Özet:

External borrowing is the value acquired by a country from external resources to be repaid at the end of a specific term including the capital and interest. External debts can be in various structures based on their terms, debtors, creditors, conditions, number of parties and forms of utilization. The main reason of external borrowing is deficiency of internal savings. In the literature, several reasons such as insufficiency of capital market and need for foreign currency can be listed as reasons of external borrowing. In general, source of borrowing is savings. In external borrowing, savings of a country are transferred to a borrowing one. In this case, added value should be created by transferring borrowed sources in fields which will bring positive results. Consequently, when it is time of payment, sufficient sources will be possessed and it will be ensured that the repayment will not unsettle economy. External debts which are extremely important for national economy can be borrowed by public or private sector. Recently, if public external debt data of Turkey is analyzed, it is seen that outstanding external debt of public sector is lower than private sector. In this study, structure of external borrowing is analyzed and it is emphasized that high levels of external debt data of private sector trigger economic vulnerability. External debt structure is evaluated as part of borrowing criteria developed in the literature. Borrowing criteria are accepted as important tool of evaluation with regards to determining the limits for external borrowing capacities of countries and predicting any problem which may be experienced while countries repay their external debts.

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