Financial Crises in the 1990s in the Light of Financial Regulations

Year 2023, Volume: 8 Issue: 1, 434 - 449, 30.06.2023

Serkan Şengül

Abstract

The financial crises that occurred in the world economy during the 1990s brought along the financial regulation debates. In this context, this study analyzes the role of financial regulatory failures in financial crises based on country experiences. The study analyzes the Scandinavian, Mexican and East Asian crises within the framework of financial regulation and emphasizes the consequences and resolution processes. The study reveals that the factors that led to regulatory failures differed across countries. In the countries analyzed, regulatory failures have been found to pave the way for financial crises by causing moral hazard problems and rent-seeking activities, and it is concluded that regulatory failures are caused by a lack of knowledge and experience and the manipulation of economic forces on the regulatory process.

Keywords

Financial Regulations, Financial Crisis, Moral Hazard

Finansal Regülasyonlar Işığında 1990’lı Yıllarda Yaşanan Finansal Krizler

Abstract

1990'lı yıllarda dünya ekonomisinde yaşanan finansal krizler, finansal düzenleme tartışmalarını da beraberinde getirmiştir. Bu bağlamda, bu çalışma finansal düzenleme başarısızlıklarının finansal krizlerdeki rolünü ülke deneyimlerinden yola çıkarak analiz etmektedir. İskandinavya, Meksika ve Doğu Asya krizlerini finansal düzenleme çerçevesinde analiz eden çalışma, krizlerin sonuçları ve çözüm süreçleri üzerinde durmaktadır. Çalışma, düzenleme başarısızlıklarına yol açan faktörlerin ülkeler arasında farklılaştığını ortaya koyuyor. İncelenen ülkelerde düzenleme başarısızlıklarının ahlaki tehlike sorunlarına ve rant kollama faaliyetlerine yol açarak finansal krizlere zemin hazırladığı tespit edilmiş, düzenleme başarısızlıklarının bilgi ve tecrübe eksikliği ile ekonomik güçlerin düzenleme süreci üzerindeki manipülasyonundan kaynaklandığı sonucuna ulaşılmıştır.

Keywords

Finansal Regülasyon, Finansal Kriz, Ahlaki Çöküntü

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