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PIIGS ÜLKELERİNİN BORÇ SORUNU VE PARASAL BİRLİK DÜZEYİNDE OLUŞTURULAN KURTARMA MEKANİZMALARI

Year 2020, , 120 - 133, 30.06.2020
https://doi.org/10.17261/Pressacademia.2020.1208

Abstract

Amaç - Covid 19 salgını öncesi dönemde PIIGS ülkelerinin bütçe açığı ve borç yüklerine ait son yirmi yılın verilerini kullanan bu çalışma, yaşanan borç sorunları karşısında parasal birlik düzeyinde alınan tedbirler hakkında kronolojik bir bilgi seti sunmakta ve AB’nin geleceği hakkındaki tartışmalara kamu maliyesi perspektifinden katkılar sağlamayı amaçlamaktadır.
Yöntem - Çalışmada AB’nin mali destek mekanizmaları ele alınmış ve PIIGS ülkelerinin parasal birlik öncesi dönemden günümüze 1998-2018 yılları arası GSYH’ya endeksli bütçe açığı ve borç yükü verileri üzerinden mali performansları incelenmiştir.
Bulgular- PIIGS ülkelerinin bütçe açıkları referans değerler düzeyine çekilmiş ancak borç yükleri kriz öncesi döneme göre daha da artmıştır. Birliğin bu ülkelere verdiği destek sorunları çözmemiş, ertelemiştir. Hem parasal birliğin hem de PIIGS ülkelerinin kapsamlı reformlara ihtiyacı bulunmaktadır.
Sonuç- PIIGS ülkelerinin mali sorunları, 2008 küresel krizi sonrasında daha da ağırlaşmış ve 2011 yılında Avrupa Borç Krizine dönüşmüştür. 2011 Borç Krizi karşısında Avrupa Birliği (AB) düzeyinde çeşitli tedbirler alınmıştır. Birlik kamuoyunda “kurtarma paketleri” olarak adlandırılan bu tedbirlerden beklenen kazanımlar sağlanamamıştır. Ortaya çıkan ciddi finansman sorunu ve uzun zamandır çözülemeyen kamu maliyesi sorunları, AB’nin geleceğini çok daha açık şekilde tehdit eder hale gelmiştir.

References

  • AB Bakanlığı (2011). Avrupa Birliği’nde Küresel Finansal Krize Karşı Alınan Önlemler ve Birliğin Rekabet Gücünün Artırılmasına Yönelik Girişimler: “Euro Rekabet Paktı”. https://www.ab.gov.tr/siteimages/birimler/empb/yayinlar/euro_plus_pact.pdf
  • AB Konseyi (5 Temmuz 2004). Council Decision of 5 July 2004 on the existence of an excessive deficit in Greece (2004/917/EC). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2004.389.01.0025.01.ENG
  • AB Konseyi (20 Eylül 2005a). Council Decision of 20 September 2005 on the existence of an excessive deficit in Portugal (2005/730/EC). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2005.274.01.0091.01.ENG
  • AB Konseyi (7 Ekim 2005). Council Recommendation with a view to bringing an end to the situation of an excessive government deficit in Portugal (12401/05). http://data.consilium.europa.eu/doc/document/ST-12401-2005-INIT/en/pdf
  • AB Konseyi (28 Temmuz 2005). Council Decision of 28 July 2005 on the existence of an excessive deficit in Italy (2005/694/EC). https://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/30_edps/104-06_council/2005-07-28_it_104-6_council_en.pdf
  • AB Konseyi (20 Eylül 2005b). Council Recommendation with a view to bringing an end to the situation of an excessive government deficit in Italy (11912/05). https://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/30_edps/104-07_council/2005-07-28_it_104-7_council_en.pdf
  • AB Konseyi (27 Nisan 2009). Council Decision of 27 April 2009 on the existence of an excessive deficit in Spain (2009/417/EC). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2009.135.01.0025.01.ENG
  • AB Konseyi (19 Ocak 2010a). Council Decision of 19 January 2010 on the existence of an excessive deficit in Portugal (2010/288/EC). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2010.125.01.0044.01.ENG
  • AB Konseyi (19 Ocak 2010b). Council Decision of 19 January 2010 on the existence of an excessive deficit in Italy (2010/286/EU). https://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/30_edps/104-06_council/2009-12-02_it_126-6_council_en.pdf
  • AB Komisyonu (2020a). Financial Assistance to Greece. https://ec.europa.eu/info/business-economy-euro/economic-and-fiscal-policy-coordination/eu-financial-assistance/which-eu-countries-have-received-assistance/financial-assistance-greece_en#first-programme-for-greece
  • AB Komisyonu (2020b). European Financial Stabilisation Mechanism (EFSM). https://ec.europa.eu/info/business-economy-euro/economic-and-fiscal-policy-coordination/eu-financial-assistance/loan-programmes/european-financial-stabilisation-mechanism-efsm_en
  • AB Komisyonu (2020c). History of The Stability and Growth Pact. https://ec.europa.eu/info/business-economy-euro/economic-and-fiscal-policy-coordination/eu-economic-governance-monitoring-prevention-correction/stability-and-growth-pact/history-stability-and-growth-pact_en#1997).
  • AB Komisyonu (2020d). How the EU monitors national economic policies. https://ec.europa.eu/info/business-economy-euro/economic-and-fiscal-policy-coordination/eu-economic-governance-monitoring-prevention-correction/how-eu-monitors-national-economic-policies_en
  • Beker, V. A. (2014). The European Debt Crisis: Causes and Consequences., Journal of Stock & Forex Trading. 3(2): 1-9. DOI: 10.4172/2168-9458.1000115
  • Bergsten, C. F. (2012). Why the Euro Will Survive. Foreign Affairs. 91(5): 16-22
  • Bölükbaş, M. T., Bölükbaş, M., Topal M. H. (2018). PIIGS Ülkeleri ve Türkiye’de Kamu Borç Yükü İle Ekonomik Büyüme Arasındaki İlişki. Londra, Current Debates in Social Sciences: Proceedings of CUDES 2018 September.
  • Dinan, D. (2008). Avrupa Birligi Tarihi. Çev. Hale Akay. İstanbul, Kitap Yayınevi.
  • Duman, Ö., S. (2017) The Political Economy of the Eurozone Crisis: Competitiveness and Financialization in PIIGS. Journal of Balkan and Near Eastern Studies. 20(3): 211-229. DOI: 10.1080/19448953.2018.1379752
  • Dünya Bankası (13 Şubat 2020). İstatistikler. https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=EU-US-CN
  • Eberhardt, M., Presbitero, A. F. (2015). Public debt and growth: Heterogeneity and non-linearity. Journal of International Economics, 97(1):45-58. https://doi.org/10.1016/j.jinteco.2015.04.005
  • ESM (30 Şubat 2020a.) Before the ESM. https://www.esm.europa.eu/efsf-overview
  • ESM (30 Şubat 2020b). About Us. https://www.esm.europa.eu/about-us
  • Eurostat (29 Ocak 2020). İstatistikler. https://ec.europa.eu/eurostat/data/database
  • Gogas, P. (13 Şubat 2011). The Proposed EU “Competitiveness Pact”. https://businessthinker.com/the-proposed-e-u-%E2%80%9Ccompetitiveness-pact%E2%80%9D/
  • Gümüş İ., Tatlıyer M. (2013). Güney Avrupa Refah Rejimi’nin Borç Krizi. İş Ahlakı Dergisi. 6(1): 1-37 DOI: 10.12711/tjbe.2013.6.1.0117
  • Kibritçioğlu A. (2011). Current Sovereign Debt Crisis in Eurozone Countries. İktisat ve Toplum Dergisi. 10 (2011): 30-41. https://mpra.ub.uni-muenchen.de/33528/1/MPRA_paper_33528.pdf
  • Krugman, P. (2012). End this Depression Now! New York: Norton & Company.
  • Öztürk, M. ve Aras, O.N. (2011). Euro ve Kriz Sonrası Dönemde Parasal İstikrar. Ekonomi Bilimleri Dergisi. 3 (2): 143-155. Retrieved from https://dergipark.org.tr/tr/pub/ebd/issue/4858/66832
  • TCTB (3 Ekim 2019). Yanıbaşımızdaki Dev Pazar Avrupa Birliği. https://www.ticaret.gov.tr/dis-iliskiler/avrupa-birligi/yani-basimizdaki-dev-pazar-avrupa-birligi
  • Samuel D. B. (2020). Assessing PIIGS Country Performance against Themselves and the EU. Asian Social Science 16(4):74-86. DOI: 10.5539/ass.v16n4p74
  • Siemiatkowski P., Jankowska E. (2013). Financial dependence of the PIIGS countries. Journal of World Economic Research. 2013; 2(5): 89-94 Published online November 10, 2013 (http://www.sciencepublishinggroup.com/j/jwer) doi: 10.11648/j.jwer.20130205.12
  • Şeker, H , Demirel, B , Eroğlu, İ . (2016). EURO Bölgesi Borç Krizi Ve Ekonomik Büyüme İlişkisi. Balkan Sosyal Bilimler Dergisi. () , 446-457 . Retrieved from https://dergipark.org.tr/tr/pub/bsbd/issue/43860/539502
  • Uygur, E. (2001). Enflasyon, Para ve Mali Baski: İktisat Politikasında Geri Kalmışlık. İktisat, İşletme ve Finans Dergisi. 16 (189): 7-23. DOI: 10.3848/iif.2001.189.9788
  • World Government Bonds (2 Mart 2020). Credit Ratings. http://worldgovernmentbonds.com
  • Yılmaz, B. (2013). Reflections of The Global Economic Crisis on The Countries of PIIGS And Turkey’s Macroeconomic Variables. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. 34 (1): 229-252. Retrieved from https://dergipark.org.tr/tr/pub/muiibd/issue/497/4417

THE DEBT PROBLEM OF PIIGS COUNTRIES AND RECOVERY MECHANISMS BUILT AT THE MONETARY UNIT LEVEL

Year 2020, , 120 - 133, 30.06.2020
https://doi.org/10.17261/Pressacademia.2020.1208

Abstract

Purpose - Using the data of the last 20 years of PIIGS countries' budget deficit and debt burdens in the period before the Covid 19 epidemic, this study presents a chronological set of information about the measures taken at the monetary union level in the face of debt problems and aims to contribute to the discussions about the future of the EU from the perspective of public finance
Methodology - In the study, the financial support mechanisms of the EU were discussed and the financial performances of PIIGS countries were examined based on budget deficit and debt burden data indexed to GDP from the pre-monetary union period to today, between 1998-2018.
Findings- Budget deficits of PIIGS countries have been reduced to reference values, but debt burdens have increased even more than the pre-crisis period. The support provided by the Union to these countries did not solve problems, and postponed them. Both the monetary union and PIIGS countries need comprehensive reforms.
Conclusion- The financial problems of PIIGS countries became more severe after the 2008 global crisis and turned into a European Debt Crisis in 2011. Various measures were taken at the European Union (EU) level in the face of the 2011 Debt Crisis. The expected gains from these measures, called “rescue packages” in the public, have not been achieved. The serious financing problem and public finance problems that have not been solved for a long time have become more clearly threatening the future of the EU.

References

  • AB Bakanlığı (2011). Avrupa Birliği’nde Küresel Finansal Krize Karşı Alınan Önlemler ve Birliğin Rekabet Gücünün Artırılmasına Yönelik Girişimler: “Euro Rekabet Paktı”. https://www.ab.gov.tr/siteimages/birimler/empb/yayinlar/euro_plus_pact.pdf
  • AB Konseyi (5 Temmuz 2004). Council Decision of 5 July 2004 on the existence of an excessive deficit in Greece (2004/917/EC). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2004.389.01.0025.01.ENG
  • AB Konseyi (20 Eylül 2005a). Council Decision of 20 September 2005 on the existence of an excessive deficit in Portugal (2005/730/EC). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2005.274.01.0091.01.ENG
  • AB Konseyi (7 Ekim 2005). Council Recommendation with a view to bringing an end to the situation of an excessive government deficit in Portugal (12401/05). http://data.consilium.europa.eu/doc/document/ST-12401-2005-INIT/en/pdf
  • AB Konseyi (28 Temmuz 2005). Council Decision of 28 July 2005 on the existence of an excessive deficit in Italy (2005/694/EC). https://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/30_edps/104-06_council/2005-07-28_it_104-6_council_en.pdf
  • AB Konseyi (20 Eylül 2005b). Council Recommendation with a view to bringing an end to the situation of an excessive government deficit in Italy (11912/05). https://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/30_edps/104-07_council/2005-07-28_it_104-7_council_en.pdf
  • AB Konseyi (27 Nisan 2009). Council Decision of 27 April 2009 on the existence of an excessive deficit in Spain (2009/417/EC). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2009.135.01.0025.01.ENG
  • AB Konseyi (19 Ocak 2010a). Council Decision of 19 January 2010 on the existence of an excessive deficit in Portugal (2010/288/EC). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2010.125.01.0044.01.ENG
  • AB Konseyi (19 Ocak 2010b). Council Decision of 19 January 2010 on the existence of an excessive deficit in Italy (2010/286/EU). https://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/30_edps/104-06_council/2009-12-02_it_126-6_council_en.pdf
  • AB Komisyonu (2020a). Financial Assistance to Greece. https://ec.europa.eu/info/business-economy-euro/economic-and-fiscal-policy-coordination/eu-financial-assistance/which-eu-countries-have-received-assistance/financial-assistance-greece_en#first-programme-for-greece
  • AB Komisyonu (2020b). European Financial Stabilisation Mechanism (EFSM). https://ec.europa.eu/info/business-economy-euro/economic-and-fiscal-policy-coordination/eu-financial-assistance/loan-programmes/european-financial-stabilisation-mechanism-efsm_en
  • AB Komisyonu (2020c). History of The Stability and Growth Pact. https://ec.europa.eu/info/business-economy-euro/economic-and-fiscal-policy-coordination/eu-economic-governance-monitoring-prevention-correction/stability-and-growth-pact/history-stability-and-growth-pact_en#1997).
  • AB Komisyonu (2020d). How the EU monitors national economic policies. https://ec.europa.eu/info/business-economy-euro/economic-and-fiscal-policy-coordination/eu-economic-governance-monitoring-prevention-correction/how-eu-monitors-national-economic-policies_en
  • Beker, V. A. (2014). The European Debt Crisis: Causes and Consequences., Journal of Stock & Forex Trading. 3(2): 1-9. DOI: 10.4172/2168-9458.1000115
  • Bergsten, C. F. (2012). Why the Euro Will Survive. Foreign Affairs. 91(5): 16-22
  • Bölükbaş, M. T., Bölükbaş, M., Topal M. H. (2018). PIIGS Ülkeleri ve Türkiye’de Kamu Borç Yükü İle Ekonomik Büyüme Arasındaki İlişki. Londra, Current Debates in Social Sciences: Proceedings of CUDES 2018 September.
  • Dinan, D. (2008). Avrupa Birligi Tarihi. Çev. Hale Akay. İstanbul, Kitap Yayınevi.
  • Duman, Ö., S. (2017) The Political Economy of the Eurozone Crisis: Competitiveness and Financialization in PIIGS. Journal of Balkan and Near Eastern Studies. 20(3): 211-229. DOI: 10.1080/19448953.2018.1379752
  • Dünya Bankası (13 Şubat 2020). İstatistikler. https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=EU-US-CN
  • Eberhardt, M., Presbitero, A. F. (2015). Public debt and growth: Heterogeneity and non-linearity. Journal of International Economics, 97(1):45-58. https://doi.org/10.1016/j.jinteco.2015.04.005
  • ESM (30 Şubat 2020a.) Before the ESM. https://www.esm.europa.eu/efsf-overview
  • ESM (30 Şubat 2020b). About Us. https://www.esm.europa.eu/about-us
  • Eurostat (29 Ocak 2020). İstatistikler. https://ec.europa.eu/eurostat/data/database
  • Gogas, P. (13 Şubat 2011). The Proposed EU “Competitiveness Pact”. https://businessthinker.com/the-proposed-e-u-%E2%80%9Ccompetitiveness-pact%E2%80%9D/
  • Gümüş İ., Tatlıyer M. (2013). Güney Avrupa Refah Rejimi’nin Borç Krizi. İş Ahlakı Dergisi. 6(1): 1-37 DOI: 10.12711/tjbe.2013.6.1.0117
  • Kibritçioğlu A. (2011). Current Sovereign Debt Crisis in Eurozone Countries. İktisat ve Toplum Dergisi. 10 (2011): 30-41. https://mpra.ub.uni-muenchen.de/33528/1/MPRA_paper_33528.pdf
  • Krugman, P. (2012). End this Depression Now! New York: Norton & Company.
  • Öztürk, M. ve Aras, O.N. (2011). Euro ve Kriz Sonrası Dönemde Parasal İstikrar. Ekonomi Bilimleri Dergisi. 3 (2): 143-155. Retrieved from https://dergipark.org.tr/tr/pub/ebd/issue/4858/66832
  • TCTB (3 Ekim 2019). Yanıbaşımızdaki Dev Pazar Avrupa Birliği. https://www.ticaret.gov.tr/dis-iliskiler/avrupa-birligi/yani-basimizdaki-dev-pazar-avrupa-birligi
  • Samuel D. B. (2020). Assessing PIIGS Country Performance against Themselves and the EU. Asian Social Science 16(4):74-86. DOI: 10.5539/ass.v16n4p74
  • Siemiatkowski P., Jankowska E. (2013). Financial dependence of the PIIGS countries. Journal of World Economic Research. 2013; 2(5): 89-94 Published online November 10, 2013 (http://www.sciencepublishinggroup.com/j/jwer) doi: 10.11648/j.jwer.20130205.12
  • Şeker, H , Demirel, B , Eroğlu, İ . (2016). EURO Bölgesi Borç Krizi Ve Ekonomik Büyüme İlişkisi. Balkan Sosyal Bilimler Dergisi. () , 446-457 . Retrieved from https://dergipark.org.tr/tr/pub/bsbd/issue/43860/539502
  • Uygur, E. (2001). Enflasyon, Para ve Mali Baski: İktisat Politikasında Geri Kalmışlık. İktisat, İşletme ve Finans Dergisi. 16 (189): 7-23. DOI: 10.3848/iif.2001.189.9788
  • World Government Bonds (2 Mart 2020). Credit Ratings. http://worldgovernmentbonds.com
  • Yılmaz, B. (2013). Reflections of The Global Economic Crisis on The Countries of PIIGS And Turkey’s Macroeconomic Variables. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. 34 (1): 229-252. Retrieved from https://dergipark.org.tr/tr/pub/muiibd/issue/497/4417
There are 35 citations in total.

Details

Primary Language Turkish
Subjects Finance, Business Administration
Journal Section Articles
Authors

Cagdas Bektas This is me 0000-0001-6355-0139

Ozgur Sarac This is me 0000-0001-8029-6646

Publication Date June 30, 2020
Published in Issue Year 2020

Cite

APA Bektas, C., & Sarac, O. (2020). PIIGS ÜLKELERİNİN BORÇ SORUNU VE PARASAL BİRLİK DÜZEYİNDE OLUŞTURULAN KURTARMA MEKANİZMALARI. Journal of Economics Finance and Accounting, 7(2), 120-133. https://doi.org/10.17261/Pressacademia.2020.1208

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