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Seçilmiş Değişkenlerin Dış Borç Stoku Üzerine Etkisi: Türkiye Örneği

Yıl 2024, , 176 - 196, 25.03.2024
https://doi.org/10.18074/ckuiibfd.1362338

Öz

Bu çalışmanın amacı, Türkiye’de 1994-2021 dönemi yıllık verileri kullanarak ticari açıklık oranı, sabit sermaye oluşumu, kişi başına GSYH ve genel devlet nihai tüketim harcamalarının dış borç stoku üzerindeki uzun dönemli ilişkisini Johansen eş bütünleşme analizi ile incelemektir. Bu kapsamda, değişkenlerin uzun dönemli ilişkilerini belirlemede FMOLS ve CCR katsayı tahmincileri kullanılarak analiz edilmiştir. FMOLS ve CCR katsayı tahmincilerinden elde edilen bulgulara göre, Türkiye’de 1994-2021 döneminde incelenen değişkenler arasında dış borç stokunu en çok genel devlet nihai tüketim harcamaları etkilemiştir. Onu kişi başına GSYH, sabit sermaye oluşumu ve ticari açıklık oranı takip etmiştir. Özetle, sabit sermaye oluşumu, ticari açıklık oranı ve genel devlet nihai tüketim harcamaları Türkiye’nin dış borç stokunu arıtırken, kişi başına GSYH aynı ekonomide dış borç stokunu azaltmaktadır.

Kaynakça

  • Adamu, I. & Rasiah, R . (2016): On the Determinants of External Debt in Nigeria. African Development Review. 28(3), 291–303.
  • Adane, O., Mulugeta, W., & Melaku, T. (2018). Determinants of External Debt in Ethiopia. Horn of African Journal of Business and Economics (HAJBE), 2(1), 128-131.
  • Adıyaman, A. T. (2006). Dış borçlarımız ve ekonomik etkileri. Sayıştay Dergisi, (62), 21-45.
  • Ajayi, L. B., & Oke, M. O. (2012). Effect of external debt on economic growth and development of Nigeria. International Journal of Business and Social Science, 3(12), 297-304.
  • Al-Fawwaz, T. M. (2016). Determinants of external debt in Jordan: An empirical study (1990–2014). International Business Research, 9(7), 116-123.
  • Awan, R. U., Anjum, A., & Rahim, S. (2015). An econometric analysis of determinants of external debt in Pakistan. British Journal of Economics, Management & Trade, 5(4), 382-391.
  • Beyene, S. D., & Kotosz, B. (2020). Macroeconomic determinants of external indebtedness of Ethiopia: ARDL approach to co-integration. Society and Economy, 42(3), 313-332.
  • Brafu-Insaidoo, W. G., Ahiakpor, F., Vera Ogeh, F., & William G, C. (2019). Macro-determinants of short-term foreign debt in Ghana. Cogent Economics & Finance, 7(1), 1630161.
  • Bölükbaş, M. (2016). The relationship between trade openness and external debt in Turkey: A Cointegration Analysis. Balkan and Near Eastern Journal of Social Sciences, 2(4), 43-48.
  • Chaudhry, I. S., Iffat, S., & Farooq, F. (2017). Foreign direct investment, external debt and economic growth: Evidence from some selected developing countries. Review of Economics and Development Studies, 3(2), 111-124.
  • Çolak, O., & Özkaya, M. H. (2021). The nexus between external debts and military expenditures for the selected transition economies: a panel threshold regression approach. Defence and Peace Economics, 32(7), 882-898.
  • Danish, M. H., Jamshaid, F., & Shahzadi, S. (2022). Macroeconomic determinants of external debt in selected SAARC countries: A panel data analysis. International Journal of Contemporary Economics and Administrative Sciences, 12(1), 341-357.
  • Dickey, D. and W. Fuller (1979). Distribution of the Estimators for Autoregressive Time Series with a Unit Root. Journal of the American Statistical Association, 74, 427-431.
  • Ekren, N., Fındıkçı, M., & Bildik, K. (2020). Makroekonomik performansın kişi başına düşen göstergelerle alternatif analizi. İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, 19(37), 493-514.
  • Erdoğan, L., Tiryaki, A., & Ceylan, R. (2018). Türkiye’de uzun dönem ekonomik büyümenin belirleyicilerinin ARDL, FMOLS, DOLS ve CCR yöntemleriyle tahmini. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 36(4), 39-57.
  • Fida, B. A., Khan, M. M., & Sohail, M. K. (2012). Analysis of exchange rate fluctuations and external debt: Empirical evidence from Pakistan. African Journal of Business Management, 6(4), 1760.
  • Gokmenoglu, K., & Rafik, R. A. M. (2018). Determinants of external debt: The case of Malaysia. In Emerging Trends in Banking and Finance: 3rd International Conference on Banking and Finance Perspectives (16-33). Springer International Publishing.
  • Hendry, D.F. & Juselıus, K.(2001). Explaning Cointegration Analysis:Part-II. The Energy Journal, 22 (1):75-120.
  • Johansen, S. (1988). Statistical Analysis of Cointegration Vectors. Journal of Economic Dynamics and Control, Vol. 12, No. 2–3, 231–254.
  • Johansen, S. and Juselius, K. (1990). Maximum Likelihood Estimation and Inference on Cointegration with Applications to the Demand for Money. Oxford Bulletin of Economics and Statistics, 52, 2, 169–210.
  • Karagöz, K. (2007). Türkiye’de dış borçlanmanın nedenleri ekonometrik bir değerlendirme. Sayıştay Dergisi, (66), 99-110.
  • Karaş, G. (2022). Türkiye’de Kamu Dış Borç Yüküne Etki Eden Faktörlerin Belirlenmesi (1974-2020). Gümrük ve Ticaret Dergisi, 9(29), 42-57.
  • Khalif, M. A. (2022). Macroeconomic determinants of external debt in Somalia. IOSR Journal Of Humanities And Social Science, 27(7), 8-16.
  • Kızılgöl, Ö. A., & Evren, İ. (2014). An empirical evaluation of the relationship between trade openness and external debt: Turkish case. International Econometric Review, 6(1), 42-58.
  • Kocha, C. N., Iwedi, M., & Sarakiri, J. (2021). The dynamic impact of public external debt on capital formation in Sub-Saharan Africa: The Pooled Mean Group Approach. Journal of Contemporary Research in Business, Economics and Finance, 3(4), 144-157.
  • Koyuncu, F. T., & Tekeli, S. (2010). 1990 sonrası dönemde Türkiye’de dış borç stoku üzerinde etkili olan ekonomik faktörlerin analizi. Ekonomi Bilimleri Dergisi, 2(1), 123-130.
  • Lau, E., Lee, A. S. Y., & Arip, M. A. (2015). Macroeconomics determinants of external debt in Malaysia. International Journal of Economic Sciences, 4(4), 14-26.
  • Lau E. and Lee, S. (2016). Determinants of external debt in Thailand and the Philippines. International Journal of Economics and Financial Issues, 6(4), 1973- 1980.ISSN: 2146-4138.
  • Mahdavi, S. (2004). Shifts in the composition of government spending in response to external debt burden. World Development, 32(7), 1139-1157.
  • Mert, M. & Çağlar, A. E. (2019). Eviews ve Gauss uygulamalı zaman serileri analizi. Detay Publishing.
  • Oageng, M., & Boitumelo, M. (2017). Effects of external debt on national savings in Botswana. African Journal of Economic Review, 5(1), 69-83.
  • Ogunbiyi, S. S., & Okunlola, F. A. (2015). External debt burden and the capital accumulation of Nigeria: A cointegration approach (1980-2012). Research Journal of Finance and Accounting, 6(11), 182-191.
  • Omar, Z. M., & Ibrahim, M. I. (2021). Determinants of external debt: The case of Somalia. Asian Development Policy Review, 9(1), 33-43.
  • Park, J. (1992), Canonical cointegrating regressions. Econometrica, 60, 119-143.
  • Peker, O., & Bölükbaş, M. (2013). Türkiye’de dış borçlanmanın belirleyicileri: Ekonometrik bir analiz. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 27(2), 289-302.
  • Perron, P. (1989). The great crash, the oil price shock, and the unit root hypothesis, Econometrica, 57, 1361-1401.
  • Phillips, P.C.B. and P. Perron (1988). Testing for Unit Roots in Time Series Regression. Biometrika, 75, 335-346.
  • Phillips, P. C., and Hansen, B. E. (1990). Statistical inference in ınstrumental variables regression with I (1) processes. The Review of Economic Studies, 57(1), 99-125.
  • Presbitero, A. F. (2006). The debt-growth nexus: A dynamic panel data estimation. Rivista italiana degli economisti, 11(3), 417-462.
  • Sa’ad, S. A., Umar, A. T., Waziri, S. I., & Maniam, G. S. (2017). External debt burden and its determinants in Nigeria: An ARDL cointegration technique. Journal of Economics and Sustainable Development, 8(12), 31-37.
  • Saheed, Z. S., Sani, I. E., & Idakwoji, B. O. (2015). Impact of public external debt on exchange rate in Nigeria. International Finance and Banking, 2(1), 15-26.
  • Saxena, S., & Shanker, I. (2020). Determinants of external debt in India. Business Analyst, A Refereed Journal of SRCC (ISSN 0973-211X), 41(1), 81-94.
  • Siddique, A., Selvanathan, E., & Selvanathan, S. (2016). The impact of external debt on growth: Evidence from highly indebted poor countries. Journal of Policy Modeling, 38(5), 874-894. https://doi.org/10.1016/j.jpolmod.2016.03.011
  • Swamy, V. (2015). Government debt and its macroeconomic determinants an empirical investigation. Munich Personal RePEc Archive, 64106, 1-27.
  • Tarı, R., Koç, S., & Abasız, T. (2019). Ekonometri. Umuttepe Publishing.
  • Umaru, A., Hamidu, A., & Musa, S. (2013). External debt and domestic debt impact on the growth of the Nigerian economy. International Journal of Educational Research, 1(2), 70-85.
  • Uslu, H. (2019). Türkiye’de dış borçların sürdürülebilirliği: yapısal kırılmalı bir analiz. Sakarya Journal of Economics, 8(4).
  • Yamaçlı, D. S. (2015). Türkiye’de dış borçlanmanın belirleyicileri: Bazı kritik makroekonomik göstergelerin rolü. Finans Politik ve Ekonomik Yorumlar, 605, 19-40.
  • Zafar, S., & Butt, M. S. (2008). Impact of trade liberalization on external debt burden: Econometric evidence from Pakistan. MPRA Paper No. 9548, 1-17.
  • Zivot, E. and Andrews, K. (1992). Further Evidence On The Great Crash, The Oil Price Shock, and The Unit Root Hypothesis, Journal of Business and Economic Statistics, 10 (10), pp. 251–70.
  • Zakaria, M. (2012). Interlinkages between openness and foreign debt in Pakistan. Doğuş Üniversitesi Dergisi, 13(1), 161-170.
  • Waheed, A. (2017). Determinants of external debt: A panel data analysis for oil & gas exporting and importing countries. International Journal of Economics and Financial Issues, 7(1), 234-240.

The Effect of Selected Variables on External Debt Stock: The Case of Türkiye

Yıl 2024, , 176 - 196, 25.03.2024
https://doi.org/10.18074/ckuiibfd.1362338

Öz

The aim of this study is to examine the long-term relationship between trade openness, fixed capital formation, GDP per capita and general government final consumption expenditures on external debt stock, using annual data for the period 1994-2021 in Türkiye, with Johansen cointegration analysis. In this context, FMOLS and CCR coefficient estimators were used to determine the long-term relationships of the variables. According to the findings obtained from the FMOLS and CCR coefficient estimators, the general government final consumption expenditures affected the external debt stock the most among the variables examined in Türkiye in the 1994-2021 period. It was followed by GDP per capita, fixed capital formation and trade openness. In summary, while fixed capital formation, trade openness and general government final consumption expenditures increase Türkiye's external debt stock, GDP per capita decreases the external debt stock in the same economy.

Kaynakça

  • Adamu, I. & Rasiah, R . (2016): On the Determinants of External Debt in Nigeria. African Development Review. 28(3), 291–303.
  • Adane, O., Mulugeta, W., & Melaku, T. (2018). Determinants of External Debt in Ethiopia. Horn of African Journal of Business and Economics (HAJBE), 2(1), 128-131.
  • Adıyaman, A. T. (2006). Dış borçlarımız ve ekonomik etkileri. Sayıştay Dergisi, (62), 21-45.
  • Ajayi, L. B., & Oke, M. O. (2012). Effect of external debt on economic growth and development of Nigeria. International Journal of Business and Social Science, 3(12), 297-304.
  • Al-Fawwaz, T. M. (2016). Determinants of external debt in Jordan: An empirical study (1990–2014). International Business Research, 9(7), 116-123.
  • Awan, R. U., Anjum, A., & Rahim, S. (2015). An econometric analysis of determinants of external debt in Pakistan. British Journal of Economics, Management & Trade, 5(4), 382-391.
  • Beyene, S. D., & Kotosz, B. (2020). Macroeconomic determinants of external indebtedness of Ethiopia: ARDL approach to co-integration. Society and Economy, 42(3), 313-332.
  • Brafu-Insaidoo, W. G., Ahiakpor, F., Vera Ogeh, F., & William G, C. (2019). Macro-determinants of short-term foreign debt in Ghana. Cogent Economics & Finance, 7(1), 1630161.
  • Bölükbaş, M. (2016). The relationship between trade openness and external debt in Turkey: A Cointegration Analysis. Balkan and Near Eastern Journal of Social Sciences, 2(4), 43-48.
  • Chaudhry, I. S., Iffat, S., & Farooq, F. (2017). Foreign direct investment, external debt and economic growth: Evidence from some selected developing countries. Review of Economics and Development Studies, 3(2), 111-124.
  • Çolak, O., & Özkaya, M. H. (2021). The nexus between external debts and military expenditures for the selected transition economies: a panel threshold regression approach. Defence and Peace Economics, 32(7), 882-898.
  • Danish, M. H., Jamshaid, F., & Shahzadi, S. (2022). Macroeconomic determinants of external debt in selected SAARC countries: A panel data analysis. International Journal of Contemporary Economics and Administrative Sciences, 12(1), 341-357.
  • Dickey, D. and W. Fuller (1979). Distribution of the Estimators for Autoregressive Time Series with a Unit Root. Journal of the American Statistical Association, 74, 427-431.
  • Ekren, N., Fındıkçı, M., & Bildik, K. (2020). Makroekonomik performansın kişi başına düşen göstergelerle alternatif analizi. İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, 19(37), 493-514.
  • Erdoğan, L., Tiryaki, A., & Ceylan, R. (2018). Türkiye’de uzun dönem ekonomik büyümenin belirleyicilerinin ARDL, FMOLS, DOLS ve CCR yöntemleriyle tahmini. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 36(4), 39-57.
  • Fida, B. A., Khan, M. M., & Sohail, M. K. (2012). Analysis of exchange rate fluctuations and external debt: Empirical evidence from Pakistan. African Journal of Business Management, 6(4), 1760.
  • Gokmenoglu, K., & Rafik, R. A. M. (2018). Determinants of external debt: The case of Malaysia. In Emerging Trends in Banking and Finance: 3rd International Conference on Banking and Finance Perspectives (16-33). Springer International Publishing.
  • Hendry, D.F. & Juselıus, K.(2001). Explaning Cointegration Analysis:Part-II. The Energy Journal, 22 (1):75-120.
  • Johansen, S. (1988). Statistical Analysis of Cointegration Vectors. Journal of Economic Dynamics and Control, Vol. 12, No. 2–3, 231–254.
  • Johansen, S. and Juselius, K. (1990). Maximum Likelihood Estimation and Inference on Cointegration with Applications to the Demand for Money. Oxford Bulletin of Economics and Statistics, 52, 2, 169–210.
  • Karagöz, K. (2007). Türkiye’de dış borçlanmanın nedenleri ekonometrik bir değerlendirme. Sayıştay Dergisi, (66), 99-110.
  • Karaş, G. (2022). Türkiye’de Kamu Dış Borç Yüküne Etki Eden Faktörlerin Belirlenmesi (1974-2020). Gümrük ve Ticaret Dergisi, 9(29), 42-57.
  • Khalif, M. A. (2022). Macroeconomic determinants of external debt in Somalia. IOSR Journal Of Humanities And Social Science, 27(7), 8-16.
  • Kızılgöl, Ö. A., & Evren, İ. (2014). An empirical evaluation of the relationship between trade openness and external debt: Turkish case. International Econometric Review, 6(1), 42-58.
  • Kocha, C. N., Iwedi, M., & Sarakiri, J. (2021). The dynamic impact of public external debt on capital formation in Sub-Saharan Africa: The Pooled Mean Group Approach. Journal of Contemporary Research in Business, Economics and Finance, 3(4), 144-157.
  • Koyuncu, F. T., & Tekeli, S. (2010). 1990 sonrası dönemde Türkiye’de dış borç stoku üzerinde etkili olan ekonomik faktörlerin analizi. Ekonomi Bilimleri Dergisi, 2(1), 123-130.
  • Lau, E., Lee, A. S. Y., & Arip, M. A. (2015). Macroeconomics determinants of external debt in Malaysia. International Journal of Economic Sciences, 4(4), 14-26.
  • Lau E. and Lee, S. (2016). Determinants of external debt in Thailand and the Philippines. International Journal of Economics and Financial Issues, 6(4), 1973- 1980.ISSN: 2146-4138.
  • Mahdavi, S. (2004). Shifts in the composition of government spending in response to external debt burden. World Development, 32(7), 1139-1157.
  • Mert, M. & Çağlar, A. E. (2019). Eviews ve Gauss uygulamalı zaman serileri analizi. Detay Publishing.
  • Oageng, M., & Boitumelo, M. (2017). Effects of external debt on national savings in Botswana. African Journal of Economic Review, 5(1), 69-83.
  • Ogunbiyi, S. S., & Okunlola, F. A. (2015). External debt burden and the capital accumulation of Nigeria: A cointegration approach (1980-2012). Research Journal of Finance and Accounting, 6(11), 182-191.
  • Omar, Z. M., & Ibrahim, M. I. (2021). Determinants of external debt: The case of Somalia. Asian Development Policy Review, 9(1), 33-43.
  • Park, J. (1992), Canonical cointegrating regressions. Econometrica, 60, 119-143.
  • Peker, O., & Bölükbaş, M. (2013). Türkiye’de dış borçlanmanın belirleyicileri: Ekonometrik bir analiz. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 27(2), 289-302.
  • Perron, P. (1989). The great crash, the oil price shock, and the unit root hypothesis, Econometrica, 57, 1361-1401.
  • Phillips, P.C.B. and P. Perron (1988). Testing for Unit Roots in Time Series Regression. Biometrika, 75, 335-346.
  • Phillips, P. C., and Hansen, B. E. (1990). Statistical inference in ınstrumental variables regression with I (1) processes. The Review of Economic Studies, 57(1), 99-125.
  • Presbitero, A. F. (2006). The debt-growth nexus: A dynamic panel data estimation. Rivista italiana degli economisti, 11(3), 417-462.
  • Sa’ad, S. A., Umar, A. T., Waziri, S. I., & Maniam, G. S. (2017). External debt burden and its determinants in Nigeria: An ARDL cointegration technique. Journal of Economics and Sustainable Development, 8(12), 31-37.
  • Saheed, Z. S., Sani, I. E., & Idakwoji, B. O. (2015). Impact of public external debt on exchange rate in Nigeria. International Finance and Banking, 2(1), 15-26.
  • Saxena, S., & Shanker, I. (2020). Determinants of external debt in India. Business Analyst, A Refereed Journal of SRCC (ISSN 0973-211X), 41(1), 81-94.
  • Siddique, A., Selvanathan, E., & Selvanathan, S. (2016). The impact of external debt on growth: Evidence from highly indebted poor countries. Journal of Policy Modeling, 38(5), 874-894. https://doi.org/10.1016/j.jpolmod.2016.03.011
  • Swamy, V. (2015). Government debt and its macroeconomic determinants an empirical investigation. Munich Personal RePEc Archive, 64106, 1-27.
  • Tarı, R., Koç, S., & Abasız, T. (2019). Ekonometri. Umuttepe Publishing.
  • Umaru, A., Hamidu, A., & Musa, S. (2013). External debt and domestic debt impact on the growth of the Nigerian economy. International Journal of Educational Research, 1(2), 70-85.
  • Uslu, H. (2019). Türkiye’de dış borçların sürdürülebilirliği: yapısal kırılmalı bir analiz. Sakarya Journal of Economics, 8(4).
  • Yamaçlı, D. S. (2015). Türkiye’de dış borçlanmanın belirleyicileri: Bazı kritik makroekonomik göstergelerin rolü. Finans Politik ve Ekonomik Yorumlar, 605, 19-40.
  • Zafar, S., & Butt, M. S. (2008). Impact of trade liberalization on external debt burden: Econometric evidence from Pakistan. MPRA Paper No. 9548, 1-17.
  • Zivot, E. and Andrews, K. (1992). Further Evidence On The Great Crash, The Oil Price Shock, and The Unit Root Hypothesis, Journal of Business and Economic Statistics, 10 (10), pp. 251–70.
  • Zakaria, M. (2012). Interlinkages between openness and foreign debt in Pakistan. Doğuş Üniversitesi Dergisi, 13(1), 161-170.
  • Waheed, A. (2017). Determinants of external debt: A panel data analysis for oil & gas exporting and importing countries. International Journal of Economics and Financial Issues, 7(1), 234-240.
Toplam 52 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finans
Bölüm Araştırma Makalesi
Yazarlar

Ahmet Kadiroğlu 0000-0002-0818-5324

Erken Görünüm Tarihi 22 Mart 2024
Yayımlanma Tarihi 25 Mart 2024
Yayımlandığı Sayı Yıl 2024

Kaynak Göster

APA Kadiroğlu, A. (2024). The Effect of Selected Variables on External Debt Stock: The Case of Türkiye. Çankırı Karatekin Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 14(1), 176-196. https://doi.org/10.18074/ckuiibfd.1362338
AMA Kadiroğlu A. The Effect of Selected Variables on External Debt Stock: The Case of Türkiye. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. Mart 2024;14(1):176-196. doi:10.18074/ckuiibfd.1362338
Chicago Kadiroğlu, Ahmet. “The Effect of Selected Variables on External Debt Stock: The Case of Türkiye”. Çankırı Karatekin Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 14, sy. 1 (Mart 2024): 176-96. https://doi.org/10.18074/ckuiibfd.1362338.
EndNote Kadiroğlu A (01 Mart 2024) The Effect of Selected Variables on External Debt Stock: The Case of Türkiye. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 14 1 176–196.
IEEE A. Kadiroğlu, “The Effect of Selected Variables on External Debt Stock: The Case of Türkiye”, Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, c. 14, sy. 1, ss. 176–196, 2024, doi: 10.18074/ckuiibfd.1362338.
ISNAD Kadiroğlu, Ahmet. “The Effect of Selected Variables on External Debt Stock: The Case of Türkiye”. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 14/1 (Mart 2024), 176-196. https://doi.org/10.18074/ckuiibfd.1362338.
JAMA Kadiroğlu A. The Effect of Selected Variables on External Debt Stock: The Case of Türkiye. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2024;14:176–196.
MLA Kadiroğlu, Ahmet. “The Effect of Selected Variables on External Debt Stock: The Case of Türkiye”. Çankırı Karatekin Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, c. 14, sy. 1, 2024, ss. 176-9, doi:10.18074/ckuiibfd.1362338.
Vancouver Kadiroğlu A. The Effect of Selected Variables on External Debt Stock: The Case of Türkiye. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2024;14(1):176-9.