Doğrusal Olmayan ve Fourier Temelli Birim Kök Testleriyle Dış Borçların Sürdürülebilirliği: MINT Ülkelerinden Ampirik Kanıtlar
Sustainability of External Debts By Non-Linear and Fourier-Based Unit Root Test: Empirical Evidence From MINT Countries

Author(s): Ali Çelik
Subject(s): Economic history, International relations/trade, Post-War period (1950 - 1989), Transformation Period (1990 - 2010), Present Times (2010 - today), Financial Markets
Published by: Özgür Yayın Dağıtım Ltd. Şti.
Keywords: external debts; MINT Countries; Mexico; Indonesia; Nigeria; Turkey;
Summary/Abstract: The study aims to investigate whether the external debts of Mexico, Indonesia, Nigeria, and Turkey (MINT) countries are sustainable. For this purpose, we test the data for the years 1970-2021 for four different ratios representing external debts employing ADF(1979), RALS ADF (2014), Kruse (2011), Fourier ADF (2012), Fourier KSS (2012), Flexible Fourier (2012), Omay (2015) and Güriş (2019) unit root tests. According to the results of the analysis, it is determined that the total external debt and short-term external debt stocks are not sustainable in all countries. However, it is seen that the long-term external debt stocks of Turkey and Nigeria and the share of external debt stock in total reserves are sustainable. Especially Fourier KSS (2012) unit root test results show that the share of external debt stock in total reserves is sustainable for all countries. The Guris (2019) unit root test also produces a similar result for the same series, except for Indonesia.

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