Özet:

Usage of foreign sources becomes unavoidable in the countries where country sources and domestic savings are not sufficient to finance economic growth and development. From this point of view, like in the economy of developed or developing countries, external debt is an important finance in Turkey’s economy. The main purpose of this work is to try to show the relationship between economic growth and external debt, in Turkey. For this aim, the annual data which shows the external debt and GDP of Turkey economy, between 1987 and 2014, were used. The variations which existed from 1987 to 2014, were obtained as annual data from the World Bank database. The stationarity of time series, which were used in the analyses, were examined with Augmented Dickey Fuller (ADF) tests. As a result of the ADF unit root test, it was seen that; external debt and economic growth variables have a unit root, with constant and constant-trend, in the level; and, they are both stationary in the first difference. Itis a matter of that there is two-way causation relation from external debts variable to fixed capital investments variable.

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