What is it about?
Governance of the sustainability of public debt
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Why is it important?
Countries are concerned about the sustainability of public debt as high public debt not sustainable may result in crowding out the private investment; loss of policy flexibility; vulnerability to sudden stops; debt overhang; and even default. debt is not sustainable
Perspectives
Since sustainability of public debt is a rather complex concept and its governance is difficult and delicate, the paper maintains that countries could try to achieve the sustainability of public debt by delegating the tasks of securing the observance of sustainability of public debt conditions to fiscal councils that need to be formed as autonomous public institutions with sufficient financial and technical resources.
Emer'tus Professor Sübidey Togan
Bilkent University
Read the Original
This page is a summary of: Reforming public debt governance in Turkey to reach debt sustainability, Journal of Policy Modeling, September 2022, Elsevier,
DOI: 10.1016/j.jpolmod.2022.07.004.
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