International Conference on Eurasian Economies
2-4 September 2020 – Baku - AZERBAIJAN
Paper properties
Paper ID : 2383
Status : Paper published
Language : Russian
Topic : Finance and Financial Crises
Presenter: Asst. Prof. Dr. Damira Baigonushova
Presentation Location : Online
Session : 4B экономика развития
External Debt Sustainability in the Eurasian Economic Union Countries
Евразия Экономикалык Биримдигине Мүчө Өлкөлөрдө Тышкы Карыздын Туруктуулугу
- Asst. Prof. Dr. Junus Ganiev (Kyrgyz-Turkish Manas University, Kyrgyzstan)
- Asst. Prof. Dr. Damira Baigonushova (Kyrgyz-Turkish Manas University, Kyrgyzstan)
Abstract
After the global financial crisis, there have been serious increases in state debt of most countries. In addition, the debts for economic development are constantly increasing in the Eurasian Economic Union countries. As a result, the sustainability problem of government debt arises. In some countries, such as Kyrgyzstan, a significant portion of government debt is taken from a single country. This situation increases the risk even more. The aim of the study is to analyze the sustainability of state debts comparatively in the countries of the Eurasian Economic Union. To this end, the current state of government and total external debt were analyzed in light of various sustainability rates. The ratio of government debt and debt service to variables such as Gross Domestic Product and export was determined and compared. ADF and PP unit root tests and quarterly data for the period 2008-2019 was used to determine the stability of external debt. According to the empirical results, it is showed that the external debt is unsustainable in EAEU countries. Therefore, they need to implement rational policies on external debt management, in both the public and private sectors.
JEL codes: H63, H74, H60
Ganiev, Junus, Baigonushova, Damira (2020). "External Debt Sustainability in the Eurasian Economic Union Countries" in Proceedings of International Conference of Eurasian Economies 2020, pp.247-254, Baku - AZERBAIJAN.
DOI: https://doi.org/10.36880/C12.02383
Session 4B: экономика развития
