Researcher:
Akçay, Osman Cevdet

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Faculty Member

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Osman Cevdet

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Akçay

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Akçay, Osman Cevdet
Akçay, Cevdet

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2001 - 200922010 - 20181

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Researcher Of Publications: search.filters.isAuthorOfPublication.492a3eab-feff-400a-a9af-05d5bd95711f

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    Vulnerability to purely contagious balance-of-payment crises in emerging economies: an application to the cases of Russia, Turkey, and Brazil
    (Taylor and Francis, 2001) Zenginobuz, Ünal; Department of Economics; Akçay, Osman Cevdet; Other; Department of Economics; College of Administrative Sciences and Economics; N/A
    [No abstract available]
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    Towards a sustainable debt burden: challenges facing Turkey at the turn of the new millennium
    (Frank Cass, 2003) Alper, C. Emre; Department of Economics; Akçay, Osman Cevdet; Other; Department of Economics; College of Administrative Sciences and Economics; N/A
    Since the early 1990s, Turkey has been experiencing a major increase in its public debt. This contribution seeks to investigate the underlying causes of this deteriorating performance from a political-economic perspective. Our analysis, covering the 1990-2000 period, demonstrates that the current debt position of Turkey is unsustainable and that further fiscal austerity is needed. In establishing a link between budget deficits and inflation, one must adopt a very precise definition of the "budget deficit". Indeed, there appears to be a weak connection between the narrow definition of the consolidated budget deficit and inflation. Conversely, a strong connection has been established between the broad concept of the "public sector borrowing requirement" (PSBR) and inflation. In addition, the broad definition should be extended to include duty losses registered by public banks. The policy implications of our analysis are presented in the final section of the contribution. Copyright © 2003 Frank Cass and Co. Ltd.
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    Budget deficit, inflation and debt sustainability: evidence from Turkey, 1970-2000
    (Taylor and Francis, 2018) Alper, C. Emre; Ozmucur, Suleyman; Department of Economics; Akçay, Osman Cevdet; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; N/A
    We investigate the conditions from which inferences can be drawn regarding sustainability of fiscalstance on the one hand, and a long-run relationship between inflation and budget deficits on the other. These issues have assumed even greater importance in the aftermath of the collapse of the 1999 stabilization program in February 2001 that was designed to achieve sustainability in debt dynamics and produce a permanent reduction in inflation rates. The first set of findings indicates nonstationarity in the discounted debt to GNP ratio process during 1970-2000, implying an unsustainable fiscal outlook. The inference does not imply insolvency, but points to the necessity of a policy change towards fiscal austerity. The second set of findings pertaining to the long-run relationship between the inflation rate, budget deficit, and real output growth suggests two important results. The first of these is that the consolidated budget deficit does not have a long-run component unlike the inflation rate, suggesting that changes in the consolidated budget deficit have no permanent effect on the inflation rate. On the other hand, the PSBR does have a long-run component and is cointegrated with the inflation rate, which implies that the PSBR is a better indicator of fiscal deficits in comparison to the consolidated budget deficit.