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Original Article Open Access


Critique of Debt Sustainability: An Alternative Concept of Sustainability and the Case of Turkey

Burak GÜRBÜZ.

Abstract
The first objective of this study is to give a critical account of debt sustainability and solvability. Based on the case of Turkey we show that debt, rather than being a transitory phenomenon is a self-sustained process. The second objective of the study entails the measurement of the social costs of debt sustainability, and calculating a new indicator for Turkey's debt sustainability. The results show that the “debt sustainability” indicator based on the narrow definition adopted by market actors and international institutions, and the alternative indicator that takes into account social costs move in opposite directions.

Key words: Sustainability, debt, finance, persistence, crises, Turkey. JEL Classification: F59, H63, H68.



SÜRDÜRÜLEBİLİR BORÇLANMANIN ELEŞTİRİSİ: BAŞKA BİR SÜRDÜRÜLEBİLİRLİK OLGUSU VE TÜRKİYE ÖRNEĞİ

Özet
Çalışmanın birinci amacı borcun zaman içinde sürdürülebilirliği ve sonlanması kavramını eleştirel bir yaklaşım getirmektir. Türkiye örneğinden yola çıkarak borçların, geçici bir olgudan ziyade, süreklilik gösteren bir sürece tekabül ettiği görülmektedir. Çalışmanın ikinci amacı borcun sürdürülebilirliğinin toplumsal maliyetlerinin ölçülmesi, buradan da yeni bir borç sürdürülebilirlik ölçüsünün Türkiye için hesaplanmasıdır. Sonuçlar, piyasa aktörlerinin ve uluslararası kuruluşlarının dar tanımına uygun “borcun sürdürülebilirliği” göstergesi ile borcun toplumsal maliyetlerini de içine alan alternatif göstergenin zaman içinde birbirine zıt hareket ettiğini göstermektedir.

Anahtar Kelimeler: Sürdürülebilirlik, borç, finans, süreklilik, krizler, Türkiye. JEL Sınıflaması: F59, H63, H68.


 
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How to Cite this Article
Pubmed Style

Burak GURBUZ. [Critique of Debt Sustainability: An Alternative Concept of Sustainability and the Case of Turkey]. Ekonomik Yaklasim. 2012; 23(82): 1-22. Turkish. doi:10.5455/ey.20000



Web Style

Burak GURBUZ. [Critique of Debt Sustainability: An Alternative Concept of Sustainability and the Case of Turkey]. www.scopemed.org/?mno=34381 [Access: October 23, 2017]. Turkish. doi:10.5455/ey.20000



AMA (American Medical Association) Style

Burak GURBUZ. [Critique of Debt Sustainability: An Alternative Concept of Sustainability and the Case of Turkey]. Ekonomik Yaklasim. 2012; 23(82): 1-22. Turkish. doi:10.5455/ey.20000



Vancouver/ICMJE Style

Burak GURBUZ. [Critique of Debt Sustainability: An Alternative Concept of Sustainability and the Case of Turkey]. Ekonomik Yaklasim. (2012), [cited October 23, 2017]; 23(82): 1-22. Turkish. doi:10.5455/ey.20000



Harvard Style

Burak GURBUZ (2012) [Critique of Debt Sustainability: An Alternative Concept of Sustainability and the Case of Turkey]. Ekonomik Yaklasim, 23 (82), 1-22. Turkish. doi:10.5455/ey.20000



Turabian Style

Burak GURBUZ. 2012. [Critique of Debt Sustainability: An Alternative Concept of Sustainability and the Case of Turkey]. Ekonomik Yaklasim, 23 (82), 1-22. Turkish. doi:10.5455/ey.20000



Chicago Style

Burak GURBUZ. "[Critique of Debt Sustainability: An Alternative Concept of Sustainability and the Case of Turkey]." Ekonomik Yaklasim 23 (2012), 1-22. Turkish. doi:10.5455/ey.20000



MLA (The Modern Language Association) Style

Burak GURBUZ. "[Critique of Debt Sustainability: An Alternative Concept of Sustainability and the Case of Turkey]." Ekonomik Yaklasim 23.82 (2012), 1-22. Print.Turkish. doi:10.5455/ey.20000



APA (American Psychological Association) Style

Burak GURBUZ (2012) [Critique of Debt Sustainability: An Alternative Concept of Sustainability and the Case of Turkey]. Ekonomik Yaklasim, 23 (82), 1-22. Turkish. doi:10.5455/ey.20000



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