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AN EMPIRICAL ANALYSIS OF THE RELATION BETWEEN SAVINGS AND EXTERNAL DEBTS: TURKEY EXAMPLE

Year 2019, Volume: 37 Issue: 3, 489 - 516, 26.09.2019
https://doi.org/10.17065/huniibf.451458

Abstract

In the last few centuries, much
more responsibility has been placed on the state structures, which represent
the organized state of the societies. The necessity of the continuity of public
services obliges countries to borrow at times when the costs of revenues are
high. Whatever the reasons for the borrowing of countries, the source that they
will wend their ways to is national or international savings. This organic
connection between savings and debts constitutes the basic movement point of this
study. The aim of the study is to identify the short- and long-term
relationship between the need for external borrowing of our country and savings
and a number of variables affecting savings.

It is seen that there is a negative
relation between savings and external debt as a result of the analysis carried
out for the years 1980-2016. In other words, a 1% increase in saving means that
external debt is reduced by 1.4% in the long run. As a result of the analysis,
according to another result, 1% increase in economic growth reduces external
debts 1.6% in the long run. Other empirical results show that the 1% increase
in inflation, public revenues and age-dependent population increases by 0.12%,
1.3% and 1.9%, respectively in the long term.





As a result of the
analysis of the short-term relationship, it has been seen that any shock effect
resulting from the mentioned variables has been eliminated around
two-and-a-half period of time and returned to the long-run equilibrium level. 

References

  • Aizenman J., B. Pinto, A. Radziwill (2007), “Sources for Financing Domestic Capital –Is Foreign Saving a Viable Option for Developing Countries?”, Journal of International Money and Finance, 26(5), 682-702.
  • Aliyu, R.M., A.U. Usman (2013), “An Econometric Study of the Impact of External Debt, Public Debt and Debt Servicing on National Savings in Nigeria: A Cointegration Approach”, International Journal of Management and Social Sciences Research, 2(2), 73-83.
  • Bozkurt Yıldız, H. (2013), Zaman Serileri Analizi, Ekin Yayınevi, Bursa.
  • Brown, R.L., J. Durbin, J.M. Evans (1975), “Techniques for Testing the Constancy of Regression Relationships over Time”, Journal of the Royal Statistical Society, 37(2), 149-192.
  • Cavid, B.M. (2001), İktisat İlmi, (Osmanlıcadan Çeviren: Sema Alpun Çakmak), İstanbul: Liberte Yayınları.
  • Chaudhry, I.S., S. Malik, M. Ramazan (2009), “Impact of Foreign Debt on Saving and Investment in Pakistan”, Journal of Qality and Technology Management, 5(2), 101-115.
  • Diamond, P.A. (1965), “National Debt in a Neoclassical Growth Model”, The American Economic Review, 55(5), Part: 1, 1126-1150.
  • Dippelsman, R., C. Dziobek, C.A.G. Mangas (2012), “What Lies Beneath: The Statistical Definition of Public Sector Debt”, IMF Staff Discussion Note, SDN/12/09.
  • Engle, R.F., Granger, C.W.J. (1987), “Co-Integration and Error Correction: Representation, Estimation, and Testing”, Econometrica, Vol:55, No:2, 251-276.
  • Gill, I., B. Pinto (2005), “Public Debt In Developing Countries: Has The Market - Based Model Worked?”, Word Bank Policy Research Working Paper, WP No: 3674.
  • Granger, C.W.J., P. Newbold (1974), “Spurious Regressions in Econometrics”, Journal of Econometrics, 2, 111-120.
  • Griffin, K.B., J.L. Enos (1970), “Foreign Assistance: Objectives and Consequences”, Economic Development and Culturel Change, 18(3), 313-327.
  • Gupta, K.L. (1970), “Foreign Capital and Domestic Savings: A Test of Haavelmo's Hypothesis with Cross-Country Data: A Comment”, The Review of Economics and Statistics, 52(2), 214-216.
  • Holtfrerich, C.L., L.P. Feld, W. Heun, G. Illing, G. Kirchgässner, J. Kocka, M. Schularick, W. Streeck, U. Wagschal, S. Walter, C.C. Weizsäcker (2016), “Government Debt: Causes, Effects and Limits”, Union der Deutschen Akademien der Wissenschaften e. V.
  • International Monetary Fund (2013). Public Sector Debt Statistics: Guide for Compilers and Users, Washington D.C. http://www.tffs.org/pdf/method/2013/psds2013.pdf, E.T.: 26.07.2017
  • Irwin, T.C. (2015), Defining the Government’s Debt and Deficit”, IMF Working Paper, WP No: 15/238.
  • Johansen, S., Juselius, K. (1990), “Maximum Likelihood Estimation and Inference on Cointegration with Applications to Demand for Money” Oxford Bulletin of Economics and Statistics, 52, 169-210.
  • Jonathan, D.O., A.R. Ghosh, R.A. Espinoza (2015), “When Should Public Debt Be Reduced?”, IMF Staff Discussion Note, SDN/15/10, 1-26.
  • Khan A.H., Hasan L., Malik A. (1992), “Dependency Ratio, Foreign Capital Inflows and the Rate of Savings in Pakistan”, The Pakistan Development Review, Vol: 31, No: 4, 843-856.
  • Khan, R.E.A., A.R. Gill (2009), “Crowding Out Effect of Public Borrowing: A Case of Pakistan”, Munich Personal Repec Archive, MPRA Paper No: 16292.
  • Kızılkaya, O., E. Sofuoğlu, Z. Karaçor (2016), “Türkiye’de Turizm Gelirleri–Ekonomik Büyüme İlişkisi: ARDL Sınır Testi Yaklaşımı”, Yönetim ve Ekonomi Dergisi, 23(1), 203-215.
  • Köprücü, Y., Sarıtaş T. (2017), “Türkiye’de Eğitim ve Ekonomik Büyüme: Eşbütünleşme Yaklaşımı”, Optimum Ekonomi ve Yönetim Bilimleri Dergisi, 4(2), 77-89.
  • Kumar, M.S., J. Woo (2010), “Public Debt and Growth”, IMF Working Paper, WP No: 10/174.
  • Modigliani, F. (1986), “Life Cycle, Individual Thrift and the Wealth of Nations”, American Economic Review, 76(3), 297-313.
  • Nazlıoğlu, Ş., S. Kayhan, U. Adıgüzel (2014), “Electricity Consumption and Economic Growth in Turkey: Cointegration, Linear and Nonlinear Granger Causality”, Journal Energy Sources,Part B: Economics, Planning, and Policy, 9(4), 315-324.
  • Nkoro E., A.K. Uko (2016), “Autoregressive Distributed Lag (ARDL) Cointegration Technique: Application and Interpretation”, Journal of Statistical and Econometric Methods, 5(4), 63-91.
  • Okafor, L.E., J. Tyrowıcz (2008), “Foreign Debt and Domestic Savings in Developing Countries”, University of Warsaw Working Paper, WP No: 6/2008
  • Özbek, S.E. (1937), Tasarruf - Ekonomi İlmindeki Yeri – Türkiye’de Tasarruf Hareketleri, İstanbul, İstanbul: Aydınlık Basımevi.
  • Öztürk, K.Z., M. Kartal (2016), “Gelir Gruplarına Göre Yurtiçi Tasarruflar İle Dış Borçlar Arasındaki İlişki: Panel Veri Yöntemi İle Bir Analiz”, Selçuk Üniversitesi Sosyal Bilimler MYO Dergisi, 19(1), 139-165.
  • Peseran, M.H., Y. Shin (1997), “An Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis”, http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.153.3246&rep=rep1&type=pdf, E.T.: 04.02.2018
  • Peseran, M.H., Y. Shin, R.J. Smith (1999), “Bounds Testing Approaches to the Analysis of Long Run Relationship”, https://www.repository.cam.ac.uk/handle/1810/418, E.T.: 01.02.2018
  • Reinhart, C.M., M.B. Sbrancia (2011), “The Liquidation of Government Debt, NBER Working Paper Series, WP No: 16893.
  • Renani, H.S. (2007), “Demand for Money in Iran: An ARDL” Approach, Munich Personal Repec Archive, MPRA Paper No: 8224.
  • Shrestha, M.B., K. Chowdhury (2005), “ARDL Modelling Approach to Testing the Financial Liberalisation Hypothesis”, University of Wollongong Economics Working Paper, P No: 05-15.
  • Skousen, M. (1992), Dissent on Keynes-A Critical Apprasial of Keynesian Economics, New York: Preager Publisher.
  • Smith, A. (2007), Wealth of Nations, Metalibri Digital Lİbrary, London.
  • Tiruneh, M.W. (2004), “An Empirical Investigation Into the Determinants of External Indebtedness”, Prague Economic Papers, No: 3, 261-277.
  • Tarı, R. (2014), Ekonometri, Umuttepe Yayınları, Kocaeli.
  • Türkiye Cumhuriyet Merkez Bankası (2015), “Tasarruf – Yatırım Dinamikleri ve Cari İşlemler Dengesi Gelişmeleri”, https://www.tcmb.gov.tr/wps/wcm/connect/1c433a55-1f29-4115-acd7-70dc3861772b/TCMB_KITAPCIK_2015_1.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-1c433a55-1f29-4115-acd7-70dc3861772b-m5lk1bu, E.T.: 07.01.2018
  • Ulusoy, A. (2017), Devlet Borçlanması, Kocaeli: Umuttepe Yayınları.
  • United Nations (1965). “World Economic Survey 1965 Part – I”, https://www.un.org/en/development/desa/policy/wess/wess_archive/1965wes_part1.pdf, E.T.: 13.12.2017
  • Uysal, D., H. Özer, M. Mucuk (2009), “Dış Borçlanma ve Ekonomik Büyüme İlişkisi: Türkiye Örneği (1965-2007)”, Ankara Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 23(4), 161-178.
  • Weisskopf, T.E. (1972), “The Impact of Foreing Capital Inflow on Domestic Savings in Underdeveloped Countries”, Journal of International Economics, 2(1), 25-38.
  • Yıldız, B.H. (2013), Zaman Serileri Analizi, Bursa: Ekin Yayınevi.
  • Yılmaz, B.E. (2015), Borç Çıkmazı [Osmanlıdan Günümüze 1845 – 2013], İstanbul: Derin Yayınları.
  • Zaidi, I.M. (1985), “Saving, Investment, Fiscal Deficits, and the External Indebtedness of Developing Countries”, World Development, 13(5), 573-588. http://www.tdk.gov.tr, E.T.: 22.02.2017

TASARRUFLAR İLE DIŞ BORÇLAR ARASINDAKİ İLİŞKİNİN AMPİRİK ANALİZİ: TÜRKİYE ÖRNEĞİ

Year 2019, Volume: 37 Issue: 3, 489 - 516, 26.09.2019
https://doi.org/10.17065/huniibf.451458

Abstract

Toplumların organize olmuş halini
ifade eden devlet yapılanmalarına son birkaç yüzyıl içinde eskiye kıyasla çok
daha fazla sorumluluk yüklenmektedir. Kamu hizmetlerinin devamlılığının
gerekliliği, giderlerin gelirleri aştığı dönemlerde devletleri borçlanmaya
mecbur bırakmaktadır. Devletlerin borçlanma sebepleri her ne olursa olsun,
borçlanma amacıyla yönelecekleri kaynak ulusal veya uluslararası tasarruflar
olacaktır. Tasarruflar ile borçlar arasında var olan bu organik bağ, bu
çalışmanın temel hareket noktasını oluşturmaktadır. Çalışmanın amacı, ülkemizin
dış borçlanmaya olan gereksinimi ile tasarruf ve tasarrufu etkileyen bir dizi
değişken arasındaki kısa ve uzun dönemli ilişkinin varlığını tespit
edebilmektir. 
1980-2016 yıllarını kapsayan
verilerle gerçekleştirilen analiz sonucunda, tasarruflar ile dış borçlar
arasında negatif bir ilişkinin olduğu görülmüştür. Bir başka ifade ile,
tasarruflarda yaşanan %1’lik bir artışın dış borçları uzun dönemde %1.4
azalttığı bulgusuna ulaşılmıştır. Analiz neticesinde ulaşılan diğer bir sonuca
göre de, ekonomik büyümedeki %1’lik artış dış borçları uzun dönemde %1.6
azaltmaktadır. Elde edilen diğer ampirik bulgular arasında enflasyon, kamu
gelirleri ve yaşa bağımlı nüfusta yaşanacak %1’lik artışların uzun dönemde dış
borcu sırasıyla %0.12, %1.3 ve %1.9 oranında arttırdığı yer almaktadır. 
Kısa dönemli ilişkinin analizi
sonucunda ise, bahse konu değişkenlerden kaynaklanan herhangi bir şokun
etkisinin yaklaşık olarak iki buçuk dönemde ortadan kalktığı ve uzun dönemli
denge seviyesine geri dönüldüğü görülmüştür.

References

  • Aizenman J., B. Pinto, A. Radziwill (2007), “Sources for Financing Domestic Capital –Is Foreign Saving a Viable Option for Developing Countries?”, Journal of International Money and Finance, 26(5), 682-702.
  • Aliyu, R.M., A.U. Usman (2013), “An Econometric Study of the Impact of External Debt, Public Debt and Debt Servicing on National Savings in Nigeria: A Cointegration Approach”, International Journal of Management and Social Sciences Research, 2(2), 73-83.
  • Bozkurt Yıldız, H. (2013), Zaman Serileri Analizi, Ekin Yayınevi, Bursa.
  • Brown, R.L., J. Durbin, J.M. Evans (1975), “Techniques for Testing the Constancy of Regression Relationships over Time”, Journal of the Royal Statistical Society, 37(2), 149-192.
  • Cavid, B.M. (2001), İktisat İlmi, (Osmanlıcadan Çeviren: Sema Alpun Çakmak), İstanbul: Liberte Yayınları.
  • Chaudhry, I.S., S. Malik, M. Ramazan (2009), “Impact of Foreign Debt on Saving and Investment in Pakistan”, Journal of Qality and Technology Management, 5(2), 101-115.
  • Diamond, P.A. (1965), “National Debt in a Neoclassical Growth Model”, The American Economic Review, 55(5), Part: 1, 1126-1150.
  • Dippelsman, R., C. Dziobek, C.A.G. Mangas (2012), “What Lies Beneath: The Statistical Definition of Public Sector Debt”, IMF Staff Discussion Note, SDN/12/09.
  • Engle, R.F., Granger, C.W.J. (1987), “Co-Integration and Error Correction: Representation, Estimation, and Testing”, Econometrica, Vol:55, No:2, 251-276.
  • Gill, I., B. Pinto (2005), “Public Debt In Developing Countries: Has The Market - Based Model Worked?”, Word Bank Policy Research Working Paper, WP No: 3674.
  • Granger, C.W.J., P. Newbold (1974), “Spurious Regressions in Econometrics”, Journal of Econometrics, 2, 111-120.
  • Griffin, K.B., J.L. Enos (1970), “Foreign Assistance: Objectives and Consequences”, Economic Development and Culturel Change, 18(3), 313-327.
  • Gupta, K.L. (1970), “Foreign Capital and Domestic Savings: A Test of Haavelmo's Hypothesis with Cross-Country Data: A Comment”, The Review of Economics and Statistics, 52(2), 214-216.
  • Holtfrerich, C.L., L.P. Feld, W. Heun, G. Illing, G. Kirchgässner, J. Kocka, M. Schularick, W. Streeck, U. Wagschal, S. Walter, C.C. Weizsäcker (2016), “Government Debt: Causes, Effects and Limits”, Union der Deutschen Akademien der Wissenschaften e. V.
  • International Monetary Fund (2013). Public Sector Debt Statistics: Guide for Compilers and Users, Washington D.C. http://www.tffs.org/pdf/method/2013/psds2013.pdf, E.T.: 26.07.2017
  • Irwin, T.C. (2015), Defining the Government’s Debt and Deficit”, IMF Working Paper, WP No: 15/238.
  • Johansen, S., Juselius, K. (1990), “Maximum Likelihood Estimation and Inference on Cointegration with Applications to Demand for Money” Oxford Bulletin of Economics and Statistics, 52, 169-210.
  • Jonathan, D.O., A.R. Ghosh, R.A. Espinoza (2015), “When Should Public Debt Be Reduced?”, IMF Staff Discussion Note, SDN/15/10, 1-26.
  • Khan A.H., Hasan L., Malik A. (1992), “Dependency Ratio, Foreign Capital Inflows and the Rate of Savings in Pakistan”, The Pakistan Development Review, Vol: 31, No: 4, 843-856.
  • Khan, R.E.A., A.R. Gill (2009), “Crowding Out Effect of Public Borrowing: A Case of Pakistan”, Munich Personal Repec Archive, MPRA Paper No: 16292.
  • Kızılkaya, O., E. Sofuoğlu, Z. Karaçor (2016), “Türkiye’de Turizm Gelirleri–Ekonomik Büyüme İlişkisi: ARDL Sınır Testi Yaklaşımı”, Yönetim ve Ekonomi Dergisi, 23(1), 203-215.
  • Köprücü, Y., Sarıtaş T. (2017), “Türkiye’de Eğitim ve Ekonomik Büyüme: Eşbütünleşme Yaklaşımı”, Optimum Ekonomi ve Yönetim Bilimleri Dergisi, 4(2), 77-89.
  • Kumar, M.S., J. Woo (2010), “Public Debt and Growth”, IMF Working Paper, WP No: 10/174.
  • Modigliani, F. (1986), “Life Cycle, Individual Thrift and the Wealth of Nations”, American Economic Review, 76(3), 297-313.
  • Nazlıoğlu, Ş., S. Kayhan, U. Adıgüzel (2014), “Electricity Consumption and Economic Growth in Turkey: Cointegration, Linear and Nonlinear Granger Causality”, Journal Energy Sources,Part B: Economics, Planning, and Policy, 9(4), 315-324.
  • Nkoro E., A.K. Uko (2016), “Autoregressive Distributed Lag (ARDL) Cointegration Technique: Application and Interpretation”, Journal of Statistical and Econometric Methods, 5(4), 63-91.
  • Okafor, L.E., J. Tyrowıcz (2008), “Foreign Debt and Domestic Savings in Developing Countries”, University of Warsaw Working Paper, WP No: 6/2008
  • Özbek, S.E. (1937), Tasarruf - Ekonomi İlmindeki Yeri – Türkiye’de Tasarruf Hareketleri, İstanbul, İstanbul: Aydınlık Basımevi.
  • Öztürk, K.Z., M. Kartal (2016), “Gelir Gruplarına Göre Yurtiçi Tasarruflar İle Dış Borçlar Arasındaki İlişki: Panel Veri Yöntemi İle Bir Analiz”, Selçuk Üniversitesi Sosyal Bilimler MYO Dergisi, 19(1), 139-165.
  • Peseran, M.H., Y. Shin (1997), “An Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis”, http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.153.3246&rep=rep1&type=pdf, E.T.: 04.02.2018
  • Peseran, M.H., Y. Shin, R.J. Smith (1999), “Bounds Testing Approaches to the Analysis of Long Run Relationship”, https://www.repository.cam.ac.uk/handle/1810/418, E.T.: 01.02.2018
  • Reinhart, C.M., M.B. Sbrancia (2011), “The Liquidation of Government Debt, NBER Working Paper Series, WP No: 16893.
  • Renani, H.S. (2007), “Demand for Money in Iran: An ARDL” Approach, Munich Personal Repec Archive, MPRA Paper No: 8224.
  • Shrestha, M.B., K. Chowdhury (2005), “ARDL Modelling Approach to Testing the Financial Liberalisation Hypothesis”, University of Wollongong Economics Working Paper, P No: 05-15.
  • Skousen, M. (1992), Dissent on Keynes-A Critical Apprasial of Keynesian Economics, New York: Preager Publisher.
  • Smith, A. (2007), Wealth of Nations, Metalibri Digital Lİbrary, London.
  • Tiruneh, M.W. (2004), “An Empirical Investigation Into the Determinants of External Indebtedness”, Prague Economic Papers, No: 3, 261-277.
  • Tarı, R. (2014), Ekonometri, Umuttepe Yayınları, Kocaeli.
  • Türkiye Cumhuriyet Merkez Bankası (2015), “Tasarruf – Yatırım Dinamikleri ve Cari İşlemler Dengesi Gelişmeleri”, https://www.tcmb.gov.tr/wps/wcm/connect/1c433a55-1f29-4115-acd7-70dc3861772b/TCMB_KITAPCIK_2015_1.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-1c433a55-1f29-4115-acd7-70dc3861772b-m5lk1bu, E.T.: 07.01.2018
  • Ulusoy, A. (2017), Devlet Borçlanması, Kocaeli: Umuttepe Yayınları.
  • United Nations (1965). “World Economic Survey 1965 Part – I”, https://www.un.org/en/development/desa/policy/wess/wess_archive/1965wes_part1.pdf, E.T.: 13.12.2017
  • Uysal, D., H. Özer, M. Mucuk (2009), “Dış Borçlanma ve Ekonomik Büyüme İlişkisi: Türkiye Örneği (1965-2007)”, Ankara Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 23(4), 161-178.
  • Weisskopf, T.E. (1972), “The Impact of Foreing Capital Inflow on Domestic Savings in Underdeveloped Countries”, Journal of International Economics, 2(1), 25-38.
  • Yıldız, B.H. (2013), Zaman Serileri Analizi, Bursa: Ekin Yayınevi.
  • Yılmaz, B.E. (2015), Borç Çıkmazı [Osmanlıdan Günümüze 1845 – 2013], İstanbul: Derin Yayınları.
  • Zaidi, I.M. (1985), “Saving, Investment, Fiscal Deficits, and the External Indebtedness of Developing Countries”, World Development, 13(5), 573-588. http://www.tdk.gov.tr, E.T.: 22.02.2017
There are 46 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Ekrem Karayılmazlar

Mehmet Özgün

Publication Date September 26, 2019
Submission Date August 7, 2018
Published in Issue Year 2019 Volume: 37 Issue: 3

Cite

APA Karayılmazlar, E., & Özgün, M. (2019). TASARRUFLAR İLE DIŞ BORÇLAR ARASINDAKİ İLİŞKİNİN AMPİRİK ANALİZİ: TÜRKİYE ÖRNEĞİ. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 37(3), 489-516. https://doi.org/10.17065/huniibf.451458
AMA Karayılmazlar E, Özgün M. TASARRUFLAR İLE DIŞ BORÇLAR ARASINDAKİ İLİŞKİNİN AMPİRİK ANALİZİ: TÜRKİYE ÖRNEĞİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. September 2019;37(3):489-516. doi:10.17065/huniibf.451458
Chicago Karayılmazlar, Ekrem, and Mehmet Özgün. “TASARRUFLAR İLE DIŞ BORÇLAR ARASINDAKİ İLİŞKİNİN AMPİRİK ANALİZİ: TÜRKİYE ÖRNEĞİ”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 37, no. 3 (September 2019): 489-516. https://doi.org/10.17065/huniibf.451458.
EndNote Karayılmazlar E, Özgün M (September 1, 2019) TASARRUFLAR İLE DIŞ BORÇLAR ARASINDAKİ İLİŞKİNİN AMPİRİK ANALİZİ: TÜRKİYE ÖRNEĞİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 37 3 489–516.
IEEE E. Karayılmazlar and M. Özgün, “TASARRUFLAR İLE DIŞ BORÇLAR ARASINDAKİ İLİŞKİNİN AMPİRİK ANALİZİ: TÜRKİYE ÖRNEĞİ”, Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, vol. 37, no. 3, pp. 489–516, 2019, doi: 10.17065/huniibf.451458.
ISNAD Karayılmazlar, Ekrem - Özgün, Mehmet. “TASARRUFLAR İLE DIŞ BORÇLAR ARASINDAKİ İLİŞKİNİN AMPİRİK ANALİZİ: TÜRKİYE ÖRNEĞİ”. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 37/3 (September 2019), 489-516. https://doi.org/10.17065/huniibf.451458.
JAMA Karayılmazlar E, Özgün M. TASARRUFLAR İLE DIŞ BORÇLAR ARASINDAKİ İLİŞKİNİN AMPİRİK ANALİZİ: TÜRKİYE ÖRNEĞİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2019;37:489–516.
MLA Karayılmazlar, Ekrem and Mehmet Özgün. “TASARRUFLAR İLE DIŞ BORÇLAR ARASINDAKİ İLİŞKİNİN AMPİRİK ANALİZİ: TÜRKİYE ÖRNEĞİ”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, vol. 37, no. 3, 2019, pp. 489-16, doi:10.17065/huniibf.451458.
Vancouver Karayılmazlar E, Özgün M. TASARRUFLAR İLE DIŞ BORÇLAR ARASINDAKİ İLİŞKİNİN AMPİRİK ANALİZİ: TÜRKİYE ÖRNEĞİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2019;37(3):489-516.

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