![](/assets/images/TRDizinlogo.png)
BORÇ KRİZİNDEKİ GIIPS
Yıl: 2012 Cilt: 23 Sayı: 85 Sayfa Aralığı: 23 - 56 Metin Dili: Türkçe İndeks Tarihi: 29-07-2022
BORÇ KRİZİNDEKİ GIIPS
Öz: 2007 Ağustos ayında başlayan küresel ekonomik krizin odak noktası, finans ve finansal piyasalardır. 2010 yılında ise, küresel finansal kriz, Avro Bölgesinde devlet borç krizine dönüşmüştür. Yunanistan'dan başlayarak, borç krizi diğer Avro Bölgesi ülkelerinin (özellikle İrlanda, Portekiz ve İspanya) kamu kağıtları üzerinde yoğun baskı yaratmıştır. Böylece Yunanistan'ın sorunları Avro Bölgesini saran bir krize dönüşmüştür. Kriz, bu ülkeleri yüksek bütçe açıkları ve kamu borcu ile vurmuştur. Yine hızla artan cari açık düzeyine ve Avro Bölgesi ortalamasının üzerinde enflasyon oranlarına sahip olan kriz ülkeleri, önce güçlü talep şoku yaşamışlardır. Bu talep şokunun kaynakları ise, kriz ülkeleri arasında farklılık göstermektedir. Kırılgan ekonomik yapıya sahip olan Yunanistan ve Portekiz'de kredi patlaması ile gevşek maliye politikası uygulaması aynı dönemde yaşanmıştır. Irlanda ve İspanya, önce kredi patlaması yaşamışlar ve spekülatif konut balonu oluşmuştur. Spekülatif balon patladığında, her iki ülke hükümeti de mali sıkıntıya giren bankacılık sektörünü mali destek vermiş ve kamu borç stokunun artmasına zemin hazırlamışlardır. Yaşanan şokların sonucunda, reel döviz kuru değerlenmiş, cari açıklar artmıştır.
Anahtar Kelime: Konular:
GIIPS in the Soveregein Debt Crisis
Öz: Finance and financial markets were at the heart of the global economic crisis that began in August 2007. 2010 has seen the transformation of the global financial crisis into a sovereign debt crisis in the Eurozone. Starting from Greece, the debt crisis has put intense pressure on the bonds of other Eurozone countries, most notably Ireland, Portugal and Spain. Thus he Greek problem has become an Eurozone-wide problem. The crisis has hit these countries with large public deficits and debts. It also happens that they have undergone increasingly large current account deficits. Another feature of these countries has been their inflation rates, which have exceeded those in the rest of the Eurozone. All crisis countries have experienced a strong domestic demand shock. This shock, in turn, may have different causes. In Greece and Portugal fiscal policy has been mostly easy during this period along with credit boom. Ireland and Spain have undergone a credit boom and housing price bubble; when the bubble burst, both countries have had to bail banks out. In all these cases, the real exchange rate appreciation and the current deficits appear as consequences of these shocks.
Anahtar Kelime: Konular:
Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
- Aizenman, J., Hutchison, M. M. & Jinjarak, Y. (2011). What is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Pricing of Risk. National Bureau of Economic Research Working Paper, 17407.
- Akçay, B. (2006). Avrupa Para Sisteminden Ekonomik Parasal Birliğe. İktisat, İşletme ve Finans Dergisi, 21(242), 14-32.
- Akçay, B. (2012). Ekonomik ve Parasal Birlik. B.Akçay ve G. Özçelik (eds.), Lizbon Antlaşması Sonrasında Avrupa Birliği: Serbest Dolaşım ve Politikalar, Seçkin Yayıncılık, Ankara, ss. 327-382.
- Akçay, B. (2013). Yunan Borç Krizi. B.Akçay (ed.), Avrupayı Saran Kriz, Seçkin Yayıncılık, Ankara, ss. 122-179.
- Akçay, B. & Çamlıca, F. (2013). Yunan Borç Krizinin Avro Krizine Dönüşüm Nedenleri. B.Akçay (ed.), Avrupayı Saran Kriz, Seçkin Yayıncılık, Ankara, ss. 56- 121.
- Anand, M. R., Gupta, G. L. & Dash, R. (2012). The Eurozone Crisis: Its Dimension and Implications. Ministry of Finance, Government of India, Working Paper, January.
- BBC News Business (2012a). Moody's cuts Italy's debt rating, 13 July, http://www.bbc.co.uk/news/business-18824246 (Erişim Tarihi: 11. 12.2012).
- BBC News Business (2012b). Spain credit rating cut by S&P, 10 October, http://www.bbc.co.uk/news/business-19905747 (Erişim Tarihi: 11.12.2012).
- Bloomberg (2013). http://www.bloomberg.com (Erişim Tarihi: 14.02.2013).
- Buzaglo, J. (2011). The Eurozone crisis: Looking through the financial fog with Keynesian glasses. Real World Economics Review, (58), 77-82.
- Calvo, G. A. & Reinhart, C. M. (1999). When Capital Inflows come to Sudden Stop: Consequences and Policy Options, Center of for International Economics, Department of Economics, University of Maryland.
- Dadush, U. (2010). Paradigm Lost: The Euro in Crisis, Carnegie Endowment, http://carnegieendowment.org/files/Paradigm_Lost2.pdf (Erişim Tarihi: 17.11.2012).
- De Grauwe, P. (2010). Crisis in Eurozone and How to Deal With It? CEPS Policy Paper, February.
- De Grauwe, P. (2011). A Fragile Eurozone in Search of a Better Governence. CESifo Working Papers, No.3467, May.
- De Grauwe, Paul (2012). A Self-Inflicted Crisis. CEPS Commentary, 31 May.
- Dehesa, G. de la (2012). A Self-Inflicted Crisis? Design and Management Failures Leading to the Eurozone Crisis. Goup of Thirty Occasional Paper No. 86.
- Dis Diaz, J. (2010). The External Debts Statistics of Euro Area. Final Version 12 October, paper presented in IFC Conference on Initiateves to address data Gaps Revealed by the Financial Crisis 25-26 August, http://www.bis.org/ifc/events/5ifcconf/dias.pdf (Erişim Tarihi: 01.12.2011).
- EMF (2006). Hypostat 2005, November.
- EMF (2012). Hypostat 2011, November.
- Estenssoro, A. (2010). European Sovereign Debt Remains Largely a European Problem. The Regional Economist, Federal Reserve Bank of St Lois, October, http://www.stlouisfed.org/publications/re/articles/?id=2017 (Erişim Tarihi: 09.10.2012).
- Eurostat (2010). EU Economic Data Pocketbook, 4th Quarter, December.
- Fieronto, A. (2011). A Torrent of Mortgage Defaults. ECRI Commentary Note No.5.
- Fieronto, A. (2012). Where is the EU household sector in the deleveraging Cycle?. European Credit Research Institute (ECRI), ECRI Commentary Note, No.10, May.
- Glick, R. & Lansing, K. J. (2010). Global Household Leverage, House Prices, and Consumption. FRBSF Economıc Letter, January 11, 1-5.
- Hilbers, P., Hoffmaister, A. W., Banerji, A. & Shi, H. (2008). House Price Developments in Europe: A Comparison, IMF Working Paper, No.211, October. http://epp.eurostat.ec.europa.eu (Erişim Tarihi: 10.11.2012).
- http://www.cqcabusinessresearch.com/wp-content/uploads/2011/04/Real-InterestRates-of-the-Eurozone-and-the-GIIPS.jpg (Erişim Tarihi: 10.12.2012)
- http://www.indexmundi.com/g/g.aspx?c=sp&v=94 (10.11.2012).
- Igan, D. & Loungani, P. (2012). Global House Prices Still Showing Down Trend, September 17.
- IMF (2003). Global Financial Stability Report, March.
- IMF (2011a). Global Financial Stability Report, (Section: Statistical Appendix) March.
- IMF (2011b). Global Financial Stability Report, (Section: Statistical Appendix) October.
- IMF (2012a). Global Financial Stability Report, (Section: Statistical Appendix) April.
- IMF (2012b). World Economic Outlook, (Section: Statistical Appendix), October. Kothari, V. (2006). Securatization-The Financial Instrument of the Future, Wiley Finance, Singapore: John Wiley&Sons.
- O'Kane, D. (2012). The Link between Eurozone Sovereign Debt and CDS Prices, EDH EDHEC Risk Institute, January.
- The Guardian (2011). Portugal's credit rating downgraded to junk status, 6 July 2011, http://www.guardian.co.uk/world/2011/jul/06/portugal-credit-rating-junkstatus (Erişim Tarihi: 11.12.2012).
- World Bank (2012). World Development Indicators Database (WDI), http://databank.worldbank.org/ddp/home.do?Step=12&id=4&CNO=2 (Erişim Tarihi: 16.12 2012).
- World Economic Form (2002) The Global Competitiveness Report, Switzerland, Oxford University Press.
- World Economic Form (2004) The Global Competitiveness Report, Switzerland, Oxford University Press.
- World Economic Form (2008) The Global Competitiveness Report, Switzerland, Oxford University Press.
- World Economic Form (2012) The Global Competitiveness Report, Switzerland, Oxford University Press.
- Wyplosz, C. (2012). Eurozone Crisis. About Public Debt, not Competitiveness, The Graduate Institute, 27 August.
APA | AKÇAY B (2012). BORÇ KRİZİNDEKİ GIIPS. , 23 - 56. |
Chicago | AKÇAY Belgin BORÇ KRİZİNDEKİ GIIPS. (2012): 23 - 56. |
MLA | AKÇAY Belgin BORÇ KRİZİNDEKİ GIIPS. , 2012, ss.23 - 56. |
AMA | AKÇAY B BORÇ KRİZİNDEKİ GIIPS. . 2012; 23 - 56. |
Vancouver | AKÇAY B BORÇ KRİZİNDEKİ GIIPS. . 2012; 23 - 56. |
IEEE | AKÇAY B "BORÇ KRİZİNDEKİ GIIPS." , ss.23 - 56, 2012. |
ISNAD | AKÇAY, Belgin. "BORÇ KRİZİNDEKİ GIIPS". (2012), 23-56. |
APA | AKÇAY B (2012). BORÇ KRİZİNDEKİ GIIPS. Ekonomik Yaklaşım, 23(85), 23 - 56. |
Chicago | AKÇAY Belgin BORÇ KRİZİNDEKİ GIIPS. Ekonomik Yaklaşım 23, no.85 (2012): 23 - 56. |
MLA | AKÇAY Belgin BORÇ KRİZİNDEKİ GIIPS. Ekonomik Yaklaşım, vol.23, no.85, 2012, ss.23 - 56. |
AMA | AKÇAY B BORÇ KRİZİNDEKİ GIIPS. Ekonomik Yaklaşım. 2012; 23(85): 23 - 56. |
Vancouver | AKÇAY B BORÇ KRİZİNDEKİ GIIPS. Ekonomik Yaklaşım. 2012; 23(85): 23 - 56. |
IEEE | AKÇAY B "BORÇ KRİZİNDEKİ GIIPS." Ekonomik Yaklaşım, 23, ss.23 - 56, 2012. |
ISNAD | AKÇAY, Belgin. "BORÇ KRİZİNDEKİ GIIPS". Ekonomik Yaklaşım 23/85 (2012), 23-56. |