Debt Targets and Fiscal Rules Practices on Public Debt For Turkey

Sinan Ataer, B. Yilmaz
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Abstract

Debt targets act as an anchor of fiscal policies and ensure the sustainability of fiscal policy, provide a sufficient policy room for the economic stabilization policies in order to challenge adverse shocks. Prudent debt targets decrease the risk premia and cost of the active fiscal policies by ensuring the environment of confidence which the markets need. Prudent debt targets are set according to the economic situation of countries and in the frame of fiscal rules. For the purpose of obtaining results in compliance with these targets, fiscal rules have two main objectives. The first objective is contributing fiscal discipline and the second one is enabling the stabilization policies. However, achieving these targets is not only subject to debt-related fiscal rules. Expenditures revenues related to fiscal rules have to be used in harmony with the debt related fiscal rules. In our study, we are going to try to ask these questions; what are the prudent debt targets for the short-mid and long terms, how to design fiscal rules and general fiscal framework to survive economic fluctuations. These questions will be tried to answer in the frame of the public debt performance and traditional fiscal policies of Turkey. In this study, a set of policy offers will be tried to developed to provide a functional role for the living through Turkey from the current economic fluctuation with the independent economic stabilization policies.
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土耳其公共债务的债务目标和财政规则实践
债务目标作为财政政策的“锚”,确保财政政策的可持续性,为稳定经济政策提供充足的政策空间,以应对不利冲击。审慎的债务目标通过确保市场所需的信心环境,降低了积极财政政策的风险溢价和成本。审慎的债务目标是根据各国的经济状况和财政规则框架设定的。为了取得符合这些指标的结果,财政规则有两个主要目标。第一个目标是促进财政纪律,第二个目标是使稳定政策得以实施。然而,实现这些目标不仅要遵守与债务有关的财政规则。与财政规则有关的支出收入必须与与债务有关的财政规则相协调。在我们的研究中,我们将尝试问这些问题;短期、中期和长期的稳健债务目标是什么,如何设计财政规则和总体财政框架以应对经济波动。这些问题将试图在土耳其公共债务表现和传统财政政策的框架内得到解答。在本研究中,将尝试制定一套政策建议,以独立的经济稳定政策为土耳其目前的经济波动提供功能性作用。
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