Publication: 2008 dünya finans krizinin Türkiye ve İspanya ekonomilerine etkilerinin karşılaştırılması ve ab üyesi olmanın etkileri
Abstract
nya Finans Krizi, Türkiye, İspanya ÖZET 2008 DÜNYA FİNANS KRİZİNİN TÜRKİYE VE İSPANYA EKONOMİLERİNE ETKİLERİNİN KARŞILAŞTIRILMASI VE AB ÜYESİ OLMANIN ETKİLERİ 2001 yılından itibaren ABD merkez bankası FED tarafından faiz oranlarının ekonomiyi canlandırmak amacıyla düşürülmesiyle birlikte piyasada oluşan likidite konut sektörüne doğru kaymıştır. Başlangıçta konut kredileri yüksek gelirli kişilere verilirken daha sonra daha fazla kar elde etmek isteyen finans kurumları tarafından krediler düşük gelirli hane halklarına verilmiştir. Faiz oranlarının ilerleyen süreçte yükselmeye başlamasıyla birlikte krediler geri ödenmemeye başlamış finansal sektördeki kontrolsüz ve denetimsiz büyüme, bütün dünyayı etkileyen bir finans krizi haline dönüşmüştür. Krizin nedenlerini, likidite bolluğu ve bunun sonucunda verilen özensiz krediler, aşırı menkul kıymetleştirme, saydamlık eksikliği, derecelendirme kuruluşlarının etkinliğindeki yetersizlik, düzenleyici ve denetleyici kuruluşların müdahalede gecikmesi olarak sıralayabiliriz. Kriz bütün dünya ekonomilerini etkilemiş büyüme oranları düşmüş, işsizlik oranları artmış ve finansal piyasalarda büyük kayıplar meydana gelmiştir. Krizle mücadele etmek amacıyla hükümetler tarafından çeşitli önlemler alınmıştır. Krizin iki ülke arasındaki etkilerini karşılaştırdığımız bu çalışmada Türkiye ekonomisinin krizden sonraki süreçte İspanya ekonomisine göre daha hızlı toparlandığı görülmüştür. Key Words: World Financial Crisis, Turkey, Spain
A COMPARISON OF 2008 WORLD CRISIS' EFFECT ON THE- ECONOMY OF TURKEY AND SPAIN AND EFFECTS OF BEİNG A MEMBER OF EU Since 2001, when USA central bank FED decreased the interest rates in order to reinvigorate the economy, the liquidity in the markets shifted into residential sector. Although real estate loans were given only to the people with high income, financial institutions started to grant loans to the households with low income. As the interest rates increased in the upcoming period, non-redemption of loans increased to higher level, and uncontrolled and unsupervised growth in the financial sector turned in to a financial crisis that affects the whole world. The reasons of the crisis can be listed as abundance of liquidity and the resulting loans that are given without any regard to the current economic situation, excessive securitization, lack of transparency, insufficient activity on the part of rating agencies, late intervention by regulative and supervisory organizations. The crisis affected the economies on a global level, growth rates decreased, unemployment rates increased and great losses occurred in financial markets. Governments took various measures with the purpose of struggling against the crisis. In this study, which compares the effect of the crisis on two countries, it has been observed that Turkey's economy recovered more rapidly than that of Spain in the post-crisis process.
A COMPARISON OF 2008 WORLD CRISIS' EFFECT ON THE- ECONOMY OF TURKEY AND SPAIN AND EFFECTS OF BEİNG A MEMBER OF EU Since 2001, when USA central bank FED decreased the interest rates in order to reinvigorate the economy, the liquidity in the markets shifted into residential sector. Although real estate loans were given only to the people with high income, financial institutions started to grant loans to the households with low income. As the interest rates increased in the upcoming period, non-redemption of loans increased to higher level, and uncontrolled and unsupervised growth in the financial sector turned in to a financial crisis that affects the whole world. The reasons of the crisis can be listed as abundance of liquidity and the resulting loans that are given without any regard to the current economic situation, excessive securitization, lack of transparency, insufficient activity on the part of rating agencies, late intervention by regulative and supervisory organizations. The crisis affected the economies on a global level, growth rates decreased, unemployment rates increased and great losses occurred in financial markets. Governments took various measures with the purpose of struggling against the crisis. In this study, which compares the effect of the crisis on two countries, it has been observed that Turkey's economy recovered more rapidly than that of Spain in the post-crisis process.