BISQUE (DEBT HOLIDAY) CLAUSES: POTENTIAL AND BENEFITS FOR TURKEY

Haşim Akça; Mehmet Ela

Makale detayları

BISQUE (DEBT HOLIDAY) CLAUSES: POTENTIAL AND BENEFITS FOR TURKEY

Yazarlar:

Haşim Akça | Mehmet Ela

Yayıncı:

Dicle University

Ana Başlıklar:

Ekonomi

Dergi:

Dicle Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.13 Issue 25, pp.395-417

Belge Tipi:

Makale

Yayın Tarihi:

5/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001290367

pISSN:

1309-4602

Anahtar kelimeler:

Özet:

 Government debt defaults and crises have been among the main problems of many countries since the past. Debt defaults, which have been observed in developing countries as well as developed countries in recent years, imposed some fiscal and economic costs on countries. Because of these costs, countries avoid defaulting on their debts. For this reason, some mechanisms and innovations that prevent default or shorten the default period have come to the fore. One of these innovations is the provisions for deferment of debt, known as bisque clauses. From this point of view, this purpose of the study is to investigate the potentials and benefits of bisque clauses for Turkey. In the study, Turkeys default risk and loan rates were analyzed by using descriptive method. According to the results of the study, since the external debt and loan rates are quite low in Turkey, the influence of bisque clauses is narrow. For this reason, Turkey should benefit from innovative methods applied in the world in external borrowing such as collective action clauses and since domestic borrowing is predominantly included, also should benefit from new domestic borrowing instruments such as index-based sukuk and environmental bonds.

 Government debt defaults and crises have been among the main problems of many countries since the past. Debt defaults, which have been observed in developing countries as well as developed countries in recent years, imposed some fiscal and economic costs on countries. Because of these costs, countries avoid defaulting on their debts. For this reason, some mechanisms and innovations that prevent default or shorten the default period have come to the fore. One of these innovations is the provisions for deferment of debt, known as bisque clauses. From this point of view, this purpose of the study is to investigate the potentials and benefits of bisque clauses for Turkey. In the study, Turkeys default risk and loan rates were analyzed by using descriptive method. According to the results of the study, since the external debt and loan rates are quite low in Turkey, the influence of bisque clauses is narrow. For this reason, Turkey should benefit from innovative methods applied in the world in external borrowing such as collective action clauses and since domestic borrowing is predominantly included, also should benefit from new domestic borrowing instruments such as index-based sukuk and environmental bonds.

 Government debt defaults and crises have been among the main problems of many countries since the past. Debt defaults, which have been observed in developing countries as well as developed countries in recent years, imposed some fiscal and economic costs on countries. Because of these costs, countries avoid defaulting on their debts. For this reason, some mechanisms and innovations that prevent default or shorten the default period have come to the fore. One of these innovations is the provisions for deferment of debt, known as bisque clauses. From this point of view, this purpose of the study is to investigate the potentials and benefits of bisque clauses for Turkey. In the study, Turkeys default risk and loan rates were analyzed by using descriptive method. According to the results of the study, since the external debt and loan rates are quite low in Turkey, the influence of bisque clauses is narrow. For this reason, Turkey should benefit from innovative methods applied in the world in external borrowing such as collective action clauses and since domestic borrowing is predominantly included, also should benefit from new domestic borrowing instruments such as index-based sukuk and environmental bonds.

 Kamu borç temerrütleri ve krizleri, geçmişten beri birçok ülkenin temel problemleri arasında yer almaktadır. Son yıllarda gelişmekte olan ülkeler yanında gelişmiş ülkelerde de görülen borç temerrütleri, ülkelere mali ve ekonomik bazı maliyetler yüklemiştir. Söz konusu bu maliyetler nedeniyle ülkeler borç kaynaklı temerrüde düşmekten kaçınmaktadırlar. Bu nedenle temerrüde girmeyi engelleyen ya da temerrüt süresini kısaltan bazı mekanizmalar ve yenilikler gündeme gelmiştir. Bu yeniliklerden bir tanesi de bisque maddeleri olarak anılan borç erteleme hükümleridir. Buradan hareketle bu çalışmanın amacı, bisque maddelerinin Türkiye için potansiyeli ve faydalarını araştırmaktır. Çalışmada Türkiyenin temerrüt riski ve kredi kullanım oranları betimleyici yöntemle analiz edilmiştir. Çalışmanın sonucuna göre Türkiyede dış borçlanma ve kredi oranları oldukça düşük olduğundan bisque maddelerinin etki alanı dardır. Bu nedenle Türkiye kolektif eylem maddeleri gibi dış borçlanmada dünyada uygulanan inovatif yöntemlerden yararlanmalı ve ağırlıklı olan iç borçlanmaya yer verildiğinden iç borçlanmaya yönelik olarak endekse dayalı sukuk ve çevresel tahviller gibi yeni iç borçlanma enstrümanlarından yararlanmalıdır.

Makale detayları

BISQUE (DEBT HOLIDAY) CLAUSES: POTENTIAL AND BENEFITS FOR TURKEY

Yazarlar:

Haşim Akça | Mehmet Ela

Yayıncı:

Dicle University

Ana Başlıklar:

Ekonomi

Dergi:

Dicle Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.13 Issue 25, pp.395-417

Belge Tipi:

Makale

Yayın Tarihi:

5/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001290367

pISSN:

1309-4602

Public Debt Management

Bisque Clauses

Innovations in Debt Management

TurkeyKamu Borç Yönetimi

Bisque Maddeleri

Borç Yönetiminde Yenilikler

Türkiye

Sayı

Makale detayları

Yazarlar: Haşim Akça | Mehmet Ela

Yayıncı: Dicle University

Ana Başlıklar: Ekonomi

Dergi: Dicle Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.13 Issue 25, pp.395-417

Belge Tipi: Makale

Yayın Tarihi: 5/2023

Belge Dili: Türkçe

Document ID (Org No.): 2001290367

pISSN: 1309-4602

Sayı

Yazarlar:

Haşim Akça | Mehmet Ela

Yayıncı:

Dicle University

Ana Başlıklar:

Ekonomi

Dergi:

Dicle Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.13 Issue 25, pp.395-417

Belge Tipi:

Makale

Yayın Tarihi:

5/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001290367

pISSN:

1309-4602