Türkiye Ekonomisi için Kriz Sonrası Alternatif Uyum Stratejileri

The purpose of this paper is to investigate the fi scal policy alternatives on domestic debt management and public expenditures on education, cohort welfare, and growth for the Turkish economy. We exclusively focus on the increased burden of debt servicing on public funds for investments in human capital formation and the constraining effects of the size and nature of the debt service on the economy’s capability to generate investments in physical capital. We utilize a model of endogenous growth in the overlapping generations (OLG) tradition with intertemporally optimizing agents and open capital markets, roughly refl ecting the Turkish economy in the 1990s. We examine the macroeconomic effects of the current IMF-led austerity program driven by the objective of attaining primary fi scal surpluses and illustrate the ruinous effects of constrained human capital investments due to insuffi cient funds earmarked for public education, and constrained real production activities due to the crowding effect, high ex-post real interest-rates and the size of the debt-service. We then examine various taxation alternatives to mitigate the reductions in the availability of public funds to reproducible factors of production. Our results suggest that the current fi scal program based on the primary surplus objective suffers from serious trade-offs on growth and fi scal targets, and that an alternative public expenditure program supported by a tax reform that hikes taxes on wealth income is likely to produce superior economic performance.
Iktisat Isletme Ve Finans


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Citation Formats
E. Voyvoda, “Türkiye Ekonomisi için Kriz Sonrası Alternatif Uyum Stratejileri,” Iktisat Isletme Ve Finans, pp. 18–29, 2002, Accessed: 00, 2021. [Online]. Available: https://hdl.handle.net/11511/70984.