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Yıl 2015, Cilt: 7 Sayı: 13, 293 - 319, 13.11.2015
https://doi.org/10.14784/jfrs.86533

Öz

The global financial crisis which has emerged in 2007 and rapidly spread, has revealed how deeply systemic risks can lead to negative effects on the financial markets. With this crisis, problems arising from systemically important financial institutions and damages of these problems in the economy has become much more apparent. After the financial crisis, to reduce the likelihood of systemically important institutions’ insolvency and to minimize the adverse effects of these institutions on the economy, the need for more effective supervision and oversight for the stability of both the national and international financial systems have become necessary. To reduce the moral hazard problems associated with these financial institutions -which were perceived as too big to fail- and the systemic risk, and to strengthen the market discipline in several countries regulatory and supervisory authorities have made some arrangements. They also attempted to establish collaboration among themselves. This study aims to evaluate the concept of systemic risk and elements that make up systemic importance, to examine studies evaluating systemically important financial institutions. This study also focuses on bailouts and systemic risks stemming from financial institutions which perceived as “too big to fail” in several countries during the global financial crisis. It will be complemented with an overall assesment of the studies for the prevention of systemic risks

Kaynakça

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  • Bank of England (2012), “Resolving Globally Active, Systemically Important, Financial Institutions”, A joint paper by the Federal Deposit Insurance Corporation and the Bank of England, http://www. bankofengland.co.uk/publications/Documents/news/2012/nr156.pdf, (Erişim: Mayıs 2014).
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  • Basel CommIttee on BankIng SupervIsIon, (2012), “a framework for dealing with domestic systemically important banks”, http://www.bis.org/publ/bcbs233.pdf, (Erişim: Mart 2014).
  • Basel CommIttee on BankIng SupervIsIon (2013), “Global systemically important banks: updated assessment methodology and the higherloss absorbency requirement”, http://www.bis. org/publ/bcbs255.pdf, (Erişim: 21.02.2014).
  • BDDK (2011), “Bankacılıkta Yapısal Gelişmeler”, http://www.bddk.org.tr/WebSitesi/turkce/Raporlar/ Bankacilikta_Yapisal_Gelismeler/11085bygr_2011.pdf, (Erişim: Temmuz 2015).
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  • BDDK (2015), “Türk Bankacılık Sektörü Temel Göstergeleri Mart 2015, http://www.bddk.org.tr/WebSitesi/ turkce/Raporlar/TBSGG/14114tbs_temel_gostergeler_raporu_mart_2015.pdf, (Erişim: Temmuz 2015).
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  • ENIS, Huberto M. and H. S. Malek (2005), “Bank risk of failure and the too-big-to-fail policy”, Economic Quarterly, Federal reserve Bank of richmond, Vol. 91/2, http://www.richmondfed.org/publications/ research/economic_quarterly/2005/spring/pdf/ennismalek.pdf, (Erişim: 10.01.2012).
  • European Central Bank (2009), “The concept of systemic risk”, Financial Stability Review, http://www.ecb.europa.eu/pub/pdf/other/financialstabilityreview200912en. pdf?7e1073aa7dd961b1248c19c2fecbf696, (Erişim: 1.1.2014).
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  • FInancIal ServIces AuthorIty (2009), “The turner Review”, http://www.fsa.gov.uk/pubs/other/ turner_review.pdf, (Erişim: 21.03.2013).
  • FInancIal StabIlIty Board (2010), “Reducing the moral hazard posed by systemically important financial institutions”, http://www.financialstabilityboard.org/publications/r_101111a.pdf, (Erişim: 04.03.2014).
  • FInancIal StabIlIty Board (2011), “Policy Measures to Adress Systemically Important financial Institutions”, http://www.financialstabilityboard.org/publications/r_111104bb.pdf, (Erişim: 08.03.2012).
  • FInancIal StabIlIty Board (2013a), “Global systemically important insurers (GSIIs) and the policy measures that will apply to them”, http://www.financialstabilityboard.org/publications/r_130718. pdf, (Erişim: Mart 2014)
  • FInancIal StabIlIty Board (2013b), “2013 IMN Survey of National Progress in the Implementation of G20/FSB Recommendations”, http://www.financialstabilityboard.org/implementation_ monitoring/turkey_2013.pdf, (Erişim: Mart 2014).
  • FInancIal StabIlIty Board (2014a), “2014 update of list of global systemically important insurers (G-SIIs)”, http://www.financialstabilityboard.org/wp-content/uploads/r_141106a.pdf, (Erişim: 03.03.2015).
  • FInancIal StabIlIty Board (2014b), “2014 Update of List of Global Systemically Important Banks (G-SIBs)”, http://www.financialstabilityboard.org/wp-content/uploads/r_141106b.pdf, (Erişim: 03.03.2014).
  • FInancIal StabIlIty Board (2014c), “2014 IMN Survey of National Progress in the Implementation of G20/FSB Recommendations”, http://www.financialstabilityboard.org/wp-content/uploads/ Turkey_2014.pdf, (Erişim: Mayıs 2015).
  • FInancIal stabılIty Board and IOSCO (2014), “Assessment Methodologies for Identifying Non-Bank Non-Insurer Global Systemically Important Financial Institutions Proposed High-Level Framework and Specific Methodologies”, http://www.financialstabilityboard.org/ publications/r_140108.pdf (Erişim: Mart 2014).
  • FInancIal StabIlIty OversIght CouncIl (2011), “Study & Reccomendations Regarding Concentrationlimits on Large Financial Companies”, The FSOC’s Report on the Concentration Limit on Large Financial Companies, http://www.treasury.gov/initiatives/Documents/ Study%20on%20Concentration%20Limits%20on%20Large%20Firms%2001-17-11.pdf, (Erişim: 29.03.2012).
  • GOLDSTEIN, Morris and Nicolas Véron (2011), “Too big to fail: The transatlantic debate”, Peterson Institute for International Economics WP 11-2, Washington, DC., http://www.iie.com/publications/wp/ wp11-2.pdf, (Erişim: 23.01.2012).
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SİSTEMİK RİSK, SİSTEMİK AÇIDAN ÖNEMLİ FİNANSAL KURULUŞLAR VE KÜRESEL FİNANSAL KRİZ

Yıl 2015, Cilt: 7 Sayı: 13, 293 - 319, 13.11.2015
https://doi.org/10.14784/jfrs.86533

Öz

2007’de ortaya çıkan ve hızla yayılan küresel finansal kriz, sistemik riskin finansal piyasalarda nasıl
derin negatif etkilere yol açabileceğini ortaya koymuştur. Bu krizle birlikte, sistemik açıdan önemli finansal
kuruluşlardan kaynaklanan sorunlar ve bunların ekonomilerde yol açabileceği zararlar daha belirgin
bir hale gelmiştir. Finansal krizin ardından sistemik açıdan önemli finansal kuruluşların iflas olasılığını
azaltmak ve başarısızlıklarının ekonomiler üzerindeki olumsuz etkilerini minimum düzeye çekebilmek için
bu kuruluşlarla ilgili daha etkin bir gözetim ve denetim ihtiyacı hem ulusal hem de uluslararası finansal
sistemin istikrarı için zorunlu bir hal almıştır. Batmayacak kadar büyük olarak algılanan bu finansal
kuruluşlarla ilgili ahlaki risk ve sistemik risk problemlerini azaltmak ve piyasa disiplinini güçlendirmek
amacı ile çeşitli ülkelerde düzenleyici ve denetleyici otoriteler birtakım düzenlemeler yapma ve kendi
aralarında işbirliği oluşturma yoluna gitmişlerdir.
Bu çalışmada amaçlanan sistemik risk kavramı ve sistemik önemi oluşturan unsurları ele alarak sistemik
açıdan önemli finansal kuruluşları değerlendirmeye yönelik yapılan çalışmaları incelemek; küresel finansal
krizle ilgili olarak çeşitli ülkelerdeki “batmayacak kadar büyük” olarak algılanan finansal kuruluşların ortaya
çıkardığı sistemik riske ve kurtarmalara değinerek sistemik riskin önlenmesine yönelik çalışmaların genel
bir değerlendirmesini yapmaktır.

Kaynakça

  • BAIR, Sheila C. (2011), “We Must Resolve to End Too Big to Fail”, FDIC Quarterly, Vol. 5, Number:2, http:// www.fdic.gov/bank/analytical/quarterly/2011_vol5_2/FDIC_Quarterly_Vol5No2_entire_v4.pdf, (Erişim: 24.01.2012).
  • Banco De España (2011), “Saving Banks: Development and Reform”, http://www.bde.es/f/webbde/ GAP/Secciones/SalaPrensa/InformacionInteres/ReestructuracionSectorFinanciero/Ficheros/en/ Notareformacajas20110217_IVI_en.pdf, (Erişim: 29.03.2013).
  • Bank of England (2008), “Bradford & Bingley plc Statement by the Chancellor”, http://www. bankofengland.co.uk/archive/Documents/historicpubs/news/2008/059.pdf, (Erişim: Mart 2015).
  • Bank of England (2009), “Additional information provided to the Treasury Committee by the Bank of England”, http://www.bankofengland.co.uk/publications/Documents/other/treasurycommittee/ financialstability/ela091124.pdf, (Erişim:21.03.2013).
  • Bank of England (2012), “Resolving Globally Active, Systemically Important, Financial Institutions”, A joint paper by the Federal Deposit Insurance Corporation and the Bank of England, http://www. bankofengland.co.uk/publications/Documents/news/2012/nr156.pdf, (Erişim: Mayıs 2014).
  • Bank of England (2013), “Quarterly Bulletin”, Vol. 3, No. 1., http://www.bankofengland.co.uk/ publications/Documents/quarterlybulletin/2013/qb1301.pdf, (Erişim: Nisan 2015).
  • Basel CommIttee on BankIng SupervIsIon (2011), “Global systemically important banks: assessment methodology and the additional loss absorbency requirement, http://www.bis.org/ publ/bcbs207.pdf, (Erişim: 21.03.2014).
  • Basel CommIttee on BankIng SupervIsIon, (2012), “a framework for dealing with domestic systemically important banks”, http://www.bis.org/publ/bcbs233.pdf, (Erişim: Mart 2014).
  • Basel CommIttee on BankIng SupervIsIon (2013), “Global systemically important banks: updated assessment methodology and the higherloss absorbency requirement”, http://www.bis. org/publ/bcbs255.pdf, (Erişim: 21.02.2014).
  • BDDK (2011), “Bankacılıkta Yapısal Gelişmeler”, http://www.bddk.org.tr/WebSitesi/turkce/Raporlar/ Bankacilikta_Yapisal_Gelismeler/11085bygr_2011.pdf, (Erişim: Temmuz 2015).
  • BDDK (2013), “2012 Yıllık Faaliyet Raporu”, http://www.bddk.org.tr/websitesi/turkce/kurum_bilgileri/ yillik_raporlar/11922yfr2012internet22nisan.pdf, (Erişim: 31.03.2014).
  • BDDK (2015), “Türk Bankacılık Sektörü Temel Göstergeleri Mart 2015, http://www.bddk.org.tr/WebSitesi/ turkce/Raporlar/TBSGG/14114tbs_temel_gostergeler_raporu_mart_2015.pdf, (Erişim: Temmuz 2015).
  • BEBECHUK, Luchian (2009), “AIG Still Isn’t Too Big to Fail”, http://online.wsj.com/article/ SB123751263240591203.html, (Erişim: 5 Ocak 2012)
  • BIS (2010), “80th Annual Report”, Basel: Bank for International Settlements, http://www.bis.org/publ/ arpdf/ar2010e.pdf, (Erişim: 15.03.2013).
  • BIS-IMF-FSB (2009), “Report to G20 Finance Ministers and Governors: Guidance to Assess the Systemic Importance of Financial Institutions, Markets and Instruments: Initial Considerations”, http:// www.imf.org/external/np/g20/pdf/100109.pdf, (Erişim: 30.01.2012).
  • Board of Governors of the Federal Reserve System (2014), “Bear Stearns, JPMorgan Chase, and Maiden Lane LLC”,http://www.federalreserve.gov/newsevents/reform_bearstearns. htm, (Erişim: Aralık 2014).
  • BRUNNERMEIER, Markus K. (2009), “Deciphering the Liquidity and Credit Crunch 2007-08”, Journal of Economic Perspectives—Volume 23, Number 1, pages 77-100, http://www.princeton. edu/~markus/research/papers/liquidity_credit_crunch.pdf, (Erişim: 05.04.2012).
  • Claessens, Stijn, Nichael Keen, and Ceyla Pazarbasioglu (2010), “Financial Sector Taxation: The IMF’s Report to the G-20 and Background Material”, IMF Report, https://www.imf.org/external/np/ seminars/eng/2010/paris/pdf/090110.pdf, (Erişim Tarihi: Mayıs 2015).
  • CHOTE, Robert vd. (2009), “The IFS Green Budget: January 2009”, Institute For Financial Studies, http:// www.ifs.org.uk/comms/comm107.pdf, (Erişim: 21.03.2013).
  • CHOW, Julian T. S. and Jay Surti (2011), “Making Banks Safer: Can Volcker and Vickers Do It?,” IMF Working Papers 11/236, International Monetary Fund, http://www.imf.org/external/pubs/ft/ wp/2011/wp11236.pdf, (Erişim: 23.07. 2012).
  • DEUTSCHE BUNDESBANK (2009), “Financial Stability Review”, http://www.bundesbank.de/Redaktion/ EN/Downloads/Publications/Financial_Stability_Review/2009_financial_stability_review.pdf?__ blob=publicationFile, (Erişim: 04.04.2013).
  • DEXIA (2008), Press Release, http://www.dexia.com, (Erişim: Mayıs 2005)
  • Dodd-Frank Wall Street Reform and Consumer ProtectIon Act (2010), https://www. sec.gov/about/laws/wallstreetreform-cpa.pdf, (Erişim: Ocak 2015)
  • ENIS, Huberto M. and H. S. Malek (2005), “Bank risk of failure and the too-big-to-fail policy”, Economic Quarterly, Federal reserve Bank of richmond, Vol. 91/2, http://www.richmondfed.org/publications/ research/economic_quarterly/2005/spring/pdf/ennismalek.pdf, (Erişim: 10.01.2012).
  • European Central Bank (2009), “The concept of systemic risk”, Financial Stability Review, http://www.ecb.europa.eu/pub/pdf/other/financialstabilityreview200912en. pdf?7e1073aa7dd961b1248c19c2fecbf696, (Erişim: 1.1.2014).
  • FDIC (2008), “Information for Claimants in Washington Mutual Bank”, http://www.fdic.gov/news/news/ press/2008/pr08085b.html, (Erişim: 06.01.2012)
  • FInancIal ServIces AuthorIty (2009), “The turner Review”, http://www.fsa.gov.uk/pubs/other/ turner_review.pdf, (Erişim: 21.03.2013).
  • FInancIal StabIlIty Board (2010), “Reducing the moral hazard posed by systemically important financial institutions”, http://www.financialstabilityboard.org/publications/r_101111a.pdf, (Erişim: 04.03.2014).
  • FInancIal StabIlIty Board (2011), “Policy Measures to Adress Systemically Important financial Institutions”, http://www.financialstabilityboard.org/publications/r_111104bb.pdf, (Erişim: 08.03.2012).
  • FInancIal StabIlIty Board (2013a), “Global systemically important insurers (GSIIs) and the policy measures that will apply to them”, http://www.financialstabilityboard.org/publications/r_130718. pdf, (Erişim: Mart 2014)
  • FInancIal StabIlIty Board (2013b), “2013 IMN Survey of National Progress in the Implementation of G20/FSB Recommendations”, http://www.financialstabilityboard.org/implementation_ monitoring/turkey_2013.pdf, (Erişim: Mart 2014).
  • FInancIal StabIlIty Board (2014a), “2014 update of list of global systemically important insurers (G-SIIs)”, http://www.financialstabilityboard.org/wp-content/uploads/r_141106a.pdf, (Erişim: 03.03.2015).
  • FInancIal StabIlIty Board (2014b), “2014 Update of List of Global Systemically Important Banks (G-SIBs)”, http://www.financialstabilityboard.org/wp-content/uploads/r_141106b.pdf, (Erişim: 03.03.2014).
  • FInancIal StabIlIty Board (2014c), “2014 IMN Survey of National Progress in the Implementation of G20/FSB Recommendations”, http://www.financialstabilityboard.org/wp-content/uploads/ Turkey_2014.pdf, (Erişim: Mayıs 2015).
  • FInancIal stabılIty Board and IOSCO (2014), “Assessment Methodologies for Identifying Non-Bank Non-Insurer Global Systemically Important Financial Institutions Proposed High-Level Framework and Specific Methodologies”, http://www.financialstabilityboard.org/ publications/r_140108.pdf (Erişim: Mart 2014).
  • FInancIal StabIlIty OversIght CouncIl (2011), “Study & Reccomendations Regarding Concentrationlimits on Large Financial Companies”, The FSOC’s Report on the Concentration Limit on Large Financial Companies, http://www.treasury.gov/initiatives/Documents/ Study%20on%20Concentration%20Limits%20on%20Large%20Firms%2001-17-11.pdf, (Erişim: 29.03.2012).
  • GOLDSTEIN, Morris and Nicolas Véron (2011), “Too big to fail: The transatlantic debate”, Peterson Institute for International Economics WP 11-2, Washington, DC., http://www.iie.com/publications/wp/ wp11-2.pdf, (Erişim: 23.01.2012).
  • HM TREASURY (2008), “Financial support to the banking industry”, http://webarchive.nationalarchives. gov.uk/+/http:/www.hm-treasury.gov.uk/press_100_08.htm, (Erişim: 21.03. 2013).
  • HM TREASURY (2012), “Review of HM Treasury’s management response to the financial crisis”, http:// www.hm-treasury.gov.uk/d/review_fincrisis_response_290312.pdf, (Erişim: 21.03.2013).
  • HOENIG, Thomas M. (2008), “Monetary Policy, Financial Markets and Regulatory Reform: A Desperately Unpopular Undertaking”, Denver, Colorado, http://www.kc.frb.org/SpeechBio/HoenigPDF/ Denver.05.06.2008.pdf, (Erişim: 19.01.2012).
  • HOENIG, Thomas M. (2009), “Too Big Has Failed”, http://www.kc.frb.org/speechbio/hoenigpdf/ omaha.03.06.09.pdf, (Erişim: 19.01.2012).
  • House of Commons Treasury CommIttee (2009), “Banking Crisis: dealing with the failure of the UK banks”, Seventh Report of Session 2008–09, http://www.publications.parliament.uk/pa/ cm200809/cmselect/cmtreasy/416/416.pdf, (Erişim: Nisan 2015).
  • InternatIonal AssocIatIon of Insurance SupervIsors (2013), “Global Systemically Important Insurers: Initial Assessment Methodology”, http://www.iaisweb.org/view/element_href. cfm?src=1/19151.pdf, (Erişim: Mart 2014).
  • ITO, Takatoshi (2011), “Reform of Financial Supervisory and Regulatory Regimes: What has Been Achieved and What is Still Missing”, International Economic Journal, Vol. 25, No. 4, 553-569.
  • MCKEE, Michael, and Scott Lanman (2009), “Greenspan Says U.S. Should Consider Breaking Up Large Banks.”, http://www.bloomberg.com, http://www.bloomberg.com/apps/ news?pid=newsarchive&sid=aJ8HPmNUfchg, (Erişim: 02.02.2013).
  • OffIcIal Journal of the European UnIon (2010), “REGULATION (EU) No 1092/2010 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 24 November 2010”, http://eurlex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32010R1092, (Erişim: 02.03.2014).
  • ÖTKER-ROBE, I. vd. (2011), “The Too Important to Fail Conundrum: Impossible to Ignore and Difficult to Resolve,” Staff Discussion Note 11/12, Washington, D.C., International Monetary Fund, http:// www.imf.org/external/pubs/ft/sdn/2011/sdn1112.pdf, (Erişim: 23.07.2012).
  • PARKIN, Brian and Oliver Suess (2008), “Hypo Real Gets EU50 Billion Government-Led Bailout (Update3)”, http://www.bloomberg.com, (Erişim: 04.04.2013)
  • SIGTARP (2011), “Quarterly Report to Congress.”, http://www.sigtarp.gov/Quarterly%20Reports/ January2011_Quarterly_Report_to_Congress.pdf, (Erişim: 11.05.2012).
  • TBB (2014), “Bankalarımız 2014”, https://www.tbb.org.tr/Content/Upload/Dokuman/6257/ Bankalarimiz2014.pdf, (Erişim: Temmuz 2015).
  • TBB (2015), “Aktif Büyüklüklerine Göre Banka Sıralaması - 2015 – Mart”, https://www.tbb.org.tr, (Erişim: Temmuz 2015).
  • TCMB (2011), “Finansal İstikrar Raporu”, sayı:13, http://www.tcmb.gov.tr/wps/wcm/connect/9939711e- 8f31-498d-875a-17a37e370b8e/Fir_TamMetin13.pdf, (Erişim: Nisan 2015)
  • TCMB (2014), “Finansal İstikrar Raporu”, sayı 8, http://www.tcmb.gov.tr/wps/wcm/connect/7671f600- 17d4-41df-8734-c92596399495/Fir_TamMetin18.pdf?MOD=AJPERES&CACHEID=7671f600- 17d4-41df-8734-c92596399495, (Erişim: 29.09.2014).
  • The FInancIal SupervIsory AuthorIty (2009), “Annual Report 2009”, http://en.fme.is/media/ utgefid-efni/FME-Annual-Report-2009.pdf, (Erişim: 12.04.2013).
  • THOMSON, James B. (2010), “On Systemically Important Financial Institutions and Progressive Systemic Mitigation.” Depaul Business & Commercial Law Journal 8, no. 2: 135-150, (Erişim: 18 Nisan 2012).
  • WELLS FARGO (2009), “Wells Fargo and Wachovia Merger Completed”, https://www.wellsfargo.com/ press/2009/20090101_Wachovia_Merger, (Erişim: 12.04.2012).
  • VAN DER STARRE, Martjin and Meera Louis (2008), “Fortis Gets EU11.2 Billion Rescue From Governments (Update2)”, http://www.bloomberg.com, (Erişim: Mayıs 2015)
  • ZHOU, Jianping vd. (2012), “From Bail-out to Bail-in: Mandatory Debt Restructuring of Systemic Financial Institutions”, IMF Staff Discussion Note, http://www.imf.org/external/pubs/ft/sdn/2012/sdn1203. pdf, (Erişim: 27.04.2012).
Toplam 58 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Mehmet Mete Karadağ

Yayımlanma Tarihi 13 Kasım 2015
Gönderilme Tarihi 13 Kasım 2015
Yayımlandığı Sayı Yıl 2015 Cilt: 7 Sayı: 13

Kaynak Göster

APA Karadağ, M. M. (2015). SİSTEMİK RİSK, SİSTEMİK AÇIDAN ÖNEMLİ FİNANSAL KURULUŞLAR VE KÜRESEL FİNANSAL KRİZ. Finansal Araştırmalar Ve Çalışmalar Dergisi, 7(13), 293-319. https://doi.org/10.14784/jfrs.86533