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Econ 102
Fall 2015
Fiscal Policy
1. Discretionary fiscal policy-
2. Automatic stabilizers
Government Budget
• Maintaining a healthy and sustainable government budget
• Primary Budget
• Consolidated Budget
Gov’t Budget= Taxes- Gov’t Expenditure- Transfer Payments
Gov’t Budget= Taxes- Gov’t Expenditure- Transfer Payments –interest Payments
Government Budget
2011 2012 2013 2014
-100000000
0
100000000
200000000
300000000
400000000
500000000
600000000
700000000
800000000
Government Budget
Budget Expenditures Budget Revenues Budget Balance
Budget deficit financed by borrowing• Government issues bonds to finance its
deficit.
Public debt, (domestic, foreign and total)
(billion TL)
2000 Ç4
2001 Ç4
2002 Ç4
2003 Ç4
2004 Ç4
2005 Ç4
2006 Ç4
2007Ç4
2008 Ç4
2009 Ç4
2010 Ç4
2011 Ç4
2012 Ç4
2013 Ç4
2014 Ç40.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
KAMU BRÜT İÇ BORÇ STOKU KAMU BRÜT DIŞ BORÇ STOKU (*)KAMU BRÜT TOPLAM BORÇ STOKU (I)
Axis Title
Government Debt to GDP
Australi
a
Belgium
Canad
a
Cypru
s
German
y
Euro
area
Estonia
Finlan
d
United Kingd
om
High in
come
India
Icelan
d
Jordan
Liberi
a
Lithuan
iaLat
via
Moldova
Mauriti
us
North Ameri
ca
Netherl
ands
New Ze
aland
Philippines
Russian
Federa
tion
Slova
k Rep
ublic
Seych
elles
Turke
y
Ukraine
United St
ates
0
50
100
150
200
250
2012
Country Risk Premium
Argentina
Brazil
Cypru
s
German
y
Greece
Irelan
dIta
lyJap
an
Mexico
Spain
Turke
y
United St
ates o
f Ameri
ca0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
Country Risk Premium
Country Risk Premium
Country Risk Premium_2015
Albania
Australi
a
Belgium
Canad
aChina
Cypru
s
Denmark
Finlan
d
German
y
Hong Kong
Icelan
d
Indonesia
Israe
lJap
anKorea
Malaysi
a
Mexico
New Ze
aland
Pakist
an
Paragu
ay
Philippines
Portuga
l
Saudi A
rabia
South
Africa
Swed
en
Taiw
an
Tunisi
a
Ukraine
United St
ates o
f Ameri
ca
Venezu
ela0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%9.00%
10.00%
Country Risk Premium
