Özet:

Estimations of Empirical Fiscal Rules with Constant and Time Varying Parameters for Turkey This study examines Turkish fiscal policy for the period over 1987-2007 by estimating fiscal rules. During this period, Turkey has experienced frequent government changes, several economic shocks and crisis. Both models with constant parameters and with time varying parameters are employed. Our empirical results clearly indicate that fiscal policy in Turkey ought to be analyzed by using models with time varying parameters. Compared to previous periods, primary surpluses in 2000s, during this period implicit fiscal rules were prevalent, generally have become more countercyclical and reacted more strongly to debt stock. It seems that very important changes in fiscal policy experienced after the crisis took place in 1994, 1999 and 2001. Regarding the general election years (1991, 1999 and 2002), our findings suggest that significantreductions experienced in the reactions of the primary surplus to debt stock in related periods

Anahtar Kelimeler: