Abstract
Turkey recorded a significant sucess in managing its public debt after 2001 onwards. Specifically, central government budget deficit decreased from 11,6 percent as a share of GDP to 1,5 percent during 2001–2017. Similarly, the European Union defined general government debt as a share of GDP has been reduced from 72,1 percent to 28,3 percent during the same period. Turkey not only decreased deficit and debt levels but also improved the structure of its debt, thanks to the risk management practices implemented in this period. The aim of this paper is to analyze the role of risk management practices of Turkish Treasury in public debt management.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
PFMC Law Article 1.
- 2.
Public Debt Management Law Article 4.
References
Blommestesin, H. (2005). “Advances of Risk Management in Government Debt”, OECD Publishing, Paris.
Guzman, M. (2018). “The Elements of Debt Sustainability Analysis”, Center For International Governance Innovation, CIGI Papers No: 196.
IMF. (2014). “Revised Guidelines for Public Debt Management”, Policy Paper available at https://www.imf.org/en/Publications/Policy-Papers/Issues/2016/12/31/Revised-Guidelines-for-Public-Debt-Management-PP4855 (Accessed on March 15th, 2019).
Public Financial Management and Control Law No: 5018.
Koc, F. (2014). “Sovereign Asset and Liability Management Framework For DMOs: What Do Country Experiences Suggest”, United Nations Conference on Trade and Development, UNCTAD.
Koc, F. & Yavuz H. (2013). “Public Debt Sustainability: What Does Turkish Experience Suggest?” The Journal of European Theoretical and Applied Studies, Vol. 1 Issue 1, pp. 67–86.
Public Debt Management Law No: 4749. https://www.mevzuat.gov.tr/Metin1.Aspx?MevzuatKod=1.5.4749&MevzuatIliski=0&sourceXmlSearch=4749&Tur=1&Tertip=5&No=4749 (Accessed on March 15th, 2019).
Secondary Legislation on Debt Assumption Commitments of Turkish Treasury.
Secondary Legislation on Treasury Guarantees of Turkish Treasury.
Secondary Legislation on Debt and Risk Management of Turkish Treasury.
Silva, A.C.D., Cabral, R.S.V. & Baghdassarian, W. (2006). “Scope and the Fundamental Challenges to Public Debt Risk Management: The Brazilian DMO Experience”.
Tokaç, H. & William, M. (2013). “Government Debt Management and Operational Risk: A Risk Management Framework and its Application in Turkey”, SIGMA Paper No: 50.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2020 Springer Nature Singapore Pte Ltd.
About this chapter
Cite this chapter
Karataş, H. (2020). The Role of Risk Management in Public Debt Management: The Case of Turkey. In: Akdemir, T., Kıral, H. (eds) Public Financial Management Reforms in Turkey: Progress and Challenges, Volume 2. Accounting, Finance, Sustainability, Governance & Fraud: Theory and Application. Springer, Singapore. https://doi.org/10.1007/978-981-15-4226-8_3
Download citation
DOI: https://doi.org/10.1007/978-981-15-4226-8_3
Published:
Publisher Name: Springer, Singapore
Print ISBN: 978-981-15-4225-1
Online ISBN: 978-981-15-4226-8
eBook Packages: Economics and FinanceEconomics and Finance (R0)