Değişen Küresel Finansal Yapı ve 2007 Yılı Dalgalanmaları

Sakarya, Burchan (2008): Değişen Küresel Finansal Yapı ve 2007 Yılı Dalgalanmaları. Published in: BDDK Çalışma Tebliği No. 02/2008 (April 2008)

Abstract

Küresel piyasalarda 2006 yılının ikinci yarısından itibaren yeni bir döneme girildiği gözlenmektedir. Bu yeni dönem önceki dönemlere göre belirli açılardan farklılık arz etmektedir. Yeni dönem 1990’ların finansal krizler döneminden farklıdır; çünkü bu dönemde dalgalanmalar, ödemeler dengesi krizleri kadar derin değildir. 2000‐2006 döneminden de farklıdır, çünkü küresel likidite koşulları değişirken temel olarak gelişmiş ekonomilerde yaşanan gelişmeler, finansal küreselleşmenin ulaştığı nokta, karmaşık finansal ürünlerdeki artış ve risk transferi sorunu gibi hususlar neticesinde daha yaygın etkileri olan ve kendini tekrarlayabilen türbülanslar görülmektedir. Bu çerçevede gözetim ve denetim otoritelerinin finansal istikrar açısından izlemek durumunda oldukları alanlarda ve göstergelerde değişimler gözlenmektedir. Bu yeni nesil göstergelerle güçlendirilmiş bir makro gözetim çerçevesiyle küresel konjonktürün izlenmesi ve politika belirlenmesi türbülanslardan etkilenme derecesini de etkileyebilecektir.

Global financial markets have experienced several episodes of turbulences since mid‐2006. This marks a new era and this new era displays a number of properties different than its predecessors. In this new period we observe many and wide spread fluctuations, while during 1990s can be described as a period of currency crises. This period is also different from 2000‐2006 timeframe that the abundance of global liquidity is in question. Moreover, the increased financial globalization, rise in the type and number of complex financial instruments where the risks are further decomposed and transferred causes recurrent turbulences. In this framework, the fields and indicators that financial market supervisors follow in the quest of maintaining financial stability evolves. Thus the supervisory activities, enhanced with these indicators may well affect the degree of the effects on a given financial system.

• Item Type: MPRA Paper
• English Title: Changing Global Financial Structure and 2007 Turbulances
• Language: Turkish
• Keywords: financial crisis, advanced economies
• Subjects: G - Financial Economics > G0 - General > G01 - Financial Crises; G - Financial Economics > G1 - General Financial Markets > G15 - International Financial Markets

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