Publication: 1980 sonrası Türkiye’ nin iç borç yönetimi
Abstract
Bu çalışmada, 1980 sonrası Türkiye'nin iç borç yönetimi beş ana bölümde incelendi. Bu bölümlerde, borç yönetiminin tanımından başlanarak, borç yönetimi ile para politikası ilişkisi ortaya kondu. Daha sonra Türkiye'de iç borç yönetimi detaylı bir şekilde irdelenerek sonraki bölümde Türkiye'de henüz uygulanmayan piyasa yapıcılığı sistemi ve ikincil piyasaların iç borç yönetimindeki rolü ortaya kondu. Son olarak 1980-2000 döneminde, Türkiye'nin borçlanmasını etkileyen iç ve dış krizler, istikrar programları anlatılarak gerçekleşen borçlanma rakamları ve rasyoları çerçevesinde değerlendirildi. Tezi oluşturan bölümler ; Birinci bölümde, borç yönetimi tarif edilerek devlet borçlanma kaynakları belirtildi. Bunun içinde bankalardan ve bireylerden borçlanma üzerinde duruldu. Daha sonra Türkiye'nin dış borçlanması Muharrem Kararnamesinden bu güne dar bir çerçevede incelendi. İkinci bölümde, borç yönetimi ile para politikası ilişkisi ortaya kondu. Devlet adına borçlanan Hazine Müsteşarlığı ile para politikalarının belirleyicisi Merkez Bankası detaylı olarak görevleri, kaynakları ve işlevleri açısından incelendi. Hazine, Merkez Bankası koordinasyonunun ekonomi üzerindeki yapıcı rolü anlatıldı. Bu bağlamda Merkez Bankası ve Hazine politikalarını belirlerken, Türkiye'de mali sistemin derinliğinin henüz istenen düzeye gelmemiş olduğunu gözetmesi gerektiği anlatıldı. Üçüncü bölümde, Türkiye'de uygulanan iç borç yönetiminin detaylarına değinildi. Devletin borçlanmada kullandığı iç borçlanma senetlerinin bilhassa Hazine Bonoları ve Devlet Tahvilleri anlatıldı. Hazine'nin ihale yoluyla borçlanması, TAP satışları ve halka satış yoluyla borçlanma iç borçlanma teknikleri olarak ele alındı. Ayrıca, kısa vadeli borçlanmanın uzun vadeli veya süresiz borç haline getirilmesi olan konsolidasyon ile borçların değiştirilmesi, borç yükünün hafifletilmesi olan konversiyon anlatıldı. Dördüncü bölümde, 1980-2000 döneminde Türkiye'de iç borçlanmanın bilhassa son yıllarda tamamına yakınını oluşturan DİBS'lerin ikincil piyasadaki durumu ile ikincil piyasaların Türkiye ekonomisi içindeki rolü incelendi. Ayrıca, gelişmiş ekonomilerde uygulanan piyasa yapıcılığı sistemi anlatılarak, Türkiye' de uygulana bilinirliğine değinildi. Beşinci ve son bölümde, 1980-2000 döneminde Türkiye'de iç borçlanmanın seyrini değiştiren 24 Ocak, 5 Nisan, Kasım 2000 ve Şubat 2001 krizlerinin maliye politikalarına etkileri incelenerek 1980-2000 döneminde oluşan iç borçlanma rakamları ve rasyoları anlatıldı.
In this study, domestic debt management in Turkey after 1980 was studied in five main chapters. In these chapters, by giving the definition of the debt management, the coordination between debt management and monetary policies was analyzed. After then, by studying domestic debt management in detail in Turkey, and in the following chapters, the role of the market maker system which is not yet applied in Turkey, and the role of secondary markets in the domestic debt management were explained. Finally, the factors that have influence on Turkey's borrowing, mainly the internal and external crises during the period from 1980 to 2000, and stability programs were described, and they were evaluated with respect to debt statistics and ratios. Chapters of the thesis; In the first chapter, debt management was defined and the sources of government debt were stated. Also borrowing from banks and citizens was expressed. At the end, the history of the Turkey's foreign borrowings from Muharrem Kararnamesi till now was analyzed briefly. In the second chapter, the coordination of debt management and monetary policy was explained. Tasks, sources and functions of the Treasury, and Central Bank were examined in detail. Constructive role of the coordination between Treasury and Central Bank on the economy was explained. Lastly, it was explained that, inadequacy of the Turkish financial system must be re-considered in the process of taking decision of the policies of the Central Bank and Treasury. In the third chapter, the details of the implemented domestic debt management were mentioned. Then Treasury bonds and Government securities were explained. And then, as examples for the domestic borrowing techniques, borrowing of the Treasury by auctions, TAP system sales and the borrowings by sales to citizens were examined. Also, the consolidation that means conversion of short term borrowings with long term or indefinite borrowings and the conversion that means lightening of the debt stock were examined. In the fourth chapter, the situation of PDBS which is nearly whole of Turkey's domestic borrowing in the secondary markets, and the role of the secondary markets in Turkish economy were examined. Also, by explaining market maker system, which is implemented in the developed countries, the applicability of it in Turkey from 1980 to 2000 was mentioned. In the fifth and last chapters, the effects of January 24, April 5, November 2000 and February 2001 crises on fiscal policies between 1980 and 2000, and numbers and ratios of domestic debts were explained.
In this study, domestic debt management in Turkey after 1980 was studied in five main chapters. In these chapters, by giving the definition of the debt management, the coordination between debt management and monetary policies was analyzed. After then, by studying domestic debt management in detail in Turkey, and in the following chapters, the role of the market maker system which is not yet applied in Turkey, and the role of secondary markets in the domestic debt management were explained. Finally, the factors that have influence on Turkey's borrowing, mainly the internal and external crises during the period from 1980 to 2000, and stability programs were described, and they were evaluated with respect to debt statistics and ratios. Chapters of the thesis; In the first chapter, debt management was defined and the sources of government debt were stated. Also borrowing from banks and citizens was expressed. At the end, the history of the Turkey's foreign borrowings from Muharrem Kararnamesi till now was analyzed briefly. In the second chapter, the coordination of debt management and monetary policy was explained. Tasks, sources and functions of the Treasury, and Central Bank were examined in detail. Constructive role of the coordination between Treasury and Central Bank on the economy was explained. Lastly, it was explained that, inadequacy of the Turkish financial system must be re-considered in the process of taking decision of the policies of the Central Bank and Treasury. In the third chapter, the details of the implemented domestic debt management were mentioned. Then Treasury bonds and Government securities were explained. And then, as examples for the domestic borrowing techniques, borrowing of the Treasury by auctions, TAP system sales and the borrowings by sales to citizens were examined. Also, the consolidation that means conversion of short term borrowings with long term or indefinite borrowings and the conversion that means lightening of the debt stock were examined. In the fourth chapter, the situation of PDBS which is nearly whole of Turkey's domestic borrowing in the secondary markets, and the role of the secondary markets in Turkish economy were examined. Also, by explaining market maker system, which is implemented in the developed countries, the applicability of it in Turkey from 1980 to 2000 was mentioned. In the fifth and last chapters, the effects of January 24, April 5, November 2000 and February 2001 crises on fiscal policies between 1980 and 2000, and numbers and ratios of domestic debts were explained.