Öz
Yükselen piyasa ekonomileri açısından mali alan kavramı, özellikle ekonomik daralma dönemlerinde hayati bir öneme sahiptir. Bütçe açıklarının sürdürülebilirliği, mali alanın büyüklüğüne bağlıdır. Yapılan çalışmalar, geniş bir mali alana sahip olan ülkelerin, ekonomik krizden çıkış dönemlerinde Gayri Safi Yurtiçi hasılalarındaki düşüşün daha az olduğunu ve konjonktür dalgalanmalarına karşı kırılganlıklarının azaldığını ortaya koymaktadır. Mali alanın önemi büyümeyi teşvik edecek kamu harcamalarının devamlılığına imkan tanıma noktasında belirginleşmektedir. Bu çalışmanın amacı, devlet borçları sürdürülebilirliği, bilanço kompozisyonu, koşula bağlı borçlar ve piyasa risk algısı gibi mali alan göstergeleri kapsamında seçili yükselen piyasa ekonomilerinin mali yapısını 2000-2018 yılları arasındaki dönem için analiz etmektir.
Anahtar Kelimeler
Kaynakça
- Brun J-F., Chambas G., Combes J-L., Dulbecco P., Gastambide A., Guérineau S., Guillaumont S., Graziosi G. Rota (2006), Fiscal Space in Developing Countries, UNDP, Concept Paper.
- Checherita Cristina Westphal (2019), Interest rate-growth differential and government debt Dynamics, ECB Economic Bulletin, Issue 2/2019, https://www.ecb.europa.eu/pub/economic-bulletin/focus/2019/html/ecb.ebbox201902_06~0c96ee6f7c.en.html.
- Doherty Laura, Yeaman Luke (2008), Fiscal space in the G-20, Australian Government, The Treasury, Economic Roundup Issue 3. Ganiko Gustavo, Melgarejo Karl, Montoro Carlos (2016), The fiscal space in emerging market economies, Fiscal Council of Peru and Central Reserve Bank of Peru, DT. N° 2016-014.
- Fournier, J.M. and F. Fall (2015), “Limits to Government Debt Sustainability”, OECD Economics Department Working Papers, No. 1229, OECD Publishing, Paris. DOI: http://dx.doi.org/10.1787/5jrxv0fctk7j-en
- Ghosh, A. R., Kim, J. I., Mendoza, E. G., Ostry, J. D., & Qureshi, M. S. (2013). Fiscal fatigue, fiscal space and debt sustainability in advanced economies. The Economic Journal, 123(566), F4-F30.
- Haley James A. (2018), What Is It? Who Has It? When to Use It?, Center for International Governance Innovation, CIGI Papers No. 181
- Heller S. Peter (2005) , Understanding Fiscal Space, IMF Policy Discussion Paper, PDP/05/4.
- Kayalıdere Gül (2014), Mali Alan ve Kamu Maliyesi Perspektifinden Mali Alan Oluşturma Yöntemleri, Gazi Kitabevi, Ankara.
- Kose Ayhan M., Kurlat Sergio, Ohnsorge Franziska, Sugawara Naotaka (2017), A Cross-Country Database of Fiscal Space, World Bank, Policy Research Working Paper, 8157.
- Kose Ayhan M., Kurlat Sergio, Ohnsorge Franziska, Sugawara Naotaka (2018), Fiscal Space: Concept, Measurement, and Policy Implications, Research & Policy Briefs, From the World Bank Malaysia Hub, http://documents.worldbank.org/curated/en/771101542638116256/pdf/Fiscal-Space-Concept-Measurement-and-Policy-Implications.pdf
- Mihaljek Dubravko, Tissot Bruno, Fiscal positions in emerging economies: central banks’ perspective, BIS Papers, No:20.
- Ostry Jonathan D., Ghosh Atish R., Kim Jun I., Qureshi Mahvash S. (2010), Fiscal Space, IMF, IMF Staff Position Note, SPN/10/11.
- Turner, David and Francesca Spinelli (2012), “Interest-rate-growth differentials and government debt dynamics”, OECD Journal:Economic Studies, Vol. 2012/1.
Öz
The notion of fiscal space is of vital importance for the emerging market economies especially during recessions. The sustainability of budget deficits depends upon the size of the fiscal space. The studies show that the countries with a wide fiscal space experience less decrease as they are resolving the crisis, and their fragility against conjuncture fluctuations. The importance of fiscal policy becomes more obvious when it enables the continuity of public spending that will encourage the growth. This study aims to analyze the fiscal structure of emerging market economies during 2000-2018 within the scope of fiscal indicators such as government debts sustainability, balance sheet composition, contingent liabilities and market risk perception.
Anahtar Kelimeler
Kaynakça
- Brun J-F., Chambas G., Combes J-L., Dulbecco P., Gastambide A., Guérineau S., Guillaumont S., Graziosi G. Rota (2006), Fiscal Space in Developing Countries, UNDP, Concept Paper.
- Checherita Cristina Westphal (2019), Interest rate-growth differential and government debt Dynamics, ECB Economic Bulletin, Issue 2/2019, https://www.ecb.europa.eu/pub/economic-bulletin/focus/2019/html/ecb.ebbox201902_06~0c96ee6f7c.en.html.
- Doherty Laura, Yeaman Luke (2008), Fiscal space in the G-20, Australian Government, The Treasury, Economic Roundup Issue 3. Ganiko Gustavo, Melgarejo Karl, Montoro Carlos (2016), The fiscal space in emerging market economies, Fiscal Council of Peru and Central Reserve Bank of Peru, DT. N° 2016-014.
- Fournier, J.M. and F. Fall (2015), “Limits to Government Debt Sustainability”, OECD Economics Department Working Papers, No. 1229, OECD Publishing, Paris. DOI: http://dx.doi.org/10.1787/5jrxv0fctk7j-en
- Ghosh, A. R., Kim, J. I., Mendoza, E. G., Ostry, J. D., & Qureshi, M. S. (2013). Fiscal fatigue, fiscal space and debt sustainability in advanced economies. The Economic Journal, 123(566), F4-F30.
- Haley James A. (2018), What Is It? Who Has It? When to Use It?, Center for International Governance Innovation, CIGI Papers No. 181
- Heller S. Peter (2005) , Understanding Fiscal Space, IMF Policy Discussion Paper, PDP/05/4.
- Kayalıdere Gül (2014), Mali Alan ve Kamu Maliyesi Perspektifinden Mali Alan Oluşturma Yöntemleri, Gazi Kitabevi, Ankara.
- Kose Ayhan M., Kurlat Sergio, Ohnsorge Franziska, Sugawara Naotaka (2017), A Cross-Country Database of Fiscal Space, World Bank, Policy Research Working Paper, 8157.
- Kose Ayhan M., Kurlat Sergio, Ohnsorge Franziska, Sugawara Naotaka (2018), Fiscal Space: Concept, Measurement, and Policy Implications, Research & Policy Briefs, From the World Bank Malaysia Hub, http://documents.worldbank.org/curated/en/771101542638116256/pdf/Fiscal-Space-Concept-Measurement-and-Policy-Implications.pdf
- Mihaljek Dubravko, Tissot Bruno, Fiscal positions in emerging economies: central banks’ perspective, BIS Papers, No:20.
- Ostry Jonathan D., Ghosh Atish R., Kim Jun I., Qureshi Mahvash S. (2010), Fiscal Space, IMF, IMF Staff Position Note, SPN/10/11.
- Turner, David and Francesca Spinelli (2012), “Interest-rate-growth differentials and government debt dynamics”, OECD Journal:Economic Studies, Vol. 2012/1.
Ayrıntılar
| Birincil Dil | Türkçe |
|---|---|
| Bölüm | Araştırma Makalesi |
| Yazarlar | |
| Yayımlanma Tarihi | 30 Haziran 2019 |
| Yayımlandığı Sayı | Yıl 2019 Cilt: 4 Sayı: 1 |
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