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FİNANSAL SERBESTLEŞME, POLİTİKA HATALARI VE KRİZLER

Year 2007, , 249 - 258, 10.01.2007
https://doi.org/10.14783/maruoneri.686904

Abstract

Çalışmada 1980 sonrasına damgasını vuran neoliberal ekonomi politikalarının bir parçası olan finansal serbestleşmenin, farklı ekonomik yapıdaki ülkelerde ne tür sonuçlara yol açtığının değerlendirilmesi amaçlanmıştır. Merkezdeki ülkeler serbestleşmeye aşamalı olarak, gerekli kurumsallaşma ve düzenlemelerle birlikte geçmişlerdir. Ancak çevre ülkelerde bu politikalar hızla uygulanmış, öncelikli olarak altyapının ve ilgili kurumların oluşturulması gerekirken bu zamana bırakılmış, dolayısıyla bu ülkeler ekonomilerdeki değişimlere oldukça hassas, hareketli ve spekülatif sermayenin olumsuz etkilerine maruz kalmışlardır. Döngüsel niteliğe bürünen bu dalgalanmalar benzer ekonomik yapıdaki ülke piyasalarını yayılma özelliğiyle etkiler hale gelmiştir. 1990’lı yıllara gelindiğinde bu sonuçlar ile birlikte geçmişte uygulanan politikalar masaya yatırılarak politika yanlışları ve eksiklikleri sorgulanmıştır. Neoliberal politikalarla piyasaların düzenleme dışı bırakılması amaçlanmasına rağmen, ardı ardına yaşanan finansal krizler kısmi düzenleme tartışmalarını yoğunlaştırmıştır.

References

  • [1] Freitas, M.C.P. & Prates, D.M. (2000). Financial Openness: the experience of Argentina, Brazil and Mexico. CEPAL Review, No: 70, 55-72
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  • [4] Prasad, E.; Rogoff, K.; Wei, S.J. & Köse, M.A. (2003). Effects of Financial Globalization on Developing Countries: Some Empirical Evidence. IMF Discussion Papers, No: 220, Washington: International Monetary Fund Press.
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  • [7] Sundarajan, V. (1993). The Interaction Between Monetary Control and Financial Sector Reform. Coordinating Stabilization and Structural Reform. (Edt.: Barth, R.). Washington: IMF.
  • [8] Akyüz, Y. (1992). On Financial Deepening and Efficiency. UNCTAD Discussion Papers, No: 43, February. New York: United Nations Publications.
  • [9] Zecchini, S. (1997). Transition Approaches in Retrospect. Lessons from the Economic Transition, Central and Eastern Europe in the 1990s. Norwell: Kluwer Academic Publishers.
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  • [11] Swobada, A.K. (2000). Beyond Bretton Woods: What International and Financial System for the 21th Century? (Edts.: Ocampo, J.A.; Zamagni, S.; Ffrench-Davis, R. & Pietrobelli, C.). Financial Globalization and the Emerging Economies. Santiago: ECLAC.
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  • [15] Hesse, H. & Heikamp, A. (1996). Problems of Monetary Policy in Latin America. (Edts.: Sautter, H. & Schinke, R.). Stabilization and Reforms in Latin America: Where do we stand? Vervuert, Iberoamericana: Göttingen Studien zur Entwicklungsökonomik. 151-176.
  • [16] Corbo, V. & Hernandez, L. (1996). Macroeconomic Adjustment to Capital Flows: Lessons from recent Latin American and East Asi an experience. World Bank Research Observer, 11(1), 61-85.
  • [17] Naim, M. (1999). Fads and Fashion in Economic Reforms: Washington Consensus or Washington Confusion? Working draft of a paper prepared for the IMF conference on Second Generation Reforms, Washington D.C., 1-18.
  • [18] Sakakibara, E. (1999). From the Washington Consensus to the New International Financial Architecture. (Eds.: Gruen, D. & Gower, L.) Capital Flows and The International Financial System. Paper Provided by Reserve Bank of Australia in its series RBA Annual Conference, 181-188.
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  • [20] Feldstein, M. (2002). Economic and Financial Crises in Emerging Market Economies: Overview of Prevention and Management. NBER Working Paper, Series 8837, March.
  • [21] Rao, M. (1998). Development in a Time of Globalization. Amherst: Political Economy Research Institute, University of Massachusetts.
  • [22] Velasco, A. (2000). Exchange-Rate Policies for Developing Countries: What have we learned? What do we stili not know? UNCTAD, G-24 Discussion Paper Series, no: 5, June. New York: United Nations Publications.
  • [23] Wolfson, M.H. (2000). Neoliberalism and International Financial Instability. Review of Radical Political Economies, 32(3), 369-378.
  • [24] Campanella, M.L. (1993). The Effects of Globalization and Turbulence on Policy-Making Processes. Government and Opposition, 28(2), 190-205.
  • [25] Calomiris, C.W. (2000). When Will Economic Guide IMF and World Bank Reforms? Cato Journal, 20(1), Spring/Summer, 85-103.
  • [26] Ocampo, J.A. (2000). A Broad Agenda for International Financial Reform. (Edts.: Ocampo, J.A.; Zamagni, S.; Ffrench-Davis, R. & Pietrobelli, C.). Financial Globalization and the Emerging Economies. Santiago: CEPAL-ECLAC, 41-62.
  • [27] Williamson, J. (1999). Implications of the East Asian Crisis for Debt Management. Draft for a conference on External Debt Management, Kovalam, India, January.
  • [28] Stiglitz, J. (1998). Knowledge for Development: Economic Science, Economic Policy and Economic Advice. Address to the World Bank’s 10,h Annual Bank Conference on Development Economies, Washington D.C., April, 7-20.
  • [29] Ocampo, J.A. (2000). Where Do We Stand? (Edts.: Ocampo, J.A.; Zamagni, S.; Ffrench-Davis, R. & Pietrobelli, C.). Financial Globalization and the Emerging Economies. Santiago: CEPAL-ECLAC, 13-18.
  • [30] Higgott, R. & Phillips, N. (1999). The Limits of Global Liberalization: Lessons from Asia and Latin America. Çenter for the Study of Globalisation and Regionalisation, Working Paper no 22/98, University of Warwick, January.
  • [31] Edwards, S. (1998). Capital Inflows into Latin America: a stop-go story? NBER WP 6441.
Year 2007, , 249 - 258, 10.01.2007
https://doi.org/10.14783/maruoneri.686904

Abstract

References

  • [1] Freitas, M.C.P. & Prates, D.M. (2000). Financial Openness: the experience of Argentina, Brazil and Mexico. CEPAL Review, No: 70, 55-72
  • [2] World Bank. (1989). Financial Systems and Development. New York: Oxford University Pres.
  • [3] Wyplosz, C. (2001). How Risky is Financial Liberalization in the Developing Countries? UNCTAD/G-24 Discussion Paper Series, No: 14. New York: United Nations Publications.
  • [4] Prasad, E.; Rogoff, K.; Wei, S.J. & Köse, M.A. (2003). Effects of Financial Globalization on Developing Countries: Some Empirical Evidence. IMF Discussion Papers, No: 220, Washington: International Monetary Fund Press.
  • [5] Agenor, P.R. & Montiel, P.J. (1996). Development Macroeconomics, Princeton: Princeton University Press
  • [6] Berg, J. & Taylor, L. (2000). External Liberalization, Economic Performance and Social Policy. CEPA, WP no 12, February.
  • [7] Sundarajan, V. (1993). The Interaction Between Monetary Control and Financial Sector Reform. Coordinating Stabilization and Structural Reform. (Edt.: Barth, R.). Washington: IMF.
  • [8] Akyüz, Y. (1992). On Financial Deepening and Efficiency. UNCTAD Discussion Papers, No: 43, February. New York: United Nations Publications.
  • [9] Zecchini, S. (1997). Transition Approaches in Retrospect. Lessons from the Economic Transition, Central and Eastern Europe in the 1990s. Norwell: Kluwer Academic Publishers.
  • [10] World Bank. (1985). International Capital and Economic Development. New York: Oxford University Pres.
  • [11] Swobada, A.K. (2000). Beyond Bretton Woods: What International and Financial System for the 21th Century? (Edts.: Ocampo, J.A.; Zamagni, S.; Ffrench-Davis, R. & Pietrobelli, C.). Financial Globalization and the Emerging Economies. Santiago: ECLAC.
  • [12] Yeldan, E. (1997). Financial Liberalization and Fiscal Repression in Turkey: Policy Analysis in a CGE Model With Financial Markets. Journal of Policy Modeling, 19(1), 79-117.
  • [13] Corbo, V. & de Mello, J. (1987). Lessons from the Southern Cone Policy Reforms. Research Observer, 2(2), July, 111-142
  • [14] Edwards, S.; Steiner, R. & Losada, F. (1996). Capital Inflows, the Real Exchange Rate and the Mexican Crisis of 1994. (Edts.: Sautter, H. & Schinke, R.). Stabilization and Reforms in Latin America: Where do we stand? Vervuert, Iberoamericana: Göttingen Studien zur Entwicklungsökonomik.
  • [15] Hesse, H. & Heikamp, A. (1996). Problems of Monetary Policy in Latin America. (Edts.: Sautter, H. & Schinke, R.). Stabilization and Reforms in Latin America: Where do we stand? Vervuert, Iberoamericana: Göttingen Studien zur Entwicklungsökonomik. 151-176.
  • [16] Corbo, V. & Hernandez, L. (1996). Macroeconomic Adjustment to Capital Flows: Lessons from recent Latin American and East Asi an experience. World Bank Research Observer, 11(1), 61-85.
  • [17] Naim, M. (1999). Fads and Fashion in Economic Reforms: Washington Consensus or Washington Confusion? Working draft of a paper prepared for the IMF conference on Second Generation Reforms, Washington D.C., 1-18.
  • [18] Sakakibara, E. (1999). From the Washington Consensus to the New International Financial Architecture. (Eds.: Gruen, D. & Gower, L.) Capital Flows and The International Financial System. Paper Provided by Reserve Bank of Australia in its series RBA Annual Conference, 181-188.
  • [19] Mehmet, O. (1999). Westernizing The Third World, the Eurocentricity of Economic Development Theories. New York: Routledge.
  • [20] Feldstein, M. (2002). Economic and Financial Crises in Emerging Market Economies: Overview of Prevention and Management. NBER Working Paper, Series 8837, March.
  • [21] Rao, M. (1998). Development in a Time of Globalization. Amherst: Political Economy Research Institute, University of Massachusetts.
  • [22] Velasco, A. (2000). Exchange-Rate Policies for Developing Countries: What have we learned? What do we stili not know? UNCTAD, G-24 Discussion Paper Series, no: 5, June. New York: United Nations Publications.
  • [23] Wolfson, M.H. (2000). Neoliberalism and International Financial Instability. Review of Radical Political Economies, 32(3), 369-378.
  • [24] Campanella, M.L. (1993). The Effects of Globalization and Turbulence on Policy-Making Processes. Government and Opposition, 28(2), 190-205.
  • [25] Calomiris, C.W. (2000). When Will Economic Guide IMF and World Bank Reforms? Cato Journal, 20(1), Spring/Summer, 85-103.
  • [26] Ocampo, J.A. (2000). A Broad Agenda for International Financial Reform. (Edts.: Ocampo, J.A.; Zamagni, S.; Ffrench-Davis, R. & Pietrobelli, C.). Financial Globalization and the Emerging Economies. Santiago: CEPAL-ECLAC, 41-62.
  • [27] Williamson, J. (1999). Implications of the East Asian Crisis for Debt Management. Draft for a conference on External Debt Management, Kovalam, India, January.
  • [28] Stiglitz, J. (1998). Knowledge for Development: Economic Science, Economic Policy and Economic Advice. Address to the World Bank’s 10,h Annual Bank Conference on Development Economies, Washington D.C., April, 7-20.
  • [29] Ocampo, J.A. (2000). Where Do We Stand? (Edts.: Ocampo, J.A.; Zamagni, S.; Ffrench-Davis, R. & Pietrobelli, C.). Financial Globalization and the Emerging Economies. Santiago: CEPAL-ECLAC, 13-18.
  • [30] Higgott, R. & Phillips, N. (1999). The Limits of Global Liberalization: Lessons from Asia and Latin America. Çenter for the Study of Globalisation and Regionalisation, Working Paper no 22/98, University of Warwick, January.
  • [31] Edwards, S. (1998). Capital Inflows into Latin America: a stop-go story? NBER WP 6441.
There are 31 citations in total.

Details

Primary Language Turkish
Journal Section Eski Sayılar
Authors

Zeki İlker Görenel This is me

Publication Date January 10, 2007
Published in Issue Year 2007

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APA Görenel, Z. İ. (2007). FİNANSAL SERBESTLEŞME, POLİTİKA HATALARI VE KRİZLER. Öneri Dergisi, 7(27), 249-258. https://doi.org/10.14783/maruoneri.686904

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