Publication: Finansal krizlerde finansal regülasyonların rolü ve Türkiye açısından değerlendirilmesi
Abstract
FİNANSAL KRİZLERDE FİNANSAL REGÜLASYONLARIN ROLÜ ve TÜRKİYE AÇISINDAN DEĞERLENDİRİLMESİ Dünya ekonomileri tarihsel süreç içerisinde çeşitli finansal krizlerle karşı karşıya kalmıştır. Yaşanan finansal krizlerde finansal sektörün oynadığı rol ve piyasa başarısızlıkları sorunu, finansal regülasyon tartışmalarını da beraberinde getirmiştir. Özellikle 20. yüzyılın son çeyreğinde uluslararası finansal piyasalarda yaşanan liberalizasyon ve entegrasyon süreci, finansal piyasalardaki etkinlik ve istikrarı sağlayacak olan düzenlemelerin gerekliliğini ortaya koymuştur. Bu açıdan çalışmada, finansal regülasyonların finansal krizlerdeki rolünün çeşitli ülke deneyimlerinden hareketle incelenmesi ve Türkiye’deki düzenleyici yapının bu bulgular doğrultusunda değerlendirilmesi amaçlanmıştır. Yapılan çalışmada, regülasyon başarısızlıklarının, bilgi ve tecrübe eksikliği ile ekonomik birimlerin düzenleyici süreç üzerindeki manipülasyonlarından kaynaklandığı görülmüştür. Bu kapsamda, Türkiye’de 2001 Krizi’nin ardından uygulanan regülasyonların, geçmişte yaşanan finansal regülasyon başarısızlıklarından edinilen tecrübeler ışığında şekillendiğini ifade etmek mümkündür. Dolayısıyla, finansal sistemi istikrara kavuşturacak olan finansal regülasyonların, finansal piyasa aktörlerinin güdüleri göz önüne alınarak tesis edilmesi gerekliliği unutulmamalıdır. nansal Regülasyon, Finansal Krizler, Sistemik Risk, Asimetrik Enformasyon.
THE ROLE OF FINANCIAL REGULATIONS IN THE FINANCIAL CRISIS AND PERSPECTIVE FROM TURKEY The world economies have faced several financial crises in the historical process. The role of the financial sector in the financial crisis and problems of market failure, brought about debates over financial regulation. Especially, experienced liberalization and integration process in international financial markets in the last quarter of the 20th century, put forth the necessity of regulations that will provide efficiency and stability of financial markets. In this context, an examination of the role of financial regulation in financial crises from various country experiences and an evaluation of the regulatory structure in Turkey in terms of these findings are aimed in this study. It is observed that regulatory failures to be emanating from a lack of knowledge and experience and also from manipulations by economic agents over the regulatory process in this study. Within this framework, it is possible to say that the regulations which are implemented in Turkey after the 2001 crisis, that were shaped in the light of lessons that have been learned from the regulatory failures of the past experience. Thus, the financial regulations which will stabilize the financial system, should be noted that the necessity of the establishment considering the motives of financial market actors. nancial Regulation, Financial Crises, Systemic Risk, Asymmetric Information
THE ROLE OF FINANCIAL REGULATIONS IN THE FINANCIAL CRISIS AND PERSPECTIVE FROM TURKEY The world economies have faced several financial crises in the historical process. The role of the financial sector in the financial crisis and problems of market failure, brought about debates over financial regulation. Especially, experienced liberalization and integration process in international financial markets in the last quarter of the 20th century, put forth the necessity of regulations that will provide efficiency and stability of financial markets. In this context, an examination of the role of financial regulation in financial crises from various country experiences and an evaluation of the regulatory structure in Turkey in terms of these findings are aimed in this study. It is observed that regulatory failures to be emanating from a lack of knowledge and experience and also from manipulations by economic agents over the regulatory process in this study. Within this framework, it is possible to say that the regulations which are implemented in Turkey after the 2001 crisis, that were shaped in the light of lessons that have been learned from the regulatory failures of the past experience. Thus, the financial regulations which will stabilize the financial system, should be noted that the necessity of the establishment considering the motives of financial market actors. nancial Regulation, Financial Crises, Systemic Risk, Asymmetric Information