Crisis and Reform: Analysing the U.S. Financial System in the 21st Century

Öz

This study examines the evolution of the U.S. financial system in the twenty-first century, focusing on the interplay between crisis and reform. It analyses how successive shocks—including the Global Financial Crisis of 2007–2009, the COVID-19 pandemic, and recurrent stresses within banking and non-bank sectors—have exposed structural vulnerabilities while prompting significant regulatory innovation. Key reforms such as the Dodd–Frank Act and the Federal Reserve’s unconventional monetary policies enhanced transparency, resilience, and oversight but failed to eliminate systemic risks arising from non-bank intermediaries, fintech growth, and political polarisation. The paper argues that sustainable financial stability requires continuous macroprudential adaptation, international coordination, and strong institutional independence. By integrating lessons from past crises with forward-looking governance, the United States can strengthen resilience and ensure balanced economic growth in an increasingly interconnected global economy.

Anahtar Kelimeler

• Financial Crisis
• Reform
• Regulation
• Macroprudential Policy
• Financial Stability

Kriz ve Reform: 21. Yüzyılda Amerika Birleşik Devletleri Finansal Sisteminin Analizi

Öz

Bu çalışma, 21. yüzyılda Amerika Birleşik Devletleri finansal sisteminin evrimini, kriz ve reform arasındaki etkileşim üzerine odaklanarak incelemektedir. Çalışma, 2007–2009 Küresel Finansal Krizi, COVID-19 pandemisi ve banka ile banka dışı sektörlerdeki tekrar eden istikrarsızlıklar gibi ardışık şokların yapısal kırılganlıkları ortaya çıkarırken aynı zamanda önemli düzenleyici yenilikleri tetiklediğini analiz etmektedir. Dodd–Frank Yasası ve ABD Merkez Bankası’nın (Federal Reserve) geleneksel olmayan para politikaları gibi temel reformlar, şeffaflığı, dayanıklılığı ve denetimi artırmış, ancak banka dışı aracı kuruluşlardan, fintech sektörünün büyümesinden ve siyasi kutuplaşmadan kaynaklanan sistemik riskleri ortadan kaldıramamıştır. Çalışma, sürdürülebilir finansal istikrarın sürekli makro ihtiyati uyum, uluslararası koordinasyon ve güçlü kurumsal bağımsızlık gerektirdiğini savunmaktadır. Geçmiş krizlerden çıkarılan derslerin ileriye dönük yönetişimle bütünleştirilmesiyle, Amerika Birleşik Devletleri dayanıklılığını güçlendirip giderek daha fazla küreselleşen ekonomide dengeli bir büyüme sağlayabilir.

Anahtar Kelimeler

• Finansal Kriz
• Reform
• Düzenleme
• Makro İhtiyati Politika
• Finansal İstikrar

Kaynakça

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