The Effects of International Sanctions on External Debt

Year 2019, Volume: 18 Issue: 2, 662 - 673, 01.04.2019

Atakan Durmaz , Ömer Akkuş

https://doi.org/10.21547/jss.486523

Cited By: 1

Abstract

In this study, the effects of international sanctions
imposed by the United States (US) and multinational institutions (European Union
(EU) and the United Nations (UN)) on the external debts of less developed
or/and developing countries are empirically assessed. Our sample includes 44
countries experienced international sanctions over the period 1976-2014. According to the
results, the sanctions significantly increase the external debt of the target
country. Moreover, if the targeted countries increase government expenditures
against these sanctions, it is seen that the tendency of these sanctions to
increase external debt is lower in sanctioned periods. Adding to these, the
effect of the type of regime in targeted countries on external debt varies
according to the state of government expenditures. 

Keywords

Sanctions, external debt, developing countries, less developed countries

Uluslararası Yaptırımların Dış Borçlar Üzerine Etkileri

Abstract

Bu
çalışmada, Amerika Birleşik Devletleri (ABD) ve çokuluslu kurumlar (Avrupa
Birliği (AB) ve Birleşmiş Milletler (BM)) tarafından uygulanan uluslararası
yaptırımların az gelişmiş ve gelişmekte olan ülkelerin dış borçlarına etkileri
ampirik olarak değerlendirilmiştir. Bu kapsamda,  uluslararası yaptırım uygulanan 44 ülkeye ait
1976-2014 dönemini kapsayan veriler kullanılmıştır. Elde edilen sonuçlara göre
yaptırımlar, hedef ülkenin dış borcunu önemli ölçüde artırmaktadır. Ayrıca,
hedeflenen ülkelerin bu yaptırımlara karşı devlet harcamalarını artırması
halinde, bu yaptırımların dış borçlanmayı arttırma eğiliminin yaptırım
dönemlerinde daha düşük olduğu görülmektedir. Bunlara ek olarak, hedeflenen
ülkelerde rejimin türünün dış borçlara etkisi, hükümet harcamalarının durumuna
göre değişmektedir.

Keywords

Yaptırımlar, Dış Borç, Gelişmekte Olan Ülkeler, Az Gelişmiş Ülkeler

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