Critique of debt sustainability: Art alternative concept of sustainability and the case of Turkey

Abstract

The first objective of this study is to give a critical account of debt sustainability and solvability. Based on the case of Turkey we show that debt, rather than being a transitory phenomenon is a self-sustained process. The second objective of the study entails the measurement of the social costs of debt sustainability, and calculating a new indicator for Turkey's debt sustainability. The results show that the "debt sustainability " indicator based on the narrow definition adopted by market actors and international institutions, and the alternative indicator that takes into account social costs move in opposite directions.