2008 Global Financial Crisis and The Dodd-Frank Act

Yıl 2025, Cilt: 9 Sayı: 31, 291 - 306, 25.03.2025

Mehmet Mert Türk

https://doi.org/10.31455/asya.1627161

Öz

The 2008 Global Financial Crisis exposed fundamental weaknesses in the modern financial system, resulting in widespread economic instability and catalyzing a wave of regulatory reforms worldwide. In response, the Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in 2010, sought to enhance financial stability, mitigate systemic risks, and strengthen consumer protections. This study examines the Act’s pivotal provisions, including its emphasis on transparency in derivatives markets, the establishment of the Consumer Financial Protection Bureau (CFPB), and the implementation of the Volcker Rule, which restricts speculative banking activities. While the Dodd-Frank Act made significant strides in addressing financial vulnerabilities, it has faced criticism for its high compliance costs and limited success in resolving the "Too Big to Fail" problem. Furthermore, challenges in harmonizing the Act with global regulatory frameworks, such as Basel III, have highlighted its limitations in addressing the complexities of an interconnected financial system. This research also underscores the difficulties faced by developing economies in adopting such comprehensive reforms due to resource and capacity constraints. By analyzing both the successes and shortcomings of the Dodd-Frank Act, this paper contributes to the discourse on financial reform, emphasizing the need for adaptive, harmonized, and globally coordinated regulatory frameworks to ensure long-term financial stability and resilience in an ever-evolving global economy.

Anahtar Kelimeler

Dodd-Frank Act, Financial Stability, Financial Crisis, Consumer Protection, Regulatory Reforms

2008 Küresel Finansal Krizi ve Dodd-Frank Yasası

Öz

2008 küresel finansal krizi, modern finansal sistemdeki temel zayıflıkları ortaya çıkardı, bu da genel bir ekonomik istikrarsızlığa yol açtı ve dünya genelinde bir dizi düzenleyici reformun katalizörü oldu. Buna yanıt olarak, 2010 yılında yürürlüğe giren Dodd-Frank Wall Street Reformu ve Tüketici Koruma Yasası, finansal istikrarı artırmayı, sistemik riskleri azaltmayı ve tüketici korumalarını güçlendirmeyi amaçladı. Bu çalışma, Yasanın ana hükümlerini, türev piyasalarında şeffaflığa vurgu yapmasını, Tüketici Finansal Koruma Bürosu'nun (CFPB) kurulmasını ve spekülatif bankacılık faaliyetlerini kısıtlayan Volcker Kuralı'nın uygulanmasını incelemektedir. Dodd-Frank Yasası, finansal zayıflıklara yönelik önemli ilerlemeler kaydetmiş olsa da, yüksek uyum maliyetleri ve "Çok Büyük Başarısız Olmak İçin" sorununu çözmedeki sınırlı başarısı nedeniyle eleştirilerle karşılaşmıştır. Ayrıca, Yasanın Basel III gibi küresel düzenleyici çerçevelerle uyumlu hale getirilmesi konusundaki zorluklar, birbirine bağlı bir finansal sistemin karmaşıklıklarını ele alma konusundaki sınırlamalarını ortaya koymuştur. Bu araştırma ayrıca, gelişmekte olan ekonomilerin kaynak ve kapasite sınırlamaları nedeniyle bu kadar kapsamlı reformları benimsemedeki zorluklarını vurgulamaktadır. Dodd-Frank Yasası'nın hem başarılarını hem de eksikliklerini analiz ederek, bu makale finansal reform konusuna katkıda bulunmakta ve sürekli değişen küresel bir ekonomide uzun vadeli finansal istikrar ve dayanıklılığı sağlamak için küresel düzeyde uyumlu, koordineli ve uyarlanabilir düzenleyici çerçevelerin gerekliliğini vurgulamaktadır.

Anahtar Kelimeler

Dodd-Frank Act, Financial Stability, Financial Crisis, Consumer Protection, Regulatory Reforms

Kaynakça

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