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BORÇ HEDEFLEMESİ REJİMİ VE MAKROEKONOMİK PERFORMANS

Yıl 2018, Cilt: 16 Sayı: 2, 41 - 57, 30.06.2018
https://doi.org/10.11611/yead.378741

Öz

Çalışmada, borç hedeflemesi rejimin, makroekonomik
performans üzerindeki etkilerinin, politik makroekonomi modelleri kullanılarak,
merkez bankasının bağımsız olduğu kurumsal yapıda araştırılması amaçlanmıştır.
Bu çerçevede, çalışmada, ilk olarak borç hedeflemesinin, politik
istikrarsızlığın arttığı durumda makroekonomik sonuçları incelenmektedir. Daha
sonra, daha sıkı borç hedeflemesinin ekonomik performans üzerindeki etkileri
değerlendirilmektedir. Çalışmada, son olarak, seçim sonuçlarına ilişkin belirsizlik
durumunda, borç hedeflemesi politikasının makroekonomik etkileri analiz
edilmektedir.  Çalışmadan elde edilen
sonuçlara
göre, politik istikrarsızlık sonucu mali sürdürülebilirlik problemleri ile
karşı karşıya kalan ekonomilerde kamu borcunun makul bir seviyede seyretmesini
sağlayacak bir borç hedeflemesi rejimi, politik istikrarsızlığın zamanlar arası
maliyetinin azaltılmasına yardımcı olmaktadır.

Kaynakça

  • Acemoğlu, D., Johnson, S. ve Robinson, J. (2003) “Institutional Causes, Macroeconomic Symptoms: Volatility, Crises and Growth” Journal of Monetary Economics, 50: 49–123.
  • Aghion, P. ve Bolton, P. (1990) “Government Debt and the Risk of De-fault: A Political Economic Model of the Strategic Role of Debt” Dornbusch ve Draghi (eds.) Public Debt Management: Theory and Practice” Cambridge: Cambridge University Press.
  • Alesina, A. ve Perotti, R. (1996) “Income Distribution, Political Instability, and Investment”, European Economic Review, 40: 1203-1228.
  • Alesina, A. ve Tabellini, G. (1987) “Rules and Discretion with Noncoordinated Monetary and Fiscal Policies”, Economic Inquiry, 25: 619-630.
  • Alesina, A. ve Tabellini, G. (1990) “A Positive Theory of Fiscal Deficits and Government Debt”, Review of Economic Studies, 57(3): 403-14.
  • Beetsma, R. ve Bovenberg, L. (1997) “Central Bank Independence and Public Debt Policy”, Journal of Economic Dynamics and Control, 21: 873-894.
  • Cukierman, A., Edwards, S., ve Tabellini, G. (1992) “Seigniorage and Political Instability”, The American Economic Review, 82(3): 537-555.
  • Çetin, İ. (2017) “Borç Hedeflemesi Rejimi ve Ekonomik Performans: Politik Makroekonomik Bir Bakış”, Doktora Tezi, Hacettepe Üniversitesi, Sosyal Bilimler Enstitüsü, Ankara.
  • de Haan, J. ve Eijffinger, S. (2016) “The Politics of Central Bank Independence”, DBB Working Paper, 539.
  • Devereux, M. B., ve Wen, J. F. (1998) “Political Instability, Capital Taxation, and Growth”, European Economic Review, 42: 1635-1651.
  • Dornbusch, R. ve Draghi, M. (Eds.) (1990) “Public Debt Management: Theory and History”, New York: Cambridge University Press.
  • İsmihan, M. (2009) “The Role of Politics and Instability in Macroeconomic Performance”, Saarbrücken: VDM Dr Verlag Muller.
  • İsmihan, M. ve Özkan, F. G. (2005) “Political Instability, public investment and macroeconomic performance”, Economics Bulletin, 5: 1-12.
  • Özler, S., & Tabellini G. (1991). External Debt and Political Instability. NBER Working Paper No. 3772 (Cambridge, Massachusetts: National Bureau of Economic Research).
  • Persson, T. ve Svensson, L. (1989) “Why a Stubborn Conservative Would Run a Deficit: Policy with Time-Inconsistency Preferences”, Quarterly Journal of Economics, 104 (2): 325-45.
  • Rodrik, D. ve Subramanian, A. (2003) “The Primacy of Institutions (And What This Does and Does Not Mean)”, Finance&Development, June: 31-34.
  • Snowdon, E. ve Vane, H. R. (2012) “Modern Makroekonomi Temelleri Gelişimi ve Bugünü”, N. Yıldırım, D., M. Akan, H. Deniz, A. Arı, F., K. Özenç, B., E. Balın, B. Kablamacı, E. Tahsin, A., A. Cingöz, E. Ersoy. (çev.), Ankara: Efil Yayınevi.
  • İsmihan, M. (2009) “The Role of Politics and Instability in Macroeconomic Performance”, Saarbrücken: VDM Dr Verlag Muller.
  • Tabellini, G. ve Alesina A. (1990) “Voting on the Budget Deficit”, The American Economic Review, 80(1): 37-49.

DEBT TARGETING REGIME AND MACROECONOMIC PERFORMANCE

Yıl 2018, Cilt: 16 Sayı: 2, 41 - 57, 30.06.2018
https://doi.org/10.11611/yead.378741

Öz

This study aims to explore the effects of debt targeting regime on macroeconomic perfomance by using political macroeconomic models in decentralized framework.  Within this frame, firstly, the study aims to investigate the macroeconomic outcomes of debt targeting in a situation where political instability increases. Afterwards, the effects of more stricter debt targeting on macroeconomic performance is explored. In the study finally, macroeconomic effects of debt targeting policy are analyzed under electoral uncertainty. According to the findings,   debt targeting regime enabling for the public debt to remain at a prudent level, helps in reducing the inter-temporal costs of political instability in the economies faced with the problems of fiscal sustainability as a result of political instability.

Kaynakça

  • Acemoğlu, D., Johnson, S. ve Robinson, J. (2003) “Institutional Causes, Macroeconomic Symptoms: Volatility, Crises and Growth” Journal of Monetary Economics, 50: 49–123.
  • Aghion, P. ve Bolton, P. (1990) “Government Debt and the Risk of De-fault: A Political Economic Model of the Strategic Role of Debt” Dornbusch ve Draghi (eds.) Public Debt Management: Theory and Practice” Cambridge: Cambridge University Press.
  • Alesina, A. ve Perotti, R. (1996) “Income Distribution, Political Instability, and Investment”, European Economic Review, 40: 1203-1228.
  • Alesina, A. ve Tabellini, G. (1987) “Rules and Discretion with Noncoordinated Monetary and Fiscal Policies”, Economic Inquiry, 25: 619-630.
  • Alesina, A. ve Tabellini, G. (1990) “A Positive Theory of Fiscal Deficits and Government Debt”, Review of Economic Studies, 57(3): 403-14.
  • Beetsma, R. ve Bovenberg, L. (1997) “Central Bank Independence and Public Debt Policy”, Journal of Economic Dynamics and Control, 21: 873-894.
  • Cukierman, A., Edwards, S., ve Tabellini, G. (1992) “Seigniorage and Political Instability”, The American Economic Review, 82(3): 537-555.
  • Çetin, İ. (2017) “Borç Hedeflemesi Rejimi ve Ekonomik Performans: Politik Makroekonomik Bir Bakış”, Doktora Tezi, Hacettepe Üniversitesi, Sosyal Bilimler Enstitüsü, Ankara.
  • de Haan, J. ve Eijffinger, S. (2016) “The Politics of Central Bank Independence”, DBB Working Paper, 539.
  • Devereux, M. B., ve Wen, J. F. (1998) “Political Instability, Capital Taxation, and Growth”, European Economic Review, 42: 1635-1651.
  • Dornbusch, R. ve Draghi, M. (Eds.) (1990) “Public Debt Management: Theory and History”, New York: Cambridge University Press.
  • İsmihan, M. (2009) “The Role of Politics and Instability in Macroeconomic Performance”, Saarbrücken: VDM Dr Verlag Muller.
  • İsmihan, M. ve Özkan, F. G. (2005) “Political Instability, public investment and macroeconomic performance”, Economics Bulletin, 5: 1-12.
  • Özler, S., & Tabellini G. (1991). External Debt and Political Instability. NBER Working Paper No. 3772 (Cambridge, Massachusetts: National Bureau of Economic Research).
  • Persson, T. ve Svensson, L. (1989) “Why a Stubborn Conservative Would Run a Deficit: Policy with Time-Inconsistency Preferences”, Quarterly Journal of Economics, 104 (2): 325-45.
  • Rodrik, D. ve Subramanian, A. (2003) “The Primacy of Institutions (And What This Does and Does Not Mean)”, Finance&Development, June: 31-34.
  • Snowdon, E. ve Vane, H. R. (2012) “Modern Makroekonomi Temelleri Gelişimi ve Bugünü”, N. Yıldırım, D., M. Akan, H. Deniz, A. Arı, F., K. Özenç, B., E. Balın, B. Kablamacı, E. Tahsin, A., A. Cingöz, E. Ersoy. (çev.), Ankara: Efil Yayınevi.
  • İsmihan, M. (2009) “The Role of Politics and Instability in Macroeconomic Performance”, Saarbrücken: VDM Dr Verlag Muller.
  • Tabellini, G. ve Alesina A. (1990) “Voting on the Budget Deficit”, The American Economic Review, 80(1): 37-49.
Toplam 19 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

İrem Çetin Bu kişi benim 0000-0002-3717-7462

Yayımlanma Tarihi 30 Haziran 2018
Yayımlandığı Sayı Yıl 2018 Cilt: 16 Sayı: 2

Kaynak Göster

APA Çetin, İ. (2018). BORÇ HEDEFLEMESİ REJİMİ VE MAKROEKONOMİK PERFORMANS. Journal of Management and Economics Research, 16(2), 41-57. https://doi.org/10.11611/yead.378741
AMA Çetin İ. BORÇ HEDEFLEMESİ REJİMİ VE MAKROEKONOMİK PERFORMANS. Journal of Management and Economics Research. Haziran 2018;16(2):41-57. doi:10.11611/yead.378741
Chicago Çetin, İrem. “BORÇ HEDEFLEMESİ REJİMİ VE MAKROEKONOMİK PERFORMANS”. Journal of Management and Economics Research 16, sy. 2 (Haziran 2018): 41-57. https://doi.org/10.11611/yead.378741.
EndNote Çetin İ (01 Haziran 2018) BORÇ HEDEFLEMESİ REJİMİ VE MAKROEKONOMİK PERFORMANS. Journal of Management and Economics Research 16 2 41–57.
IEEE İ. Çetin, “BORÇ HEDEFLEMESİ REJİMİ VE MAKROEKONOMİK PERFORMANS”, Journal of Management and Economics Research, c. 16, sy. 2, ss. 41–57, 2018, doi: 10.11611/yead.378741.
ISNAD Çetin, İrem. “BORÇ HEDEFLEMESİ REJİMİ VE MAKROEKONOMİK PERFORMANS”. Journal of Management and Economics Research 16/2 (Haziran 2018), 41-57. https://doi.org/10.11611/yead.378741.
JAMA Çetin İ. BORÇ HEDEFLEMESİ REJİMİ VE MAKROEKONOMİK PERFORMANS. Journal of Management and Economics Research. 2018;16:41–57.
MLA Çetin, İrem. “BORÇ HEDEFLEMESİ REJİMİ VE MAKROEKONOMİK PERFORMANS”. Journal of Management and Economics Research, c. 16, sy. 2, 2018, ss. 41-57, doi:10.11611/yead.378741.
Vancouver Çetin İ. BORÇ HEDEFLEMESİ REJİMİ VE MAKROEKONOMİK PERFORMANS. Journal of Management and Economics Research. 2018;16(2):41-57.