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DIŞ BORÇ, İÇ BORÇ VE EKONOMİK BÜYÜME ARASINDAKİ İLİŞKİ: BRICS-TM ÜLKELERİ ÜZERİNE AMPİRİK BİR ANALİZ - THE RELATIONSHIP BETWEEN EXTERNAL DEBT, INTERNAL DEBT AND ECONOMIC GROWTH: AN EMPIRICAL ANALYSIS ON BRICS-TM COUNTRIES

Year 2020, Volume: 7 Issue: 2, 276 - 296, 30.07.2020

Mehmet Vahit Eren

https://doi.org/10.30798/makuiibf.565077

Abstract

Özel kesim açığı, bütçe açığı ve cari açık, iç ve dış borçlanmanın temel nedenleri arasında yer almaktadır. Ülkelerin gelişmişlik farklarının azaltılmasında devlet piyasaya müdahale ederek, borçlanma yoluna gidebilmektedir. Bu nedenle, BRICS-TM ülkelerinin yüksek büyüme hızlarına sahip olmasında dış ve iç borçlanmanın varlığının araştırılması önem arz etmektedir. Bu çalışmanın amacı, BRICS-TM ülkelerinde 2000-2016 dönemine ait verilerle dış ve iç borç ile ekonomik büyüme arasındaki ilişkinin araştırılmasıdır. Araştırmanın ampirik analizi için panel veri analizi yöntemi kullanılmıştır. Analizden elde edilen bulgulara göre, dış ve iç borç ile ekonomik büyüme arasında eşbütünleşme ve nedensellik ilişkisi bulunamamıştır. Bu sonuçlar, BRICS-TM ülkelerinin yüksek büyüme oranlarına sahip olmasının iç ve dış borçlanma ile desteklenmediğini göstermektedir.

Keywords

Dış ve İç Borç Ekonomik Büyüme Kalkınma BRICS-TM Ülkeleri

References

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THE RELATIONSHIP BETWEEN EXTERNAL DEBT, INTERNAL DEBT AND ECONOMIC GROWTH: AN EMPIRICAL ANALYSIS ON BRICS-TM COUNTRIES - DIŞ BORÇ, İÇ BORÇ VE EKONOMİK BÜYÜME ARASINDAKİ İLİŞKİ: BRICS-TM ÜLKELERİ ÜZERİNE AMPİRİK BİR ANALİZ

Year 2020, Volume: 7 Issue: 2, 276 - 296, 30.07.2020

Mehmet Vahit Eren

https://doi.org/10.30798/makuiibf.565077

Abstract

Private sector deficit, budget deficit and current account deficit can be counted among the main reasons for external and internal borrowing. In reducing the developmental differences of countries, governments can intervene in the market by borrowing. Therefore, it is important to investigate the existence of external and internal borrowing in the BRICS-TM countries, which have high growth rates. The aim of this study is to investigate the relationship between external and internal debts and economic growth in the BRICS-TM countries by data from the period 2000-2016. For the empirical analysis of the research, panel data analysis method is used. According to the findings obtained from the analysis, no co-integration and causality relationship are found between external and internal debts and economic growth. These results indicate that the high growth rates do not supported by the external and internal debts in the BRICS-TM countries.

Keywords

External and Internal Debt Economic Growth Development BRICS-TM Countries

References

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  • AFONSO, A. & ALVES, J. (2015). The Role Government Debt in Economic Growth. Review of Public Economics, 215-(4/2015), 9-26.
  • AĞIR, H. & YILDIRIM, S. (2015). Türkiye ile BRICS Ekonomilerinin Makroekonomik Performans Karşılaştırması: Betimsel Bir Analiz. KSÜ Sosyal Bilimler Dergisi 12(2), 39-66.
  • AMINU, U., AMINU, H. A. & SALIHU, M. (2013). External Debt and Domestic Debt Impact on the Growth of the Nigerian Economy. MPRA Paper No:75122.
  • ANNING, L., OFORI, C. F. & AFFUM, E. K. (2016). The Impact of Government Debt on the Economic Growth of Ghana: A Time Series Analysis from 1990-2015. International Journal of Innovation and Economic Development, 2(5), 31-39.
  • ATIQUE, R. & MALIK, K. (2012). Impact of Domestic and External Debt on the Economic Growth of Pakistan. World Applied Sciences Journal, 20(1), 120-129.
  • BALASSONE, F., FRANCESE, M. & Pace, A. (2011). Public Debt and Economic Growth in Italy. Quaderni di Storia Economica (Economic History Working Papers), 1-34.
  • BAYRAKTAR, C. (2011). Türkiye’de İç Borçlanmanın Yapısı: 1980-2010 Dönemi. Hitit Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 4(1), 1-14.
  • BELGUITH, S. O. & OMRANE, H. 2017. Macroeconomic Determinants of Public Debt Growth: A Case Study for Tunisia. Theoretical and Applied Economics, Volume XXIV (2017), No. 4(613), 161-168.
  • BERKAY, F. & AĞCAKAYA, S. (2017). Türkiye’de Kamusal Açıkların Finansmanında İç ve Dış Borç Tercihi: 1990-2015 Dönemi. AKÜ İİBF Dergisi, XIX (1), 1-20.
  • BREUSH, 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), 239-253.
  • BRINI, R., JEMMALI, H. & FERROUKH, A. (2016). Public Debt and Economic Growth in Tunisia: A Re-examination. Advances in Economics and Business, 4(11), 584-590.
  • BURHANUDIN, M. D. A., MUDA, R., NATHAN, S. B. S. & ARSHAD, R. (2017). Real Effects of Government Debt on Sustainable Economic Growth in Malaysia. Journal of International Studies, 10(3), 161-172.
  • ÇEVIK, N. K. & CURAL, M. (2013). İç Borçlanma, Dış Borçlanma ve Ekonomik Büyüme Arasında Nedensellik İlişkisi: 1989-2012 Dönemi Türkiye Örneği. Maliye Dergisi, (165), 115-139.
  • ÇIÇEK, H., GÖZEGIR, S. & ÇEVIK, E. (2010). Bir Maliye Politikası Aracı Olarak Borçlanma ve Ekonomik Büyüme İlişkisi: Türkiye Örneği (1990-2009). C.Ü. İktisadi ve İdari Bilimler Dergisi, 11(1), 141-156.
  • ÇOBAN, O., DOĞANLAP, N. & UYSAL, D. (2008). Türkiye’de Kamu İç Borçlanmasının Makroekonomik Etkileri. Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, (20), 229-244.
  • ÇÖĞÜRCÜ, İ. & ÇOBAN, O. (2011). Dış Borç Ekonomik Büyüme İlişkisi: Türkiye Örneği (1980-2009). KMÜ Sosyal ve Ekonomik Araştırmalar Dergisi, 13(21), 133-149.
  • DAM, M. M. & YILDIZ, B. (2016). BRICS-TM Ülkelerinde Ar-Ge ve İnovasyonun Ekonomik Büyüme Üzerine Etkisi: Ekonometrik Bir Analiz. Akdeniz Üniversitesi İ.İ.B.F. Dergisi, (33), 220-236.
  • DAUD, S. N. M. (2016). The Real Effect of Government Debt: Evidence forum the Malaysian Economy. Journal of Economic Cooperation and Development, 37(3), 57-86.
  • DUMITRESCU, E.-I. & HURLIN, C. (2012). Testing for Granger Non-Causality in Heterogeneous Panels. Economic Modelling 29, 1450-1460.
  • EGELI, H. A. (2003). Türkiye'nin Dış Borç Yapısının Analizi (1980-1990). Ankara Üniversitesi Siyasal Bilgiler Fakültesi Dergisi, 3(47), 123-138.
  • ERATAŞ, F. & NUR, H. B. (2013). Dış Borç ve Ekonomik Büyüme İlişkisi: “Yükselen Piyasa Ekonomileri” Örneği. Marmara Üniversitesi İ.İ.B. Dergisi, XXXV(II), 207-230.
  • ESENER, S. Ç. (2013). Gelişmekte Olan Ülkelerde ve Türkiye’de Dış Borçlanmanın Belirleyicilerinin İncelenmesi: 1980–2010. Ankara: Maliye Bakanlığı Strateji Geliştirme Başkanlığı.
  • EZEABASILI, V. N., ISU, H. O. & MOJEKWU, J. N. (2011). Nigeria’s External Debt and Economic Growth: An Error Correction Approach. International Journal of Business and Management, 6(5), 156-170.
  • FAVOUR, E.-O. O., IDENYI, O. S., OGE, E. O. & CHARITY, I. A. (2017). Public Debt and Economic Growth in Nigeria. Asian Research Journal of Arts & Social Sciences, 4(3), 1-16.
  • IJIRSHAR, V. U., JOSEPH, F. & GODOO, M. (2016). The Relationship between External Debt and Economic Growth in Nigeria. International Journal of Economics & Management Sciences, 6(1), 1-5.
  • IMF, World Economic Outlook Database
  • JACOBO, A. D. & JALILE, I. R. (2017). The Impact of Government Debt on Economic Growth: An Overview for Latin America. Working papers of the Department of Economics University of Perugia (IT), Working paper No. 28.
  • JUAREZ, I. S. & GARCIA-ALMADA, R. (2016). Public Debt, Public Investment and Economic Growth in Mexico. International Journal Financial Study, 4(6), 1-14.
  • KHARUSI, S. & ADA, M. S. (2018). External Debt and Economic Growth: The Case of Emerging Economy. Journal of Economic Integration, 33(1), 1141-1157.
  • KÜÇÜKAKSOY, İ. & AKALIN, G. (2017). Fisher Hipotezi’nin Panel Veri Analizi ile Test Edilmesi: OECD Ülkeleri Uygulaması. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 35(1), 19-40.
  • LAU, E. & KON, T.-L. (2014). External Debt, Export and Growth in Asian Countries: 1988-2006. Journal of Applied Sciences 14(18), 2170-2176.
  • MALIK, S., HAYAT, M. K. & HAYAT, M. U. (2010). External Debt and Economic Growth: Empirical Evidence from Pakistan. International Research Journal of Finance and Economics, (44), 88-97.
  • MENSAH, L., BOKPIN, G. & BOACHIE-YIADOM, E. (2018). External Debts, Institutions and Growth in SSA. Journal of African Business, 19(4), 475–490.
  • MIYNAT, M. & BOSTAN, M. K. (2015). Mali Kural Uygulamalarının Makroekonomik Değişkenler Üzerine Etkileri. Yönetim ve Ekonomi Dergisi, 22(2), 535-549.
  • MOHANTY, A., PATRA, S. K., KUMAR, S. & MOHANTY, A. (2016). An Empirical Analysis of Effect of Public Debt on Economic Growth in India in The Post-Reform Era. Asian Economic and Financial Review, 6(11), 692-705.
  • NANTWI, V. O. & ERICKSON, C. (2016). Public Debt and Economic Growth in Ghana. African Development Review, 28(1), 116–126.
  • NISTOR, P. (2015). FDI Implications on BRICS Economy Growth. Procedia Economics and Finance 32, 981–985.
  • NTSHAKALA, P. L. (2015). Effects of Public Debt on Economic Growth in Swaziland. International Journal of Business and Commerce, 5(1), 1-24.
  • NWANNEBUIKE, U. S., IKE, U. J. & ONUKA, O. I. (2016). External Debt and Economic Growth: The Nigeria Experience. European Journal of Accounting Auditing and Finance Research, 4(2), 33-48.
  • O’NEILL, J. (2001). Building Better Global Economic BRICs. Global Economics Paper No: 66, Goldman Sachs, https://www.goldmansachs.com/insights/archive/archive-pdfs/build-better-brics.pdf (13.10.2018).
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  • ÖZTÜRK, S. & ÇINAR, U. (2018). Kamu Dış Borçlanması ve Ekonomik Büyüme İlişkisi: Türkiye Üzerine Ampirik Bir Uygulama (1975-2016). Sosyal Bilimler Metinleri, 1, 66-79.
  • PEGKAS, P. (2018). The Effect of Government Debt and Other Determinants on Economic Growth: The Greek Experience. Economies 2018, 6(1), 10, 1-19.
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Details

Primary Language Turkish
Journal Section Research Articles
Authors

Mehmet Vahit Eren 0000-0003-0348-0137

Publication Date July 30, 2020
Submission Date May 14, 2019
Published in Issue Year 2020 Volume: 7 Issue: 2

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APA Eren, M. V. (2020). DIŞ BORÇ, İÇ BORÇ VE EKONOMİK BÜYÜME ARASINDAKİ İLİŞKİ: BRICS-TM ÜLKELERİ ÜZERİNE AMPİRİK BİR ANALİZ - THE RELATIONSHIP BETWEEN EXTERNAL DEBT, INTERNAL DEBT AND ECONOMIC GROWTH: AN EMPIRICAL ANALYSIS ON BRICS-TM COUNTRIES. Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty, 7(2), 276-296. https://doi.org/10.30798/makuiibf.565077
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