Finansal Kriz ve Maliye Politikası: Avrupa Birliği'ne Üye Balkan Ülkeleri Üzerine Bir Değerlendirme

Bu çalışmanın amacı Avrupa Birliği’ne üye Balkan ülkelerinin kriz sonrasında- ki maliye politikalarının ekonomik ve toplumsal sonuçlarını incelemektir. ABD’de 2008 yılında patlak veren küresel kriz, hem gelişmiş hem de gelişmekte olan ül- keleri derinden etkilemiştir. Krizin etkilerini ortadan kaldırmak ya da hafifletmek için günümüze kadar farklı politikalar gündeme gelmiştir. Bu bağlamda, ilk olarak kurtarma ve mali canlandırma paketleri uygulanmıştır. 2010 yılından sonra artan kamu borçları ve bütçe açıkları nedeniyle canlandırma paketlerinin yerini kemer sıkma politikaları almıştır. Maliye politikası ekonomik faaliyetleri desteklemek ye- rine borçların azaltılmasına odaklanmıştır. Çalışmada kamu harcaması, kamu borcu ve işsizlik oranı temel göstergeler olarak kullanılmakta ve maliye politikası- nın etkileri ülkeler arasında karşılaştırılmaktadır. Sonuçlar krizin finansal sektör- den kaynaklanmasına karşın krizin yükünün kamu kesimine aktarıldığını göster- mektedir. Birçok ülke ekonomisi artan kamu açıkları ve kamu borçları nedeniy- le kamu sektörü kurtarılan finansal sektöre bağımlı hale gelmiştir. Kriz sonrasın- da maliye politikaları Avrupa Birliğine üye Balkan ülkelerinde önemli ekonomik ve toplumsal maliyetlere yol açmıştır.

Financial Crisis and Fiscal Policy: An Assessment of Member States of the European Union in the Balkans

The objective of this paper is to study the economic and social results of the post- crisis fiscal policies concerning the Balkan States that are members of the Euro- pean Union. The financial global crisis which hit first the US in 2008, had a deep impact on both developed and developing countries. Until today different polici- es have been put on the agenda in order to eliminate or alleviate the impact of the crisis. In this context, bailout and stimulus packages were firstly implemen- ted. Stimulus packages were replaced by austerity policies because of the inc- reasing public debt and budget deficit after 2010. Fiscal policy focused on redu- cing debts instead of supporting economic activities. In this study, public expen- diture, public debt, public deficit and unemployment rate are used as main eco- nomic indicators and the effects of fiscal policy are compared using panel data. The results show that although the crisis emerged from the financial sector, bur- den of crisis was transferred to the public sector. On account of increasing defi- cit and debt burden, the economy of many countries have become dependent on financial sector that was rescued before. After the crisis, fiscal policies have led to significant economic and social costs in the Balkan States that are members of the European Union.

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