YPE’de hazine eurobondları faiz oranları ve döviz cinsinden hazine borcu

Year 2025, Volume: 52 Issue: 1, 181 - 202, 30.06.2025

Mustafa Tugan

Abstract

Bu çalışma, Yükselen Piyasa Ekonomileri (YPE) hazineleri tarafından ihraç edilen Eurobondların faiz oranlarını etkileyen etmenleri incelemektedir ve bu faiz oranlarının sadece devlet borcunun GSMH’ye oranına değil, devlet borcunun YPE’nin ulusal paraları cinsinden mi yoksa döviz cinsinden mi olduğuna da bağlı olduğunu vurgulamaktadır. Daha açık bir ifadeyle, YPE’nin ulusal para birimi cinsinden borçları GSMH’ye oranla arttığında bu ülkelerin hazine eurobond faiz oranları anlamlı bir şekilde değişmezken, YPE’nin döviz cinsinden borçları GSMH’ye oranla arttığında YPE hazine eurobond faiz oranları anlamlı bir şekilde yükselmektedir. Döviz cinsinden borçların bahsi geçen etkisi YPE’deki kurumsal gelişmişlik düzeyini kontrol etsek dahi anlamlı kalmaktadır.

Keywords

YPE hazine eurobondları faiz oranları , YPE hazine borçlanmasında döviz ve yerli paranın payları , kurumsal gelişmişlik , Türkiye’de para politikası

Yield-to-maturity on Sovereign Eurobonds and foreign-currency Sovereign borrowing in EMEs

Abstract

This paper studies the main determinants of the yield-to-maturity of Emerging Market Economies (EMEs)’ Sovereign Eurobonds and emphasizes that not only the share of total government debt in GDP but also its decomposition into foreign-currency-denominated and domestic-currency-denominated debt matters for the yields to maturity in question. Indeed, while an increase in the ratio of domestic-currency-denominated sovereign debt to GDP has no significant effect on the yield to maturity of EMEs’ Sovereign Eurobonds, an increase in the ratio of foreign-currency-denominated sovereign debt to GDP leads to a significant rise in the yield to maturity of EME Sovereign Eurobonds. This significant effect of the foreign-currency-denominated Sovereign debt on the yield to maturity of EME Sovereign Eurobonds holds even when we control for institutional quality in EMEs.

Keywords

Yield-to-maturity on EMEs’ Sovereign Eurobonds , share of domestic-currency-denominated and foreign-exchange-denominated debt , institutional quality , monetary policy in Türkiye

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