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Mali Disiplini Sağlamada Mali Kurallar: Gelişmiş ve Gelişmekte Olan Ülkeler İçin Ekonometrik Bir Uygulama

Year 2019, Volume: 1 Issue: 4, 415 - 432, 18.12.2019
https://doi.org/10.38009/ekimad.648771

Abstract

Mali kurallar, mali disiplini sağlamak
amacıyla kamu maliyesinin özet göstergeleri olarak kabul edilen harcama, borç,
gelir ve bütçe açıkları üzerine getirilen sayısal kısıtlamalardan oluşmaktadır.
Mali kurallar 1970’li yıllardan sonra, artan kamu borçları ve bütçe açıklarını
kontrol etmek amacıyla tartışılmaya başlanmış ve 1990’lı yıllardan itibaren
hızla yayılmıştır. Bu çalışmada mali kuralların mali disiplini sağlamadaki rolü
incelenmiştir. Çalışma ulusal ölçekte sayısal mali kural uygulayan 31 gelişmiş
ülke ile 35 gelişmekte olan ülkeyi kapsamaktadır. Çalışma dönemi 1985-2015
olarak belirlenmiştir. Analiz için dengesiz panel veri yöntemi kullanılmıştır. Çalışma
sonuçlarına göre mali kurallar gelişmiş ülkelerde mali disiplini olumlu yönde
etkilemektedir. Gelişmiş ülkelerin mali yapıları ve kapsamlı kurumsal
düzenlemeleri mali kuralların pozitif etkisini artırmaktadır. Gelişmekte olan
ülkelerde ise bu etki zayıf ya da negatiftir.  

References

  • Afonso, A. ve Guimaraes, A.S. (2014). The Relevance Of Fiscal Rules For Fiscal And Yield Developments, Lisboa School Of Economics & Managament, Depatment of Economics, WP05/2014, 1-44.
  • Afonso, A. ve Jalles, J.T. (2013). Do Fiscal Rules Matter For Growth?, Applied Economics Letters, (20), 34–40.
  • Andrés, J. ve Doménech, R. (2006). Fiscal Rules and Macroeconomic Stability, Hacienda Pública Española / Revista De Economía Pública,176 (1/2006), 9-41.
  • Ayuso-i-Casals, J., Hernández, D.G., Moulin, L & Turrini, A. (2006). “Beyond The SGP-Features And Effects Of EU National-Level Fiscal Rules”, ss.651-701.
  • https://www.bancaditalia.it/pubblicazioni/altri-atti-convegni/2007-fiscal-policy/Ayuso_Gonzalez_Moulin_Turrini.pdf?language_id=1 (01.11.2016).
  • Badinger, H. ve Reuter, W. H. (2017). The Case For Fiscal Rules, Economic Modelling, (60), 334-343.
  • Bergman, U.M., Hutchison, M. M. & Jensen S.E.H. (2016). Promoting Sustainable Public Finances In The European Union: The Role Of Fiscal Rules And Government Efficiency, European Journal Of Political Economy (44), 1-19.
  • Bernanke, B. (2010). Fiscal Sustainability And Fiscal Rules, Board Of Governors Of The Federal Reserve System At The Annual Meeting Of The Rhode Island Public Expenditure Council Providence, Rhode Island.
  • Bozgeyik, Y. (2014). Türkiye ve Diğer OECD Ülkelerinde Mali Kuralların Etkinliği: 1994-2010 Dönemi, ANEMON Muş Alparslan Üni̇versi̇tesi̇ Sosyal Bi̇li̇mler Dergisi, 2(1), 67-74.
  • Brzozowski, M. ve Siwinska-Gorzelak, J. (2010). The Impact Of Fiscal Rules Of Fiscal Policy Volatility, Journal Of Applied Economics, XIII(2), 205-231.
  • Butler, E. (2012). Public Choice, A Primer, IEA The Institute of Economic Affairs, London.
  • Castro, V. (2011). The Impact Of The European Union Fiscal Rules On Economic Growth, Journal Of Macroeconomics, (33), 313-326.
  • Caselli, F. ve Reynaud, J. (2019). Do Fiscal Rules Cause Better Fiscal Balances? A New Instrumental Variable Strategy, IMF Working Paper, WP/19/49.
  • Chiesa, F., 2014. The Increasing Debt Problem: Is A Fiscal Rule An Effective Solution?, Yüksek Lisans Tezi, University Of Tampere, Department Of Economics And Accounting, Tampere, Finland.
  • Claeys, P. (2008). Rules, And Their Effects On Fiscal Policy In Sweden, Swedish Economic Policy Review 15, 7-47.
  • Dahan, M., ve Strawczynski, M. (2013). Fiscal Rules And The Composition Of Government Expenditures In OECD Countries, Journal Of Policy Analysis And Management, 32 (3), 484–504.
  • EC. (2019). Stability and Growth Pact. https://ec.europa.eu/info/business-economy-euro/economic-and-fiscal-policy-coordination_en (Erişim: 06.11.2019).
  • EC. (2012). “Fiscal Frameworks Across Member States: Commission Services Country Fiches From The 2011 EPC Peer Review”, European Economy Occasional Paper 91, 1-162.
  • Fatas, A., ve Mihov, I. (2006). The Macroeconomic Effects Of Fiscal Rules In The US States, Journal Of Public Economics, 90(1-2), 101-117.
  • IMF Fiscal Rules Dataset 1985-2015 http://www.imf.org/external/datamapper/fiscalrules/matrix/matrix.htm (Erişim: 02.10.2019).
  • Khemani, S. (2005). Can Delegation Promote Fiscal Discipline In A Federation? Evidence From Fiscal Performance In The Indian States, 1-66.
  • http://policydialogue.org/files/events/Khemani_Delegation_Promote_Fiscal_Discipline_in_a_Federation.pdf (Erişim: 12.11.2019).
  • Kopits, G. ve Symansky, S. A. (1998). Fiscal Policy Rules, IMF Occasional Paper, No.162, Washington DC., 1-45.
  • Kotia, A. ve Lledó, D. (2016). Do Subnational Fiscal Rules Foster Fiscal Discipline? New Empirical Evidence From Europe, IMF Working Paper No.16/18, 1-35.
  • Landon, S. ve Smith C. (2017). Does The Design Of A Fiscal Rule Matter For Welfare?, University Of Alberta Faculty Of Arts Department Of Economics, Working Paper No. 2017-02, 1-32.
  • Lledó, V., Yoon, S., Fang, X., Mbaye, S. & Kim, Y. (2017). Fiscal Rules At A Glance, 1-82.
  • http://www.imf.org/external/datamapper/fiscalrules/Fiscal%20Rules%20at%20a%20Glance%20-%20Background%20Paper.pdf (Erişim: 08.05.2018).
  • Marneffe, W., Aarle, B. V., Wielen, W. & Vereeck, L. (2011). The Impact Of Fiscal Rules On Public Finances: Therory And Emprical Evidence For The Euro Area, CESifo Working Paper Series, No.3303, 1-26.
  • Neyaptı, B. (2013). Fiscal Decentralization, Fiscal Rules And Fiscal Discipline, Economics Letters, (121), 528-532.
  • Reuter, W. H. (2015). National Numerical Fiscal Rules: Not Complied With, But Still Effective?, European Journal of Political Economy, (39), 67–81.
  • Sacchi, A. ve Salotti, S. (2014). The Impact Of National Fiscal Rules On The Stabilisation Function Of Fiscal Policy, 30s.
  • http://www.iaw.edu/tl_files/dokumente/FISCAL%20RULES%202014-03-19.pdf (06.03.2016).
  • Schakel, H. C., Wu, E. H. & Jeurissen, P. (2018). Fiscal Rules, Powerful Levers For Controlling The Health Budget? Evidence From 32 OECD Countries, BMC Public Health, 1-17.
  • Schick, A. (1998). A Contemporary Approach To Public Expenditure Management, World Bank Working Paper No. 35116.
  • Strawczynski, M. (2014). Optimal Design Of New Generation Fiscal Rules: Coping With The Business Cycle And Discretionary Tax Reductions, 36s.file:///C:/Users/user/Downloads/SSRN-id2439621%20(1).pdf (Erişim: 05.10.2017).
  • Tapsoba, R. (2012). Do National Numerical Fiscal Rules Really Shapefiscal Behaviours In Developing Countries? A Treatment Effect Evaluation, Economic Modelling, 29(4), 1356-1369.
  • T´oth, C. G. (2017). Own Or Inherited? The Effect Of National Fiscal Rules After Changes Of Government, Munich Personal RePEc Archive Paper No. 81178, 1-22.
  • Vasiljev, T. B. (2010). The Effect Of Fiscal Rules Strength On Fiscal Discipline And Output Volatility In EU Countries, 1-18.
  • https://www.nbs.rs/internet/english/95/kmse/20110622_conference/EffectOfFiscalRulesStrengthOnFiscalDiscipline_A_TamaraBasic.pdf (Erişim: 23.03.2018).
  • Von Hagen, J. (2006). Fiscal Rules And Fiscal Performance In The EU And Japan, EconStor Discussion Paper No.147, 1-45.
  • Wright, A., Grenade, K. & Scott-Joseph, A. (2017). Fiscal Rules: Towards a New Paradigm for Fiscal Sustainability in Small States, IDB Working Paper Series No. IDB-WP-780, 1-34.
  • http://databank.worldbank.org/data/reports.aspx?source=world-development-indicators# (Erişim: 14.05.2018)
  • https://www.imf.org/external/pubs/ft/weo/2018/01/weodata/index.aspx (Erişim: 25.05.2018)

Fiscal Rules in Providing Fiscal Discipline: An Econometric Practice for Developed and Developing Countries

Year 2019, Volume: 1 Issue: 4, 415 - 432, 18.12.2019
https://doi.org/10.38009/ekimad.648771

Abstract

Fiscal
rules consist of numerical constraints on expenditure, debt, income and budget
deficits which are considered as summary indicators of public finance in order
to ensure fiscal discipline. Fiscal rules began to be discussed after 1970s in
order to control rising public debts and budget deficits and spread rapidly
since the 1990s. In this study, the role of fiscal rules in ensuring fiscal
discipline is examined. The study covers 31 developed countries and 35
developing countries applying numerical fiscal rules at national scale. The
study period was determined as 1985-2015. Unbalanced panel data method was used
for analysis. According to the results of the study, fiscal rules positively
affect fiscal discipline in developed countries. The financial structures and
comprehensive institutional arrangements of developed countries increase the
positive effect of fiscal rules. In developing countries, this effect is weak
or negative.

References

  • Afonso, A. ve Guimaraes, A.S. (2014). The Relevance Of Fiscal Rules For Fiscal And Yield Developments, Lisboa School Of Economics & Managament, Depatment of Economics, WP05/2014, 1-44.
  • Afonso, A. ve Jalles, J.T. (2013). Do Fiscal Rules Matter For Growth?, Applied Economics Letters, (20), 34–40.
  • Andrés, J. ve Doménech, R. (2006). Fiscal Rules and Macroeconomic Stability, Hacienda Pública Española / Revista De Economía Pública,176 (1/2006), 9-41.
  • Ayuso-i-Casals, J., Hernández, D.G., Moulin, L & Turrini, A. (2006). “Beyond The SGP-Features And Effects Of EU National-Level Fiscal Rules”, ss.651-701.
  • https://www.bancaditalia.it/pubblicazioni/altri-atti-convegni/2007-fiscal-policy/Ayuso_Gonzalez_Moulin_Turrini.pdf?language_id=1 (01.11.2016).
  • Badinger, H. ve Reuter, W. H. (2017). The Case For Fiscal Rules, Economic Modelling, (60), 334-343.
  • Bergman, U.M., Hutchison, M. M. & Jensen S.E.H. (2016). Promoting Sustainable Public Finances In The European Union: The Role Of Fiscal Rules And Government Efficiency, European Journal Of Political Economy (44), 1-19.
  • Bernanke, B. (2010). Fiscal Sustainability And Fiscal Rules, Board Of Governors Of The Federal Reserve System At The Annual Meeting Of The Rhode Island Public Expenditure Council Providence, Rhode Island.
  • Bozgeyik, Y. (2014). Türkiye ve Diğer OECD Ülkelerinde Mali Kuralların Etkinliği: 1994-2010 Dönemi, ANEMON Muş Alparslan Üni̇versi̇tesi̇ Sosyal Bi̇li̇mler Dergisi, 2(1), 67-74.
  • Brzozowski, M. ve Siwinska-Gorzelak, J. (2010). The Impact Of Fiscal Rules Of Fiscal Policy Volatility, Journal Of Applied Economics, XIII(2), 205-231.
  • Butler, E. (2012). Public Choice, A Primer, IEA The Institute of Economic Affairs, London.
  • Castro, V. (2011). The Impact Of The European Union Fiscal Rules On Economic Growth, Journal Of Macroeconomics, (33), 313-326.
  • Caselli, F. ve Reynaud, J. (2019). Do Fiscal Rules Cause Better Fiscal Balances? A New Instrumental Variable Strategy, IMF Working Paper, WP/19/49.
  • Chiesa, F., 2014. The Increasing Debt Problem: Is A Fiscal Rule An Effective Solution?, Yüksek Lisans Tezi, University Of Tampere, Department Of Economics And Accounting, Tampere, Finland.
  • Claeys, P. (2008). Rules, And Their Effects On Fiscal Policy In Sweden, Swedish Economic Policy Review 15, 7-47.
  • Dahan, M., ve Strawczynski, M. (2013). Fiscal Rules And The Composition Of Government Expenditures In OECD Countries, Journal Of Policy Analysis And Management, 32 (3), 484–504.
  • EC. (2019). Stability and Growth Pact. https://ec.europa.eu/info/business-economy-euro/economic-and-fiscal-policy-coordination_en (Erişim: 06.11.2019).
  • EC. (2012). “Fiscal Frameworks Across Member States: Commission Services Country Fiches From The 2011 EPC Peer Review”, European Economy Occasional Paper 91, 1-162.
  • Fatas, A., ve Mihov, I. (2006). The Macroeconomic Effects Of Fiscal Rules In The US States, Journal Of Public Economics, 90(1-2), 101-117.
  • IMF Fiscal Rules Dataset 1985-2015 http://www.imf.org/external/datamapper/fiscalrules/matrix/matrix.htm (Erişim: 02.10.2019).
  • Khemani, S. (2005). Can Delegation Promote Fiscal Discipline In A Federation? Evidence From Fiscal Performance In The Indian States, 1-66.
  • http://policydialogue.org/files/events/Khemani_Delegation_Promote_Fiscal_Discipline_in_a_Federation.pdf (Erişim: 12.11.2019).
  • Kopits, G. ve Symansky, S. A. (1998). Fiscal Policy Rules, IMF Occasional Paper, No.162, Washington DC., 1-45.
  • Kotia, A. ve Lledó, D. (2016). Do Subnational Fiscal Rules Foster Fiscal Discipline? New Empirical Evidence From Europe, IMF Working Paper No.16/18, 1-35.
  • Landon, S. ve Smith C. (2017). Does The Design Of A Fiscal Rule Matter For Welfare?, University Of Alberta Faculty Of Arts Department Of Economics, Working Paper No. 2017-02, 1-32.
  • Lledó, V., Yoon, S., Fang, X., Mbaye, S. & Kim, Y. (2017). Fiscal Rules At A Glance, 1-82.
  • http://www.imf.org/external/datamapper/fiscalrules/Fiscal%20Rules%20at%20a%20Glance%20-%20Background%20Paper.pdf (Erişim: 08.05.2018).
  • Marneffe, W., Aarle, B. V., Wielen, W. & Vereeck, L. (2011). The Impact Of Fiscal Rules On Public Finances: Therory And Emprical Evidence For The Euro Area, CESifo Working Paper Series, No.3303, 1-26.
  • Neyaptı, B. (2013). Fiscal Decentralization, Fiscal Rules And Fiscal Discipline, Economics Letters, (121), 528-532.
  • Reuter, W. H. (2015). National Numerical Fiscal Rules: Not Complied With, But Still Effective?, European Journal of Political Economy, (39), 67–81.
  • Sacchi, A. ve Salotti, S. (2014). The Impact Of National Fiscal Rules On The Stabilisation Function Of Fiscal Policy, 30s.
  • http://www.iaw.edu/tl_files/dokumente/FISCAL%20RULES%202014-03-19.pdf (06.03.2016).
  • Schakel, H. C., Wu, E. H. & Jeurissen, P. (2018). Fiscal Rules, Powerful Levers For Controlling The Health Budget? Evidence From 32 OECD Countries, BMC Public Health, 1-17.
  • Schick, A. (1998). A Contemporary Approach To Public Expenditure Management, World Bank Working Paper No. 35116.
  • Strawczynski, M. (2014). Optimal Design Of New Generation Fiscal Rules: Coping With The Business Cycle And Discretionary Tax Reductions, 36s.file:///C:/Users/user/Downloads/SSRN-id2439621%20(1).pdf (Erişim: 05.10.2017).
  • Tapsoba, R. (2012). Do National Numerical Fiscal Rules Really Shapefiscal Behaviours In Developing Countries? A Treatment Effect Evaluation, Economic Modelling, 29(4), 1356-1369.
  • T´oth, C. G. (2017). Own Or Inherited? The Effect Of National Fiscal Rules After Changes Of Government, Munich Personal RePEc Archive Paper No. 81178, 1-22.
  • Vasiljev, T. B. (2010). The Effect Of Fiscal Rules Strength On Fiscal Discipline And Output Volatility In EU Countries, 1-18.
  • https://www.nbs.rs/internet/english/95/kmse/20110622_conference/EffectOfFiscalRulesStrengthOnFiscalDiscipline_A_TamaraBasic.pdf (Erişim: 23.03.2018).
  • Von Hagen, J. (2006). Fiscal Rules And Fiscal Performance In The EU And Japan, EconStor Discussion Paper No.147, 1-45.
  • Wright, A., Grenade, K. & Scott-Joseph, A. (2017). Fiscal Rules: Towards a New Paradigm for Fiscal Sustainability in Small States, IDB Working Paper Series No. IDB-WP-780, 1-34.
  • http://databank.worldbank.org/data/reports.aspx?source=world-development-indicators# (Erişim: 14.05.2018)
  • https://www.imf.org/external/pubs/ft/weo/2018/01/weodata/index.aspx (Erişim: 25.05.2018)
There are 43 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Articles
Authors

Mehtap Karayazı 0000-0002-4876-3088

Seyhan Taş 0000-0002-9671-4838

Publication Date December 18, 2019
Submission Date November 19, 2019
Published in Issue Year 2019 Volume: 1 Issue: 4

Cite

APA Karayazı, M., & Taş, S. (2019). Mali Disiplini Sağlamada Mali Kurallar: Gelişmiş ve Gelişmekte Olan Ülkeler İçin Ekonometrik Bir Uygulama. Ekonomi İşletme Ve Maliye Araştırmaları Dergisi, 1(4), 415-432. https://doi.org/10.38009/ekimad.648771