Asimetrik Bilgi Çerçevesinde 2008 Küresel Krizinin İncelenmesi

Yıl 2010, Cilt: 5 Sayı: 1, 137 - 150, 01.06.2010

Dr.Demet Vardareri Yrd. Doç. Dr.Gülten Dursun

Öz

In this study, the relation between asymmetric information approach and the 2008 global crisis is analyzed. In this context, the role of asymmetric information on the factors that caused the global crisis is analyzed. According to the asymmetric information approach, global crisis is a situation that financial markets can not fully function due to the disruption of the information flow in the financial markets. According to the results of the analyzes, economical agents couldn't fully recognize that the global crisis had started because of the asymmetric information. Asymmetric information problem is observed in the factors that caused the global crisis such as governments bonds (guaranties), the monetary policy of the US Central Bank Fed, the belief of “too big to fail”, financial innovations and in the spreading of the crisis all over the world. Thus, it is important to analyze the global crisis in terms of asymmetric information in order not to have such an intensive global crisis again. When we especially consider the central role of the moral hazard on the factors that led to the financial crisis, the importance of regulations that can decrease the moral hazarI during the reconstruction process comes forward. Although asymmetric information approach is an important argument for describing the 2008 global crisis, it is also another finding that it is not capable of explaining the nature of the global crisis by itself alone.

Anahtar Kelimeler

Asymetric Information, Global Crisis, 2008 Global Crisis

ASİMETRİK BİLGİ ÇERÇEVESİNDE 2008 KÜRESEL KRİZİNİN İNCELENMESİ

Öz

Bu çalışmada asimetrik bilgi yaklaşımı ile 2008 küresel krizi arasındaki ilişki analiz edilmektedir. Bu bağlamda küresel krize neden olan faktörlerde asimetrik bilginin rolü incelenmektedir. Asimetrik bilgi yaklaşımına göre finansal kriz, finansal piyasalardaki bilgi akışının aksaması nedeniyle finansal piyasaların işlevini tam olarak yerine getiremediği bir durumdur. İnceleme sonuçlarına göre, ekonomik ajanlar tüm dünyayı etkisine alacak krizin başladığını asimetrik bilgi nedeniyle anlayamamışlardır. Asimetrik bilgi problemi hükümet garantileri, ABD Merkez Bankası Fed'in para politikası, batmayacak kadar büyük inanışı, finansal inovasyonlar gibi küresel krize yol açan faktörlerde ve krizin tüm dünyaya yayılmasında gözlemlenmektedir. Dolayısıyla küresel krizin asimetrik bilgi açısından değerlendirilmesi bir daha bu yoğunlukta bir krizin yaşanmaması açısından önemli olmaktadır. Özellikle krize yönlendiren faktörlerde ahlaki tehlikenin oynadığı merkezi rolü göz önüne aldığımızda, yeniden yapılanma sürecinde ahlaki tehlikeyi azaltacak düzenlemelerin önemi ortaya çıkmaktadır. Asimetrik bilgi yaklaşımı 2008 küresel krizin açıklanmasında önemli bir argüman olmakla beraber, küresel krizin doğasını açıklamada tek başına yeterli olmadığı da diğer bulgular arasındadır.

Anahtar Kelimeler

Asimetrik Bilgi, Küresel Kriz

Kaynakça

• Acharya, Viral Thomas Philippon, Matthew Richardson, Nouriel Roubini, (2009), “The Financial Crisis of 2007-2009: Causes and Remedies”,Financial Markets, Institutions & Instruments, 18(2), May, pp.89137.
• Ackerman,Josef(2008),“The Subprime Crisis and its Consequences”,JournalofFinancialStability4,pp.329– 337. Akerlof, George A (1970), “The Market for “Lemons”: Quality Uncertainty and the Market Mechanism Author(s)”, The Quarterly Journal of Economics, Vol.84, No.3 (Aug), pp.488-500.
• Asea, Patrick ve Brock Blomberg (1998), “Lending Cycles”, Journal of Econometrics, 83, 89-128.
• Ashcraft, Adam B., Til Schuermann (2008), “Understanding the Securitization of Subprime Mortgage Credit”, Federal Reserve Bank of New York Staff Reports, No. 318, March.
• Bernanke, Ben S. (1983), “Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression”, American Economic Review, Vol. 73, pp.257-76.
• Bernanke, Ben S. and Mark Getrler (1989), “Agency Costs, Net Worth, and Business Fluctuations”, American Economic Review, Vol.79, No.1, pp.14-31 . Bernanke, Ben S., Cara S. Lown ve Benjamin M. Friedman (1991), “The Credit Crunch”, Brooking Papers on Economic Activity, 1991 (2), 205-247. Bernanke, Ben S., Mark Gertler and Simon Gilchrist (1996), “The Financial Accelerator and Flight to Quality”, Review of Economics and Statistics, 78(1), pp.1-15.
• Black, Sandra E. ve Philip E. Strahan (2002), “Entrepreneurship and Bank Credit Availability”, Journal of Finance, 57(6), 2807-2833. Tüm hakları BEYDER’e aittir 148The Journal of Knowledge Economy & Knowledge Management / Volume: V SPRING Blundell-Wignall, Adrian, Paul Atkinson and Se Hoon Lee (2008 ), “The Current Financial Crisis: Causes and Policy Issues”, Financial Market Trends, OECD, pp.11-31. Brandon, Kyle, Frank A. Fernandez (2005), “Financial Innovation and Risk Management: An Introduction to Credit Derivatives”, Journal Of Applıed Fınance, Sprıng/Summer, pp.52-63.
• British Bankers’ Association – Credit Derivatives Report 2006, erişim tarihi: 15.04.2009: http://www.bba.org.uk/content/1/c4/76/71/Credit_derivative_report_2006_exec_summary.pdf Broecker, Thorsten (1990), “Credit Worthiness Tests and Interbank Competition”, Econometrica, 58 (2), 429-452.
• Buiter, Willem H. (2009), “Moral Hazard: Lite and Strong”, Finacial Times Blog, 26 March 2009. ErişimTarihi: 22.07.2009.
• http://blogs.ft.com/maverecon/2009/03/moral-hazard-lite-and-strong/#more-1098 Calorimis, Charles W. ve Joseph R. Mason (2003), “Consequences of Bank Distress during the Great Depression”, American Economic Review, 93(3), 937-947.
• Calomiris, Charles W. (2008), “The Subprime Turmoil: What’s Old, What’s New and What’s Next”, in Maintaining Stability in a Changing Financial System, Economic Symposium, Federal Reserve Bank of Kansas City, pp.19-110. Erişim tarihi:01.10.2009. Calomiris, Charles W., (2009), “Financial Innovation, Regulation, and Reform”, Cato Journal, 29,(1), Winter, pp.65-91.
• Campbell, John Y. ve Joao F. Cocco (2003), “Household Risk Management and Optimal Mortgage Choice”, Quarterly Journal of Economics, 118 (4), 1449-1494.
• Csiszar, Ernst N. (2007), “An Update on the Use of Modern Financial Instruments in the Insurance Sector”, The Geneva Papers, 32, pp.319–331.
• DeGennaro, Ramon P. (2008), “Government-Sponsored Entities: Fannie Mae and Freddie Mac”, Journal of Structured Finance, Spring 14, 1, pp.18-22.
• Dell’Ariccia, Deniz Igan ve Luc Laeven (2008), “Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market”, Erişim Tarihi: 20 Temmuz 2009, http://www.bis.org/bcbs/events/rtf08rtmfs/aricciaiganlaeven.pdfDemyanyk, Yuliya, Otto Van Hemert, (2008), “Understanding The Subprime Mortgage Crisis”, Federal Reserve Bank of St. Louis, Working Paper, 2007-05.
• Deng, Yongheng, John M. Quigley ve Robert van Order (2000), “Terminations, Heterogeneity and the Exercise of Mortgage Options”, Econometrica, 68 (2), 275-307.
• Disyatat, Piti (2001), “Currency Crises and the Real Economy: The Role of Banks”, IMF Working Paper, WP/01/49, pp.1-29. Docherty, Peter, (2008), “Basel II and the Political Economy of Banking Regulation–Monetary Policy Interaction”, International Journal of Political Economy, Vol. 37, No. 2, Summer, pp. 82–106.
• Dowd, Kevin, (2009), “Moral Hazard and The Financial Crisis”, Cato Journal, Vol. 29, No. 1, pp.141-166. Eisenbeis, Robert A. &W. Scott Frame & Larry D. Wall (2007), “An Analysis of the Systemic Risks Posed by Fannie Mae and Freddie Mac and an Evaluation of the Policy Options for Reducing Those Risks”, Journal of Financial Services Research, 31, pp.75-79 Frame, W Scott, Lawrence J White (2004), “Competition for Fannie Mae and Freddie Mac?”, Regulation, Fall, 27( 3), pp.56-60.
• Furceri, D. and A. Mourougane (2009), "Financial Crises: Past Lessons and Policy Implications", OECD Economics Department Working Papers, No. 668, pp.1-50 Gorton, Gary (2009), “The Subprime Panic”, European Financial Management, 15(1), pp.10–46. Hellwig, Martin (2008), “Systemic Risk in the Financial Sector: An Analysis of the Subprime-Mortage Financial Crisis”, Preprints of the Max Planck Institute for Research on Collective Goossa, Bonn 2008/43, pp.1-75.
• http://www.kc.frb.org/publicat/sympos/2008/Calomiris.03.12.09.pdf http://www.ofheo.gov/medi/PDF/FHFAStatement9708final.pdf (erişim tarihi: 24.04.2009).
• Jacobs, Bruce I. (2009), “Tumbling Tower of Babel: Subprime Securitization and the Credit Crisis”, Fınancıal Analysts Journal, CFA Institute, March/April, 65(2), pp.17-30.
• Jaffee, Dwight M, (2009), “The Application of Monoline Insurance Principles to The Reregulation of Investment Banks and The GSEs”, Risk Management and Insurance Review; Spring; 12(1), pp.11-23.
• Kiyotaki, Nobuhiro and John Moore (1997), “Credit Cycles”, Journal of Political Economy,Vol.105, No.2, pp. 211-48. All righs reserved by The JKEM 149Bilgi Ekonomisi ve Yönetimi Dergisi / 2010 Cilt: V Sayı: I Markowitz, Harry M, (2009), “Proposals Concerning the Current Financial Crisis”,Financial Analysts Journal; Jan/Feb, 65 (1), pp.25-27.
• Matsuyama, Kiminori (1997), “Cedit Traps and Credit Cycles”, American Economic Review, Vol.97, No.1, pp.503-516.
• Meltzer, Allan H. (2009), “Reflections on the Financial Crisis”, Cato Journal, 29(1), Winter, pp.25-30. Mengle, David, (2007), “Credit Derivatives: An Overview”, Economic Review, Fourth Quarter, Federal Reserve Bank of Atlanta, pp.1-24.
• Mishkin, Frederic S. (1990), “Asymmetric Information and Financial Crises: A Historical Perspective”, NBER Working Paper, No. 3400, pp.1-58.
• Mishkin, Frederic S. (1994), “Preventing Financial Crises: An International Perspective”, NBER Working Paper,No. 4636, pp.1-55.
• Mishkin, Frederic S. (1996), “Understanding Financial Crises: A Developing Country Perspective”, prepared for the World Bank Annual Conference on Development Economics, April 25-26, National Bureau of Economic Research, Federal Reserve Bank of New York, pp. 1-55.
• Mishkin, Frederic S. (1997), “The Causes and Propagation of Financial Instability: Lessons for Policymakers” in Maintaining Financial Stability in a Global Economy, Procededings of a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 28-30, 55-96, Erişim Tarihi: 01.10.2009, Erişim:http://www.kc.frb.org/publicat/sympos/1997/pdf/s97mishk.pdf Mishkin, Frederic S. (1999a), “Lessons from The Tequila Crisis”, Journal of Banking and Finance, 23, pp.1521-1533.
• Mishkin, Frederic S. (1999b), “Global Financial Instability: Framework, Events, Issues”, The Journal of Economic Perspectives, Vol. 13, No. 4 (Autumn, 1999), pp. 3-20 Mishkin, Frederic S. (2006), The Economic of Money, Banking, and Financial Markets, Addison-Wesley, 6. th ed., NewYork. Mishkin, Frederic S. (2009), “Is Monetary Policy Effective During Financial Crises?”, NBER Working Paper, 14678, pp.1-15.
• Nier, Erlend, (2009), “Financial Stability Frameworks and the Role of Central Banks: Lessons from The Crisis”, IMF Working Paper, WP/09/70, pp.1-64.
• Niinimaki, J.-P., (2009), “Does Collateral Fuel Moral Hazard in Banking?”, Journal of Banking & Finance, 33, pp.514–521.
• Ostrup, Finn, Lars Oxelheim and Clas Wihlborg (2009), “Origins and Resolution of Financial Crises; Lessons from the Current and Nothern European Crises”, IFN Working Paper, No.796, pp. 2-48.
• Pattanaik, Sitikantha (2008), “Gaping Fault Lines in the Global Financial Stability Architecture: Lessons from the US Sub-Prime Crisis”, Journal of International and Area Studies; Dec., 15(2), pp.87-114.
• Peek, Joe ve Eric S. Rosengren (2000), “Colletral Damage: Effects of the Japanese Bank Crisis on Real Activity in the United States”, American Economic Review, 90 (1), 30-45.
• Philippon, Thomas (2007), “Why has the US Financial Sector Grown So Much? The Role of Corporate Finance”, NBER Working Paper, w13405, September. Reinhart, Carmen M. and Kenneth S. Rogoff (2009), “Is the 2007 U.S. Sub-Prime Financial Crisis so Different? An International Historical Comparison”, NBER Working Paper, w13761, pp.1-15.
• Schwartz, Anna J., (2009), “Origins of the Financial Market Crisis of 2008”, Cato Journal, 29,(1), Winter, pp.19-23. Swan, Peter L. (2009), “The Political Economy of The Subprime Crisis: Why Subprime Was so Attractive to Its Creators”, European Journal of Political Economy, V.25, I.1, pp.124-132.
• Taylor, John B. (2009), “The Fınancıal Crisis And The Policy Responses: An Empirical Analysis of What Went Wrong”, NBER Working Paper 14631, January.
• Udell, Gregory F. (2009), “Wall Street, Main Street, and a Credit Crunch: Thoughts on The Current Financial Crisis”, Business Horizons, 52, pp.117-125.