BibTex RIS Kaynak Göster

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Yıl 2013, Cilt: 27 Sayı: 3, 91 - 110, 23.05.2013

Öz

In this study sustainability of budget deficit in Turkey was analysed by using three different model with the data of 1987:M1-2013:M2 periods. In models, it was tested by using central government real budget revenues and central government real budget expenditures (including interest payments) series with Johansen co-integration method. In the analysis, 1987:M1-2013:M2 period was searched as two sub-terms and full term in order to see the effects of “The New Economic Stability Program”. As a result, it was determined that the budget deficit in Turkey in 1987-2001 periods was sustainable in very weak-form, in 2001-2013 periods was sustainable in strongform and in 1987-2013 periods was sustainable in weak-form.

Kaynakça

  • Ahmed S. and Rogers, J. H. (1995) “Government Budget Deficits and Trade Deficits: Are Present Value Constraints Satisfied in Long-Term Data?”, Journal of Monetary Economics, 36(2):351-374.
  • Anand, R. and Wijnbergen, V. S. (1989) “Inflation and Financing of Government Expenditure: An Introductory Analysis with An Application to Turkey”, World Bank Economic Review, 3(1): 17-38.
  • Apergis, N., Katrakilis, K.P. and Tabakis, N.M. (2000) “Current Account Deficit Sustainability: The Case of Greece”, Applied Economics Letters, (7), 599-603.
  • Araoz, F. M., Cerro, A. M., Meloni, O. and Genta, T. S. (2007) “Testing The Sustainability of Argentina Fiscal Policy 1865-2002”, XXII Journadas Anvales de Economia del Banco del Uruguay.
  • Arestis P., Cipollini A. and Fattouh, B. (2004), “Threshold Effects in the U.S. Budget Deficit”, Economic Inquiry, 42(2): 214-222.
  • Arghyrou, M.G. and Luintel, K.B. (2003) “Government Solvency: Revisiting Some EMU Countries”, Royal Economic Society Annual Conference, 8: 23-51.
  • Aslan, A. (2009) “Bütçe Açığı Sürdürülebilirliğinin Dinamik Analizi: Türkiye Örneği”, Maliye Dergisi, 157.
  • Azgün, S. ve Taşdemir, M. (2006) “Bütçe Açıklarının Sürdürülebilirliği: Zamanlararası Borçlanma Kısıtının Testi (1980-2004)”, Atatürk Üniversitesi İİBF Dergisi, 20 (2): 35-47.
  • Baharumshah, A.Z., Lau, E. and Fountas, S. (2003) “On the Sustainability of Current Account Deficits: Evidence From Four ASEAN Countries”, Journal of Asian Economics, 14(3), 465-487.
  • Blejer, M.I. and Cheasty, A. (1991) “The Measurament of Fiscal Deficts: Analiticaland Methodological Issues”, Journal of Economic Literature, 34: 1644.
  • Crowder W. J. (1997) “The US Federal Intertemporal Budget Constraint: Restoring Equilibrium Through Increased Revenues or Decreased Spending?”, Macroeconomics 9702002, EconWPA.
  • De H. J. and Siermann, C. (1993) “The Intertemporal Government Budget Constraint: An Application for The Netherlands” Public Finance, 48(2): 24-249.
  • Edwards, S. (2002) “Debt Relief and Fiscal Sustainability”, National Bureau of Economic Research, NBER Working Paper Series, Working Paper 8939, May 2002.
  • Enders, W. (1995) “Applied Econometric Time Series”, John Willey and Song, Inc.
  • Engle, R.F. and Granger, C.W.J. (1987) “Co-Integration and Error Correction: Represention, Estimation and Testing”, Econometrica, 55(2), 25127
  • Fountas, S. and WU, J.L. (1996), “Are The Greek Budget Defgicits too Large?”, Applied Economics Letters, 3: 487-490.
  • Galli, E. and Padovano, F. (2005) “Sustainability and Determinants of Italian Public Deficits Before and After Maastricht”, CESifp Working Paper, 139
  • Geithner, T. (2002) “Assessing Sustainability”, International Monetary Fund, Policy Development and Review Department, May 2002.
  • Göktaş Ö. (2008) “Türkiye Ekonomisinde Bütçe Açığının Sürdürülebilirliğinin Analizi”, İstanbul Üniversitesi İktisat Fakültesi Ekonometri ve İstatistik Dergisi, 8: 45-64.
  • Gregory, A. W. and Hansen B. E. (1996) "Residual-Based Tests of Cointegration in Models with Regime Shifts," Journal of Econometrics, 70: 99- 126.
  • Günaydın, E. (2003) “Analysing the Sustainability of Fiscal Deficits in Turkey,” Hazine Dergisi, 16: 1-14.
  • Hakkio, C. S. and Rush, M. (1991) “Is the Budget Defict Too Large?”, Economic Inquiry, 29: 429-445.
  • Hamilton, J. and Flavın, M. (1986) "On the Limitations of Government Borrowing: A Framework for Empirical Testing", American Economic Review, 76: 808- 819.
  • Haug A. A. (1995) “Has Federal Budget Deficit Policy Changed in Recent Years?”, Economic Inquiry, 33(1): 104-118.
  • Husted, S. (1992) “The Emerging U.S. Current Account Deficit in the 1980s: A Cointegration Analysis”, The Review Of Economics & Statics, 15916
  • IMF, (2013) Wold Economic Outlook Database, April, 2013.
  • Intergeneratıonal Report, (2002) “Treasurer of Common Wealth of Australia”, Budget Paper, No:5, http://www.treasury.gov.au/igr/, (18.12.2012).
  • Jha, R. and Sharma, A. (2004) “Structural Breaks and Unit Roots: A Further Test of the Sustainability of the Indian Fiscal Deficit”, Public Finance Review, 2(2): 196-219.
  • Johansen, S. (1988) “Statistical Analysis of Cointegration Vectors”, Journal of Economic Dynamic and Control, (12), 231-254.
  • Johansen, S. and Juselius, K. (1990) “Maximum Likelihood Estimation and Inference on Cointegration With Application to the Demand for Money”, Oxford Bulletin of Economic and Statistics, 52, 169-210.
  • Kalyoncu, H. (2005) “Fiscal Policy Sustainability: Test of Intertemporal Borrowing Constraints”, Applied Economic Letters, 12: 957-962.
  • Kashalala, T. G. (2006) “Is Fiscal Policy Sustainable in South Africa? An Application of The Econometric Approach”, University of Pretoria Department of Economcs Working Paper Series, 14.
  • Koo, C. M. (2002), “Fiscal Sustainability in the Wake of the Economic Crisis in Korea”, Journal of Asian Economics, 3(5): 659-669.
  • Kremers, J., (1989) "U.S. Federal Indebtedness and the Conduct of Fiscal Policy", Journal of Monetary Economics, 23: 219-238.
  • Makrydakis, S., E. T. and Balfoussias, A. (1999), “ Policy Regime Changes and the Long–Run Sustainability of Fiscal Policy: An Application to Greece”, Economic Modelling, 6: 71-86.
  • Marinheiro, C. F. (2005) “Sustainability of Portuguese Fiscal Policy in Historical Perspective”, CESifo Working Paper, 1399.
  • Mankiw, G. (2010) “What’s Sustainable About This Budget?”, New York Times, http://www.nytimes.com/2010/02/14/business/economy/14view.html (20/04/2011).
  • Martin G. M. (2000) “US Deficit Sustainability: A New Approach Based on Multiple Endogenous Breaks”, Journal of Applied Econometrics, 15(1): 83-105.
  • Mercan, M. (2013) “Budget deficits sustainable? An empirical analysis for OECD countries”, 2nd World Conference on Business, Economics and Management (BEM-2013), 25-28 April 2013, Belek, Antalya, Turkey
  • Obstfeld, M. and Rogoff, K. (1996) “Foundations of International Macroeconomics”, The MIT Press.
  • Özmen, E. ve Kogar, Ç. İ. (1998) “Sustainability of Budget Deficits in Turkey with Structural Shift”, METU Studies in Development, 25(1): 107-127. Panagiotis, P., Emmanouil, T., Athanasios A. L. and Constantinos, K. (2009), “ On the Dynamics of the Greek Twin Deficits: Empirical evidence Over the Period 19602007”, International Journal of Economic Sciences and Applied Research, 2(2):9-32.
  • Payne, J. E., Hassan M. and Cak, M. (2008) “Turkish Budget Deficit Sustainability and The Revenue-Expenditure Nexus”, Applied Economics , (7): 823-830.
  • Peker, O. ve Göçer, İ. (2012) “Bütçe Açıklarının Ampirik Analizi”, Yönetim ve Ekonomi Dergisi, 19(1), 163 – 176.
  • Quintos, C.E. (1995) “Sustainability of the Deficit Process with Structural Shifts”, Journal of Business and Economic Statistics, 13, 409–417.
  • Roberds, W. (1991) "Implications of Expected Present Value Budget Balance: Application to Postwar U.S. Data", In Rational Expectations Econometrics, Edited by Lars Hansonand Thomas Sargent. Boulder: Westview Press.
  • Rubıo, O. B., Roldán, C. D. and Esteve, V. (2006) “Is The Budget Defict Sustainable When Fiscal Policy is Nonlinear? The case of Spain”, Journal of Macroeconomics, 28: 596–608.
  • Slack E. and Ricahard M. B. (2004) “The Fiscal Sustainability of The Greater Toronto Area”, International Tax Program, Institute for International Business, Joseph L. Rotman School of Management, University of Toronto, ITP Paper, 0405.
  • Siriwardana Mahinda K. M. (1998) “An Analysis of Fiscal Sustainability in Sri Lanka”, Central Bank of Sri Lanka Staff Studies, 27-28: 80-111 (http://www.centralbanklanka.org/ saff_studies_vol_2728d.PDF)
  • Şen, H., Sağbaş İ. ve Keskin, A. (2010) “Türkiye’de Mali Sürdürülebilirliğin Analizi: 1975-2007”, Maliye Dergisi, 158.
  • Tarı, R. (2008) “Ekonometri”, 8. Baskı, Avcı Ofset, İstanbul.
  • Trehan, B. and Walsh, C. E. (1988) "Common Trends, the Government Budget Constraint and Revenue Smoothing", Journal of Economic Dynamics and Control, 12: 425-444.
  • Trehan B. and Walsh, C. E. (1991) “Testing Intertemporal Budget Constraints: Theory and Application to U.S Federal Budget and Current Account Deficits”, Journal of Money, Credit and Banking, 23(2):206-223.
  • TCMB., (2011) “Türkiye’nin Güçlü Ekonomiye Geçiş Programı”, http://www.tcmb.gov.tr/yeni/ duyuru/eko_program/program.pdf, (2011).
  • Uygur, E. (2012) “Türkiye’de Cari Açık Tartışması”, TEK Tartışma Metni, 25:4-9
  • Wilcox, D. W. (1989) "The Sustainability of Government Deficits: Implications of the Present-Value Borrowing Constraint", Journal of Money, Credit, and Banking, 21: 291-306.
  • WU J. L. (1998) “Are Budget Deficits “Too Large?”:The Evidence From Taiwan”, Journal of Asian Economics, 9(3): 519-528.
  • Yıldırım, K. ve Özcan, S. E. (2011) “Bütçe Açıklarının Sürdürülebilirliği: 1970–2005 Türkiye Örneği”, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 30: 39-49.

ZAMANLARARASI DIŞ DENGE KISITI YAKLAŞIMI ÇERÇEVESİNDE TÜRKİYE’DE BÜTÇE AÇIĞININ SÜRDÜRÜLEBİLİRLİĞİ

Yıl 2013, Cilt: 27 Sayı: 3, 91 - 110, 23.05.2013

Öz

Bu çalışmada, Türkiye'deki bütçe açığının sürdürülebilirliği;
1987:M1-2013:M2 dönemi verileriyle üç farklı model kullanılarak analiz
edilmiştir: Modellerde, merkezi yönetim reel bütçe gelirleri ve merkezi yönetim
reel bütçe harcamaları (faiz ödemeleri dahil) serileri kullanılarak, Johansen eş-
bütünleşme yöntemiyle test edilmiştir. Analizde 2001 sonrası uygulanan “güçlü
ekonomiye geçiş programı” nın etkilerini görmek amacıyla, 1987-2013 dönemi,
iki alt dönem ve tam dönem olarak araştırılmıştır. Sonuç olarak; 1987-2001
döneminde Türkiye’de bütçe açığının oldukça zayıf formda, 2001-2013
döneminde ise güçlü formda sürdürülebilir olduğu ve 1987-2013 döneminde ise
zayıf formda sürdürülebilir olduğu bulgusu elde edilmiştir.

Kaynakça

  • Ahmed S. and Rogers, J. H. (1995) “Government Budget Deficits and Trade Deficits: Are Present Value Constraints Satisfied in Long-Term Data?”, Journal of Monetary Economics, 36(2):351-374.
  • Anand, R. and Wijnbergen, V. S. (1989) “Inflation and Financing of Government Expenditure: An Introductory Analysis with An Application to Turkey”, World Bank Economic Review, 3(1): 17-38.
  • Apergis, N., Katrakilis, K.P. and Tabakis, N.M. (2000) “Current Account Deficit Sustainability: The Case of Greece”, Applied Economics Letters, (7), 599-603.
  • Araoz, F. M., Cerro, A. M., Meloni, O. and Genta, T. S. (2007) “Testing The Sustainability of Argentina Fiscal Policy 1865-2002”, XXII Journadas Anvales de Economia del Banco del Uruguay.
  • Arestis P., Cipollini A. and Fattouh, B. (2004), “Threshold Effects in the U.S. Budget Deficit”, Economic Inquiry, 42(2): 214-222.
  • Arghyrou, M.G. and Luintel, K.B. (2003) “Government Solvency: Revisiting Some EMU Countries”, Royal Economic Society Annual Conference, 8: 23-51.
  • Aslan, A. (2009) “Bütçe Açığı Sürdürülebilirliğinin Dinamik Analizi: Türkiye Örneği”, Maliye Dergisi, 157.
  • Azgün, S. ve Taşdemir, M. (2006) “Bütçe Açıklarının Sürdürülebilirliği: Zamanlararası Borçlanma Kısıtının Testi (1980-2004)”, Atatürk Üniversitesi İİBF Dergisi, 20 (2): 35-47.
  • Baharumshah, A.Z., Lau, E. and Fountas, S. (2003) “On the Sustainability of Current Account Deficits: Evidence From Four ASEAN Countries”, Journal of Asian Economics, 14(3), 465-487.
  • Blejer, M.I. and Cheasty, A. (1991) “The Measurament of Fiscal Deficts: Analiticaland Methodological Issues”, Journal of Economic Literature, 34: 1644.
  • Crowder W. J. (1997) “The US Federal Intertemporal Budget Constraint: Restoring Equilibrium Through Increased Revenues or Decreased Spending?”, Macroeconomics 9702002, EconWPA.
  • De H. J. and Siermann, C. (1993) “The Intertemporal Government Budget Constraint: An Application for The Netherlands” Public Finance, 48(2): 24-249.
  • Edwards, S. (2002) “Debt Relief and Fiscal Sustainability”, National Bureau of Economic Research, NBER Working Paper Series, Working Paper 8939, May 2002.
  • Enders, W. (1995) “Applied Econometric Time Series”, John Willey and Song, Inc.
  • Engle, R.F. and Granger, C.W.J. (1987) “Co-Integration and Error Correction: Represention, Estimation and Testing”, Econometrica, 55(2), 25127
  • Fountas, S. and WU, J.L. (1996), “Are The Greek Budget Defgicits too Large?”, Applied Economics Letters, 3: 487-490.
  • Galli, E. and Padovano, F. (2005) “Sustainability and Determinants of Italian Public Deficits Before and After Maastricht”, CESifp Working Paper, 139
  • Geithner, T. (2002) “Assessing Sustainability”, International Monetary Fund, Policy Development and Review Department, May 2002.
  • Göktaş Ö. (2008) “Türkiye Ekonomisinde Bütçe Açığının Sürdürülebilirliğinin Analizi”, İstanbul Üniversitesi İktisat Fakültesi Ekonometri ve İstatistik Dergisi, 8: 45-64.
  • Gregory, A. W. and Hansen B. E. (1996) "Residual-Based Tests of Cointegration in Models with Regime Shifts," Journal of Econometrics, 70: 99- 126.
  • Günaydın, E. (2003) “Analysing the Sustainability of Fiscal Deficits in Turkey,” Hazine Dergisi, 16: 1-14.
  • Hakkio, C. S. and Rush, M. (1991) “Is the Budget Defict Too Large?”, Economic Inquiry, 29: 429-445.
  • Hamilton, J. and Flavın, M. (1986) "On the Limitations of Government Borrowing: A Framework for Empirical Testing", American Economic Review, 76: 808- 819.
  • Haug A. A. (1995) “Has Federal Budget Deficit Policy Changed in Recent Years?”, Economic Inquiry, 33(1): 104-118.
  • Husted, S. (1992) “The Emerging U.S. Current Account Deficit in the 1980s: A Cointegration Analysis”, The Review Of Economics & Statics, 15916
  • IMF, (2013) Wold Economic Outlook Database, April, 2013.
  • Intergeneratıonal Report, (2002) “Treasurer of Common Wealth of Australia”, Budget Paper, No:5, http://www.treasury.gov.au/igr/, (18.12.2012).
  • Jha, R. and Sharma, A. (2004) “Structural Breaks and Unit Roots: A Further Test of the Sustainability of the Indian Fiscal Deficit”, Public Finance Review, 2(2): 196-219.
  • Johansen, S. (1988) “Statistical Analysis of Cointegration Vectors”, Journal of Economic Dynamic and Control, (12), 231-254.
  • Johansen, S. and Juselius, K. (1990) “Maximum Likelihood Estimation and Inference on Cointegration With Application to the Demand for Money”, Oxford Bulletin of Economic and Statistics, 52, 169-210.
  • Kalyoncu, H. (2005) “Fiscal Policy Sustainability: Test of Intertemporal Borrowing Constraints”, Applied Economic Letters, 12: 957-962.
  • Kashalala, T. G. (2006) “Is Fiscal Policy Sustainable in South Africa? An Application of The Econometric Approach”, University of Pretoria Department of Economcs Working Paper Series, 14.
  • Koo, C. M. (2002), “Fiscal Sustainability in the Wake of the Economic Crisis in Korea”, Journal of Asian Economics, 3(5): 659-669.
  • Kremers, J., (1989) "U.S. Federal Indebtedness and the Conduct of Fiscal Policy", Journal of Monetary Economics, 23: 219-238.
  • Makrydakis, S., E. T. and Balfoussias, A. (1999), “ Policy Regime Changes and the Long–Run Sustainability of Fiscal Policy: An Application to Greece”, Economic Modelling, 6: 71-86.
  • Marinheiro, C. F. (2005) “Sustainability of Portuguese Fiscal Policy in Historical Perspective”, CESifo Working Paper, 1399.
  • Mankiw, G. (2010) “What’s Sustainable About This Budget?”, New York Times, http://www.nytimes.com/2010/02/14/business/economy/14view.html (20/04/2011).
  • Martin G. M. (2000) “US Deficit Sustainability: A New Approach Based on Multiple Endogenous Breaks”, Journal of Applied Econometrics, 15(1): 83-105.
  • Mercan, M. (2013) “Budget deficits sustainable? An empirical analysis for OECD countries”, 2nd World Conference on Business, Economics and Management (BEM-2013), 25-28 April 2013, Belek, Antalya, Turkey
  • Obstfeld, M. and Rogoff, K. (1996) “Foundations of International Macroeconomics”, The MIT Press.
  • Özmen, E. ve Kogar, Ç. İ. (1998) “Sustainability of Budget Deficits in Turkey with Structural Shift”, METU Studies in Development, 25(1): 107-127. Panagiotis, P., Emmanouil, T., Athanasios A. L. and Constantinos, K. (2009), “ On the Dynamics of the Greek Twin Deficits: Empirical evidence Over the Period 19602007”, International Journal of Economic Sciences and Applied Research, 2(2):9-32.
  • Payne, J. E., Hassan M. and Cak, M. (2008) “Turkish Budget Deficit Sustainability and The Revenue-Expenditure Nexus”, Applied Economics , (7): 823-830.
  • Peker, O. ve Göçer, İ. (2012) “Bütçe Açıklarının Ampirik Analizi”, Yönetim ve Ekonomi Dergisi, 19(1), 163 – 176.
  • Quintos, C.E. (1995) “Sustainability of the Deficit Process with Structural Shifts”, Journal of Business and Economic Statistics, 13, 409–417.
  • Roberds, W. (1991) "Implications of Expected Present Value Budget Balance: Application to Postwar U.S. Data", In Rational Expectations Econometrics, Edited by Lars Hansonand Thomas Sargent. Boulder: Westview Press.
  • Rubıo, O. B., Roldán, C. D. and Esteve, V. (2006) “Is The Budget Defict Sustainable When Fiscal Policy is Nonlinear? The case of Spain”, Journal of Macroeconomics, 28: 596–608.
  • Slack E. and Ricahard M. B. (2004) “The Fiscal Sustainability of The Greater Toronto Area”, International Tax Program, Institute for International Business, Joseph L. Rotman School of Management, University of Toronto, ITP Paper, 0405.
  • Siriwardana Mahinda K. M. (1998) “An Analysis of Fiscal Sustainability in Sri Lanka”, Central Bank of Sri Lanka Staff Studies, 27-28: 80-111 (http://www.centralbanklanka.org/ saff_studies_vol_2728d.PDF)
  • Şen, H., Sağbaş İ. ve Keskin, A. (2010) “Türkiye’de Mali Sürdürülebilirliğin Analizi: 1975-2007”, Maliye Dergisi, 158.
  • Tarı, R. (2008) “Ekonometri”, 8. Baskı, Avcı Ofset, İstanbul.
  • Trehan, B. and Walsh, C. E. (1988) "Common Trends, the Government Budget Constraint and Revenue Smoothing", Journal of Economic Dynamics and Control, 12: 425-444.
  • Trehan B. and Walsh, C. E. (1991) “Testing Intertemporal Budget Constraints: Theory and Application to U.S Federal Budget and Current Account Deficits”, Journal of Money, Credit and Banking, 23(2):206-223.
  • TCMB., (2011) “Türkiye’nin Güçlü Ekonomiye Geçiş Programı”, http://www.tcmb.gov.tr/yeni/ duyuru/eko_program/program.pdf, (2011).
  • Uygur, E. (2012) “Türkiye’de Cari Açık Tartışması”, TEK Tartışma Metni, 25:4-9
  • Wilcox, D. W. (1989) "The Sustainability of Government Deficits: Implications of the Present-Value Borrowing Constraint", Journal of Money, Credit, and Banking, 21: 291-306.
  • WU J. L. (1998) “Are Budget Deficits “Too Large?”:The Evidence From Taiwan”, Journal of Asian Economics, 9(3): 519-528.
  • Yıldırım, K. ve Özcan, S. E. (2011) “Bütçe Açıklarının Sürdürülebilirliği: 1970–2005 Türkiye Örneği”, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 30: 39-49.
Toplam 57 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Mehmet Mercan

Mehmet Mercan

Yayımlanma Tarihi 23 Mayıs 2013
Yayımlandığı Sayı Yıl 2013 Cilt: 27 Sayı: 3

Kaynak Göster

APA Mercan, M., & Mercan, M. (2013). ZAMANLARARASI DIŞ DENGE KISITI YAKLAŞIMI ÇERÇEVESİNDE TÜRKİYE’DE BÜTÇE AÇIĞININ SÜRDÜRÜLEBİLİRLİĞİ. Atatürk Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 27(3), 91-110.

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