Türkiye'de borçlanma kısıtları ve tasarruf

Since 2002, Turkish economy experienced financial liberalization with three striking trends: (1) accelerated growth rate, (2) a sharp decline in the real interest rate, and (3) a sustained fall in the saving rate of each age-groups. This thesis studies this period and attempts to explain the evolution of age-saving profile for Turkey with the relaxation of borrowing constraints. We provide micro-level evidence to point the errors of conventional household head approach while calculating age-saving profiles of Turkey. Then, motivated by the evidence, we provide cohort level saving rates through nonlinear least squares estimation. Lastly, we show that using accelerated growth rate and decreased real interest rate of Turkish economy, simple three-period OLG framework account for the change in saving rate for different age-groups between 2004 and 2014. The model's single borrowing constraint mechanism displays substantial quantitative power in explaining the change in savings across cohorts in Turkey over the last decade.