Araştırma Makalesi
PDF EndNote BibTex RIS Kaynak Göster

THE IMPACT OF PUBLIC DEBT ON GROWTH: A PANEL ANALYSIS IN SELECTED COUNTRIES

Yıl 2022, Cilt 14, Sayı 27, 362 - 378, 31.07.2022
https://doi.org/10.14784/marufacd.1145693

Öz

The existence of economic crises has created a need for new sources through economic history. Most of the time, public debt becomes crucial as a new source. For this purpose, the study tries to explain these questions: Is there any relationship between public debt and economic growth, and if there is a relationship between them what is the size or power of this effect. In this context, panel analysis has been made for selected 14 European countries which are Austria, Belgium, Denmark, Finland, France, Germany, Greece, Italy, Luxembourg, Norway, Portugal, Spain, Sweden, and Turkey at the time of 1980-2017. The results indicated that public debt has a detrimental effect on economic growth with different shares, except Denmark and Norway.

Kaynakça

  • BERNHEIM, Douglas B. (1987). "Ricardian Equivalence: An Evaluation of Theory and Evidenceé. NBER Working Paper Series, 263-316.
  • BERNHEIM, Douglas B. (1989). "A Neoclassical Perspective on Budget Deficits". Journal of Economic Perspective, 55–72
  • BUCHANAN, James M. (1958). "Public Principles of Public Debt".
  • BURRET, Heiko T., FELD, Lars. P., & KÖHLER, Ekkehard. A. (2014). "Panel Cointegration Tests on the Fiscal Sustainability of German Laender". Cesifo Working Paper,1-27.
  • BUTKUS, Mindaugas., & SEPUTIENE, Janina. (2018). "Growth Effect of Public Debt: The Role of Government Effectiveness and Trade Balance". Economies (MDPI),6-62.
  • CANBEK, Duygu. (2014). “Public Debt and Growth: An Empirical Investigation”. METU.
  • CANER, Mehmet, GRENNES, Thomas, & KÖHLER-GEIB, Fritzi. (. (2010). “Finding the Tipping Point—When Sovereign Debt Turns Bad.”. The World Bank Policy Research Working Paper.
  • CECCHETTI, Stephen G., MOHANTY, Madhusudan S., & ZAMPOLLI, Fabrizio. (2011). "The Real Effects of Debt". BIS Working Papers, No.352.
  • CHUDIK, Alexander., MOHADDES, Kamiar., PESARAN, Hashem M., & RAISSI, Mehdi (2018). "Rising Public Debt to GDP Can Harm Economic Growth". Dallas Fed Vol.13, No.3.
  • COSTANTINI, Mauro, & LUPI, Claudio (2011). "A Simple Panel-CADF Test for Unit Roots". Institute for Advanced Studies, Vienna,1-47.
  • DIMITRIOS, Asteriou, PILBEAM, Keith, and PRATIWI, Cecilia Eny. "Public debt and economic growth: panel data evidence for Asian countries." Journal of Economics and Finance 45.2 (2021): 270-287. BARRO, Robert J. (1990). "Government Spending in a Simple Model". Journal of Political Economy , 103-125.
  • DONAYRE, Luiggi &TAİVAN, Ariuna (2017). “Causality between Public Debt and Real Growth in the OECD: A Country-by-country Analysis”. Economic Papers: A journal of applied economics and policy
  • EBERHARDT, Markus, & BOND, Stephen (2009). "Cross-section Dependence in Nonstationary Panel Models: A Novel Estimator". Munich Personal RePEc Archive (MPRA),1-28.
  • HERNDON, Thomas, ASH, Michael, & POLLIN, Robert. (2014). Does high public debt consistently stifle economic growth? A critique of Reinhart and Rogoff. Cambridge journal of economics, 38(2), 257-279.
  • HSIAO, Cheng, PESARAN, M. Hashem, & PICK, Andreas (2007). "Diagnostic Tests of Cross Section Independence for Nonlinear Panel Data Modelsé. DNB Working Paper,1-25
  • HENNINGSEN, Arne, & HENNINGSEN, Geraldine (2019). "Panel Data Econometrics". Academic Press,1-404.
  • HOLTFRERICH, Carl-Ludwig, FELD, Lars P., HEUN, Weun, ILLING, Gerhard, KIRCHGÄSSNER, Gebhard, KOCKA, Jürgen, SCHULARICK, Moritz, STREECK, Wolfgang, WAGSCHAL, Uwe, WALTER, Stefanie ,WEIZSÄCKEr, Carl C. (2015). "Government debt: causes, effects and limits". German National Academy of Sciences Leopoldina,1-80.
  • KARAGOZ, Murat; CAGLAR, Mehmet. Does debt really crack the whip? Evidence from a panel of selected OECD countries. Procedia economics and finance, 2016, 38: 430-437.
  • KARAZIJIENĖ, Žaneta (2015). "Critical Analysis of Public Debt and Tendencies of Its Management". Viešoji politika ir administravimas., 194-208.
  • KRUGMAN, Paul (2013). “The Excel Depression”. The New York Times. “https://www.nytimes.com/2013/04/19/opinion/krugman-the-excel-depression.html”
  • LAW, Siong Hook, NG, Chee Hung, KUTAN, Ali. M., & LAW, Zhi Kei (2021). “Public debt and economic growth in developing countries: Nonlinearity and threshold analysis.” Economic Modelling, 98, 26-40.
  • NDORICIMPA, Arcade. “Threshold effects of public debt on economic growth in Africa: a new evidence. Journal of Economics and Development”, 2020.
  • RAHMAN, Nur Hayati Abd, ISMAIL, Shafinar & RIDZUAN, Abdul Rahim | MCMILLAN, David (Reviewing editor) (2019) “How does public debt affect economic growth? A systematic review, Cogent Business & Management,” 6:1, DOI: 10.1080/23311975.2019.1701339
  • OGAWA, Kazuo; STERKEN, Elmer; TOKUTSU, Ichiro. Public debt, economic growth and the real interest rate: A panel VAR approach to EU and OECD countries. Economic Growth and the Real Interest Rate: A Panel VAR Approach to EU and OECD Countries (January 29, 2016), 2016.
  • OWUSU‐NANTWI, Victor; ERICKSON, Christopher. Public debt and economic growth in Ghana. African Development Review, 2016, 28.1: 116-126.
  • ÖZÇELIK, İsmail Y. (2005). "Kamu Borç Yükü - Borçlanmanın Sürdürülebilirliği İlişkisi ve Türkiye Uygulaması". T.C. Erciyes Üniversitesi, Sosyal Bilimler Enstitüsü, 1-128.
  • PANIZZA, Ugo, & PRESBITERO, Andrea F. (2014). "Public debt and economic growth: Is there a causal effect?". Journal of Macroeconomics, 21-41.
  • PERSYN, Damiaan, & WESTERLUND, Joakim. (2008). "Error-Correction–Based Cointegration Tests for Panel Data". The Stata Journal, 232-241.
  • PESARAN, Mohammad H. (2004). "General Diagnostic Tests for Cross Section Dependence in Panels". University of Cambridge & USC,1-42.
  • PUENTE-AJOVÍN, Miguel; SANSO-NAVARRO, Marcos. Granger causality between debt and growth: Evidence from OECD countries. International Review of Economics & Finance, 2015, 35: 66-77.
  • SHAHOR, Tal. The impact of public debt on economic growth in the Israeli economy. Israel Affairs, 2018, 24.2: 254-264.
  • WOO, Jaejoon & KUMAR, Manmohan S. (2010). "Public Debt and Growth". IMF Working Papers, No. 10/174

KAMU BORÇLARININ BÜYÜME ÜZERİNDEKİ ETKİSİ: SEÇİLMİŞ ÜLKELERDE PANEL ANALİZİ

Yıl 2022, Cilt 14, Sayı 27, 362 - 378, 31.07.2022
https://doi.org/10.14784/marufacd.1145693

Öz

Ekonomi tarihi boyunca krizlerin varlığı yeni kaynaklara ihtiyaç duyulmasına neden olmuştur. Çoğu zaman kamu borcu yeni bir kaynak olarak önemli hale gelmektedir. Bu amaçla çalışma şu soruları açıklamaya çalışmaktadır: Kamu borcu ile ekonomik büyüme arasında bir ilişki var mıdır ve aralarında bir ilişki varsa bu etkinin büyüklüğü veya gücü nedir? Bu bağlamda, 1980-2017 döneminde Avusturya, Belçika, Danimarka, Finlandiya, Fransa, Almanya, Yunanistan, İtalya, Lüksemburg, Norveç, Portekiz, İspanya, İsveç ve Türkiye olmak üzere seçilen 14 Avrupa ülkesi için panel analizi yapılmıştır. Sonuçlar, Danimarka ve Norveç dışında, kamu borcunun ekonomik büyüme üzerinde farklı paylarla zararlı bir etkiye sahip olduğunu göstermiştir.

Kaynakça

  • BERNHEIM, Douglas B. (1987). "Ricardian Equivalence: An Evaluation of Theory and Evidenceé. NBER Working Paper Series, 263-316.
  • BERNHEIM, Douglas B. (1989). "A Neoclassical Perspective on Budget Deficits". Journal of Economic Perspective, 55–72
  • BUCHANAN, James M. (1958). "Public Principles of Public Debt".
  • BURRET, Heiko T., FELD, Lars. P., & KÖHLER, Ekkehard. A. (2014). "Panel Cointegration Tests on the Fiscal Sustainability of German Laender". Cesifo Working Paper,1-27.
  • BUTKUS, Mindaugas., & SEPUTIENE, Janina. (2018). "Growth Effect of Public Debt: The Role of Government Effectiveness and Trade Balance". Economies (MDPI),6-62.
  • CANBEK, Duygu. (2014). “Public Debt and Growth: An Empirical Investigation”. METU.
  • CANER, Mehmet, GRENNES, Thomas, & KÖHLER-GEIB, Fritzi. (. (2010). “Finding the Tipping Point—When Sovereign Debt Turns Bad.”. The World Bank Policy Research Working Paper.
  • CECCHETTI, Stephen G., MOHANTY, Madhusudan S., & ZAMPOLLI, Fabrizio. (2011). "The Real Effects of Debt". BIS Working Papers, No.352.
  • CHUDIK, Alexander., MOHADDES, Kamiar., PESARAN, Hashem M., & RAISSI, Mehdi (2018). "Rising Public Debt to GDP Can Harm Economic Growth". Dallas Fed Vol.13, No.3.
  • COSTANTINI, Mauro, & LUPI, Claudio (2011). "A Simple Panel-CADF Test for Unit Roots". Institute for Advanced Studies, Vienna,1-47.
  • DIMITRIOS, Asteriou, PILBEAM, Keith, and PRATIWI, Cecilia Eny. "Public debt and economic growth: panel data evidence for Asian countries." Journal of Economics and Finance 45.2 (2021): 270-287. BARRO, Robert J. (1990). "Government Spending in a Simple Model". Journal of Political Economy , 103-125.
  • DONAYRE, Luiggi &TAİVAN, Ariuna (2017). “Causality between Public Debt and Real Growth in the OECD: A Country-by-country Analysis”. Economic Papers: A journal of applied economics and policy
  • EBERHARDT, Markus, & BOND, Stephen (2009). "Cross-section Dependence in Nonstationary Panel Models: A Novel Estimator". Munich Personal RePEc Archive (MPRA),1-28.
  • HERNDON, Thomas, ASH, Michael, & POLLIN, Robert. (2014). Does high public debt consistently stifle economic growth? A critique of Reinhart and Rogoff. Cambridge journal of economics, 38(2), 257-279.
  • HSIAO, Cheng, PESARAN, M. Hashem, & PICK, Andreas (2007). "Diagnostic Tests of Cross Section Independence for Nonlinear Panel Data Modelsé. DNB Working Paper,1-25
  • HENNINGSEN, Arne, & HENNINGSEN, Geraldine (2019). "Panel Data Econometrics". Academic Press,1-404.
  • HOLTFRERICH, Carl-Ludwig, FELD, Lars P., HEUN, Weun, ILLING, Gerhard, KIRCHGÄSSNER, Gebhard, KOCKA, Jürgen, SCHULARICK, Moritz, STREECK, Wolfgang, WAGSCHAL, Uwe, WALTER, Stefanie ,WEIZSÄCKEr, Carl C. (2015). "Government debt: causes, effects and limits". German National Academy of Sciences Leopoldina,1-80.
  • KARAGOZ, Murat; CAGLAR, Mehmet. Does debt really crack the whip? Evidence from a panel of selected OECD countries. Procedia economics and finance, 2016, 38: 430-437.
  • KARAZIJIENĖ, Žaneta (2015). "Critical Analysis of Public Debt and Tendencies of Its Management". Viešoji politika ir administravimas., 194-208.
  • KRUGMAN, Paul (2013). “The Excel Depression”. The New York Times. “https://www.nytimes.com/2013/04/19/opinion/krugman-the-excel-depression.html”
  • LAW, Siong Hook, NG, Chee Hung, KUTAN, Ali. M., & LAW, Zhi Kei (2021). “Public debt and economic growth in developing countries: Nonlinearity and threshold analysis.” Economic Modelling, 98, 26-40.
  • NDORICIMPA, Arcade. “Threshold effects of public debt on economic growth in Africa: a new evidence. Journal of Economics and Development”, 2020.
  • RAHMAN, Nur Hayati Abd, ISMAIL, Shafinar & RIDZUAN, Abdul Rahim | MCMILLAN, David (Reviewing editor) (2019) “How does public debt affect economic growth? A systematic review, Cogent Business & Management,” 6:1, DOI: 10.1080/23311975.2019.1701339
  • OGAWA, Kazuo; STERKEN, Elmer; TOKUTSU, Ichiro. Public debt, economic growth and the real interest rate: A panel VAR approach to EU and OECD countries. Economic Growth and the Real Interest Rate: A Panel VAR Approach to EU and OECD Countries (January 29, 2016), 2016.
  • OWUSU‐NANTWI, Victor; ERICKSON, Christopher. Public debt and economic growth in Ghana. African Development Review, 2016, 28.1: 116-126.
  • ÖZÇELIK, İsmail Y. (2005). "Kamu Borç Yükü - Borçlanmanın Sürdürülebilirliği İlişkisi ve Türkiye Uygulaması". T.C. Erciyes Üniversitesi, Sosyal Bilimler Enstitüsü, 1-128.
  • PANIZZA, Ugo, & PRESBITERO, Andrea F. (2014). "Public debt and economic growth: Is there a causal effect?". Journal of Macroeconomics, 21-41.
  • PERSYN, Damiaan, & WESTERLUND, Joakim. (2008). "Error-Correction–Based Cointegration Tests for Panel Data". The Stata Journal, 232-241.
  • PESARAN, Mohammad H. (2004). "General Diagnostic Tests for Cross Section Dependence in Panels". University of Cambridge & USC,1-42.
  • PUENTE-AJOVÍN, Miguel; SANSO-NAVARRO, Marcos. Granger causality between debt and growth: Evidence from OECD countries. International Review of Economics & Finance, 2015, 35: 66-77.
  • SHAHOR, Tal. The impact of public debt on economic growth in the Israeli economy. Israel Affairs, 2018, 24.2: 254-264.
  • WOO, Jaejoon & KUMAR, Manmohan S. (2010). "Public Debt and Growth". IMF Working Papers, No. 10/174

Ayrıntılar

Birincil Dil İngilizce
Konular Sosyal
Bölüm Makaleler
Yazarlar

Selim YILDIRIM Bu kişi benim (Sorumlu Yazar)
ANADOLU ÜNİVERSİTESİ
Türkiye


Kadriye Sena ERDOĞAN Bu kişi benim
BANDIRMA ONYEDİ EYLÜL ÜNİVERSİTESİ
Türkiye

Erken Görünüm Tarihi 25 Temmuz 2022
Yayımlanma Tarihi 31 Temmuz 2022
Başvuru Tarihi 8 Aralık 2021
Kabul Tarihi 11 Nisan 2022
Yayınlandığı Sayı Yıl 2022, Cilt 14, Sayı 27

Kaynak Göster

Bibtex @araştırma makalesi { marufacd1145693, journal = {Finansal Araştırmalar ve Çalışmalar Dergisi}, issn = {1309-1123}, eissn = {2529-0029}, address = {}, publisher = {Marmara Üniversitesi}, year = {2022}, volume = {14}, number = {27}, pages = {362 - 378}, doi = {10.14784/marufacd.1145693}, title = {THE IMPACT OF PUBLIC DEBT ON GROWTH: A PANEL ANALYSIS IN SELECTED COUNTRIES}, key = {cite}, author = {Yıldırım, Selim and Erdoğan, Kadriye Sena} }
APA Yıldırım, S. & Erdoğan, K. S. (2022). THE IMPACT OF PUBLIC DEBT ON GROWTH: A PANEL ANALYSIS IN SELECTED COUNTRIES . Finansal Araştırmalar ve Çalışmalar Dergisi , 14 (27) , 362-378 . DOI: 10.14784/marufacd.1145693
MLA Yıldırım, S. , Erdoğan, K. S. "THE IMPACT OF PUBLIC DEBT ON GROWTH: A PANEL ANALYSIS IN SELECTED COUNTRIES" . Finansal Araştırmalar ve Çalışmalar Dergisi 14 (2022 ): 362-378 <https://dergipark.org.tr/tr/pub/marufacd/issue/71306/1145693>
Chicago Yıldırım, S. , Erdoğan, K. S. "THE IMPACT OF PUBLIC DEBT ON GROWTH: A PANEL ANALYSIS IN SELECTED COUNTRIES". Finansal Araştırmalar ve Çalışmalar Dergisi 14 (2022 ): 362-378
RIS TY - JOUR T1 - KAMU BORÇLARININ BÜYÜME ÜZERİNDEKİ ETKİSİ: SEÇİLMİŞ ÜLKELERDE PANEL ANALİZİ AU - SelimYıldırım, Kadriye SenaErdoğan Y1 - 2022 PY - 2022 N1 - doi: 10.14784/marufacd.1145693 DO - 10.14784/marufacd.1145693 T2 - Finansal Araştırmalar ve Çalışmalar Dergisi JF - Journal JO - JOR SP - 362 EP - 378 VL - 14 IS - 27 SN - 1309-1123-2529-0029 M3 - doi: 10.14784/marufacd.1145693 UR - https://doi.org/10.14784/marufacd.1145693 Y2 - 2022 ER -
EndNote %0 Finansal Araştırmalar ve Çalışmalar Dergisi THE IMPACT OF PUBLIC DEBT ON GROWTH: A PANEL ANALYSIS IN SELECTED COUNTRIES %A Selim Yıldırım , Kadriye Sena Erdoğan %T THE IMPACT OF PUBLIC DEBT ON GROWTH: A PANEL ANALYSIS IN SELECTED COUNTRIES %D 2022 %J Finansal Araştırmalar ve Çalışmalar Dergisi %P 1309-1123-2529-0029 %V 14 %N 27 %R doi: 10.14784/marufacd.1145693 %U 10.14784/marufacd.1145693
ISNAD Yıldırım, Selim , Erdoğan, Kadriye Sena . "THE IMPACT OF PUBLIC DEBT ON GROWTH: A PANEL ANALYSIS IN SELECTED COUNTRIES". Finansal Araştırmalar ve Çalışmalar Dergisi 14 / 27 (Temmuz 2022): 362-378 . https://doi.org/10.14784/marufacd.1145693
AMA Yıldırım S. , Erdoğan K. S. THE IMPACT OF PUBLIC DEBT ON GROWTH: A PANEL ANALYSIS IN SELECTED COUNTRIES. JFRS. 2022; 14(27): 362-378.
Vancouver Yıldırım S. , Erdoğan K. S. THE IMPACT OF PUBLIC DEBT ON GROWTH: A PANEL ANALYSIS IN SELECTED COUNTRIES. Finansal Araştırmalar ve Çalışmalar Dergisi. 2022; 14(27): 362-378.
IEEE S. Yıldırım ve K. S. Erdoğan , "THE IMPACT OF PUBLIC DEBT ON GROWTH: A PANEL ANALYSIS IN SELECTED COUNTRIES", Finansal Araştırmalar ve Çalışmalar Dergisi, c. 14, sayı. 27, ss. 362-378, Tem. 2022, doi:10.14784/marufacd.1145693