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Yıl 2014, Cilt: 3 Sayı: 7, 84 - 119, 09.11.2015

Ahmet Ulusoy , Mehmet Ela

Öz

European sovereign debt crisis explains the period that low interest rates makes government and private debt high and also financial crisis transform this debt to high sovereign debt. In this period, low interest rates made government borrowing cost cheap and so sovereign debt increased considerably. In same period, private sector consumption and debt rose and this induced the housing bubbles. The expansionary fiscal policy against the effects of global financial crisis and bail-outs given to banks which are problematic made the sovereign debt highest and debt burden unsustainable for some countries. In this respect, it is worthwhile researching the European sovereign debt crisis which is multifaceted and complex and offering suggestions for Turkey. Turkey must maintain the strong fiscal position and increased country resilience against crisis. And Turkey must also maintain banking regulation and supervision which are intended to steady financial sector. The aim of this paper is analyzing the stages of development of European sovereign debt crisis and its reasons; and also emphasizing the actions Turkey can take and offering suggestions for Turkey

Anahtar Kelimeler

European Sovereign Debt Crisis Euro Area Turkey

Kaynakça

  • KAYNAKÇA
  • ABREU, M. D. P.; AGARWAL, M.; KADOCHNIKOV, S.; MIKIC, M.; WHALEY, J. ve YONGDING, Y. (2009), The Effects of The WorldFnancial Crisis on Developing Countries: An Initial Assessment, CIGI Task Force on Developing Countries, http://www.cigionline.org/sites/default/files/Task_Force_1.pdf. 10.02.2014.
  • ALPHANDERY, E. (2011). The Economic Consequence of the Euro Pact. Franklin Allen, Elena Carletti ve Giancarlo Corsetti (Ed.), Life in The Eurozone with or without Sovereign Default içinde (s. 130-114). Philadelphia, USA: FIC Press.
  • ALOGOSKOUFİS, G. (2012). Greece’s Sovereign Debt Crisis: Retrospect and Prospect. Greese Working Paper, No.54, http://eprints.lse.ac.uk/42848/1/GreeSE%20No54.pdf, 25.10.2013.
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  • BALDWİN, R. ve GROS, D. (2010). Introduction: The Euro in Crisis– What to do?. Richard Baldwin, Daniel Gros and Luc Leaven (Ed.), Completing The Eurozone Rescue What More Needs to be Done içinde (s. 1-25).VoxEU Kitap, http://www.voxeu.org/sites/default/files/file/Eurozone_Rescue.pdf, 18.11.2013.
  • BAILY, N.M., LITAN, R.E. JOHNSON, M.S. (2008).The Origins of the Financial Crisis. Brookings Fixing Finance Series, Paper 3, 1-47.
  • BDDK (2014). Türk Bankacılık Sektörü Genel Görünümü. Sayı 2014/2. https://www.bddk.org.tr/WebSitesi/turkce/Raporlar/TBSGG/TBSGG.aspx. 12.06.2014.
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  • BDDK (2011b). Finansal Piyasalar Raporu. Sayı 21, http://www.bddk.org.tr/WebSitesi/turkce/Raporlar/Finansal_Piyasalar_Raporlari/9679fpr_mart_2011.pdf (12.06.2014).
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  • BEGG, I. (2012). The EU’s Response to the Global Financial Crisis and Sovereign Debt Crisis. Asia Europe Journal, 9(2-4), 107-124.
  • BEKER, V.A. 82014), The European Debt Crisis: Causes and Consequences. Journal of Stock&forex Trading, 3(2), 1-9.
  • BİLKİC, N.,CARRERAS PAİNTER, B. ve GRİES, T. (2013). Unsustainable Sovereign Debt-İs The Euro Crisis Only The Tip Of The İceberg. International Economics and Economic Policy, 10(1), 1-45.
  • BİRD, G. ve MANDİLARAS, A. (2013). Financial Imbalances and Output Crises in Europe: Will The Fİscal Compact Help or Hinder?.Journal of Economic Policy Reform, 16(1), 1-16.
  • BRENDER, A.,PİSANİ, F. ve GAGNA, E. (2012). The Sovereign Debt Crisis Placing a Curb on Growth. Paris: CEPS Publishing.
  • BROK, E. ve LANGEN, W.(2012). Sustainable Growth for Europe: The Four Crisis and a Call For Reform. Europan Wiew, 11, 189-199.
  • BUNDELL-WİGNALL, A. (2011). Solving the Financial and Sovereign Debt Crisis in Europe. OECD Journal: Financial Market Trends, 2, 1-23.
  • CANDELON, B. ve PALM, F.C. (2010). Banking and Debt Crises in Europe: The Dangerous Liaisons. De Economist,158(1), 81-99.
  • CARUANA, J. ve ANDJİEV, S. (2012). Sovereign Credithworthiness and Financial Stability: An International Perspective. Financial Stability Review, 16, 71-85.
  • CAYLA, D. (2013). European Debt Crisis: How a Public Debt Restructuring Can Solve a Pricate Debt Issue. Journal of EconomicIssues, 47(2), 427-436.
  • CHİNN, M.D. ve Frieden, J.A. (2012). The Eurozone in Crisis: Origins and Prospects. La Folette School WorkingPaper, No. 2010-001, 1-11.
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AVRUPA BORÇ KRİZİ VE TÜRKİYE İÇİN ÖNERİLER

Yıl 2014, Cilt: 3 Sayı: 7, 84 - 119, 09.11.2015

Ahmet Ulusoy , Mehmet Ela

Öz

Avrupa borç krizi, düşük faiz oranlarının yol açtığı kamu ve özel kesim borçlanmalarındaki artışın, finansal krizle birlikte yüksek kamu borçlarına dönüştüğü bir süreci ifade etmektedir. Bu süreçte düşen faizler devletlerin borçlanmasını daha ucuz hale getirmiş ve kamu borçları hızla artmıştır. Aynı süreçte özel kesim harcama ve borçları da artarak konut balonlarının oluşmasını tetiklemiştir. Küresel Finans krizinin etkisi ile uygulanan genişletici politikalar ve bankaların büyük kayıplarını karşılamak amacıyla devletlerce verilen yardım paketleri, ülkelerin borçlarının daha da artmasına ve bazı ülkeler için borçların sürdürülemez hale gelmesine neden olmuştur. Bu bakımdan; çok yönlü, kompleks bir yapıya sahip olan Avrupa borç krizinin incelenmesi Türkiye için öneriler çıkarılması anlamında da önemlidir. Türkiye, güçlü mali disiplini sürdürerek krizlere karşı direncini arttırmalı, bunu yaparken de istikrarlı bir finansal sektör oluşturmaya yönelik düzenleme ve denetimleri elden bırakmamalıdır.

Bu çalışmanın amacı, Avrupa borç krizinin gelişim süreci ve nedenlerini ayrıntılı bir şekilde analiz ederek, Türkiye’nin alabileceği önlemlere vurgu yapmak ve öneriler üretmektir.

 

Anahtar kelimeler: Avrupa Borç Krizi, Avro Bölgesi, Türkiye.

Anahtar Kelimeler

Avrupa Borç Krizi Avro Bölgesi Türkiye

Kaynakça

  • KAYNAKÇA
  • ABREU, M. D. P.; AGARWAL, M.; KADOCHNIKOV, S.; MIKIC, M.; WHALEY, J. ve YONGDING, Y. (2009), The Effects of The WorldFnancial Crisis on Developing Countries: An Initial Assessment, CIGI Task Force on Developing Countries, http://www.cigionline.org/sites/default/files/Task_Force_1.pdf. 10.02.2014.
  • ALPHANDERY, E. (2011). The Economic Consequence of the Euro Pact. Franklin Allen, Elena Carletti ve Giancarlo Corsetti (Ed.), Life in The Eurozone with or without Sovereign Default içinde (s. 130-114). Philadelphia, USA: FIC Press.
  • ALOGOSKOUFİS, G. (2012). Greece’s Sovereign Debt Crisis: Retrospect and Prospect. Greese Working Paper, No.54, http://eprints.lse.ac.uk/42848/1/GreeSE%20No54.pdf, 25.10.2013.
  • ASHCRAFT, A., GOLDSMITH-PINKHAM, P., HULL, P. ve VICKERY, J.(2011). Credit Ratings and Security Prices in the Subprime MBS Market. American Economic Review: Papers and Proceedings, 101(3), 115-119.
  • BALDWİN, R. ve GROS, D. (2010). Introduction: The Euro in Crisis– What to do?. Richard Baldwin, Daniel Gros and Luc Leaven (Ed.), Completing The Eurozone Rescue What More Needs to be Done içinde (s. 1-25).VoxEU Kitap, http://www.voxeu.org/sites/default/files/file/Eurozone_Rescue.pdf, 18.11.2013.
  • BAILY, N.M., LITAN, R.E. JOHNSON, M.S. (2008).The Origins of the Financial Crisis. Brookings Fixing Finance Series, Paper 3, 1-47.
  • BDDK (2014). Türk Bankacılık Sektörü Genel Görünümü. Sayı 2014/2. https://www.bddk.org.tr/WebSitesi/turkce/Raporlar/TBSGG/TBSGG.aspx. 12.06.2014.
  • BDDK (2013). Türk Bankacılık Sektörü Genel Görünümü. Sayı 2014/1. https://www.bddk.org.tr/WebSitesi/turkce/Raporlar/TBSGG/TBSGG.aspx. 12.06.2014.
  • BDDK (2012). Türk Bankacılık Sektörü Genel Görünümü. Sayı 2013/1. https://www.bddk.org.tr/WebSitesi/turkce/Raporlar/TBSGG/TBSGG.aspx. 12.06.2014.
  • BDDK (2011a). Türk Bankacılık Sektörü Genel Görünümü. Sayı 2012/1. https://www.bddk.org.tr/WebSitesi/turkce/Raporlar/TBSGG/TBSGG.aspx. 12.06.2014.
  • BDDK (2011b). Finansal Piyasalar Raporu. Sayı 21, http://www.bddk.org.tr/WebSitesi/turkce/Raporlar/Finansal_Piyasalar_Raporlari/9679fpr_mart_2011.pdf (12.06.2014).
  • BDDK (2010). Türk Bankacılık Sektörü Genel Görünümü. Sayı 2011/1. https://www.bddk.org.tr/WebSitesi/turkce/Raporlar/TBSGG/TBSGG.aspx. 12.06.2014.
  • BEGG, I. (2012). The EU’s Response to the Global Financial Crisis and Sovereign Debt Crisis. Asia Europe Journal, 9(2-4), 107-124.
  • BEKER, V.A. 82014), The European Debt Crisis: Causes and Consequences. Journal of Stock&forex Trading, 3(2), 1-9.
  • BİLKİC, N.,CARRERAS PAİNTER, B. ve GRİES, T. (2013). Unsustainable Sovereign Debt-İs The Euro Crisis Only The Tip Of The İceberg. International Economics and Economic Policy, 10(1), 1-45.
  • BİRD, G. ve MANDİLARAS, A. (2013). Financial Imbalances and Output Crises in Europe: Will The Fİscal Compact Help or Hinder?.Journal of Economic Policy Reform, 16(1), 1-16.
  • BRENDER, A.,PİSANİ, F. ve GAGNA, E. (2012). The Sovereign Debt Crisis Placing a Curb on Growth. Paris: CEPS Publishing.
  • BROK, E. ve LANGEN, W.(2012). Sustainable Growth for Europe: The Four Crisis and a Call For Reform. Europan Wiew, 11, 189-199.
  • BUNDELL-WİGNALL, A. (2011). Solving the Financial and Sovereign Debt Crisis in Europe. OECD Journal: Financial Market Trends, 2, 1-23.
  • CANDELON, B. ve PALM, F.C. (2010). Banking and Debt Crises in Europe: The Dangerous Liaisons. De Economist,158(1), 81-99.
  • CARUANA, J. ve ANDJİEV, S. (2012). Sovereign Credithworthiness and Financial Stability: An International Perspective. Financial Stability Review, 16, 71-85.
  • CAYLA, D. (2013). European Debt Crisis: How a Public Debt Restructuring Can Solve a Pricate Debt Issue. Journal of EconomicIssues, 47(2), 427-436.
  • CHİNN, M.D. ve Frieden, J.A. (2012). The Eurozone in Crisis: Origins and Prospects. La Folette School WorkingPaper, No. 2010-001, 1-11.
  • DADUSH, U. ve EİDELMAN V. (2010). Germany: Europe’s Pride or Europe’s Problem?. Uri Dadush (Ed.), Paradigm Lost The Euro in Crisis içinde (s. 17-21). Carnegie Endowment, http://carnegieendowment.org/files/Paradigm_Lost2.pdf. 06.03.2014.
  • DADUSH, U. ve STANCİL, B. (2010). Europe’s Debt Crisis: Morethan a Fiscal Problem. Uri Dadush (Ed.), Paradigm Lost The Euro in Crisis içinde (s. 9-15). Carnegie Endowment, http://carnegieendowment.org/files/Paradigm_Lost2.pdf. 06.03.2014.
  • DE CORTE, S. ve LAGESON, J. (2012). Leading Europe Beyond the Crisis. European View, 11, 89-93.
  • DE GRAUWE, P. (2010). The Financial Crisis and the Future of Eurozone. Bruges European Economic Policy Briefing, No. 21, 1-12.
  • DOMBERT, A. (2013). The European Sovereign Debt Crisis- Past, Present and Future. http://www.bis.org/review/r130827a.pdf. 05.05.2014.
  • EL-ERİAN, M. (2012). When Western Sovereign Risk is in Play. Financial Stability Review, 16, 29-36.
  • European Commission (2011). Quarterly Report on the Euro Area. 10(3), http://ec.europa.eu/economy_finance/publications/qr_euro_area/2011/pdf/qrea3_en.pdf. 30.03.2014.
  • Eurostat (2014). http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1 &plugin=0&language=en&pcode=tipsho10&tableSelection=1. 01.06.2014.
  • GARTNER, M, GRİESBACH, B. ve JUNG, F. (2011). PIGS or Lambs? The European Sovereign Debt Crisis and the Role of Rating Agencies. International Adv Econ Res, 17, 288-299.
  • GROS, D. ve ALCİDİ, C. (2010). The Impact of the Financial Crisis on the Real Economy. Intereconomics, 1, 4-10.
  • HALEP, M. (2012). Sovereign Debt Crisis in the Eurozone- Towards an Inevitable Reforming of the Euro Institutions. Ovidius University Annals, Economic Sciences Series, XII(2), 192-197.
  • HELLWİG, M. (2011). Quo Vadis, Euroland? European Monetary Union Between Crisis and Reform. Franklin Allen, Elena Carletti ve Giancarlo Corsetti (Ed.), Life in The Eurozone with or without Sovereign Default içinde (s. 59-76). Philadelphia, USA: FIC Press.
  • HERNANDEZ, L. ve GAMARRA, B. (2011), Debt Sustainability and Debt Distress in the Wake of theOngoing Financial Crisis: The Case of IDA-Only African Countries. Carlos A. PrimoBraga ve Gallina A. Vincelette (Ed.) SovereignDebtand Financial Crisisiçinde (s.129-173), The World Bank, Washington, ABD.
  • HİGGİNS, M. ve KLİTGAARD, T. (2011). Euro Area Sovereign Debt Crisis. Current Issues in Economics and Finance, 17(5), 1-11.
  • IMF (International MonetaryFund) (2009).Global Financial Stability Report Responding to the Financial Crisis and Measuring Systemic Risk, http://www.imf.org/external/pubs/ft/gfsr/2009/01/pdf/text.pdf, 15.10.2013.
  • IOANA-IULİCA, V. ve IULİANA, T. (2012). The PIIGS Group of Sovereign Debt. Ovidius University Annals, Economic Sciences Series, XII(2), 294-297.
  • KALKAN, S. (2011). Cari İşlemler Açığında Neler Oluyor? Bu Defa Farklı mı, Yoksa Aynı mı?. Tepav Değerlendirme Notu, http://www.tepav.org.tr/upload/files/1298360666-9.Cari_Islemler_Aciginda_Neler_Oluyor.pdf. 25.06.2014.
  • KESBİÇ, C.Y., BALDEMİR, E. ve DOĞAN, S. (t.y.). Rekabet Gücü Ölçümü ve Önemi: Türk Tarım Sektörü için Bir Analiz. http://www2.kafkas.edu.tr/duyurular/ web_katalog/hayvancilik_kat1/tarimiktanaliz.pdf, 01.07.2014.
  • LANDER, G.H.., Barker, K., Zabelina, M. ve Williams, T.A. (2009), Subprime Mortgage Tremors: An International Issue. International Advances in Economic Research, 15(1), 1-16.
  • LANE, P. R. (2012). The European Sovereign DebtCrisis. The Journal of Economic Perspectives, 26(3), 49-67.
  • MISHKIN, F.M. (2011). Over the Cliff: From the Subprime to Global Financial Crisis. The Journal of Economic Perspectives, 25(1), 49-70.
  • Moody’s (2014), External Vulnerabilities, Exposures, Mitigates and Credit Supports, Moody’s Investors Service Special Com-ment, https://www.moodys.com/research/Emerging-Market-Sovereign-Research-Series-External-Vulnerabilities-Exposures-Mitigants-and--PBC_165831. 06.04.2014.
  • NELSON, R.M. (2012). Sovereign Debt in Advanced Economies: Overview and Issues for Congress. Cornell University ILR Scholl Key Workplace Documents, http://digitalcommons.ilr .cornell. edu/key_workplace. 01.02.2014.
  • NİELSEN, E.F. (2011). The European Crisis: A View from the Market. Franklin Allen, Elena Carletti ve Giancarlo Corsetti (Ed.), Life in The Eurozone with or without Sovereign Default içinde (s. 133-138). Philadelphia, USA: FIC Press.
  • OECD (2009). Economic Outlook Interim Report. http://www.oecd.org/economy/outlook/42421337.pdf. 23.12.2013.
  • OVERBEEK, H. (2012). Sovereign Debt Crisis in Euroland: Root Causes and Implications for European Integration. The International Spectator: Italian Journal of International Affairs, 47(1), 30-48.
  • PANETTA, F. (2011). Life in the Eurozone with or Without Sovereign Default. Franklin Allen, Elena Carletti ve Giancarlo Corsetti (Ed.), Life in The Eurozone with or without Sovereign Default içinde (s. 9-12). Philadelphia, USA: FIC Press.
  • PASCAL ANDRİESCU, M. (2012). Eurozone Sovereign Debt Crisis: Causes and Solutions. Ovidius University Annals, Economic Sciences Series, XII(2), 1588-1593.
  • PRİNZ, A. ve BECK, H. (2012). Fighting Debt Explosion in the European Sovereign Debt Crisis. Intereconomics, 3, 185-189.1
  • REF-SEDEFED (2014). Türkiye’nin Küğresel Rekabet Düzeyi. Küresel Endekslerde Türkiye’nin Rekabet Gücüne İlişkin Bir Değerlendirme. İstanbul: Lansman Özel Baskısı.
  • ROSENTHAL, J. (2012). Germany and the Euro Crisis. World Affairs, 175(1), 53-61.
  • SCHMİDT, C.M. ve WEİGERT, B.(2013). Weathering the Crisis and Beyond: Perspectives for the EuroArea. International Tax Public Finance, 20, 564-595.
  • SCHWARTZ, A. J. (2009). Origins of the Financial Market Crisis of 2008.Cato Journal, 29(1), 19-24.
  • SESRIC (2011). The Eurozone Debt Crisis: A Second Wave of the Global Crisis. Sesric Reports on the Global Financial Crisis, 2011(1), SR/GFC/11-8.
  • SHAMBAUGH, J. C. (2012).TheEuro’s Three Crises. Brooking Papers on Economic Activity, http://www.brookings.edu/~/media/projects/bpea/spring%202012/2012a_ shambaugh.pdf, 19.10.2013
  • SIEKMANN, H. (2011). Life in the Eurozone with or Without Sovereign Default –The Current Situation-. Franklin Allen, Elena Carletti ve Giancarlo Corsetti (Ed.), Life in The Eurozone with or without Sovereign Default içinde (s. 13-40). Philadelphia, USA: FIC Press.
  • SOYBİLGEN, B. (2012). Arap Baharı ve Avrupa Borç Krizi İhracatı Teğet Geçti. Betam Araştırma Notu, No. 12/126.
  • STANCİL, B. (2010a). Why Greece has to Restructure its Debt. Uri Dadush (Ed.), Paradigm Lost The Euro in Crisis içinde (s. 25-29). Carnegie Endowment, http://carnegieendowment.org/files/Paradigm_Lost2.pdf. 06.03.2014.
  • STANCİL, B. (2010b). Ireland: From Bubble to Broke. Uri Dadush (Ed.), Paradigm Lost The Euro in Crisis içinde (s. 43-49). Carnegie Endowment, http://carnegieendowment.org/files/Paradigm_Lost2.pdf. 06.03.2014.
  • SU, H. (2013). Is the Euro Still a Success Story? An Asian İnterpretation of the Eurozone Sovereign Debt Crisis. Asia Europe Journal, 11, 179-188.
  • SZCZYGİELSKİ, P. (2012). Examining the Dynamics of European Debt Crisis: Projections and Lessons Learned for Portugal, Contraditorio Policy Paper, No. 11/15, 1-68.
  • T.C. Kalkınma Bakanlığı (2013). Uluslararası Ekonomik Göstergeler. http://www.kalkinma.gov.tr/Lists/Uluslar%20Aras%20Ekonomik%20Gstergeler/Attachments/9/Uluslararas%C4%B1%20Ekonomik%20G%C3%B6stergeler-2013.pdf. 01.07.2014.
  • TCMB (2014). Konut Fiyat Endeksi, http://www.tcmb.gov.tr/yeni/evds/yayin/kfe/KFE.pdf (04.07.2014).
  • TİCHY, G. (2012). The Sovereign Debt Crisis: Causes and Consequences. Austrian Economic Quarterly, 2, 95-107.
  • VOLZ, U. (2012). Lessons of the European Crisis for Regional Monetary and Financial Integration in East Asia, ADBI Working Papers, No. 347, http://www.adbi.org/ fi-les/2012.02.21.wp347.lessons.European.crisis.east.asia.pdf, 20.10.2013.
  • WEF (World Economic Forum). (2013). The Global Competitiveness Report 2008-2009,Genova, Switzerland, http://www.weforum.org/issues/global-competitiveness. 15.11.2013.
  • WEF (World Economic Forum). (2011).The Global Competitiveness Report 2011-2012,Genova, Switzerland, http://www.weforum.org/issues/global-competitiveness. 15.11.2013.
  • WEF (World Economic Forum). (2010). The Global Competitiveness Report 2010-2011,Genova, Switzerland, http://www.weforum.org/issues/global-competitiveness. 15.11.2013.
  • WEF (World Economic Forum). (2009).The Global Competitiveness Report 2009-2010,Genova, Switzerland, http://www.weforum.org/issues/global-competitiveness. 15.11.2013.
  • WEF (World Economic Forum). (2008).The Global Competitiveness Report 2013-2014,Genova, Switzerland, http://www.weforum.org/issues/global-competitiveness. 15.11.2013.
  • WELFENS, P. J. J. (2011). From the Transatlantic Banking Crisis to the Euro Crisis. International Economics and Economic Policy, 8, 15-29
  • WOOD, S. (2012). The Euro Crisis. Policy, 28(1), 32-37.
Toplam 76 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Ahmet Ulusoy

Mehmet Ela Bu kişi benim

Yayımlanma Tarihi 9 Kasım 2015
Yayımlandığı Sayı Yıl 2014 Cilt: 3 Sayı: 7

Kaynak Göster

APA Ulusoy, A., & Ela, M. (2015). AVRUPA BORÇ KRİZİ VE TÜRKİYE İÇİN ÖNERİLER. Hak İş Uluslararası Emek Ve Toplum Dergisi, 3(7), 84-119.
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