-1301.
  • Akduğan, U. (2017). Türkiye’de dış borç stokunun belirleyicileri. Business and Economics Research Journal, 8(2), ss. 183-202.
  • Awan, A., Asghar, N. & Ur Rehman, H. (2011). The impact of exchange rate, fiscal deficit and terms of trade on external debt of Pakistan. Australian Journal of Business and Management Research, 1(3), ss. 10–24.
  • Awan, R.U., Anjum, A. & Rahim, S. (2015). An econometric analysis of determinants of external debt in Pakistan. British Journal of Economics, Management & Trade, 5(4), ss. 382-391.
  • Bai, J. & Ng, S. (2004). A panic attack on unit roots and cointegration. Econometrica, 72(4), ss. 1127- 1177.
  • Bilginoğlu, M. A. & Aysu, A. (2008). Dış borçların ekonomik büyüme üzerindeki etkisi: Türkiye örneği. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 31, ss. 1-23.
  • Bittencourt, M. (2018). Young democracies and government debt: Evidence from South America. Journal of Economic Policy Reform,22(4), ss. 351-368.
  • Breitung, J. (2000). The local power of some unit root tests for panel data. Nonstationary Panels, Panel Cointegration and Dynamic Panels, (Ed. B.H. Baltagi- T.B. FOMBY- R.C. Hill), Amsterdam: Elsevier, ss. 161-177.
  • Breusch, T. S. & Pagan, A. R. (1980). The lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), ss. 239-253.
  • Bulut, C. & Süleymanov, E. (2013). Dövlet Maliyyesi. Bakü: Qafqaz Universiteti Nəşri.
  • Chang, Y. (2002). Nonlinear IV unit root tests in panels with cross-sectional dependency. Journal of Econometrics, 110(2), ss. 261-292.
  • Chenery, S. & Strout, A.M. (1966). Foreign assistance and economic development. The American Economic Review, 56(4), ss. 679-733.
  • Choi, I. (2001). Unit root tests for panel data. Journal of International Money and Finance, 20(2), ss. 249-272.
  • Chiminya, A., Dunne, J. P. & Nikolaidou, E. (2018). The determinants of external debt in Sub Saharan Africa. University of Cape Town School of Economics Macroeconomic Discussion Paper Series, Vol. 2,ss. 1-20.
  • Colombo, E. & Longoni, E. (2009). The politics of external debt in developing countries. University of Milan Department of Economics Working Paper Series, Vol. 176, ss. 1-22.
  • Domar, E.D. (1946). Capital expansion, rate of growth, and employment. Econometrica The Econometric Society, 14(2), ss. 137-147.
  • Eaton, J. & Gersovitz, M. (1981). Debt with potential repudiation: Theoretical and empirical analysis. The Review of Economic Studies, C. 48(2), ss. 289-309.
  • Edo, S. E. (2002). The external debt problem in Africa: A comparative study of Nigeria and Morocco. African Development Review, 14(2), ss. 221-236.
  • Eichengreen, B. & Portes, R. (1986). Debt and default in the 1930s: Causes and consequences. National Bureau of Economic Research Working Paper, ss. 1772, 1-61.
  • Güloğlu, B. & İvrendi, M. (2010). Output fluctuations: Transitory or permanent? The case of Latin America. Applied Economics Letters, 17(4), ss. 381-386.
  • Hadri, K. (2000). Testing for stationarity in heterogeneous panel data. The Econometrics Journal, 3(2), ss. 148-161.
  • Hajivassiliou, V. A. (1987). The external debt repayments problems of LDC’s: An econometric model based on panel data. Journal of Econometrics, 17(1-2), ss. 205-230.
  • Harris, R. D. & Tzavalis, E. (1999). Inference for unit roots in dynamic panels where the time dimension is fixed. Journal of Econometrics, C. 91(2), 201-226.
  • Harrod, R. F. (1939). An essay in dynamic theory. The Economic Journal, 49(193), ss. 14-33. IMF (2018). World economic outlook databases. https://www.imf. org/ external/pubs/ft/weo/2018/01/ weodata/index.aspx, (Accessed: October 14, 2018).
  • Im, K. S., Pesaran, M. H. & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), ss. 53-74.
  • Imimole, B., Ehikioya, E. L. & Okhuese, M. A. (2014). Determinants and sustainability of external debt in a deregulated economy: A cointegration analysis from Nigeria (1986-2010). American International Journal of Contemporary Research, 4(6), ss. 201-214.
  • İnce, M. (2001). Devlet Borçları ve Türkiye. Ankara: Gazi Kitabevi.
  • Kamaci, A. (2018). Determinants of the external debt: The case of Turkey. Economic & Management Issues in Retrospect & Prospect, (Ed. W. Eszter-O. ŞİMŞEK-Ş. APAYDIN), London: IJOPEC Publication, ss. 145-156.
  • Karagöl, E. (2002). The causality analysis of external debt service and GNP: The case of Turkey. Central Bank Review I, ss. 39-64.
  • Karagöl, E. (2005). Defence expenditures and external debt in Turkey. Defence and Peace Economics, 16(2), ss. 117-125.
  • Karagöz, K. (2007). Türkiye’de dış borçlanmanın nedenleri: Ekonometrik bir değerlendirme. Sayıştay Dergisi, 66-67, ss. 99-110.
  • Koyuncu, F.T. & Tekeli, S. (2010). 1990 Sonrası dönemde Türkiye’de dış borç stoku üzerinde etkili olan ekonomik faktörlerin analizi. Ekonomi Bilimler Dergisi, 2(1), ss. 123-130.
  • Lane, P. R. (2004). Empirical perspectives on long-term external debt. The B.E. Journal of Macroeconomics, 4(1), ss. 1-23.
  • Lau, E., Lee, A.S. & Arip, M. A. (2015). Macroeconomics determinants of external debt in Malaysia. International Journal of Economic Sciences, 4(4), ss. 14-26.
  • Lau, E. & Lee, A.S. (2016). Determinants of external debt in Thailand and the Philippines. International Journal of Economics and Financial Issues, 6(4), ss. 1973-1980.
  • Levin, A., Lin, C. & Chu, C. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1), ss. 1-24.
  • Loganathan, N., Sukemi, M.N. & Sanusi, N.A. (2010). External debt and macroeconomics performance in Malaysia: Sustainable or not?. Global Economy and Finance Journal, 3(2),ss. 122-132.
  • Maddala, G. S. & Wu, S. (1999). A comparative study of unit root tests with panel data and a new simple test. Oxford Bulletin of Economics and Statistics, Special Issue, ss. 631-652.
  • Mercan, M. (2014). Feldstein-Horioka hipotezinin AB-15 ve Türkiye ekonomisi için sınanması: Yatay kesit bağımlılığı altında yapısal kırılmalı dinamik panel veri analizi. Ege Akademik Bakış, 14(2), ss. 1-23.
  • Meriç, M. (2013). Devlet Borçları. Ankara: Şafak Matbaacılık.
  • Moon, H. R. & Perron, B. (2004). Testing for a unit root in panels with dynamic factors. Journal of Econometrics, 122(1), ss. 81-126.
  • Nguyen, A.T. (2018). The relationship between external debt, economic growth, unemployment and national expenditure in Vietnam: A vector autoregressive model approach. Journal of Economics and Management Sciences, 1(2), ss. 129-140.
  • Oatley, T. (2010). Political institutions and foreign debt in the developing world. International Studies Quarterly, 54(1), ss. 175-195.
  • Özler, S. & Tabellini, G. (1991). External debt and political instability. National Bureau of Economic Research Working Paper, 3772, ss. 1-42.
  • Özata, E. (2017). Determinants of external debt accumulation in Turkey: Evidence from an ARDL bound test approach. Journal of Business & Economic Policy, 4(4), ss. 134-143.
  • Peker, O. & Bölükbaş, M. (2013). Türkiye’de dış borçlanmanın belirleyicileri: Ekonometrik bir analiz. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 27(2), ss. 289-302.
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in Panels. Cambridge University Working Paper, 435, ss. 1-39.
  • Pesaran, M. H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica, 76(4), ss. 967-1012.
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 2(2), ss. 265-312.
  • Pesaran, M. H., Ullah, A. & Yamagata, T. (2008). A bias-adjusted LM test of error cross-section independence. The Econometrics Journal, 11(1), ss. 105-127.
  • Phillips, P. C. B. & Sul, D. (2003). Dynamic panel estimation and homogeneity testing under cross section dependence. The Econometrics Journal, 6(1), ss. 217-259.
  • Sa’ad, S.A., Umar, A.T., Waziri, S.I. & Maniam, G.S. (2017). External debt burden and its determinants in Nigeria: An ARDL cointegration technique. Journal of Economics and Sustainable Development, 8(12), ss. 31-37.
  • Şak, N. (2015). Panel birim kök testleri. Stata ile panel veri modelleri, (Ed. Selahattin Güriş), İstanbul: Der Yayınları, ss. 203-267.
  • Tatoğlu, F. Y. (2012). Panel veri ekonometrisi, İstanbul: Beta Yayıncılık.
  • Tatoğlu, F. Y. (2013). İleri panel veri analizi: Stata uygulamalı, İstanbul: Beta Yayıncılık.
  • Tiruneh, M.W. (2004). An empirical investigation into the determinants of external indebtedness. Prague Economic Papers, 3, ss. 261-277.
  • Toktaş, Y., Altiner, A. & Bozkurt, E. (2019). The relationship between Turkey’s foreign debt and economic growth: An asymmetric causality analysis. Applied Economics, 51(26),ss. 2807-2817.
  • Ün, T. (2015). Stata ile panel veri analizi. Stata ile panel veri modelleri, (Ed. Selahattin Güriş), İstanbul: Der Yayınları, ss. 39-80.
  • Uzun, A. M., Karaköy, Ç. & Emsen, Ö.S. (2012). Orta Asya ve Kafkaslarda borç-ekonomik büyüme ilişkileri. International Conference on Eurasian Economies, Almaty-Kazakhstan, ss. 151-158.
  • Waheed, A. (2017). Determinants of external debt: A panel data analysis for oil and gas exporting and importing countries. International Journal of Economics and Financial Issues, 7(1), ss. 234-240.
  • World Bank (2018). World Development Indicators. https://datacatalog.worldbank.org/dataset/worlddevelopment- indicators, (Accessed: December 15, 2018).
  • Yamaçlı, D.S. (2015). Türkiye’de dış borçlanmanın belirleyicileri: Bazı kritik makroekonomik göstergelerin rolü. Finans Politik & Ekonomik Yorumlar, 52(605), ss. 19-40.
  • Yaşa, M. (1978). Devlet Borçları. Ankara: Ankara Üniversitesi Hukuk Fakültesi Yayınları.
There are 67 citations in total.

Details

Primary Language English
Journal Section Research Articles
Authors

Ersin Nail Sağdıç This is me 0000-0002-4022-8515

Fazlı Yıldız This is me 0000-0003-1387-7883

Publication Date December 31, 2020
Submission Date January 22, 2020
Acceptance Date August 2, 2020
Published in Issue Year 2020

Cite

APA Sağdıç, E. N., & Yıldız, F. (2020). FACTORS AFFECTING EXTERNAL DEBT IN TRANSITION ECONOMIES: THE CASE OF CENTRAL ASIA AND THE CAUCASUS. Uluslararası Yönetim İktisat Ve İşletme Dergisi, 16(4), 891-909. https://doi.org/10.17130/ijmeb.853521