External Debt and Economic Growth in Transition Countries: Case of Kyrgyzstan

Year 2020, Volume: 9 Issue: 1, 60 - 75, 27.01.2020

Junus Ganiev , Damira Baigonushova Nurbek Madmarov Raziiakhan Abdieva

https://doi.org/10.33206/mjss.581860

Cited By: 4

Abstract

In many developing
countries out of shortage of savings and capital external resources as external
debt, foreign direct investment and transfers are play significant role in the
fostering economic growth and development. Goal of this paper is to investigate
the impact of external public debt, current transfers and foreign direct investments
on GDP in the Kyrgyz Republic. Using quarterly data for the period
2000Q1-2017Q3 and the ARDL cointegration approach it was found that a
cointegration relation between current transfers, external debt, FDI and GDP.
According to results, current transfers’ contribution to the country’s economy
is more than government debts. It is suggested that the government should focus
more on foreign direct investments than foreign debts and current transfers by
considering the long term.

Keywords

external debt, foreign direct investment, current transfers, economic growth, Kyrgyzstan

External Debt and Economic Growth in Transition Countries: Case of Kyrgyzstan

Abstract

Birçok
gelişmekte olan ülkede tasarruf ve sermaye yetersizliğinden dolayı dış borç,
doğrudan yabancı yatırımlar ve transferler gibi dış kaynaklar ekonomik büyüme
ve kalkınmanın desteklenmesinde önemli rol oynamaktadır. Bu çalışmanın amacı,
Kırgız Cumhuriyeti’nde dış kamu borcunun, cari transferlerin ve doğrudan
yabancı yatırımların GSYİH üzerindeki etkisini araştırmaktır. 2000Q1-2017Q3
dönemi çeyrek verileri ve ARDL eşbütünleşme yaklaşımı kullanılarak cari
transferler, dış borç, DYY ve GSYİH arasında eşbütünleşme ilişkisi olduğu tespit
edilmiştir. Sonuçlara göre, cari transferlerin ülke ekonomisine
olan katkısı devlet borçlarından daha yüksektir. Hükümetin uzun vadeyi göz
önünde bulundurarak dış borçlara ve cari transferlere göre doğrudan yabancı
yatırımların artırılmasına daha fazla odaklanması gerektiği önerilmektedir.

Keywords

dış borç, doğrudan yabancı yatırımlar, cari transferler, ekonomik büyüme, Kırgızistan

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