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Borç Krizindeki GIIPS

Author

Listed:
  • Belgin AKÇAY

    (Ankara University)

Abstract

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.

Suggested Citation

  • Belgin AKÇAY, 2012. "Borç Krizindeki GIIPS," Ekonomik Yaklasim, Ekonomik Yaklasim Association, vol. 23(85), pages 23-56.
    • Handle: RePEc:eyd:eyjrnl:v:23:y:2012:i:85:p:23-56
    DOI: 10.5455/ey.34101
    Note: [English Title] GIIPS in the Sovereign Debt Crisis [English Abstract] 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. [English Keywords] Eurozone, GIIPS, sovereign debt crisis
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    Keywords

    Avro Bölgesi; GIIPS; borç krizi.;
    All these keywords.

    JEL classification:

    • C45 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Neural Networks and Related Topics
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • C45 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Neural Networks and Related Topics
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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