Kamu Borç Yönetimi ve Vade Yapısına İlişkin Teorik Yaklaşımlar

Year 2018, Volume: 4 Issue: 2, 97 - 117, 21.10.2018

Sevi Dokuzoğlu

https://doi.org/10.20979/ueyd.444227

Abstract

Bütçe açıklarının
birçok ülke açısından sürekli hale gelmesi ile birlikte maliye politikası
teorilerine olan ilgi artmıştır. Benzer şekilde,  bütçe açıklarının finansmanında kamu borcunun
kullanılmasının yaratacağı sonuçlar iktisat literatüründe önemli bir alan
oluşturmaktadır. Bu çerçevede, son yıllarda borç yönetimine dair teorilerin
dâhil edildiği optimal maliye ve para politikası modellerine literatürde sıkça
yer verilmiştir. Kamu borcunun vadesi ise borç yönetimi açısından en önemli
araçlardan biridir. 2007-2008 Küresel Finansal Krizi de dâhil olmak üzere hemen
hemen tüm mali krizlerde kamu borcunun vadesi kilit değişken haline gelmiş;
vade yapısının borç sürdürülebilirliğine ilişkin analizlerde daha sık yer
alması gerekliliği ortaya çıkmıştır. Bu çalışma ile kamu borcunun vadesinin
maliye ve para politikası açısından önemini ele alan teorik yaklaşımlara
ilişkin genel bir sınıflandırma ortaya koyulmuştur. Ayrıca söz konusu
yaklaşımları temel alan ampirik çalışmalara da yer verilmiştir. Çalışmanın kamu
borç yönetimi ve optimal vade yapısı ile ilişkili benzer çalışmalara katkı
sağlayacağı düşünülmektedir. 

Keywords

Kamu Borcu, Optimal Maliye Politikası, Borç Yönetimi, Vade

Theoretical Approaches to Government Debt Management and Maturity Structure

Abstract

Interest in fiscal policy theories has increased with
the permanent budget deficits prevailed in many countries. Similarly, the
consequences of using public debt in financing budget deficits also have an
important area in the economic literature and within this framework, over the
last few years optimal fiscal policy models which include theories of debt
management frequently taking place in the literature. The maturity structure of
public debt is the one of the most important variables from the view of debt
management. In almost all financial crises, including the 2007-2008 Global
Financial Crisis, the debt-to-maturity structure has become a key variable and
the necessity of maturity structure to be included in more frequently in the
analysis of debt sustainability has arisen. In this study, a classification of
the theoretical approaches that deal with importance of the maturity structure
of public debt in terms of fiscal and monetary policy has been put forward. In
addition, empirical studies based on the aforementioned approaches have been
included. It is thought that the study will contribute to similar studies
related to public debt management and optimal maturity structure.

Keywords

Public Debt, Optimal Fiscal Policy, Debt Management

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