IS THE DEBTOR SOLVENT : THE CASE FOR TURKEY
There is a broad range of literature on economic crises witnessed, with the recent experiences we had in Far East Asia, Argentina, Mexico, Brazil and Turkey. Although there are still debates on the triggering mechanisms, it is a common accepted fact that, large and consistent fiscal deficits, market...
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| Veröffentlicht in: | Lex et scientia 2008, Vol.XV (2), p.378-384 |
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| description | There is a broad range of literature on economic crises witnessed, with the recent experiences we had
in Far East Asia, Argentina, Mexico, Brazil and Turkey. Although there are still debates on the
triggering mechanisms, it is a common accepted fact that, large and consistent fiscal deficits, market
imperfections, over burden of foreign debt and shallow fiscal markets are among the factors
contributing. As in the case of Ricardian equivalence, a debt-financed reduction in government
revenue should not effect the exchange rate or the current account shows very conflicting conclusions.
This paper aims to explore economic growth, import demand, external debt, exchange rates and
public debt linkages. Two alternative models have been explored which shows that among the given
variables there is no long term impact. VAR technique had been adopted to find the impulse-response
relations. For the 1990-2006 period examined data set shows that there is a meaningful linkage as
hypothesized. Findings also show that there is a case of internationalization of external debt which is
consistent with the Turkish experience. |
| format | Article |
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in Far East Asia, Argentina, Mexico, Brazil and Turkey. Although there are still debates on the
triggering mechanisms, it is a common accepted fact that, large and consistent fiscal deficits, market
imperfections, over burden of foreign debt and shallow fiscal markets are among the factors
contributing. As in the case of Ricardian equivalence, a debt-financed reduction in government
revenue should not effect the exchange rate or the current account shows very conflicting conclusions.
This paper aims to explore economic growth, import demand, external debt, exchange rates and
public debt linkages. Two alternative models have been explored which shows that among the given
variables there is no long term impact. VAR technique had been adopted to find the impulse-response
relations. For the 1990-2006 period examined data set shows that there is a meaningful linkage as
hypothesized. Findings also show that there is a case of internationalization of external debt which is
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in Far East Asia, Argentina, Mexico, Brazil and Turkey. Although there are still debates on the
triggering mechanisms, it is a common accepted fact that, large and consistent fiscal deficits, market
imperfections, over burden of foreign debt and shallow fiscal markets are among the factors
contributing. As in the case of Ricardian equivalence, a debt-financed reduction in government
revenue should not effect the exchange rate or the current account shows very conflicting conclusions.
This paper aims to explore economic growth, import demand, external debt, exchange rates and
public debt linkages. Two alternative models have been explored which shows that among the given
variables there is no long term impact. VAR technique had been adopted to find the impulse-response
relations. For the 1990-2006 period examined data set shows that there is a meaningful linkage as
hypothesized. Findings also show that there is a case of internationalization of external debt which is
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in Far East Asia, Argentina, Mexico, Brazil and Turkey. Although there are still debates on the
triggering mechanisms, it is a common accepted fact that, large and consistent fiscal deficits, market
imperfections, over burden of foreign debt and shallow fiscal markets are among the factors
contributing. As in the case of Ricardian equivalence, a debt-financed reduction in government
revenue should not effect the exchange rate or the current account shows very conflicting conclusions.
This paper aims to explore economic growth, import demand, external debt, exchange rates and
public debt linkages. Two alternative models have been explored which shows that among the given
variables there is no long term impact. VAR technique had been adopted to find the impulse-response
relations. For the 1990-2006 period examined data set shows that there is a meaningful linkage as
hypothesized. Findings also show that there is a case of internationalization of external debt which is
consistent with the Turkish experience.</abstract><cop>Bucharest</cop><pub>Nicolae Titulescu University</pub><tpages>7</tpages><oa>free_for_read</oa></addata></record> |
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| ispartof | Lex et scientia, 2008, Vol.XV (2), p.378-384 |
| issn | 1583-039X 2066-1886 |
| language | eng |
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| source | EZB-FREE-00999 freely available EZB journals; Central and Eastern European Online Library - CEEOL Journals; HeinOnline Law Journal Library |
| subjects | Economic development Economy External debt |
| title | IS THE DEBTOR SOLVENT : THE CASE FOR TURKEY |
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