Abstract
The aim of this study is to examine the long-term relationship between trade openness, fixed capital formation, GDP per capita and general government final consumption expenditures on external debt stock, using annual data for the period 1994-2021 in Türkiye, with Johansen cointegration analysis. In this context, FMOLS and CCR coefficient estimators were used to determine the long-term relationships of the variables. According to the findings obtained from the FMOLS and CCR coefficient estimators, the general government final consumption expenditures affected the external debt stock the most among the variables examined in Türkiye in the 1994-2021 period. It was followed by GDP per capita, fixed capital formation and trade openness. In summary, while fixed capital formation, trade openness and general government final consumption expenditures increase Türkiye's external debt stock, GDP per capita decreases the external debt stock in the same economy.
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