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Öz

European sovereign debt crisis explains the period that low interest rates makes government and private debt high and also financial crisis transform this debt to high sovereign debt. In this period, low interest rates made government borrowing cost cheap and so sovereign debt increased considerably. In same period, private sector consumption and debt rose and this induced the housing bubbles. The expansionary fiscal policy against the effects of global financial crisis and bail-outs given to banks which are problematic made the sovereign debt highest and debt burden unsustainable for some countries. In this respect, it is worthwhile researching the European sovereign debt crisis which is multifaceted and complex and offering suggestions for Turkey. Turkey must maintain the strong fiscal position and increased country resilience against crisis. And Turkey must also maintain banking regulation and supervision which are intended to steady financial sector. The aim of this paper is analyzing the stages of development of European sovereign debt crisis and its reasons; and also emphasizing the actions Turkey can take and offering suggestions for Turkey

Anahtar Kelimeler

• European Sovereign Debt Crisis, Euro Area, Turkey

AVRUPA BORÇ KRİZİ VE TÜRKİYE İÇİN ÖNERİLER

Öz

Avrupa borç krizi, düşük faiz oranlarının yol açtığı kamu ve özel kesim borçlanmalarındaki artışın, finansal krizle birlikte yüksek kamu borçlarına dönüştüğü bir süreci ifade etmektedir. Bu süreçte düşen faizler devletlerin borçlanmasını daha ucuz hale getirmiş ve kamu borçları hızla artmıştır. Aynı süreçte özel kesim harcama ve borçları da artarak konut balonlarının oluşmasını tetiklemiştir. Küresel Finans krizinin etkisi ile uygulanan genişletici politikalar ve bankaların büyük kayıplarını karşılamak amacıyla devletlerce verilen yardım paketleri, ülkelerin borçlarının daha da artmasına ve bazı ülkeler için borçların sürdürülemez hale gelmesine neden olmuştur. Bu bakımdan; çok yönlü, kompleks bir yapıya sahip olan Avrupa borç krizinin incelenmesi Türkiye için öneriler çıkarılması anlamında da önemlidir. Türkiye, güçlü mali disiplini sürdürerek krizlere karşı direncini arttırmalı, bunu yaparken de istikrarlı bir finansal sektör oluşturmaya yönelik düzenleme ve denetimleri elden bırakmamalıdır.

Bu çalışmanın amacı, Avrupa borç krizinin gelişim süreci ve nedenlerini ayrıntılı bir şekilde analiz ederek, Türkiye’nin alabileceği önlemlere vurgu yapmak ve öneriler üretmektir.

 

Anahtar kelimeler: Avrupa Borç Krizi, Avro Bölgesi, Türkiye.

Anahtar Kelimeler

• Avrupa Borç Krizi, Avro Bölgesi, Türkiye

Kaynakça

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