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DO defence expenditures increase debt rescheduling in Turkey? probit model approach

  • Erdal Karagol
  • Selami Sezgin

This paper empirically investigates the importance of financial and political variables in determining debt rescheduling probabilities in Turkey for 1955-2000. The problem of sovereign debt default and rescheduling has been the subject of substantial academic research during the last two decades. There has been criticism of models of developing countries' indebtedness and rescheduling that rely solely on some economic or financial predictors related to country debt, the foreign exchange sector or the domestic economic situation. Using probit analysis, this paper indicates that financial variables are important determinants of rescheduling probabilities. However, political variables are not significant in our models.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/1024269042000215921
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Article provided by Taylor & Francis Journals in its journal Defence and Peace Economics.

Volume (Year): 15 (2004)
Issue (Month): 5 ()
Pages: 471-480

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Handle: RePEc:taf:defpea:v:15:y:2004:i:5:p:471-480
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  1. Frank, Charles Jr. & Cline, William R., 1971. "Measurement of debt servicing capacity: An application of discriminant analysis," Journal of International Economics, Elsevier, vol. 1(3), pages 327-344, August.
  2. Christos Kollias & Thanasis Maniatis, 2003. "Military expenditure and the profit rate in Greece," Defence and Peace Economics, Taylor & Francis Journals, vol. 14(2), pages 117-127.
  3. J. Paul Dunne a,† & Sam Perlo-Freeman ‡ & Aylin Soydan �, 2004. "Military expenditure and debt in South America," Defence and Peace Economics, Taylor & Francis Journals, vol. 15(2), pages 173-187, April.
  4. Feder, Gershon & Just, Richard E., 1977. "A study of debt servicing capacity applying logit analysis," Journal of Development Economics, Elsevier, vol. 4(1), pages 25-38, February.
  5. Feder, Gershon & Just, Richard & Ross, Knud, 1981. "Projecting Debt Servicing Capacity of Developing Countries," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 16(05), pages 651-669, December.
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