As the roles of states increase, the need for borrowing increase due to insufficient public revenues. Due to the importance of borrowing, debt management becomes more important. Debt management (risk management) is used as a financial and economic policy tool. Another important issue is borrowing with an optimal composition. Debt management has more duties. There are several risk types which are important for developing countries such as rollover risk, liquidity risk, market risk, settlement risk, and operational risk. Measuring market risk is also important. Techniques such as senario analysis, value at risk, cost at risk, stress test and time analysis are used.In this paper, firstly, debt management, risk management, risk types are defined. Taking the effects of risks on political decisions into account, the importance of risk types become more relevant. Secondly, risk measurement techniques are analysed. Here, active and passive debt managemet are important techniques giving detailed information in risk measurement. Risk management includes technical information and control over implementation results. However, developing countries face serious problems in implementing risk management policies due to specific circumstances. That’s why thirdly, the difficulties that the developing countries face in risk management are analysed. Forthly, the regulations in the coordination of debt management and risk management in Turkey are explained. In conclusion, the importance of debt management, the problems that occur in this process and the precautions that are taken against these problems are analysed and a general evaluation of Turkey’s debt management is made.
Key Words: Debt Management, Risk Management, Risk Quantification Methods
JEL Classification:H63, H68, G32.
Publication Date : March 24, 2020
|APA||TANDIRCIOĞLU, H . (2020). Etkin Bir Borç Yönetiminin Sağlanmasında Risk Yönetiminin Önemi. Yönetim ve Ekonomi: Celal Bayar Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi , 27 (1) , 51-68 . DOI: 10.18657/yonveek.635142|