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Journals / Sosyoekonomi / 2026 / Cilt: 34 Sayı: 67

First- and Second-Generation Fiscal Rules: Fiscal Sustainability and Public Debt Management in the European Union and Türkiye

Birinci ve İkinci Nesil Mali Kurallar: Avrupa Birliği ve Türkiye’de Mali Sürdürülebilirlik ve Kamu Borç Yönetimi

Mustafa Alpin Gülşen(ALANYA ALAADDİN KEYKUBAT ÜNİVERSİTESİ, İKTİSADİ VE İDARİ BİLİMLER FAKÜLTESİ, MALİYE BÖLÜMÜ, MALİYE ANABİLİM DALI)0000-0002-2860-4469
Pages
73–95
Publication Date
2026-01-31
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The findings highlight the vital role of fiscal rules in debt sustainability and budget stability.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This study examines the effects of first- and second-generation fiscal rules on fiscal sustainability and public debt management, focusing on European Union countries that implement these rules and Türkiye, which does not have such regulations.
📊
Key Findings & Data:It explores the temporal effects of interest rates and the role of fiscal rules in borrowing costs.
💡
Conclusion & Impact:The findings highlight the vital role of fiscal rules in debt sustainability and budget stability.
🔬Design:Araştırma Makalesi
📍Scope:Comprehensive Sample
⚙️Variables:Mali Kurallar · Maliye Politikası · İkinci Nesil Mali Kurallar

Abstract

This study examines the effects of first- and second-generation fiscal rules on fiscal sustainability and public debt management, focusing on European Union countries that implement these rules and Türkiye, which does not have such regulations. It explores the temporal effects of interest rates and the role of fiscal rules in borrowing costs. Last year’s interest rate increase raised borrowing costs, while a two-year lagged interest rate decrease them. A budget surplus lowers borrowing costs, although the impact of public debt remains limited. Inflation increases borrowing costs. First-generation fiscal rules enhance the budget balance, whereas second-generation rules boost fiscal discipline. The findings highlight the vital role of fiscal rules in debt sustainability and budget stability.

Özet

Bu çalışma, birinci ve ikinci nesil mali kuralların mali sürdürülebilirlik ve kamu borcu yönetimi üzerindeki etkisini incelemekte, bu kuralları uygulayan Avrupa Birliği ülkelerine ve böyle bir mali düzenlemeye sahip olmayan Türkiye’ye odaklanmaktadır. Çalışma, faiz oranlarının zaman içindeki etkisini ve mali kuralların borçlanma maliyetleri üzerindeki rolünü analiz etmektedir. Önceki yılın faiz oranı borçlanma maliyetlerini artırırken, iki yıl öncesinin faiz oranı azaltıcı bir etkiye sahiptir. Bütçe dengesi borçlanma maliyetlerini düşürmekte, ancak kamu borcunun etkisi sınırlı kalmaktadır. Enflasyon ise borçlanma maliyetlerini artırmaktadır. Birinci nesil mali kurallar bütçe dengesini güçlendirirken, ikinci nesil mali kurallar mali disiplini sağlamaktadır. Sonuç olarak mali kurallar, borç yönetimini ve bütçe istikrarını pozitif etkilemektedir.

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Cite This Article

Gülşen, M. A. (2026). First- and Second-Generation Fiscal Rules: Fiscal Sustainability and Public Debt Management in the European Union and Türkiye. Sosyoekonomi, Cilt: 34 Sayı: 67, 73–95. https://doi.org/10.17233/sosyoekonomi.2026.01.04

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