Özet:

Although the financing to be provided by the countries for their investments seems to be more of a problem of developing countries, the enrichment experienced in the financial instrument set today pushes the countries to borrow in terms of financing regardless of the level. Although the literature mainly emphasizes that the external borrowing method will have a positive effect on economic growth by creating an increase in national income in the short term, it points out that this effect will turn negative depending on the borrowing structure in the long term. In this study, the relationship between external borrowing and economic growth was investigated for the period of 1994-2020 in particular for BRICS-T countries. The total GDP of the countries in dollar terms was taken into account to represent the economic growth variable, and the total external debt of the countries in dollars was taken into account as the external debt variable. Hadri-Kurozumi (2012) panel unit root test, Westerlund multiple structural fracture panel cointegration test and FMOLS / DOLS tests were applied to test the model established in the study. As a result of the study; It was determined that the 1% increase in external borrowing positively affected economic growth by approximately 0.93% according to the panel FMOLS forecaster and by approximately 0.95% according to the panel DOLS forecaster.

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