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Abstract

The global financial crisis which has emerged in 2007 and rapidly spread, has revealed how deeply systemic risks can lead to negative effects on the financial markets. With this crisis, problems arising from systemically important financial institutions and damages of these problems in the economy has become much more apparent. After the financial crisis, to reduce the likelihood of systemically important institutions’ insolvency and to minimize the adverse effects of these institutions on the economy, the need for more effective supervision and oversight for the stability of both the national and international financial systems have become necessary. To reduce the moral hazard problems associated with these financial institutions -which were perceived as too big to fail- and the systemic risk, and to strengthen the market discipline in several countries regulatory and supervisory authorities have made some arrangements. They also attempted to establish collaboration among themselves. This study aims to evaluate the concept of systemic risk and elements that make up systemic importance, to examine studies evaluating systemically important financial institutions. This study also focuses on bailouts and systemic risks stemming from financial institutions which perceived as “too big to fail” in several countries during the global financial crisis. It will be complemented with an overall assesment of the studies for the prevention of systemic risks

Keywords

• Systemic Risk, Systemically Important Financial Institutions, Systemically Important

SİSTEMİK RİSK, SİSTEMİK AÇIDAN ÖNEMLİ FİNANSAL KURULUŞLAR VE KÜRESEL FİNANSAL KRİZ

Abstract

2007’de ortaya çıkan ve hızla yayılan küresel finansal kriz, sistemik riskin finansal piyasalarda nasıl derin negatif etkilere yol açabileceğini ortaya koymuştur. Bu krizle birlikte, sistemik açıdan önemli finansal kuruluşlardan kaynaklanan sorunlar ve bunların ekonomilerde yol açabileceği zararlar daha belirgin bir hale gelmiştir. Finansal krizin ardından sistemik açıdan önemli finansal kuruluşların iflas olasılığını azaltmak ve başarısızlıklarının ekonomiler üzerindeki olumsuz etkilerini minimum düzeye çekebilmek için bu kuruluşlarla ilgili daha etkin bir gözetim ve denetim ihtiyacı hem ulusal hem de uluslararası finansal sistemin istikrarı için zorunlu bir hal almıştır. Batmayacak kadar büyük olarak algılanan bu finansal kuruluşlarla ilgili ahlaki risk ve sistemik risk problemlerini azaltmak ve piyasa disiplinini güçlendirmek amacı ile çeşitli ülkelerde düzenleyici ve denetleyici otoriteler birtakım düzenlemeler yapma ve kendi aralarında işbirliği oluşturma yoluna gitmişlerdir. Bu çalışmada amaçlanan sistemik risk kavramı ve sistemik önemi oluşturan unsurları ele alarak sistemik açıdan önemli finansal kuruluşları değerlendirmeye yönelik yapılan çalışmaları incelemek; küresel finansal krizle ilgili olarak çeşitli ülkelerdeki “batmayacak kadar büyük” olarak algılanan finansal kuruluşların ortaya çıkardığı sistemik riske ve kurtarmalara değinerek sistemik riskin önlenmesine yönelik çalışmaların genel bir değerlendirmesini yapmaktır.

Keywords

• Sistemik Risk, Sistemik Açıdan Önemli Finansal Kuruluşlar, Sistemik Açıdan Önemli Bankalar, Batmayacak Kadar Büyük - Batmayacak Kadar Önemli, Küresel Finansal Kriz

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