Growth-maximizing public debt in Turkey: An empirical investigation

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2020-08-01 DOI:10.18559/ebr.2020.3.4

G. Bulus

引用次数: 4

Abstract

Abstract The aim of the paper is to empirically estimate the growth-maximizing debt-to-GDP ratio in the case of Turkey. To calculate the growth-maximizing debt-to-GDP ratio FMOLS, DOLS, and CCR estimators are used for the period from 1960–2013. According to the empirical findings the growth-maximizing debt-to-GDP ratio varies between 34.3% and 38.7%. Based on a comparison of these ratios to current data (29.1% for 2018), Turkey has the capacity for additional borrowing to achieve a growth-maximizing debt-to-GDP ratio. If this additional borrowing capacity is used for public investment with a return greater than the interest cost of the additional debt economic growth will be maximized and public debt sustainability supported.

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增长最大化的土耳其公共债务:一项实证调查

摘要本文的目的是实证估计土耳其的增长最大化债务与gdp之比。为了计算增长最大化的债务与gdp比率，我们使用了1960-2013年期间的FMOLS、DOLS和CCR估计值。根据实证研究结果，增长最大化的债务占gdp的比例在34.3%到38.7%之间。根据这些比率与当前数据(2018年为29.1%)的比较，土耳其有能力增加借款，以实现增长最大化的债务与gdp比率。如果这种额外的借款能力用于公共投资，其回报大于额外债务的利息成本，经济增长将得到最大化，公共债务的可持续性将得到支持。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.