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Finansal Serbestleşmenin Teorik Temelleri

Year 2012, Issue: 5, 69 - 80, 01.04.2012

Hasan Alp Özel

Abstract

Finansal serbestleşme, finans piyasalarını ayıran sınırların ortadan kalkması, sermaye hareketliliğini engelleyen düzenlemelerin ve finansal baskı politikalarının terk edilmesi olarak karşımıza çıkmaktadır. Finansal serbestleşme politikalarının ekonomik büyümeyi arttırıcı bir unsur olarak gören yazarların yanında, finansal serbestleşme politikalarının özellikle gelişmekte olan ülkelerde önemli finansal ekonomik krizlere zemin hazırladığını savunan yazarlar da bulunmaktadır. Bu çalışmada finansal serbestleşme teorileri açıklanmaktadır.aktadır

Keywords

Finansal Serbestleşme Finansal Serbestleşme Teorileri Ekonomik Büyüme

References

  • AKERLOF, George A (1970), “The Market for “Lemons”: Quality Uncertainty and The Market Mechanism”, The Quarterly Journal of Economics, Vol. 84, No. 3, pp. 488-500.
  • ALP, Ali (2000) Finansın Uluslararasılaşması, Finansal Krizler, Çözüm Önerileri ve Türkiye Açı- sından Bir Değerlendirme, 1. Baskı, İstanbul, Yapı Kredi Yayınları.
  • ANDERSEN, Thomas Barnebeck, Finn Tarp (2003), “Financial Liberalization, Financial De- velopment and Economic Growth in LDCs”, Journal of International Development, Vol.15, Issue 2, pp. 189-209.
  • ARESTIS, Philip (2004), “Washington Consensus and Financial Liberalization”, Journal of Post Keynesian Economics, Vol. 27, No. 2, pp. 251-271.
  • ARESTİS, Philip, Panicos Demetriades (1999), “Financial Liberalization: The Experience of Developing Countries”, Eastern Economic Journal, Vol. 25, No. 4, pp. 441-457.
  • ARESTİS, Philip, Machiko Nissanke (2005), “Finance and Development: Institutional and Policy Alternatives to Financial Liberalization Theory”, Eastern Economic Journal, Vol. 31, No. 2, pp. 245-263.
  • BİNAY, Şükrü, Kürşat Kunter (1998), Türkiye’de Mali Serbestlestleşme Çabalarında Merkez Bankasının Rolü 1980-1997, Ankara, Türkiye Cumhuriyet Merkez Bankası, Araştırma Genel Mü- dürlüğü, Tartışma Tebliği No: 9803.
  • BLANCHARD, Olivier Jean, Stanley Fischer (1989), Lectures on Macroeconomics, Cambridge M.A., MIT Pres.
  • BÜYÜKDENİZ, Adnan (1991), Türkiye’de Faiz Politikaları, İstanbul, Bilim ve Sanat Vakfı Yayın- ları, Yayın No.1, İktisat Serisi.
  • CIN, Fatih (1998), “Keynes Sonrası İktisatta “Dengesizlik” Yaklaşımı: Post Keynesyen Bakış”, İktisat İşletme ve Finans, Yıl 13, Sayı: Ek-146, s. 17-29.
  • DAVİS, E. Philip (1995), Dept, Financial Fragility, and Systemic Risk, Oxford, Clarendon Pres.
  • EMEK, Uğur (2000) “Finansal Piyasalarda Serbestleşmenin İktisadi Büyüme Üzerine Etkile- ri”, Rekabet Dergisi, Sayı: 2, s. 62-90
  • ESCHENBACH, Felix (2004 ), “Finance and Growth: A Survey of the Theoretical and Empirical Literature”, Tinbergen Institute Discussinon Paper, TI 2004-039/2, pp. 1-43.
  • ESEN, Oğuz (1998), “Gelişmekte olan Ülkelerde Uygulanan Finansal Serbestleşme Programla- rına Eleştirisel Bir Yaklaşım”, İktisat İşletme ve Finans, Yıl: 13, Sayı: 145, s. 23-30.
  • ESER, Kadir (1996), “Finansal Liberalizasyon Politikalarının Makro Ekonomik Performans Üzerine Etkileri”, Hazine Dergisi, Sayı 1, s. 21-40.
  • ESER, Kadir (1993), “Mali Baskı Altındaki Gelişmekte Olan Ülkelerde Uygulanan Finansal Li- beralizasyon Politikalarının Etkinliği”, Ekonomik Yaklaşım Dergisi, Cilt 4, Sayı: 10, s. 83-100.
  • FAZZARİ, Steven M. (1999), “Minsky and the Mainstream: Has Recent Research Rediscovered Financial Keynesianism?”, Working Paper No.278, The Jerome Levy Economics Institute, pp. 1-15.
  • FRY, Maxwell J. (1977), “In Favour of Financial Liberalisation”, The Economic Journal, Vol. 107, No. 442, pp. 754-770.
  • GALİNDO, Arturo, Alejandro Micco Guillermo Ordonez (2002) “Financial Liberalization and Growth: Empirical Evidence”, Inter-American Development Bank, pp 1-35.
  • GEMECH, Firdu, John Struthers (2006), “The Mckinnon-Shaw Hypothesis: Thirty Years on: A review of Recent developments in Financial Liberalization Theory”, RePEc Working Paper, WP No: 537, pp. 1-25.
  • GRABEL, Ilene (1995), “Assessing the Impact of Financial Liberalisation on Stock Market Vo- latility in Selected Developing Countries”, The Journal of Development Studies, Vol. 31, No. 6, pp. 903-917.
  • GRABEL, Ilene (1995), “Speculation-led Economic Development: A Post-Keynesian Interpre- tation of Financial Liberalization Programmes in the Third World”, International Review of Appli- ed Economics, Vol. 9, Issue 2, pp. 127- 149
  • İNCEKARA, Ahmet (2011), Bankacılık ve Finansal Kurumlar, İstanbul, İktisadi Araştırmalar Vakfı, İktisadi Araştırmalar Vakfı Yayın No:3.
  • JHA, Raghbendra (2003), Macroeconomics For Developing Countries, 2nd Edition, Routledge Taylor&Francis Group.
  • KAPUR, Basant K., (1983), “Optimal Financial and Foreign-Exchange Liberalization of Less Developed Economies”, The Quarterly Journal of Economics, Vol. 98, No. 1, pp. 41-62.
  • KARABULUT, Gökhan (2002), Gelişmekte Olan Ülkelerde Finansal Krizlerin Nedenleri, İstan- bul, Der Yayınları.
  • KASTNER, Scott L., Chad Rector (2005), “Partisanship and the Path to Financial Openness”, Comparative Political Studies, Vol. 38, No. 5, pp. 484-506.
  • KEYNES, John Marnard, The General Theory of Employment, Interest and Money, (Çevrimiçi) http://cleverlearn.edu.vn/ebooks/the-general-theory-of-employment-interest-and-money. pdf, 15 Ekim 2010.
  • KORKMAZ, Turhan, Emrah İsmail Çevik, Elif Birkan (2010), “Finansal Dışa Açıklığın Ekono- mik Büyüme ve Finansal Krizler Üzerine Etkisi: Türkiye Örneği”, Journal of Yaşar University, Vol. 5, No. 17, s. 2821-2831.
  • MCKINNON, Ronald I., Huw Pill (1998), “International Overborrowing: A Decomposition of Credit and Currency Risks”, Word Development, Vol. 26, No.7, pp. 1267-1282.
  • MCKINNON, Ronald I. (1973), Money & Capital in Economic Development, Washington, The Brookings Institution Pres.
  • MCKINNON, Ronald I., Huw Pill (1997), “Credible Economic Liberalizations and Overborro- wing”, The American Economic Review, Vol. 87, No. 2, pp. 189-193
  • MISHKIN, Frederic S. (2001), “Financial Policies and the Prevention of Financial Crises in Emerging Market Economies”, The World Bank Financial Sector Strategy Policy Department, Po- licy Research Working Paper 2683, pp. 1-50.
  • MISHKIN, Frederic S. (1999), “International Capital Movements Financial Volatility and Fi- nancial Instability”, NBER Working Paper Series, Working Paper No 6390, pp. 1-33.
  • MISHKIN, Frederic S. (1996), “Understanding Financial Crises: A Developing Country Pers- pective”, NBER Working Paper No: 5600, pp. 1-56.
  • NEELY, Christopher J. (1999), “An Introduction to Capital Controls”, Federal Reserve Bank of ST. Louis Review, pp. 13-30.
  • PINDYCK, Robert S. (2009), Daniel L. Rubinfeld, Microeconomics, Seventh Edition, Pearson International Edition, Pearson Prentice Hall.
  • SAU, Lino (2003), “Banking, Information, And Financial Instability in Asia”, Journal of Post Keynesian Economics, Vol. 25, No. 3, pp. 493-513.
  • SEYİDOĞLU, Halil (2003), “Uluslararası Mali Krizler, IMF Politikaları, Az Gelişmiş Ülkeler, Türkiye ve Dönüşüm Ekonomileri”, Doğuş Üniversitesi Dergisi, Cilt: 4, Sayı: 2, s. 141-156.
  • SHAW, Edward S. (1973), Financial Deepening in Economic Development, New York, Oxford University Press.
  • STIGLITZ, Joseph E. (2006), Küreselleşme Büyük Hayal Kırıklığı, Çev. Arzu Taşçıoğlu, Deniz Vural, 4. Baskı, İstanbul, Plan B Yayınları.
  • STIGLITZ, Joseph E. (1994), “The Role of the State in Financial Markets” In Proceedings of the World Bank Annual Bank Conference on Development Economics (Ed. M. Bruno and B Pleskovic), World Bank, pp. 19-52.
  • STIGLITZ, Joseph E., Andrew Weiss (1981), “Credit Rationing in Markets with Inperfect Infor- mation”, The American Economic Review, Vol. 71, No. 3, pp. 393-410.
  • STUDART, Rogerio (1993), “Financial Repression and Economic Development: Towards A Post-Keynesian Alternative”, Review of Political Economy, Vol. 5, No. 3, pp. 277-298.
  • TOBIN, James (1965), “Money and Economic Growth”, Econometrica, Vol. 33, No. 4.
  • VARIAN, Hal R. (1993), Intermediate Microeconomics, Third Edition, W.W. Norton & Company.
  • VENET, Baptiste (2003), “Finansal Liberalizasyon ve Ekonomik Gelişme: Literatüre Eleştirel Bir Bakış”, Çev. Canan Özatay, İktisat Dergisi, Sayı. 438, Haziran, s. 60-70.
  • WILLIAMSON, John, Molly Mahar (2002), Finansal Liberalizasyon Üzerine Bir İnceleme, Çev. Güven Delice, Ankara, Liberte Yayınları, Eylül.
  • WOLFSON, Martin H. (2002), “Minsky’s Theory of Financial Crises in a Global Context”, Jour- nal of Economic Issues, Vol. XXXVI, No. 2, pp. 393-400.

Theoretical Bases of Financial Liberalization

Year 2012, Issue: 5, 69 - 80, 01.04.2012

Hasan Alp Özel

Abstract

Financial liberalization emerges as elimination of barriers over financial markets and giving up regulations that prevent capital movements and financial policies of repression. Besides several authors that consider financial liberalization policies as factors that can increase that level of economic growth, there are also some other authors that propose financial liberalization policies lay the groundwork for severe financial crises particularly in developing countries. The aim of this study is to explain financial liberalization theories

Keywords

Financial Liberalization Financial Liberalization Theories Economic Growth

References

  • AKERLOF, George A (1970), “The Market for “Lemons”: Quality Uncertainty and The Market Mechanism”, The Quarterly Journal of Economics, Vol. 84, No. 3, pp. 488-500.
  • ALP, Ali (2000) Finansın Uluslararasılaşması, Finansal Krizler, Çözüm Önerileri ve Türkiye Açı- sından Bir Değerlendirme, 1. Baskı, İstanbul, Yapı Kredi Yayınları.
  • ANDERSEN, Thomas Barnebeck, Finn Tarp (2003), “Financial Liberalization, Financial De- velopment and Economic Growth in LDCs”, Journal of International Development, Vol.15, Issue 2, pp. 189-209.
  • ARESTIS, Philip (2004), “Washington Consensus and Financial Liberalization”, Journal of Post Keynesian Economics, Vol. 27, No. 2, pp. 251-271.
  • ARESTİS, Philip, Panicos Demetriades (1999), “Financial Liberalization: The Experience of Developing Countries”, Eastern Economic Journal, Vol. 25, No. 4, pp. 441-457.
  • ARESTİS, Philip, Machiko Nissanke (2005), “Finance and Development: Institutional and Policy Alternatives to Financial Liberalization Theory”, Eastern Economic Journal, Vol. 31, No. 2, pp. 245-263.
  • BİNAY, Şükrü, Kürşat Kunter (1998), Türkiye’de Mali Serbestlestleşme Çabalarında Merkez Bankasının Rolü 1980-1997, Ankara, Türkiye Cumhuriyet Merkez Bankası, Araştırma Genel Mü- dürlüğü, Tartışma Tebliği No: 9803.
  • BLANCHARD, Olivier Jean, Stanley Fischer (1989), Lectures on Macroeconomics, Cambridge M.A., MIT Pres.
  • BÜYÜKDENİZ, Adnan (1991), Türkiye’de Faiz Politikaları, İstanbul, Bilim ve Sanat Vakfı Yayın- ları, Yayın No.1, İktisat Serisi.
  • CIN, Fatih (1998), “Keynes Sonrası İktisatta “Dengesizlik” Yaklaşımı: Post Keynesyen Bakış”, İktisat İşletme ve Finans, Yıl 13, Sayı: Ek-146, s. 17-29.
  • DAVİS, E. Philip (1995), Dept, Financial Fragility, and Systemic Risk, Oxford, Clarendon Pres.
  • EMEK, Uğur (2000) “Finansal Piyasalarda Serbestleşmenin İktisadi Büyüme Üzerine Etkile- ri”, Rekabet Dergisi, Sayı: 2, s. 62-90
  • ESCHENBACH, Felix (2004 ), “Finance and Growth: A Survey of the Theoretical and Empirical Literature”, Tinbergen Institute Discussinon Paper, TI 2004-039/2, pp. 1-43.
  • ESEN, Oğuz (1998), “Gelişmekte olan Ülkelerde Uygulanan Finansal Serbestleşme Programla- rına Eleştirisel Bir Yaklaşım”, İktisat İşletme ve Finans, Yıl: 13, Sayı: 145, s. 23-30.
  • ESER, Kadir (1996), “Finansal Liberalizasyon Politikalarının Makro Ekonomik Performans Üzerine Etkileri”, Hazine Dergisi, Sayı 1, s. 21-40.
  • ESER, Kadir (1993), “Mali Baskı Altındaki Gelişmekte Olan Ülkelerde Uygulanan Finansal Li- beralizasyon Politikalarının Etkinliği”, Ekonomik Yaklaşım Dergisi, Cilt 4, Sayı: 10, s. 83-100.
  • FAZZARİ, Steven M. (1999), “Minsky and the Mainstream: Has Recent Research Rediscovered Financial Keynesianism?”, Working Paper No.278, The Jerome Levy Economics Institute, pp. 1-15.
  • FRY, Maxwell J. (1977), “In Favour of Financial Liberalisation”, The Economic Journal, Vol. 107, No. 442, pp. 754-770.
  • GALİNDO, Arturo, Alejandro Micco Guillermo Ordonez (2002) “Financial Liberalization and Growth: Empirical Evidence”, Inter-American Development Bank, pp 1-35.
  • GEMECH, Firdu, John Struthers (2006), “The Mckinnon-Shaw Hypothesis: Thirty Years on: A review of Recent developments in Financial Liberalization Theory”, RePEc Working Paper, WP No: 537, pp. 1-25.
  • GRABEL, Ilene (1995), “Assessing the Impact of Financial Liberalisation on Stock Market Vo- latility in Selected Developing Countries”, The Journal of Development Studies, Vol. 31, No. 6, pp. 903-917.
  • GRABEL, Ilene (1995), “Speculation-led Economic Development: A Post-Keynesian Interpre- tation of Financial Liberalization Programmes in the Third World”, International Review of Appli- ed Economics, Vol. 9, Issue 2, pp. 127- 149
  • İNCEKARA, Ahmet (2011), Bankacılık ve Finansal Kurumlar, İstanbul, İktisadi Araştırmalar Vakfı, İktisadi Araştırmalar Vakfı Yayın No:3.
  • JHA, Raghbendra (2003), Macroeconomics For Developing Countries, 2nd Edition, Routledge Taylor&Francis Group.
  • KAPUR, Basant K., (1983), “Optimal Financial and Foreign-Exchange Liberalization of Less Developed Economies”, The Quarterly Journal of Economics, Vol. 98, No. 1, pp. 41-62.
  • KARABULUT, Gökhan (2002), Gelişmekte Olan Ülkelerde Finansal Krizlerin Nedenleri, İstan- bul, Der Yayınları.
  • KASTNER, Scott L., Chad Rector (2005), “Partisanship and the Path to Financial Openness”, Comparative Political Studies, Vol. 38, No. 5, pp. 484-506.
  • KEYNES, John Marnard, The General Theory of Employment, Interest and Money, (Çevrimiçi) http://cleverlearn.edu.vn/ebooks/the-general-theory-of-employment-interest-and-money. pdf, 15 Ekim 2010.
  • KORKMAZ, Turhan, Emrah İsmail Çevik, Elif Birkan (2010), “Finansal Dışa Açıklığın Ekono- mik Büyüme ve Finansal Krizler Üzerine Etkisi: Türkiye Örneği”, Journal of Yaşar University, Vol. 5, No. 17, s. 2821-2831.
  • MCKINNON, Ronald I., Huw Pill (1998), “International Overborrowing: A Decomposition of Credit and Currency Risks”, Word Development, Vol. 26, No.7, pp. 1267-1282.
  • MCKINNON, Ronald I. (1973), Money & Capital in Economic Development, Washington, The Brookings Institution Pres.
  • MCKINNON, Ronald I., Huw Pill (1997), “Credible Economic Liberalizations and Overborro- wing”, The American Economic Review, Vol. 87, No. 2, pp. 189-193
  • MISHKIN, Frederic S. (2001), “Financial Policies and the Prevention of Financial Crises in Emerging Market Economies”, The World Bank Financial Sector Strategy Policy Department, Po- licy Research Working Paper 2683, pp. 1-50.
  • MISHKIN, Frederic S. (1999), “International Capital Movements Financial Volatility and Fi- nancial Instability”, NBER Working Paper Series, Working Paper No 6390, pp. 1-33.
  • MISHKIN, Frederic S. (1996), “Understanding Financial Crises: A Developing Country Pers- pective”, NBER Working Paper No: 5600, pp. 1-56.
  • NEELY, Christopher J. (1999), “An Introduction to Capital Controls”, Federal Reserve Bank of ST. Louis Review, pp. 13-30.
  • PINDYCK, Robert S. (2009), Daniel L. Rubinfeld, Microeconomics, Seventh Edition, Pearson International Edition, Pearson Prentice Hall.
  • SAU, Lino (2003), “Banking, Information, And Financial Instability in Asia”, Journal of Post Keynesian Economics, Vol. 25, No. 3, pp. 493-513.
  • SEYİDOĞLU, Halil (2003), “Uluslararası Mali Krizler, IMF Politikaları, Az Gelişmiş Ülkeler, Türkiye ve Dönüşüm Ekonomileri”, Doğuş Üniversitesi Dergisi, Cilt: 4, Sayı: 2, s. 141-156.
  • SHAW, Edward S. (1973), Financial Deepening in Economic Development, New York, Oxford University Press.
  • STIGLITZ, Joseph E. (2006), Küreselleşme Büyük Hayal Kırıklığı, Çev. Arzu Taşçıoğlu, Deniz Vural, 4. Baskı, İstanbul, Plan B Yayınları.
  • STIGLITZ, Joseph E. (1994), “The Role of the State in Financial Markets” In Proceedings of the World Bank Annual Bank Conference on Development Economics (Ed. M. Bruno and B Pleskovic), World Bank, pp. 19-52.
  • STIGLITZ, Joseph E., Andrew Weiss (1981), “Credit Rationing in Markets with Inperfect Infor- mation”, The American Economic Review, Vol. 71, No. 3, pp. 393-410.
  • STUDART, Rogerio (1993), “Financial Repression and Economic Development: Towards A Post-Keynesian Alternative”, Review of Political Economy, Vol. 5, No. 3, pp. 277-298.
  • TOBIN, James (1965), “Money and Economic Growth”, Econometrica, Vol. 33, No. 4.
  • VARIAN, Hal R. (1993), Intermediate Microeconomics, Third Edition, W.W. Norton & Company.
  • VENET, Baptiste (2003), “Finansal Liberalizasyon ve Ekonomik Gelişme: Literatüre Eleştirel Bir Bakış”, Çev. Canan Özatay, İktisat Dergisi, Sayı. 438, Haziran, s. 60-70.
  • WILLIAMSON, John, Molly Mahar (2002), Finansal Liberalizasyon Üzerine Bir İnceleme, Çev. Güven Delice, Ankara, Liberte Yayınları, Eylül.
  • WOLFSON, Martin H. (2002), “Minsky’s Theory of Financial Crises in a Global Context”, Jour- nal of Economic Issues, Vol. XXXVI, No. 2, pp. 393-400.
There are 49 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Hasan Alp Özel

Publication Date April 1, 2012
Published in Issue Year 2012 Issue: 5

Cite

APA Özel, H. A. (2012). Finansal Serbestleşmenin Teorik Temelleri. MSGSÜ Sosyal Bilimler(5), 69-80.