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      • Department of Economics
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      Fiscal debt management, accumulation and transitional dynamics in a CGE model for Turkey

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      Author(s)
      Diao, X.
      Roe, T. L.
      Yeldan, A. E.
      Date
      1998
      Source Title
      Canadian Journal of Development Studies
      Print ISSN
      0225-5189
      Electronic ISSN
      2158-9100
      Publisher
      Routledge
      Volume
      19
      Issue
      2
      Pages
      343 - 375
      Language
      English
      Type
      Article
      Item Usage Stats
      124
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      116
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      Abstract
      We use a dynamic general equilibrium model based on intertemporally optimizing agents to study alternative debt management policies for the Turkish economy. The model is based on the neoclassical growth theory in its adjustment to steady state dynamics, and on Walrasian general equilibrium theory of a small open economy in attaining equilibrium in its commodity and factor markets. Key features of the model are its explicit recognition of the distortionary consequences of excessive borrowing requirements of the public sector through increased domestic interest costs; and endogenous determination of the private work force participation decisions in response to changing tax incidences. The model results suggest that reliance on indirect taxes, as in the current stance of the fiscal authority, has appealing results in terms of attaining fiscal targets, yet it suffers from distortionary consequences and loss of economic welfare.
      Keywords
      Debt management
      General equilibrium theory
      CGE model
      Permalink
      http://hdl.handle.net/11693/49302
      Published Version (Please cite this version)
      https://doi.org/10.1080/02255189.1998.9669754
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      • Department of Economics 667
      • Department of International Relations 536
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