Finansal küreselleşmenin iktisat politikaları üzerindeki etkileri ve Türkiye

Abstract

D nya ekonomisinin son yirmi y l na uluslararas laŸma ve k reselleŸme dinamikleri egemen olmuŸtur. Pek ‡ok alanda etkisini g”steren bu s re‡ler en belirgin bir bi‡imde finans ve d”viz piyasalar n etkilemiŸtir. Teknolojik geliŸmenin de katk lar yla artan ”l‡ de b t nleŸen mali piyasalar, 1990'l y llarda k reselleŸmenin sonu‡lar n n en somut bi‡imde ortaya ‡ kt § alan olmuŸtur. GeliŸmekte olan lkelere y”nelik sermaye ak mlar hacim olarak b y rken t rleri ve kanallar itibariyle de de§iŸim g”stermiŸ; sermaye ak mlar resmi kanallardan ”zel kanallara kaym Ÿt r. ™zel kanallara kayan sermaye ak mlar t r olarak da daha ‡ok portf”y yat r mlar ve k sa vadeli sermaye ak mlar Ÿeklinde g”r lm Ÿt r. Sermaye ak mlar geliŸmekte olan lkelere reel katk yan nda bir k s m olumsuz sonu‡lar da yapm Ÿt r. Sermaye giriŸleri bu ekonomilerin makroekonomik dengelerinde ve y”netimlerinde bir yandan istikrars zl k retirken, di§er yandan bu istikrars zl § giderebilecek iktisat politikas uygulamalar n da etkinsizleŸtirmektedir. Bu tez, finansal k reselleŸmenin, ulus devletin ba§ ms z iktisat politikas uygulama yetene§ini azaltt § n savunmaktad r. ˜‡ ve d Ÿ finansal piyasalar n serbestleŸtiren devletler bir s re sonra sermaye ak mlar n n kontrol ne girerek para, maliye ve d”viz kuru politikalar n ba§ ms z olarak uygulayabilme yetene§ini kaybetmektedirler. Bu s re‡ ”zellikle 1990'lardan sonra T rkiye'de de etkisini g”stermiŸtir.

The dynamics of internationalization and globalization have affected the world economy for the last two decades. These developments especially had effect on financial and exchange rate markets as well as in other different areas. During 1990s financial markets, which have been integrated especially due to technological developments, have been an area in which an outcome of globalization has been raised in the most concrete way. Capital movements towards developing countries developed in volume but changed in types and channels; they flowed from formal to private channels. The capital flows, which went to private channels, have been particularly appeared in the form of portfolio and short term flows. The capital flows towards the developing countries not only helped these countries in real terms but also affected them in terms of negative ways. In many countries, capital inflows produced instability in macroeconomic balances of these countries as well as they made economic policies ineffective. This dissertation claims that financial globalization reduces the power of independent economic policies in nation-states. Having liberalized domestic and external financial markets, states went into the control of capital flows and could not independently apply monetary, fiscal and exchange rate policies. The similar effects of liberalization have been observed in Turkey especially after the 1990s.