SEPARATION OF MARKETS AND FINANCIAL INSTABILITY: A CLOSER LOOK TO CLASSICAL DICHOTOMY

Abstract

Several financial crises occurred over the past three decades have provoked debates in the literature of liberalization and deregulation of financial markets. By surveying the theory of classical dichotomy and its critiques, the notion of “separation” between the financial and real sectors has been introduced in this paper. It argues that the existence and expansion of this separation will lead to financial crisis.

In order to identify the separation “price-to-earnings ratio” index has been proposed. By applying the data of Tehran’s Stock Exchange during 2002:2-2015:1, several episodes of this separation are recognizable. Considering the factors causing the expansion of the separation, it is essential to reestablish regulations and mechanisms of financial markets in a way that reduces the separation and hence lessen financial crises. In this view, Islamic financial rules can provide an economic system with mechanisms bringing harmony between the real and the financial sectors.

Keywords: financial markets, speculation, price bubble, separation, financial crisis

PİYASALARIN AYRIŞMASI VE MALİ İSTİKRARSIZLIK: KLASİK DİKOTOMİYE YAKIN BİR BAKIŞ

Abstract

Son otuz yıl içerisinde bir kaç mali krizin meydana gelmesi, mali piyasaların libarelleşmesi ve serbestleşmesi literatüründeki  tartışmayı ateşledi. Bu makalede mali ve reel sektör ayrışması kavramı klasik dikotomi teorisi ve eleştirileri taranarak takdim edilmektedir. Bu ayrımın varlığının ve ayrımın genişlemesinin mali krize yol açacağı iddia edilmektedir. 

Ayrımı ortaya koymak için Fiyat-Kazanç Oranı indeksi verilmektedir. 2002:2-2015:1 tarihleri arasında Tahran Menkul Kıymetler Borsası verilerini kullandığımızda bu piyasa ayrışmasının varlığına işaret eden bir kaç vakanın olduğu görülmektedir. Mali ayrışmayı azaltmak ve dolayısıyla mali krizlerden korunmak için piyasa ayrışmasına yol açan faktörleri göz önünde bulundurarak düzenleyici kuralların yeniden ihdas edilmesi gerekmektedir. Bu bakış açısıyla, İslami mali kurallar, reel ve mali sektörler arasında ahenk kuran bir ekonomik sistem sunabilmektedir.

Anahtar Kelimeler: mali piyasalar, spekülasyon, fiyat şişmesi, ayrışma, mali kriz    

Keywords

• mali piyasalar, spekülasyon, fiyat şişmesi, ayrışma, mali kriz

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