The macroeconomic determinants of external debt in Ottoman Empire: A study of data from 1881–1913

The macroeconomic determinants of external debt in Ottoman Empire: A study of data from 1881–1913

The 19th century witnessed noticeable events that shaped the geopolitical and economic spheres in both Europe and Ottoman Empire. Internationally, the industrial revolution, the economic crisis, and the Crimean War were some of those. By 1870, the OE declared its bankruptcy and this decision went vi...

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Veröffentlicht in:The journal of muamalat and Islamic finance research : JMIFR 2021-06, p.120-136
Hauptverfasser: Lotfi Demikha, Amir Shaharuddin, Mahmoud Mohamed Ali Mahmoud Edris
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creator Lotfi Demikha
Amir Shaharuddin
Mahmoud Mohamed Ali Mahmoud Edris
description The 19th century witnessed noticeable events that shaped the geopolitical and economic spheres in both Europe and Ottoman Empire. Internationally, the industrial revolution, the economic crisis, and the Crimean War were some of those. By 1870, the OE declared its bankruptcy and this decision went viral into the international market, which in fact led to tighten the conditions by the European powers to obtain foreign capital. This study aims to provide a new insight on the external debt determinants using the economic data 1881 to 1913. Applying ARDL as an econometric approach to determine the interrelationship, the findings of the study reveal that the economic growth is negatively associated with the external debts. Also, the study found that government expenditure is having a positive relationship with the accumulation of external debts.
doi_str_mv 10.33102/jmifr.v18i1.336
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title The macroeconomic determinants of external debt in Ottoman Empire: A study of data from 1881–1913
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