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FİNANSAL KRİZLERİN ANATOMİSİ

Year 2003, , 155 - 168, 31.01.2003
https://doi.org/10.14783/maruoneri.682708

Abstract

Financial crisis met not only in Latin American and Asian Countries but in Turkey as well require that this issue be investigated again. Capital flows are the exchange of the money in international fields. After Bretton Woods system collapsed in world economy, financial markets have gained more international character due to capital flows. During 1990's capital flows gained short term character. The most important cause of this is that systematic risk is high owing to potential balance of payments problems and currency risk which is present in most of the developing countries. The fact that systematic risk is high has caused the risk premium added to interest rates to be determined high. Those countries have become attractive investment fields for short term capital having a speculative structure. Short term capital flows are composed of exchange credits obtained from foreign markets by commercial banks and foreign time deposits accounts of foreigners and portfolio investments in stock markets. Financial liberalization arrangements having importance from the second half of 1980’s in the world economy have abolished the obstacles in front of capital flows. The main reason of financial crisis met in Turkey and in some developing countries in the 1990's is the liquidity scarcity resulting from sudden capital outflows of short term flows. Sudden decrease of capital flows resulted in net foreign asset losses in significant quantities in those countries. The primary aim of our study is to define the importance of "speculative attacks" in the formation of crisis. In our study, speculative attack case has been taken up and investigated in view offixedforeign exchange rate systems

References

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  • [8] CAPRIO, G.; HONOHAN, P., "Restoring Banking Stability: Beyond Supervised Capital Requirements", Journal of Economic Perspectives, Vol: 13, No: 4, 1999, ss.44-46.
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  • [13] DOOLEY, M., "A Model of Crises in Emerging Markets", The Economic Journal, Vol: 110, No: 460, 2000, ss.257,267.
  • [14] EICHENGREEN, B.; MUSSA, M.; ARICCIA, G.D.; DETRAGIACHE..., Capital Account Liberalization Theoretical and Practical Aspects, Occasional Paper No: 172, IMF, Washington D.C., 1998.
  • [15] KAMINSKY, G.; REINHARD, C., "The Twin Crisis: The Causes of Banking and Balance of Payment Problems", American Economic Review, Vol: 89, No: 3, June 1999, ss.473,475.
  • [16] STOKER, J., Intermediatiatio and the Business Cycle Under a Specie Standart, University of Chigago, Mimeo, 1994.
  • [17] VELASCO, A., "Financial Crises and Balance ofPayment Crises", Journal of Development Economics, Vol: 27, No: 1-2, 1987, ss.263-283.
  • [18] REINHARD, C.; VEGH, C., Do Exchange Rate Based Inflation Stabilizations Sow The Seeds of Their Own Destruction, IMF, Mimeo, 1996.
  • [19] KRUGMAN, P., "The Returns of Economic Depression", Foreign Affairs, V01: 78, No: 1, 1999, ss.56-74.
  • [20] STIGLITZ, J., "Bleak Growth Prospectsfor the Developing World", International Herald Tribune, April 10-11, 1999.
  • [21] EDWARDS, S., "How Effective are Capital Controls", Journal of Economic Perspectives, Vol: 13, No: 4, 1999, s.65.
  • [22] KRUGMAN, P., "A Model of Balance of Payment Crises", Journal of Money Credit and Banking, Vol: 11, No: 3, 1979, pp.311-325.
  • [23] FLOOD, R.; GARBER, P., "Collapsing Exchange Rate Regimes: Some Linear Examples", Journal International Economics, Vol: 17, No: 1-2, 1984, ss.207-208.
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  • [25] ÖZKAN, G.; SUTHERLAND, A., "A Currency Crisis Model with an Optimizing Policymaker", Journal of International Economics, Vol: 44, No: 2 , 1998, s.341.
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  • [30] YENTÜRK, N., "Arjantin Krizi: Diş Borç İle Tango", İktisat İşletme ve Finans Dergisi, Yıl: 17, Sayı: 193, 2002, ss.54,58.
  • [31] EDISON, H.; LUANGARAM, P.; MILLER, M., "Asset Bubbles, leverage and Lifeboats: Elements of the East Asian Crisis", The Economic Journal, Vol: 110, No: 460, 2000, ss.309,312,314.
  • [32] MISHKIN, F., "Understanding Financial Crises: A Developing Country Perspective", NBER Working Paper, No: 5600, 1996, s.19.
  • [33] DEMİRGÜÇ-KUNT, A.; DETRAGIACHE, E.; GUPTA, P., "Inside The Crisis: An Empirical Analysis of Banking Systems in Distress", World Bank Working Papers, No: 2431, 2000, s.1.
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  • [35] CORDEN, M., "Exchange Rate Policies for Developing Countries", The Economic Journal, Vol: 103, No: 4-6, 1993, s.201.
  • [36] BENOIT; COEURE; PISANI; FERRY, "The Euro, Yen and Dollar:Making the Case Against Benign Neglect", ed: KENEN P.; SWABODA, A.; ZETTELMEYER, J., Reforming the International Key Issues in International Monetary and Financial Reform, IMF, Washington D.C., 2000, s.24.
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  • [38] WILLIAMSON, J., The Exchange Rate System, MIT Press, Cambridge, 1983.
  • [39] SIEBERT, H., "The Casefor Benign Neglect", ed: KENEN P.; SWABODA, A.; ZETTELMEYER, J., Reforming the International Key Issues in International Monetary and Financial Reform, IMF, Washington D.C., 2000, ss.68-69.
  • [40] EICHENGREEN, B.,; MASSON, P.; SAVASTANO, M., Transition Strategies and Nominal Anchors on the Road to Greater Exchange Rate Flexibility, Princeton University Press, No:213, Princeton, 1999, ss.18-22.
  • [41] TÜRKOĞLU, F., "Krizin Ayak Sesleri", Görüş Dergisi, Sayı: 47,2001, ss.10,13,19.
  • [42] ENÇ, E., "Dış Ticaret, Cari açık ve Kriz", Gazi Üniversitesi İ.İ.B.F. Dergisi, Cilt: 3, Sayı: 2, 2001, s.31.
  • [43] UYGUR, E., "2000 Kasım ve 2001 Şubat Krizleri Üzerine Değerlendirmeler", A.Ü. Mülkiye Dergisi, Cilt: 25, Sayı: 227, 2001, ss.46-47.
  • [44] ONGUN, T., "İstikrar Arayışından Krize: Bir Değerlendirme.",Gazi Üniversitesi İ.İ.B.F. Dergisi, Cilt: 3, Sayı: 2, 2001, ss.4,6.
  • [45] TCMB, 2000 Yılı Ekonomik Raporu, Ankara, 2001, ss.71-72.
  • [46] GÜNAL, M., "Kasım 2000 Krizine Yönelik Teorik Yaklaşma Minsky'nin Finansal istikrarsızlık Hipotezi", İktisat, İşletme ve Finans Dergisi, 2001, ss.33-39.
  • [47] ALSANCAKLI, A., "Kasım ve Şubat Krizleri, Yeni Ekonomik Program ve Geleceğe Yönelik Beklentiler", Türkiye ve Siyaset Dergisi, Sayı: 4, 2001, ss.3-4.
  • [48] AKGÜÇ, Ö., "Bankacılık Kesimi Kriz Nedeni midir?", İktisat Dergisi, Sayı:410-411, 2001, ss.32-33.
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  • [50] BANKACILIK DÜZENLEME VE DENETLEME KURUMU, "Bankacılık Sektörü Yeniden Yapılandırma Programı", 2001, s.8. Devlet Planlama Teşkilatı, T.C.2 002 Yılı Katılım Öncesi Ekonomik Programı, Ankara, 2002, s.6.
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Year 2003, , 155 - 168, 31.01.2003
https://doi.org/10.14783/maruoneri.682708

Abstract

References

  • [1] AKDİŞ, M., Global Finansal Sistem, Finansal Krizler ve Türkiye, Beta Yayınevi, İstanbul, 2000, ss.96,122,139.
  • [2] MISHKIN, F., "Global Financial Instability:Framework, Events, Issues", Journal of Economic Perspectives, Vol: 13, No: 4, 1999, ss.3-20.
  • [3] McKINNON, R., Money and Capital in Economic Development, Washington D.C., 1973.
  • [4] SHAW, E., "Financial Deepening in Economic Development, Oxford University Press, 1973.
  • [5] DE Gregorio, GUIDOTTI, P., "Financial DeveIopment anal Economic Growt", World Development, Vol: 23, No: 3, 1999, ss.436,445.
  • [6] MISHKIN, F., "Financial Policies and the Prevention of Financial Crises in Emerging Market Countries", NBER Working Paper, No: 8087, 2001, s.8.
  • [7] ALLEN, F.; GALE, D., "Bubbles and Crises", The Economic Journal, Vol: 110, No: 460, 2000, ss.236,238,239.
  • [8] CAPRIO, G.; HONOHAN, P., "Restoring Banking Stability: Beyond Supervised Capital Requirements", Journal of Economic Perspectives, Vol: 13, No: 4, 1999, ss.44-46.
  • [9] DEMİRGÜÇ-KUNT, A.; DETRAGIACHE, E., "The Determinants of Banking Crisis in Developing and Developed Countries", IMF Staff Papers, Vol: 45, No: 1, 1998, ss.83-84.
  • [10] McKINNON, R.; PILL, H., "Credible Liberalizations and International Capital Flaws", ed: ITO, T.; KRUEGER, A., Financial Deregulation and Integration in East Asia, Chicago Uni Press, Chicago, 1996, ss.7-42.
  • [11] KRUGMAN, P., "Bubble, Boom, Crash:Theoretical Notes on Asia's Crisis", MIT, unpublished, 1998.
  • [12] SACHS, J., "Financial Crises in Emerging Countries", Brookings Papers on Economic Activity, No: 16, 1996, ss.147-215.
  • [13] DOOLEY, M., "A Model of Crises in Emerging Markets", The Economic Journal, Vol: 110, No: 460, 2000, ss.257,267.
  • [14] EICHENGREEN, B.; MUSSA, M.; ARICCIA, G.D.; DETRAGIACHE..., Capital Account Liberalization Theoretical and Practical Aspects, Occasional Paper No: 172, IMF, Washington D.C., 1998.
  • [15] KAMINSKY, G.; REINHARD, C., "The Twin Crisis: The Causes of Banking and Balance of Payment Problems", American Economic Review, Vol: 89, No: 3, June 1999, ss.473,475.
  • [16] STOKER, J., Intermediatiatio and the Business Cycle Under a Specie Standart, University of Chigago, Mimeo, 1994.
  • [17] VELASCO, A., "Financial Crises and Balance ofPayment Crises", Journal of Development Economics, Vol: 27, No: 1-2, 1987, ss.263-283.
  • [18] REINHARD, C.; VEGH, C., Do Exchange Rate Based Inflation Stabilizations Sow The Seeds of Their Own Destruction, IMF, Mimeo, 1996.
  • [19] KRUGMAN, P., "The Returns of Economic Depression", Foreign Affairs, V01: 78, No: 1, 1999, ss.56-74.
  • [20] STIGLITZ, J., "Bleak Growth Prospectsfor the Developing World", International Herald Tribune, April 10-11, 1999.
  • [21] EDWARDS, S., "How Effective are Capital Controls", Journal of Economic Perspectives, Vol: 13, No: 4, 1999, s.65.
  • [22] KRUGMAN, P., "A Model of Balance of Payment Crises", Journal of Money Credit and Banking, Vol: 11, No: 3, 1979, pp.311-325.
  • [23] FLOOD, R.; GARBER, P., "Collapsing Exchange Rate Regimes: Some Linear Examples", Journal International Economics, Vol: 17, No: 1-2, 1984, ss.207-208.
  • [24] OBSFELD, M.; ROGOFF, K., "The Mirage of Fixed Exchange Rates", Journal of Economic Perspectives, Vol: 9, No: 4, 1995, ss.75,78,79.
  • [25] ÖZKAN, G.; SUTHERLAND, A., "A Currency Crisis Model with an Optimizing Policymaker", Journal of International Economics, Vol: 44, No: 2 , 1998, s.341.
  • [26] EICHENGREEN, B.; WYPLOSZ, C., "The Unstable EMS", Brookings Papers on Economic Activity, No: 1, 1993, pp.51-143.
  • [27] JEANNE, O., "Are Currency Crisis Self Fulfilling?", Journal of International Economics, Vol: 43, No: 3-4, 1997, s.277.
  • [28] WILLIAMSON, J., "Exchange Rate Management", The Economic Journal, Vol: 103, No: 4-6, 1993, s.194.
  • [29] SVENSSON, L., "Fixed Exchange Rates as a Means to Price Stability: What Have We Learned", European Economic Review, Vol.38, No: 3-4, 1994, ss.456-458,462-463.
  • [30] YENTÜRK, N., "Arjantin Krizi: Diş Borç İle Tango", İktisat İşletme ve Finans Dergisi, Yıl: 17, Sayı: 193, 2002, ss.54,58.
  • [31] EDISON, H.; LUANGARAM, P.; MILLER, M., "Asset Bubbles, leverage and Lifeboats: Elements of the East Asian Crisis", The Economic Journal, Vol: 110, No: 460, 2000, ss.309,312,314.
  • [32] MISHKIN, F., "Understanding Financial Crises: A Developing Country Perspective", NBER Working Paper, No: 5600, 1996, s.19.
  • [33] DEMİRGÜÇ-KUNT, A.; DETRAGIACHE, E.; GUPTA, P., "Inside The Crisis: An Empirical Analysis of Banking Systems in Distress", World Bank Working Papers, No: 2431, 2000, s.1.
  • [34] FISHER, S., "The Asian Crises: A View from the IMF", IMF Survey, Vol: 27, No: 2, Washington D.C., 1998.
  • [35] CORDEN, M., "Exchange Rate Policies for Developing Countries", The Economic Journal, Vol: 103, No: 4-6, 1993, s.201.
  • [36] BENOIT; COEURE; PISANI; FERRY, "The Euro, Yen and Dollar:Making the Case Against Benign Neglect", ed: KENEN P.; SWABODA, A.; ZETTELMEYER, J., Reforming the International Key Issues in International Monetary and Financial Reform, IMF, Washington D.C., 2000, s.24.
  • [37] BLINDER, A., "Let The Exchange Rates Float", ed: KENEN P.; SWABODA, A.; ZETTELMEYER, J., Reforming the International Key Issues in International Monetary and Financial Reform, IMF, Washington D.C., 2000, ss.50-51.
  • [38] WILLIAMSON, J., The Exchange Rate System, MIT Press, Cambridge, 1983.
  • [39] SIEBERT, H., "The Casefor Benign Neglect", ed: KENEN P.; SWABODA, A.; ZETTELMEYER, J., Reforming the International Key Issues in International Monetary and Financial Reform, IMF, Washington D.C., 2000, ss.68-69.
  • [40] EICHENGREEN, B.,; MASSON, P.; SAVASTANO, M., Transition Strategies and Nominal Anchors on the Road to Greater Exchange Rate Flexibility, Princeton University Press, No:213, Princeton, 1999, ss.18-22.
  • [41] TÜRKOĞLU, F., "Krizin Ayak Sesleri", Görüş Dergisi, Sayı: 47,2001, ss.10,13,19.
  • [42] ENÇ, E., "Dış Ticaret, Cari açık ve Kriz", Gazi Üniversitesi İ.İ.B.F. Dergisi, Cilt: 3, Sayı: 2, 2001, s.31.
  • [43] UYGUR, E., "2000 Kasım ve 2001 Şubat Krizleri Üzerine Değerlendirmeler", A.Ü. Mülkiye Dergisi, Cilt: 25, Sayı: 227, 2001, ss.46-47.
  • [44] ONGUN, T., "İstikrar Arayışından Krize: Bir Değerlendirme.",Gazi Üniversitesi İ.İ.B.F. Dergisi, Cilt: 3, Sayı: 2, 2001, ss.4,6.
  • [45] TCMB, 2000 Yılı Ekonomik Raporu, Ankara, 2001, ss.71-72.
  • [46] GÜNAL, M., "Kasım 2000 Krizine Yönelik Teorik Yaklaşma Minsky'nin Finansal istikrarsızlık Hipotezi", İktisat, İşletme ve Finans Dergisi, 2001, ss.33-39.
  • [47] ALSANCAKLI, A., "Kasım ve Şubat Krizleri, Yeni Ekonomik Program ve Geleceğe Yönelik Beklentiler", Türkiye ve Siyaset Dergisi, Sayı: 4, 2001, ss.3-4.
  • [48] AKGÜÇ, Ö., "Bankacılık Kesimi Kriz Nedeni midir?", İktisat Dergisi, Sayı:410-411, 2001, ss.32-33.
  • [49] YELDAN, 'http://bagimsizsosyalbilimciler.org/yazilar.
  • [50] BANKACILIK DÜZENLEME VE DENETLEME KURUMU, "Bankacılık Sektörü Yeniden Yapılandırma Programı", 2001, s.8. Devlet Planlama Teşkilatı, T.C.2 002 Yılı Katılım Öncesi Ekonomik Programı, Ankara, 2002, s.6.
  • [51] TCMB, Para Politikası Raporu, 2002, ss. 19,20,38.
There are 51 citations in total.

Details

Primary Language Turkish
Journal Section Eski Sayılar
Authors

Nejla Adanur Aklan This is me

Publication Date January 31, 2003
Published in Issue Year 2003

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APA Adanur Aklan, N. (2003). FİNANSAL KRİZLERİN ANATOMİSİ. Öneri Dergisi, 5(19), 155-168. https://doi.org/10.14783/maruoneri.682708

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