Equivalence in the Internal and External Public Debt Burden
In: Philippe Darreau and François Pigalle, (2013) ''Equivalence in the internal and external public debt burden'', Economics Bulletin, Vol. 33 No. 4 pp. 2475-2482
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In: Philippe Darreau and François Pigalle, (2013) ''Equivalence in the internal and external public debt burden'', Economics Bulletin, Vol. 33 No. 4 pp. 2475-2482
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In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 32, Heft 3, S. 418-431
ISSN: 0161-8938
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 32, Heft 3, S. 418-432
ISSN: 0161-8938
In: Middle Eastern studies, Band 58, Heft 5, S. 758-781
ISSN: 1743-7881
In: Journal of peace research, Band 23, Heft 4, S. 329-337
ISSN: 1460-3578
This study reexamines the relationship between growth and defense spending in developing countries. It differs from previous studies as it recognizes differences in the borrowing capacity of each country. We hypothesize that a negative relationship will exist between defense and economic growth in countries which are financially resource constrained, and a positive relationship will exist in countries which are relatively resource unconstrained. A factor and discriminate analysis are used to group countries. The variables chosen for the factor analysis depict a country's external debt, structural condition, growth, and balance of payments position. Regression equations were estimated for the total sample and each group, with the growth in Gross Domestic Product as the dependent variable. The results confirm the hypothesized positive relationship between defense and growth in the unconstrained group, but was not confirmed for the constrained group. The results suggest the importance of variables such as foreign ex change, net inflows of capital, external debt, and the growth of the public sector in general, on economic growth.
In: Journal of peace research, Band 23, Heft 4, S. 329-338
ISSN: 0022-3433
Following a review of the literature, the relationship between growth & defense spending in developing countries is reexamined using a model that recognizes differences in the borrowing capacity of individual countries. Official statistics are used to test the hypothesis that a negative relationship exists between defense & economic growth in countries that are financially resource constrained, & a positive relationship exists in countries that are relatively resource unconstrained. Factor & discriminate analysis are used to group countries based on 33 government & financing variables that depict a country's external debt, structural condition, growth, & balance of payments position between 1970 & 1982. Regression equations are estimated for the total sample & each group, with the growth in gross domestic product as the dependent variable. Results confirm the hypothesized positive relationship between defense & growth in the unconstrained group, & suggest the importance of variables such as foreign exchange, net inflows of capital, external debt, & the growth of the public sector in general on economic grouth. 2 Tables, 1 Appendix, 31 References. Modified HA
In: Intereconomics: review of European economic policy, Band 12, Heft 7/8, S. 204-207
ISSN: 1613-964X
In: The World Economy, Band 40, Heft 9, S. 1718-1749
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In: World development: the multi-disciplinary international journal devoted to the study and promotion of world development, Band 12, Heft 11-12, S. 1063
ISSN: 0305-750X
In: Academic Research International, Band 3, Heft 2
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Ensuring sustainable economic development of Ukraine is impossible without the use of external government loans, which form the external public debt. Ukraine, despite only twenty years of international credit relations, is an active participant involvement of the official external financing. So the government actively used the resources of the international credit market, in particular the IMF loan programs. In the article the statistics of public debt as of July 31, 2014. Analysis of the performance evaluation of the external debt of Ukraine according to the procedure of the World Bank has shown a number of systemic failures in the management of external debt. ; Обеспечение стабильного экономического развития Украины невозможно без использования механизма внешних государственных кредитов, которые и формируют внешний государственный долг. Украина, несмотря на только двадцатилетний срок развития международных кредитных отношений, является активным участником привлечения официального внешнего финансирования. Так правительством активно используются ресурсы международного рынка кредитов, в частности кредитных программ МВФ. В статье систематизированы статистические данные государственного долга по состоянию на 31 июля 2014 года. Анализ показателей оценки внешнего долга Украины по методике Всемирного банка показал ряд системных просчетов в управлении внешним долгом. ; Забезпечення сталого економічного розвитку України неможливе без застосування механізму зовнішніх державних запозичень, які і спричиняють виникнення зовнішнього державного боргу. Україна, незважаючи на лише двадцятирічний період розвитку міжнародних кредитних відносин, є активним учасником залучення офіційного зовнішнього фінансування. Так урядом активно застосовуються ресурси міжнародного ринку позичкових капіталів, зокрема кредитні програми МФО. У поданій статті систематизовано дані по державному боргу станом на 31 липня 2014 року. Аналіз показників оцінки зовнішнього боргу України за методикою Всесвітнього банку показав ряд системних прорахунків в управлінні зовнішнім боргом.
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In: World development: the multi-disciplinary international journal devoted to the study and promotion of world development, Band 12, Heft 11-12, S. 1063-1075
Public debt is a financing tool that is frequently applied for increasing public spending in the face of increasing public costs or for financing large countrywide public investments. There have been many different schools of though and theory put forth on public debt from ancient times to the present day. The impossibility of achieving an equilibrium between market conditions and the understanding the state's role of the social state in the economy is a reality accepted by virtually every country today. Taken in this context, for those countries that lack the internal dynamics for public debt financing to go the route of external borrowing to cover public debt is an unusual phenomenon. Budget deficits in developing countries have reached serious levels due to many global crisis's that have developed in International markets, and cyclical changes that occur as a result of inflationary pressures. These countries which do not have a robust economy and financial structure had to resort to foreign borrowing to finance public deficits. This process of borrowing that gained substantial acceleration especially during 1980s, effecting the debt rates and services of developing countries' economies and thus jeopardizing the status of countries that has been the lender. This situation revealed that developing countries needed to focus on public domestic and external debt management. From this period forward, the debt management issues such as debt stock limit, risk ratio, internal and external debt sustainability gained importance for developing countries. During the same period, the derivative products emerged as a result of the studies performed in order to reduce the risks brought by borrowing in international markets. These products began to be used effectively by many developed countries to avoid risks such as exchange rate, interest rate, inflation. These products that were used in these markets grew as time went on and with the promotion of certain economic and financial institutions began to attract the attention of developing countries.The situation in Turkey was not different than in other developing countries. Especially after 1980, the external public debt levels increased sharply by means of economic and financial reforms that had been performed during this period. The derivative instruments which ensure the risk management and which emerged in the '80s as an alternative in the public internal and external debt management only began to attract attention at the end of the 90s in Turkey and the trading volume could be increased with the opening of the Derivatives Market in 2002. But this interest remained confined only to the private sector. It is not possible to ignore the benefits that may be obtained by use of derivative instruments when the past experiences of Turkey are observed. In this study it is explained the importance of a sound external public debt management and the advantages of use of derivative instruments within this frame. It is signified that evaluation and development of the derivative market will be advantageous, both in order for the economic development plans to be executed in a more clear way and in terms of assistance to the monetary policies to become successful. ; Kamu borçlanması, çoğu ülkenin gerek artan kamu harcamaları gerekse büyük kamu yatırımları karşısında sıklıkla başvurduğu bir finansman aracıdır. Kamu borçlanması ile ilgili olarak en eski iktisadi düşünce akımlarından günümüze kadar pek çok farklı düşünce ve teori ortaya konulmuştur. Günümüzde, ekonominin her zaman piyasa şartları ile dengeye gelmesinin imkansızlığı ve sosyal devlet anlayışı içerisinde devletin ekonomide rol alması gerektiği hemen hemen her ülke tarafından kabul edilen bir gerçekliktir. Bu bağlamda, gerçekleştirilen kamu harcamalarının finansmanı için gerekli iç dinamiklere sahip olmayan ülkelerin de dış borçlanmaya gitmesi oldukça olağan bir durumdur. Uluslararası piyasalarda, gerçekleşen enflasyonist baskılar ve konjonktürel değişimler sonucunda pek çok global kriz ile karşılaşılmış, gelişmekte olan ülkelerde kamu açıkları ciddi seviyelere ulaşmıştır. Sağlam bir ekonomiye ve finansal yapıya sahip olmayan bu ülkeler, kamu açıklarını yüksek miktarlarda dış borçlanmaya başvurarak kapatabilmiştir. Bu borçlanma süreci, özellikle 1980'li yıllar itibari ile oldukça fazla ivmelenme kazanmış, borç hadleri ve servisleri gelişmekte olan ülke ekonomilerini ve dolayısıyla da borç veren ülkelerin durumlarını tehlikeye sokar olmuştur. Bu durum, gelişmekte olan ülkelerde kamu iç ve dış borç yönetimine odaklanılması gerekliliğini ortaya çıkarmıştır. Bu dönemden itibaren gelişmekte olan ülkeler, borç stoklarının sınırı, risk oranı ve sürdürülebilirliği gibi konulara eğilerek kamu iç ve dış borç yönetimi konusunda çalışmalar başlatmıştır. Aynı dönemlerde, uluslararası piyasalarda borçlanmanın getirdiği riskleri azaltmak amacıyla yapılan çalışmalar sonucunda ortaya türev piyasa ürünleri çıkmış ve döviz kuru, faiz oranı, enflasyon gibi bir takım risklerin azaltılmasını sağlayan bu ürünler, kamu iç ve dış borç yönetimi kapsamında pek çok gelişmiş ülke tarafından etkin şekilde kullanılmıştır. Bu ürünlerin işlem gördüğü piyasalar gün geçtikçe büyümüş ve bazı ekonomik ve finansal kurumların da teşviki ile gelişmekte olan ülkelerin de dikkatini çekmeyi başarmıştır. Türkiye'de de durum, gelişmekte olan ülkelerden farklı olmamıştır. Özellikle 1980'den sonra, gerçekleştirilen ekonomik ve finansal reformların etkisi ve de bu dönemde uygulanan politikalar nedeniyle kamu dış borç seviyeleri hızla artış göstermiştir. 1980'li yılların başında kamu dış borç yönetimi kavramı ile tanışan Türkiye, bir takım düzenlemeleri ve altyapı çalışmalarını gerçekleştirmiş olsa da etkin bir kamu dış borç yönetimi girişiminden ancak son on yıl için bahsetmek mümkündür. Bu son on yıl içerisinde, kamu dış borç yönetiminin gerektirdiği analizler yapılmaya başlanmış, döviz kuru, değişken faiz oranı ve vade gibi riskler göz önüne alınarak borçlanma stratejileri geliştirilmiştir. Kamu iç ve dış borç yönetiminde 80'li yıllarda bir alternatif olarak ortaya çıkan ve risk yönetimi sağlayan türev ürünler ise Türkiye'de 90'lı yılların sonunda ilgi çekmeye başlamış ve ancak 2002'de Vadeli İşlemler Piyasası'nın açılması ile işlem hacmi artmıştır. Ancak bu ilgi özel sektör ile sınırlı kalmış, kamu dış borç yönetiminde kullanıma gidilmemiştir. Türkiye'nin geçirmiş olduğu ekonomik ve finansal krizler, geçmişte maruz kaldığı döviz kuru ve faiz oranları riskleri göz önüne alındığında türev ürünlerin kullanımı ile sağlanacak faydaları göz ardı etmek mümkün değildir. Bu nedenle, bu çalışmada kamu dış borç yönetiminin artan önemi vurgulanarak, bu bağlamda kullanılacak türev ürünlerin sağlayacağı faydalar ortaya koyulmakta, bu piyasaların gerek ekonomik kalkınma planlarının daha net şekilde yapılabilmesi, gerekse para politikalarının başarılı olmasına yardımcı olması açısından değerlendirilmesinde ve geliştirilmesinde fayda olacağı vurgulanmaktadır.
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In: World development: the multi-disciplinary international journal devoted to the study and promotion of world development, Band 7, Heft 2, S. 211-224
The policy of external and domestic public debt management in different countries has its own specifics, and its results are not always unambiguous. Thus, the existing recommendations of the International Monetary Fund and the Maastricht criteria prove that the maximum value of public debt to GDP should be no more than 60 %. Exceeding this limit can lead to a deterioration in financial stability, debt sustainability, and ultimately to a technical default of the state. However, the practice of public debt management in many developed countries shows quite opposite trends, as a significant excess of the Maastricht criterion not only does not lead to default, but on the contrary allows countries to accumulate the necessary financial resources to ensure stable economic growth. Therefore, the study of European debt strategies and their effectiveness is a very important issue, especially given the consequences of the COVID-19 pandemic for developing countries. Given the growing external debt dependence of Ukraine as a result of both the war with the Russian Federation and the COVID-19 pandemic, the search for a better experience of European debt policy and consideration of ways to adapt it to domestic realities are discussed in our article. Based on the analysis of the debt policy of European countries, the expediency of using debt rules, aimed at regulating both the country's debt security and the effectiveness of the use of public borrowing to stimulate economic growth has been proved. Cluster analysis of debt strategies of some European countries has shown that the high level of dependence on external public debt has a negative impact on economic security in general, because in the event of deteriorating macroeconomic situation, the likelihood of foreign investors selling government securities increases, and in the case of external loans from international financial and credit organizations – the risks of negative impact of burdensome non-financial obligations on the national economy grow.
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