Kamu borç yönetiminde yabancı para cinsinden borçlanmanın etkileri: Türkiye örneği

Yabancı para cinsinden borçlanma, özellikle gelişmekte olan ülkeler için oldukça önemli bir finansman kaynağı oluşturmaktadır. Söz konusu borçlanma ekonominin ihtiyaçlarının karşılanmasında önemli görev üstlenmiş olmakla birlikte, zaman zaman krizlerin çıkmasını tetikleyen ve ülkelerin kalkınma süreçlerini sekteye uğratan faktörler arasında da yer almaktadır. Konuya ilişkin literatür incelendiğinde, yabancı para cinsinden borçlanmanın kendisinden ziyade varlık-yükümlülük yönetiminin kapasitesinin bu tür borçlanmanın etkileri üzerinde belirleyici olduğu görülmektedir. Bu çalışmada, döviz cinsi borçlanmaların nedenleri analiz edilerek Türkiye 'deki durum değerlendirilmiş ve söz konusu borcun özellikle kamu borç yönetimi ile ekonominin geneli üzerinde yaratabileceği etkiler incelenmiştir.

Effects of foreign exchange borrowing in public debt management: Turkey case

Borrowing in foreign currency has been an important source of financing especially for developing countries. However, despite its critical function in meeting the requirements of the economy, foreign currency borrowing was also among the main factors triggering and/or deepening the financial crises hindering the development progress of these countries. Economic literature points out that it is not solely the existence of foreign currency borrowing but the capacity of asset-liability management that matters regarding the effects on the economy. In this paper, the causes and effects of foreign currency borrowing is analyzed and the situation in Turkey is discussed.

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