KÜRESEL FİNANSAL KRİZİN ETKİSİNE YENİDEN BAKIŞ: FİNANSAL VE TİCARİ BAĞLANTILAR

Year 2025, Volume: 52 Issue: 2, 403 - 420, 30.12.2025

Erdal Özmen , Fatma Taşdemir

Abstract

Biz bu çalışmamızda 2008-2009 küresel finansal krizi sırasında yükselen piyasa ve gelişmekte olan ekonomilerin büyüme performansını belirleyen temel faktörleri araştırıyoruz. Bu faktörleri araştırmada, finansal ve ticaret kanallarını ele alıyoruz ve özellikle finansal kanala odaklanıyoruz. Sonuçlarımız, kriz öncesi rezerv seviyeleri, kısa vadeli borç, kredi büyümesi, finansal derinlik, cari açık, de jure ve de facto finansal açıklık, ticaret açıklığı ile imalat ve hizmet sektörlerinin GSYİH içindeki paylarının büyüme çöküşünü açıklamada teorik beklentilerle uyumlu şekilde anlamlı olduğunu göstermektedir. Ayrıca, sonuçlarımız finansal kanal değişkenlerinin etkilerinin de facto döviz kuru rejimlerine bağlı olarak değişim sergilediğini göstermektedir.

Keywords

Yükselen piyasa ekonomileri , Gelişmekte olan ekonomiler , Küresel finansal kriz , Finansal kanal , Ticaret bağlantıları.

The incidence of the global financial crisis revisited: Financial and trade linkages

Abstract

We investigate the main determinants of growth performance of emerging market and developing economies during the global financial crisis of 2008-2009. We consider financial and trade channels with a focus on the former. Our results suggest that pre-crisis levels of reserves, short-term debt, credit growth, financial depth, current account deficits, de jure and de facto financial openness, trade openness and the shares of manufacturing and services in GDP are all significant with theory-consistent expected signs in explaining the growth collapse. We further find that the impacts of the financial channel variables vary with the prevailing de facto exchange rate regimes.

Keywords

Emerging market economies , Developing economies , Global financial crisis , Financial channel , Trade linkages.

Ethical Statement

The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper.

Thanks

We kindly request that our article be considered for the special issue to be published in memory of Prof. Dr. Güzin Erlat.

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