2008 Finansal Krizi: Türkiye ve Brezilya Ekonomi Politikaları Özelinde Karşılaştırmalı Bir Analiz

Year 2020, Issue: 62, 185 - 207, 25.12.2020

Şeyda Güdek-gölçek , Ali Gökhan Gölçek

https://doi.org/10.26650/JECS2020-0046

Abstract

Amerika Birleşik Devletleri’nde konut kredisi olarak bilinen mortgage balonu nedeni ile patlak veren 2008 Finansal Krizi, önce finansal kanallar üzerinden merkez ülkelere yayılmıştır. Finansal piyasalara tam olarak entegre olamayan çevre ülkelere ise daha dolaylı olarak, ekonomik yollarla etki etmiştir. Fakat küresel ölçekte yayılan finansal kriz, geçiş biçimi fark etmeksizin, tüm dünya ekonomilerini olumsuz etkilemiş ve devletlerin ekonomi politikalarında köklü değişimler yaşanmasına neden olmuştur. Krizin tüm dünya ekonomilerine ulaşması nedeni ile döngüsel bir krize dönüşme ihtimali ve birbiri ardına uygulanan ekonomi politikalarının krizin yayılmasını, etkisini ve alanını kısa sürede önlemede başarısız olması, ekonomi biliminin ve anaakım neoliberal politikaların sorgulanmasına neden olmuştur. Ekonomik olarak krizin etkilerini yaşayan çevre ekonomileri, kendileri ile hiçbir ilgisi olmayan Amerika Birleşik Devletleri’ndeki mortgage kredileri nedeni ile pek çok ekonomik maliyete katlanmak zorunda kalmışlardır. Bu bağlamda çalışmada, Brezilya ve Türkiye ekonomileri örnekleri üzerinden, bu tartışmalar da göz önüne alınarak, çevre ekonomiler için ekonomi politika çıkarımları yapılmaya çalışılmıştır. Çalışmada net sermaye akımları, doğrudan yabancı yatırımlar, dış ticaret verileri ve temel ekonomik göstergeler üzerinden her iki ülkenin krizden etkilenme şekli değerlendirilmiştir. Her iki ülkeyi de bu sürece iten neoliberal politikaların yine kendilerini küresel ekonomik sisteme eklemesi olmasına rağmen, söz konusu finansal krizden çıkışta neoliberalizm krize yönelik çözüm noktasında yetersiz kadığı için Keynesyen politikalara başvurmak zorunda kalmışlardır. Çalışmanın sonucunda uygulanan ekonomi politikalarının etkinsizliği tartışılarak, krizden çıkış adına politika önerilerine yer verilmiştir.

Keywords

2008 finansal krizi, sermaye hareketleri, doğrudan yabancı yatırımlar, Türkiye, Brezilya, ekonomi politikaları

2008 Financial Crisis: A Comparative Analysis of Turkey and Brazil in Terms of Economic Policies

Abstract

The Financial Crisis, which broke out in the US due to the mortgage bubble, had spread through financial channels to core countries. The periphery countries that weren’t fully integrated into the financial markets had been influenced via economic ways, indirectly. However the crisis -spreading on a global scale- had had negative impacts on all countries and had led to changes in the economic policies of states. One of the possibilities of the crisis was for it to turn into a cyclical crisis because of its reach throughout the whole world and the failure of economic policies -applied to one after another- in the preventing of the spread and impact of the crisis in a short time, resulting in economic and neoliberal policies being questioned. The periphery economies, being economically affected by the crisis, had to assume many economic costs due to mortgage loans in the US, which had nothing to do with them. In the study, through the examples of Brazil and Turkey within the framework of these discussions, the implication of economic policy has been examined for periphery countries. In the study, the way in which both countries were affected by the crisis has been evaluated through net capital flows, foreign direct investments, foreign trade data, and main economic indicators. Although neoliberal policies, which pushed both countries towards this process, had added them to the global economic system, they had to apply Keynesian policies because neoliberalism had become inadequate in exiting the crisis. In the conclusion of the study, policy proposals have been made for getting out of the crisis by discussing the ineffectiveness of the economic policies that had been implemented.

Keywords

2008 financial crisis, capital movements, foreign direct investments

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