Kamu Borç Yönetimi ve Vade Yapısına İlişkin Teorik Yaklaşımlar

Bütçe açıklarının birçok ülke açısından sürekli hale gelmesi ile birlikte maliye politikası teorilerine olan ilgi artmıştır. Benzer şekilde, bütçe açıklarının finansmanında kamu borcunun kullanılmasının yaratacağı sonuçlar iktisat literatüründe önemli bir alan oluşturmaktadır. Bu çerçevede, son yıllarda borç yönetimine dair teorilerin dâhil edildiği optimal maliye ve para politikası modellerine literatürde sıkça yer verilmiştir. Kamu borcunun vadesi ise borç yönetimi açısından en önemli araçlardan biridir. 2007-2008 Küresel Finansal Krizi de dâhil olmak üzere hemen hemen tüm mali krizlerde kamu borcunun vadesi kilit değişken haline gelmiş; vade yapısının borç sürdürülebilirliğine ilişkin analizlerde daha sık yer alması gerekliliği ortaya çıkmıştır. Bu çalışma ile kamu borcunun vadesinin maliye ve para politikası açısından önemini ele alan teorik yaklaşımlara ilişkin genel bir sınıflandırma ortaya koyulmuştur. Ayrıca söz konusu yaklaşımları temel alan ampirik çalışmalara da yer verilmiştir. Çalışmanın kamu borç yönetimi ve optimal vade yapısı ile ilişkili benzer çalışmalara katkı sağlayacağı düşünülmektedir.

Theoretical Approaches to Government Debt Management and Maturity Structure

Interest in fiscal policy theories has increased with the permanent budget deficits prevailed in many countries. Similarly, the consequences of using public debt in financing budget deficits also have an important area in the economic literature and within this framework, over the last few years optimal fiscal policy models which include theories of debt management frequently taking place in the literature. The maturity structure of public debt is the one of the most important variables from the view of debt management. In almost all financial crises, including the 2007-2008 Global Financial Crisis, the debt-to-maturity structure has become a key variable and the necessity of maturity structure to be included in more frequently in the analysis of debt sustainability has arisen. In this study, a classification of the theoretical approaches that deal with importance of the maturity structure of public debt in terms of fiscal and monetary policy has been put forward. In addition, empirical studies based on the aforementioned approaches have been included. It is thought that the study will contribute to similar studies related to public debt management and optimal maturity structure.

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Kaynak Göster