Özet:

The relationship between public debt and currency currency can be addressed in two different aspects: i) Currency currency movements can change the total amount of public debt by the currency or by the currency indexed debt stock channel. (ii) The increase in public debt may increase the perception of the risk relating to the economy and increase the exchange rate as a result of the output of foreign capital. In this study; in Turkey after the 2001 crisis period, the direction of the relationship between public debt and exchange rate, debt stock components have been detailed. In this context, the long-term relationships using the 2002-2019 period monthly data have been analyzed with the Johansen approach of integration. Continued, the dynamic relationships between the variables have been studied with the help of the vector error correction (VEC) models. The findings show that the total debt stock, the external debt stock and the total debt stock have a significant impact on the real currency exchange rate, and the real currency exchange on the internal debt stock and the total debt stock of the Turkish Lira. These findings indicate that the increase in public debt and total debt burden from the currency can cause exchange currency shocks, negatively affecting risk perception.

Anahtar Kelimeler: