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KAMU BORÇ YÜKÜ ÜZERİNDE KURUMSAL KALİTENİN ROLÜ: YÜKSELEN PİYASA EKONOMİLERİ İÇİN PANEL VERİ ANALİZİ

Year 2023, Volume: 7 Issue: 3, 693 - 705, 30.09.2023

Seher Gökpınar Mehmet Songur

https://doi.org/10.47525/ulasbid.1332781

Abstract

Kamu borcunun seviyesi, makroekonomik göstergelerin yanı sıra ülkelerin kurumsal kalitesiyle yakından ilişkilidir. Yükselen piyasa ekonomilerinin yapısal ve kronik ekonomik sorunlarıyla başa çıkmada kurumsal kalitenin etkisi giderek daha belirgin hale gelmektedir. Kurumsal kalite, kamu hizmetlerinin kalitesini, kamu borcunun seviyesini ve borçlanılan fonların tahsisini etkileyebilmektedir. Bu çalışmada 20 yükselen piyasa ekonomisinde kurumsal kalitenin kamu borçları üzerindeki etkisi 2002-2020 dönemi için panel veri analizi yöntemleriyle analiz edilmiştir. Çalışmada, kurumsal kalite göstergelerinden biri olan hükümet etkinliğinin artırılmasının kamu borç yükünün azaltılmasında etkili olduğu sonucuna varılmıştır.

Keywords

Hükümetin Etkinliği Kamu Borçları Gelişmekte Olan Piyasalar Panel Veri Analizi

References

  • Asiedu, E. (2003). Debt relief and institutional reform: a focus on Heavily Indebted Poor Countries. The Quarterly Review of Economics and Finance, 43(4), 614-626. Available at https://doi.org/10.1016/S1062-9769(03)00038-3
  • Avdimetaj, K., Marmullaku, B., & Haziri, A. (2021). Impact of public ınvestment through public debt on economic growth: empirical analysis in european countries in transition. Transition Studies Review, 28, 93-104.
  • Barro, R. J. (1979). On the determination of the public debt. Journal of Political Economy, 87(5, Part 1), 940-971.
  • Breusch, T. S., & Pagan, A. R. (1980). The lagrange multiplier test and its applications to model spesification in econometrics. The Review of Economic Studies, 47(1), 239-253.
  • Briceño, H. R., & Perote, J. (2020). Determinants of the public debt in the Eurozone and its sustainability amid the Covid-19 pandemic. Sustainability, 12(16), 6456. Available at https://doi.org/10.3390/economies6040062
  • Butkus, M., & Seputiene, J. (2018). Growth effect of public debt: The role of government effectiveness and trade balance. Economies, 6(4), 62.
  • De Pascale, G., & Scrocco, A. (2022). How Does Institutional Quality Shape the Impact of Public Debt on Economic Growth? A Threshold Panel Analysis Over Eu-28. Available at htp://dx.doi.org/10.2139/ssrn.4145370
  • Eberhardt, M. & Bond, S. (2009). Cross-section dependence in nonstationary panel models: A novel estimator, https://mpra.ub.uni-muenchen.de/17692/
  • Farooq, F., Zaib, A., Faheem, M., & Gardezi, M. A. (2023). Public debt and environment degradation in OIC countries: the moderating role of institutional quality. Environmental Science and Pollution Research, 30(19), 55354-55371.
  • Guscina, A. (2008). Impact of macroeconomic, political, and institutional factors on the structure of government debt in emerging market countries. IMF Working Paper no. 08/205, Washington, DC, IMF. Available at doi:10.5089/9781451870633.001.
  • Günaydın, İ. (2006). Türkiye’de kamu ve özel yatırımlar arasındaki ilişki: Ampirik bir analiz. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 20(1), 177-195.
  • Heylen, F., Hoebeeck, A. & Buyse, T. (2013), “Government efficiency, institutions, and the effects of fiscal consolidation on public debt”, European Journal of Political Economy, Vol. 31, pp. 40-59, Available at doi: 10.1016/j.ejpoleco.2013.03.001.
  • Kasim, M., Özkul, G., & Çetin, D. (2021). Kurumsal Kalite Faktörlerinin Finansal Gelişmişlik Üzerindeki Etkisi: İslam İşbirliği Teşkilatı Ülkeleri Örneği. Sosyoekonomi, 29(50), 465-484.
  • Kaufmann, D., Kraay, A., & Mastruzzi, M. (2010). The worldwide governance indicators: Methodology and analytical issues (September 2010). World Bank Policy Research Working Paper (5430). Kurt, M., & Akbulut, H. (2022). Bütçe Dengesinin Büyüme Üzerindeki Etkisinde Yönetişimin Rolü: Panel Veri Analizi. Sosyoekonomi, 30(52), 455-472. Lau, S. Y., Tan, A. L., & Liew, C. Y. (2019). The asymmetric link between public debt and private investment in Malaysia. Malaysian journal of economic studies, 56(2), 327-342.
  • Ma, R., & Qamruzzaman, M. (2022). Nexus between government debt, economic policy uncertainty, government spending, and governmental effectiveness in BRIC nations: Evidence for linear and nonlinear assessments. Frontiers in Environmental Science, 10, 952452.
  • Megersa, K., & Cassimon, D. (2015). Public debt, economic growth, and public sector management in developing countries: Is there a link?. Public Administration and Development, 35(5), 329-346. Available at https://doi.org/10.1002/pad.1733 Melecky, M. (2012). Formulation of public debt management strategies: An empirical study of possible drivers. Economic systems, 36(2), 218-234. Available at https://doi.org/10.1016/j.ecosys.2011.08.001 Méon, P. G., & Sekkat, K. (2005). Does corruption grease or sand the wheels of growth?. Public choice, 122, 69-97.
  • Nawaz, S., Iqbal, N., & Khan, M. A. (2014). The impact of institutional quality on economic growth: Panel evidence. The Pakistan Development Review, 15-31.
  • Nguyen, T. A. N & Luong, T. T. H. (2021). Fiscal policy, institutional quality, and public debt: Evidence from transition countries. Sustainability, 13.19: 10706. Available at https://doi.org/10.3390/su131910706 Nguyen, T. A. N., & Nguyen, K. M. (2022). The Shadow Economy, Institutional Quality and Public Debt: Evidence from Emerging and Developing Asian Economies. Montenegrin Journal of Economics, 18(1), 205-214.
  • Nutassey, V. A., Nomlala, B. C., & Sibanda, M. (2023). Economic institutions, political institutions and public debt in Sub-Saharan Africa. International Journal of Emerging Markets.
  • Pesaran, H. M. (2007). “A simple panel unit root test in the presence of cross-section dependence”. Journal of Applied Econometrics, 22(2), 265-312.
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels, Available at http://www.dspace.cam.ac.uk/bitstream/1810/446/1/cwpe0435.pdf
  • Pesaran, M. H. & Yagamata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93.
  • Pesaran, M. H., Ullah, A. & Yamagata, T. (2008). A bias‐adjusted LM test of error cross‐section independence. The Econometrics Journal, 11(1), 105-127.
  • Presbitero, A. (2008). The Debt-Growth Nexus in Poor Countries: A Reassessment. Economics-The Open-Access, Open-Assessment E-Journal (2007-2020), 2, 1-28.
  • Presbitero, A. F. (2012). Total public debt and growth in developing countries. The European Journal of Development Research, 24, 606-626. Available at doi: https://doi.org/10.1057/ejdr.2011.62
  • Sani, A., Said, R., Ismail, N. W., & Mazlan, N. S. (2019). Public debt, institutional quality and economic growth in Sub-Saharan Africa. Institutions and Economies, 39-64.
  • Sánchez-Juárez, I., & García-Almada, R. (2016). Public debt, public investment and economic growth in Mexico. International Journal of Financial Studies, 4, 1–14.
  • Swamy, P. A. (1970). Efficient inference in a random coefficient regression model. Econometrica, 38(2), 311-323.
  • Tarek, B. A., & Ahmed, Z. (2017). Institutional quality and public debt accumulation: An empirical analysis. International Economic Journal, 31(3), 415-435.
  • Waqas, M., Rasidah, M.R., Attia, A.U., & Chui, Z. O. (2021). Country-level institutional quality and public debt: Empirical evidence from Pakistan. The Journal of Asian Finance, Economics and Business. 8(4), 21–32. Available at doi:10.13106/JAFEB.2021.VOL8.NO4.0021
  • Westerlund, J. & Edgerton, D. L. (2007). “A panel bootstrap cointegration test”. Economics Letters, 97(3), 185-190. Woo, J. (2003). Economic, political, and institutional determinants of public deficits. Journal of public economics, 87(3-4), 387-426.
  • Yavuz, N. (2005). Türkiye’de kamu harcamalarının özel sektör yatırım harcamalarını dışlama etkisinin testi (1980-2003). Marmara Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 20(1), 269-284.

THE ROLE OF INSTITUTIONAL QUALITY ON PUBLIC DEBT BURDEN: PANEL DATA ANALYSIS FOR EMERGING MARKET ECONOMIES

Year 2023, Volume: 7 Issue: 3, 693 - 705, 30.09.2023

Seher Gökpınar Mehmet Songur

https://doi.org/10.47525/ulasbid.1332781

Abstract

The level of public debt is closely related to the institutional quality of countries, in addition to macroeconomic indicators. The impact of institutional quality on addressing the structural and chronic economic issues of emerging market economies is becoming increasingly prominent. Institutional quality can influence the quality of public services, the level of public debt, and the allocation of borrowed funds. In this study, the effect of institutional quality on public debt in 20 emerging market economies for the period 2002-2020 is analyzed by using panel data analysis methods. The study concludes that increasing government effectiveness, which is one of the indicators of institutional quality, is effective in reducing the public debt burden.

Keywords

Government Effectivenes Government Debt Emerging Markets Panel Data Analysis

References

  • Asiedu, E. (2003). Debt relief and institutional reform: a focus on Heavily Indebted Poor Countries. The Quarterly Review of Economics and Finance, 43(4), 614-626. Available at https://doi.org/10.1016/S1062-9769(03)00038-3
  • Avdimetaj, K., Marmullaku, B., & Haziri, A. (2021). Impact of public ınvestment through public debt on economic growth: empirical analysis in european countries in transition. Transition Studies Review, 28, 93-104.
  • Barro, R. J. (1979). On the determination of the public debt. Journal of Political Economy, 87(5, Part 1), 940-971.
  • Breusch, T. S., & Pagan, A. R. (1980). The lagrange multiplier test and its applications to model spesification in econometrics. The Review of Economic Studies, 47(1), 239-253.
  • Briceño, H. R., & Perote, J. (2020). Determinants of the public debt in the Eurozone and its sustainability amid the Covid-19 pandemic. Sustainability, 12(16), 6456. Available at https://doi.org/10.3390/economies6040062
  • Butkus, M., & Seputiene, J. (2018). Growth effect of public debt: The role of government effectiveness and trade balance. Economies, 6(4), 62.
  • De Pascale, G., & Scrocco, A. (2022). How Does Institutional Quality Shape the Impact of Public Debt on Economic Growth? A Threshold Panel Analysis Over Eu-28. Available at htp://dx.doi.org/10.2139/ssrn.4145370
  • Eberhardt, M. & Bond, S. (2009). Cross-section dependence in nonstationary panel models: A novel estimator, https://mpra.ub.uni-muenchen.de/17692/
  • Farooq, F., Zaib, A., Faheem, M., & Gardezi, M. A. (2023). Public debt and environment degradation in OIC countries: the moderating role of institutional quality. Environmental Science and Pollution Research, 30(19), 55354-55371.
  • Guscina, A. (2008). Impact of macroeconomic, political, and institutional factors on the structure of government debt in emerging market countries. IMF Working Paper no. 08/205, Washington, DC, IMF. Available at doi:10.5089/9781451870633.001.
  • Günaydın, İ. (2006). Türkiye’de kamu ve özel yatırımlar arasındaki ilişki: Ampirik bir analiz. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 20(1), 177-195.
  • Heylen, F., Hoebeeck, A. & Buyse, T. (2013), “Government efficiency, institutions, and the effects of fiscal consolidation on public debt”, European Journal of Political Economy, Vol. 31, pp. 40-59, Available at doi: 10.1016/j.ejpoleco.2013.03.001.
  • Kasim, M., Özkul, G., & Çetin, D. (2021). Kurumsal Kalite Faktörlerinin Finansal Gelişmişlik Üzerindeki Etkisi: İslam İşbirliği Teşkilatı Ülkeleri Örneği. Sosyoekonomi, 29(50), 465-484.
  • Kaufmann, D., Kraay, A., & Mastruzzi, M. (2010). The worldwide governance indicators: Methodology and analytical issues (September 2010). World Bank Policy Research Working Paper (5430). Kurt, M., & Akbulut, H. (2022). Bütçe Dengesinin Büyüme Üzerindeki Etkisinde Yönetişimin Rolü: Panel Veri Analizi. Sosyoekonomi, 30(52), 455-472. Lau, S. Y., Tan, A. L., & Liew, C. Y. (2019). The asymmetric link between public debt and private investment in Malaysia. Malaysian journal of economic studies, 56(2), 327-342.
  • Ma, R., & Qamruzzaman, M. (2022). Nexus between government debt, economic policy uncertainty, government spending, and governmental effectiveness in BRIC nations: Evidence for linear and nonlinear assessments. Frontiers in Environmental Science, 10, 952452.
  • Megersa, K., & Cassimon, D. (2015). Public debt, economic growth, and public sector management in developing countries: Is there a link?. Public Administration and Development, 35(5), 329-346. Available at https://doi.org/10.1002/pad.1733 Melecky, M. (2012). Formulation of public debt management strategies: An empirical study of possible drivers. Economic systems, 36(2), 218-234. Available at https://doi.org/10.1016/j.ecosys.2011.08.001 Méon, P. G., & Sekkat, K. (2005). Does corruption grease or sand the wheels of growth?. Public choice, 122, 69-97.
  • Nawaz, S., Iqbal, N., & Khan, M. A. (2014). The impact of institutional quality on economic growth: Panel evidence. The Pakistan Development Review, 15-31.
  • Nguyen, T. A. N & Luong, T. T. H. (2021). Fiscal policy, institutional quality, and public debt: Evidence from transition countries. Sustainability, 13.19: 10706. Available at https://doi.org/10.3390/su131910706 Nguyen, T. A. N., & Nguyen, K. M. (2022). The Shadow Economy, Institutional Quality and Public Debt: Evidence from Emerging and Developing Asian Economies. Montenegrin Journal of Economics, 18(1), 205-214.
  • Nutassey, V. A., Nomlala, B. C., & Sibanda, M. (2023). Economic institutions, political institutions and public debt in Sub-Saharan Africa. International Journal of Emerging Markets.
  • Pesaran, H. M. (2007). “A simple panel unit root test in the presence of cross-section dependence”. Journal of Applied Econometrics, 22(2), 265-312.
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels, Available at http://www.dspace.cam.ac.uk/bitstream/1810/446/1/cwpe0435.pdf
  • Pesaran, M. H. & Yagamata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93.
  • Pesaran, M. H., Ullah, A. & Yamagata, T. (2008). A bias‐adjusted LM test of error cross‐section independence. The Econometrics Journal, 11(1), 105-127.
  • Presbitero, A. (2008). The Debt-Growth Nexus in Poor Countries: A Reassessment. Economics-The Open-Access, Open-Assessment E-Journal (2007-2020), 2, 1-28.
  • Presbitero, A. F. (2012). Total public debt and growth in developing countries. The European Journal of Development Research, 24, 606-626. Available at doi: https://doi.org/10.1057/ejdr.2011.62
  • Sani, A., Said, R., Ismail, N. W., & Mazlan, N. S. (2019). Public debt, institutional quality and economic growth in Sub-Saharan Africa. Institutions and Economies, 39-64.
  • Sánchez-Juárez, I., & García-Almada, R. (2016). Public debt, public investment and economic growth in Mexico. International Journal of Financial Studies, 4, 1–14.
  • Swamy, P. A. (1970). Efficient inference in a random coefficient regression model. Econometrica, 38(2), 311-323.
  • Tarek, B. A., & Ahmed, Z. (2017). Institutional quality and public debt accumulation: An empirical analysis. International Economic Journal, 31(3), 415-435.
  • Waqas, M., Rasidah, M.R., Attia, A.U., & Chui, Z. O. (2021). Country-level institutional quality and public debt: Empirical evidence from Pakistan. The Journal of Asian Finance, Economics and Business. 8(4), 21–32. Available at doi:10.13106/JAFEB.2021.VOL8.NO4.0021
  • Westerlund, J. & Edgerton, D. L. (2007). “A panel bootstrap cointegration test”. Economics Letters, 97(3), 185-190. Woo, J. (2003). Economic, political, and institutional determinants of public deficits. Journal of public economics, 87(3-4), 387-426.
  • Yavuz, N. (2005). Türkiye’de kamu harcamalarının özel sektör yatırım harcamalarını dışlama etkisinin testi (1980-2003). Marmara Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 20(1), 269-284.
There are 32 citations in total.

Details

Primary Language Turkish
Subjects Macroeconomic Theory
Journal Section Articles
Authors

Seher Gökpınar 0000-0003-0974-6151

Mehmet Songur 0000-0003-4763-9314

Early Pub Date September 14, 2023
Publication Date September 30, 2023
Submission Date July 25, 2023
Published in Issue Year 2023 Volume: 7 Issue: 3

Cite

APA Gökpınar, S., & Songur, M. (2023). KAMU BORÇ YÜKÜ ÜZERİNDE KURUMSAL KALİTENİN ROLÜ: YÜKSELEN PİYASA EKONOMİLERİ İÇİN PANEL VERİ ANALİZİ. Uluslararası Anadolu Sosyal Bilimler Dergisi, 7(3), 693-705. https://doi.org/10.47525/ulasbid.1332781
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