Türkiye’nin Dış Borçlarının Analizi (1980–2012)

Abstract

One of the most important goals of developing countries is to materialize sustainable economic growth and development. Foreign external debts play a key role in accelerating economic growth, investment and exports. Insufficient level of domestic capital accumulation generally forces developing countries to source finances by means of debts from foreign countries, banks and international organizations. External debt is also important resource for Turkey. In Turkish economy, external debt is taken generally in order to counter the saving deficit and foreign Exchange deficit and reach the high growth rate. External debts, which are initially taken as additional resources, can accelerate the investments, economic growth and development when they are used efficiently. But if the external debts aren’t used efficiently and the principal and interest payments of the external debts become higher than national income increase, it is required to get debts again to pay debts and thereby it causes to increase external debt burden and decrease the country welfare. In this study, development of external debts has been analyzed, starting from Ottoman Period until today. it is concluded that, external debts have created a negative impact on total investments between 1980 and 2010 in Turkey, and this negative impact on total investments has prevented economic growth. This conclusion suggests that the amount of foreign debt should be reduced so as to increase the level of economic growth in Turkey.