GELİŞMİŞ VE GELİŞMEKTE ÜLKELER ARASINDA FİNANSAL İSTİKRAR AÇISINDAN FARK VAR MIDIR?

Öz

2008-2009 finansal kriziyle beraber finansal istikrarın öneminin anlaşılması, gelecekte ortaya çıkabilecek krizleri önceden öngörebilmek ve bu krizlerin olası olumsuz etkilerini hafifletmek amaçlı birtakım önlemleri beraberinde getirmiştir. Merkez bankaları ile finansal kuruluşlar gözetim ve denetim mekanizmalarını gözden geçirmeye ve finansal istikrarın takibi amaçlı kendi göstergelerini oluşturmaya başlamışlardır. Bu kapsamda Uluslararası Para Fonu’nun Finansal Sağlamlık Değerlendirme Sistemi Göstergeleri en çok kullanılan göstergelerden biri olarak kabul edilmektedir. Çalışmada 2010 ve 2020 yıllarında gelişmiş ve gelişmekte olan ülkeler için finansal istikrar açısından anlamlı bir farkın oluşup oluşmadığı, bu göstergelerden hesaplanan farklı finansal istikrar endeksleriyle araştırılmış ve anlamlı bir finansal istikrar farkının ortaya çıkmadığı gözlemlenmiştir.

Anahtar Kelimeler

• Finansal İstikrar
• Finansal Sağlamlık
• Uluslararası Para Fonu
• Finansal Sağlamlık Göstergeleri

IS THERE A DIFFERENCE BETWEEN ADVANCED AND EMERGING COUNTRIES IN TERMS OF FINANCIAL STABILITY?

Öz

The 2008-2009 financial crisis highlighted the importance of financial stability, leading to measures to anticipate future crises and mitigate their effects. Central banks and financial institutions began developing their own stability indicators and revising surveillance mechanisms. Among these indicators, the International Monetary Fund's Financial Soundness Assessment System Indicators are widely used. This study examines whether there is a significant difference between advanced and emerging countries in 2010 and 2020 in terms of financial stability, by using different financial stability indices calculated from these indicators. The results show that there is no significant difference in financial stability between these countries.

Anahtar Kelimeler

• Financial Stability
• Financial Soundness
• IMF’s Financial Soundness Indicators

Kaynakça

1. Albulescu, C. T. (2010). Forecasting the Romanian financial system stability using a stochastic simulation model. Romanian Journal of Economic Forecasting, 13(1), 81-98.
2. Albulescu, C. T. (2013). Financial stability and monetary policy: A reduced-form model for the euro area. Romanian Journal of Economic Forecasting, 16(1), 62-81.
3. Allen, W. A., & Wood, G. (2006). Defining and Achieving Financial Stability. Journal of Financial Stability, 2, 152-172. https://doi.org/10.1016/j.jfs.2005.10.001
4. Basel Committee on Banking Supervision [BCBS], (2011). Principles for Sound Liquidity Risk Management and Supervision (September 2008).
5. Brunnermeier, M. K. (2009). Deciphering the liquidity and credit crunch 2007–2008. Journal of Economic perspectives, 23(1), 77-100. https://doi.org/10.1257/jep.23.1.77
6. Brave, S. A., & Butters, R. A. (2011). Monitoring financial stability: A financial conditions index approach. Economic Perspectives, 35(1), 22-43. https://ssrn.com/abstract=1758783
7. Borio, C.E.V., & Drehmann, M. (2009). Towards On Operational Framework for Financial Stability: “fuzzy” measurement and its consequences, BIS Working Paper, 284. Bank for International Settlements. https://www.bis.org/publ/work284.pdf
8. Čihák, M., Demirgüč-Kunt, A., Feyen, E., & Levine, R. (2013). Financial development in 205 economies, 1960 to 2010(No. w18946). National Bureau of Economic Research. https://www.nber.org/system/files/working_papers/w18946/w18946.pdf

9. Crockett, A., (1996). The Theory and Practice of Financial Stability. De Economist, 144, 531-568. https://doi.org/10.1007/BF01371939
10. Driffill, J., Rotondi, Z., & Zazzara, C. (2006). Monetary policy and financial stability: What role for the futures market?. Journal of Financial Stability, 2(1), 95-112. https://doi.org/10.1016/j.jfs.2005.03.001
11. Illing, M., & Liu, Y. (2003). An index of financial stress for Canada (No. 2003-14). Bank of Canada. https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp03-14.pdf
12. International Money Fund (IMF). (2006). Financial Soundness Indicators Compilation Guide and Amendment, Washington. https://www.imf.org/external/pubs/ft/fsi/guide/2006/pdf/fsift.pdf
13. International Money Fund (IMF). (2025). Global Financial Stability Report. Finance & Development. : Enhancing Resilience amid Uncertainty. Washington, DC, 69 p. https://www.imf.org/en/Publications/GFSR/Issues/2025/04/22/global-financial-stability-report- april-2025
14. Jakubik, P. & Slacik, T. (2013). Measuring Financial (In)Stability in Emerging Europe: A New Index- Based Approach. Financial Stability Report, 25, 102-117. https://www.oenb.at/dam/jcr:2ae4aa51- 3edf-411a-900 ... cs5_tcm16-256591.pdf
15. Karanovic, G. & Karanovic, B. (2015). Developing An Aggregate Index for Measuring Financial Stability in The Balkans. Procedia Economics and Finance, 33, 3-17. https://doi.org/10.1016/S2212- 5671(15)01690-1
16. Mishkin, F. (1999). Global Financial Instability: Framework, Events, Isssues. Journal of Economic Perspectives, vol. 13(4), 3–20. https://doi.org/10.1257/jep.13.4.3
17. Oosterloo, S. & de Haan, J. (2004). Central banks and financial stability: a survey. Journal of Financial Stability, 1(2), 257-273. https://doi.org/10.1016/j.jfs.2004.09.002
18. Sales, A.S., Areosa, W., D. & Areosa, M., B., M. (2012). Some Financial Stability Indicators for Brazil, Working Papers Series, (287), Central Bank of Brazil. https://www.bcb.gov.br/content/publicacoes/WorkingPaperSeries/wps287.pdf
19. Schinasi, G.J. (2006). Defining Financial Stability, IMF Working Paper, 04/187. https://www.imf.org/external/pubs/ft/wp/2004/wp04187.pdf
20. Shah, S.M., Ali, A., Alim, W. & Alam, M. (2024). Constructing a Multidimensional Financial Stability Index: A Focus on Internal and External Drivers in Developing Nations. Journal of Asian Development Studies, 13 (3), 663-684. https://doi.org/10.62345/jads.2024.13.3.57
21. Van den End, J. W. (2006). Indicator and boundaries of financial stability, (097). Netherlands Central Bank, Research Department. Wang, H., Xu, N., Yin, H. & Ji, H. (2022). The Dynamic Impact of Monetary Policy on Financial Stability in China after Crises, Pacific-Basin Finance Journal, 75, 1-18. https://doi.org/ 10.1016/j.pacfin.2022.101855
22. Zhao, B. (2016). The Analysis of The Measurements of Financial Stability. Proceedings of the 2016 International Conference on Management Science and Innovative Education 2nd International Conference on Management Science and Innovative Education (MSIE 2016), China, 134-137. https://doi.org/10.2991/msie-16.2016.20