The Effects of International Sanctions on External Debt

Öz

In this study, the effects of international sanctions imposed by the United States (US) and multinational institutions (European Union (EU) and the United Nations (UN)) on the external debts of less developed or/and developing countries are empirically assessed. Our sample includes 44 countries experienced international sanctions over the period 1976-2014. According to the results, the sanctions significantly increase the external debt of the target country. Moreover, if the targeted countries increase government expenditures against these sanctions, it is seen that the tendency of these sanctions to increase external debt is lower in sanctioned periods. Adding to these, the effect of the type of regime in targeted countries on external debt varies according to the state of government expenditures. 

Anahtar Kelimeler

• Sanctions,external debt,developing countries,less developed countries

Uluslararası Yaptırımların Dış Borçlar Üzerine Etkileri

Öz

Bu çalışmada, Amerika Birleşik Devletleri (ABD) ve çokuluslu kurumlar (Avrupa Birliği (AB) ve Birleşmiş Milletler (BM)) tarafından uygulanan uluslararası yaptırımların az gelişmiş ve gelişmekte olan ülkelerin dış borçlarına etkileri ampirik olarak değerlendirilmiştir. Bu kapsamda,  uluslararası yaptırım uygulanan 44 ülkeye ait 1976-2014 dönemini kapsayan veriler kullanılmıştır. Elde edilen sonuçlara göre yaptırımlar, hedef ülkenin dış borcunu önemli ölçüde artırmaktadır. Ayrıca, hedeflenen ülkelerin bu yaptırımlara karşı devlet harcamalarını artırması halinde, bu yaptırımların dış borçlanmayı arttırma eğiliminin yaptırım dönemlerinde daha düşük olduğu görülmektedir. Bunlara ek olarak, hedeflenen ülkelerde rejimin türünün dış borçlara etkisi, hükümet harcamalarının durumuna göre değişmektedir.

Anahtar Kelimeler

• Yaptırımlar,Dış Borç,Gelişmekte Olan Ülkeler,Az Gelişmiş Ülkeler

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