İÇ VE DIŞ BORÇ TERCİHİNİ ETKİLEYEN FAKTÖRLER

Öz

Modern maliye anlayışının gelişmesiyle birlikte devletin borçlanarak bütçesini finanse etmesi olağan bir hal almıştır. Bu anlayışın bir sonucu olarak artan kamu borçları gerek ülke içerisinden gerekse ülke dışarısından temin edilmeye başlanmıştır. Bu noktada devletin iç ve dış borç tercihini etkileyen bazı faktörler bulunmaktadır. Bu çalışmada ülkelerin iç ve dış borç tercihini etkileyen faktörler ortaya koyulmaya çalışılmıştır. Bu amaçla hazırlanan çalışmada öncelikli olarak ülkelerin borç istatistiklerine yer verilmiş, ardından iç ve dış borç tercihini etkileyen faktörlere değinilmiştir. Çalışmada globalleşmeyle birlikte ortaya çıkan döviz kuru riskinin ülkelerin dış borçlanmaya başvurmasını olumsuz yönde etkilediği sonucuna varılmıştır.

Anahtar Kelimeler

• İç Borç,Dış Borç,Ekonomik Kriz

THE FACTORS AFFECTING DOMESTIC AND EXTERNAL DEBT CHOICE

Öz

With the development of modern public finance approach, the government borrowing to finance its butget has become commonplace. As a result of this approach, increasing public debts were begun to provide from both inside the country and outside the country. At this point, there are some factors affecting the domestic and external debt choice. In this study, the factors affecting the domestic and external debt choice has been tried to put forward. The study prepared for this purpose, at first countries’ debt statistics, and then the factors affecting domestic and external debt choices are discussed. In this study, it is concluded that emerging exchange rate risk with the globalization has affected negatively the countries’ borrowing from the external market

Anahtar Kelimeler

• Domestic Debt,External Debt,Economic Crisis

Kaynakça

1. Abbas, A., & Christensen, J. E. (2010). The role of domestic debt markets in economic growth: An emprical investigation for low-income countries and emerging markets. IMF Staff Papers, 57(1), 209-255.
2. Ateş, G. (2002). Borç yönetim ofisi ve Türkiye uygulaması üzerine bir çalışma. T.C. Hazine Müsteşarlığı Ekonomik Araştırmalar Genel Müdürlüğü, Araştırma-İnceleme Dizisi, 31.
3. Balino, T. J., & Sundararajan, V. (2008). Public debt management in developing countries: Key policy, institutional, and operational issues. Workshop on Debt, Finance and Emerging Issues in Financial Integration, FFD, DESA, 1-23.
4. Beaugrand, P., Loko, B., & Mlachila, M. (2002). The choice between external and domestic debt in financing budget deficits: The case of central and west African countries. IMF Working Paper, 79, 1-30.
5. Christensen, J. (2005). Domestic debt markets in Sub-Saharan Africa. IMF Staff Papers, 52(3), 518-538.
6. Das, U. S., Papapioannou, M., Pedras, G., Ahmed, F., & Surti, J. (2010). Managing public debt and its financial stability implications. IMF Working Paper, 280, 1-28.
7. Forslund, K. & Rau-Goehring, M. (2008). Debt sustainability: The right type of borrowing for the right purpose. UNCTAD Trade and Development Report G-24 Policy Brief, 41, 1-2.
8. Forslund, K., Lima, L., & Panizza, U. (2011). The determinants of the composition of public debt in developing and emerging market countries, POLIS Working Papers, 184, 1-35.

9. Hanson, J. A. (2007). The growth in government domestic debt: Changing burdens and risks. The World Bank Policy Research Working Paper, 4348, 1-38.
10. IMF. (2013). World Economic Outlook Database.
11. IMF & Worl Bank (2003). Guidelines for public debt management. Prepared by the staffs of the International Monetary Fund and the World Bank amended on December 9.
12. Marchetti, G., Morelli, M. & Raimondi, V. (2012). Settlement Risk. Financial Engineering. 1-10. http://www.econ-pol.unisi.it/fineng/Settlement_Risk.pdf.
13. Margolin, D. (2007). Financial stability and local currency bond markets. CGFS Papers, 28, 1-142.
14. Mehl, A. & Reynaud, J. (2010). Risky public domestic debt composition in emerging economies. Journal of International Money and Finance, 27, 1-18.
15. Mehrotra, A., Miyajima, K., & Villar, A. (2012). Developments of domestic government bond markets in EMEs and their implications. Fiscal Policy, Public Debt And Monetary Policy in Emerging Market Economies BIS Papers, 67, 31-50.
16. Mendoza, R. U. (2007). A compendium of policy instrument to enhance financial stability and management in emerging market economies, DESA Working Paper, 48, 1-17.
17. Mohanty, M. S. (2012). Fiscal policy, public debt and monetary policy in emerging market economies: An overview. BIS Papers, 67, 1-10.
18. Panizza, U. (2008). Domestic and external public debt in developing countries. United Nations Conference on Trade and Development Discussion Paper, 188, 1-19.
19. Panizza, U., Sturzenegger, F., & Zettelmeyer, J. (2010). International government debt. United Nations Conference on Trade and Development Discussion Papers, 199, 1-28.
20. Presbitero, A. F. (2010). External debt relief but increasing domestic debt. From http://www. voxeu.org/article/external-debt-relief-increasing-domestic-debt
21. Presbitero, A. F., & Arnone, M. (2007). External debt sustainability and domestic debt in heavily indebted poor countries. MPRA Working Paper, 1396, 1-26.
22. Qiu, Y. (2010). Debt crises and debt sustainability in developing countries. A Thesis Submitted for the Degree of Master of Science Wirtschaftsmathematik Models and Method in Quantitative Economics. From http://erasmus-mundus.univ-paris1.fr/fichiers_ etudiants/2417_dissertation.pdf
23. Reinhart, C. M. & Rogoff, K. S. (2011). The forgotten history of domestic debt. The Economic Journal, 121, 319-350.
24. Storkey, I. (2001). Soveign debt managemant: A risk management focus. The Finance and Treasury Professional, 7-10.
25. United Nations. (2007). Recent developments in external debt. United Nations General Assembly, A/62/151, 1-18.
26. World Bank. (2005). Global development finance 2005: Mobilizing finance and managing vulnerability. http://siteresources.worldbank.org/GDFINT/Resource /3349 52- 12571978663 75/gdf05complete.pdf
27. World Bank. (2013). World development indicators.