Finansal Krizler ve Asimetrik Enformasyon: Asya ve Meksika Krizleri
Öz
Finansal piyasalarda asimetrik enformasyondan kaynaklanan sorunlar bu piyasaların etkin bir şekilde işleyişine zarar vermekte; finansal piyasaların en verimli yatırım projelerine kaynak aktarımını gerçekleştirmesini engellemektedir. Gerek finansal gerekse finansal olmayan kurumların etkinliğini ve verimliliğini olumsuz yönde etkileyen asimetrik enformasyonun varlığı, ekonomik başarısızlıkların ve finansal krizlerin de önemli bir faktörü olarak karşımıza çıkmaktadır.
Bu çalışmada asimetrik enformasyon kavramı ele alınarak finansal krizlerdeki asimetrik enformasyon faktörü ve krizlerdeki rolü değerlendirilmekte, 1994 Meksika ve 1997 Asya krizleri asimetrik enformasyon açısından incelenmektedir.
Anahtar Kelimeler
Asimetrik enformasyon,ters seçim,ahlaki riziko,finansal krizler
Kaynakça
- Bank for International Settlements (1997). 67th Annual Report. Basle.Bems, R. & Jönsson, K. (2002). Bank Crises in Emerging Markets and the Optimal Government Bailout Policy. SSE/EFI Working Paper Series in Economics and Finance, No. 520. Bordo, M. D. & Murshid, A. P. (2000). Are Financial Crises Becoming Increasingly More Contagious? What Is The Historical Evidence On Contagion? NBER Working Paper Series, No. 7900, Cambridge, MA: National Bureau of Economic Research.Brimmer, A. F. (1998). Bank Lending and the Asian Economic Crisis. North American Journal of Economics & Finance, Vol. 9, Issue 1.Bustelo, P., Garcia, C. & Olivie, I. (1999). Global and Domestic Factors of Financial Crises in Emerging Economies: Lessons from the East Asian Episodes (1997-1999). Instituto Complutense De Estudios Internacionales Universidad Compultense De Madrid, Madrid: Spain, Iceı Working Paper, No. 16. Caprio Jr., G. (1998). Banking on Crises: Expensive Lessons from Recent Financial Crises. World Bank, Washington DC.Caprio Jr., G. & Klingebiel, D. (1996). Bank Insolvency: Bad Luck, Bad Policy, or Bad Banking? Annual World Bank Conference on Development Economics, World Bank, Washington DC. Carstens, A. & Schwartz, M. J. (1998). Capital Flows and the Financial Crisis in Mexico, Journal of Asian Economics, Vol. 9, No. 2.Demirgüç-Kunt, A. & Detragiache, E. (1997). The Determinants of Banking Crises: Evidence from Developed and Developing Countries. Policy Research Working Paper, No. 1828, World Bank, Washington DC. Edwards, S. (1999). On Crisis Prevention: Lessons from Mexico and East Asia. NBER Working Paper Series, No. 7233.Eichengreen, B. & Bordo, M. D. (2002). Crises Now and Then: What Lessons from the Last Era of Financial Globalization. NBER Working Paper Series, No. 8716, Cambridge, MA: National Bureau of Economic Research. Gould, D. M. & Gruben, W. C. (1995). The Roots of Mexico’s Peso Crisis. Federal Reserve Bank of Dallas, Southwest Economy, Issue 1.Gruben, W. C. (1996). Policy Priorities and the Mexican Exchange Rate Crisis. Federal Reserve Bank of Dallas, Economic Review, First Quarter.Gruben, W. C. & Robert McComb, R. (1997). Liberalization, Privatization, And Crash: Mexico’s Banking System in the 1990s. Federal Reserve Bank of Dallas, Economic Review, First Quarter.Hahm, J. H. & Mishkin, F. S. (2000). The Korean Financial Crisis: An Asymmetric Information Perspective. Emerging Markets Review, Vol.1.Heffernan, S. (1996). Modern Banking in Theory and Practice. England: John Wiley & Sons.Hermalin, B. E. & Rose, A. K. (1999). Risks to Lenders and Borrowers in International Capital Markets. NBER Working Paper Series, No. 6886, Cambridge, MA: National Bureau of Economic Research.Hickson, C. R. & Turner, J. D. (1999). Banking Instability in South East Asia: Causes and Cures. European Business Review, Vol. 99, No. 3. Huang, H. & Xu, C. (1999). East Asia: Miracle or Bubble? - Financial Institutions and the Financial Crisis in East Asia. European Economic Review, Vol. 43.IMF Staff. (1998). The Asian Crisis, Causes and Cures. Finance & Development, International Monetary Fund, Washington DC.International Monetary Fund. (1998). World Economic Outlook. International Monetary Fund, Washington DC.Kale, S. & Eken, M. H. (2017) . "Türk Bankacılığında Krizler ve Çıkarılan Dersler". Kırklareli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 6 / 5 11-23.Kim, Y. J. & Lee, J. W. (2002). Overinverstment, Collateral Lending, and Economic Crises. Japan and the World Economy, Vol. 14.Krugman, P. (1998). What Happened to Asia. http://web.mit.edu/krugman/www/DISINTER.html.Kwack, S. Y. (1998). Factors Contributing to the Financial Crisis in Korea. Journal of Asian Economics, Vol. 9, No. 4.Lane, T. & Phillips, S. (2001). IMF Financing and Moral Hazard. Finance & Development, Vol. 38, No. 2, International Monetary Fund, Washington DC.Llevellyn, D. T. (2002). An Analysis of the Causes of Recent Banking Crises. The European Journal of Finance, Vol. 8.Ma, Z. & Cheng, L. K. (2003). The Effects of Financial Crises on International Trade. NBER Working Paper Series, No. 10172, Cambridge, MA: National Bureau of Economic Research.Mishkin, F. S. (1990). Anatomy of a Financial Crisis. NBER Working Paper Series, No. 3934, Cambridge, MA: National Bureau of Economic Research.Mishkin, F. S. (1996). Understanding Financial Crises: A Developing Country Perspective. NBER Working Paper Series, No. 500, Cambridge, MA: National Bureau of Economic Research.Mishkin, F. S. (1999). Lessons from the Asian crisis. Journal of International Money and Finance, Vol. 18.Mishkin, F. S. (2000). Prudential Supervision – Why Is It Important and What Are The Issues? NBER Working Paper Series, No. 7926. Cambridge, MA: National Bureau of Economic Research.Mishkin, F. S. (2001a). The Economics of Money, Banking and Financial Markets. Sixth Edition, USA: Addison Wesley.Mishkin, F. S. (2001b). Financial Policies and The Prevention of Financial Crises in Emerging Market Countries. Policy Research Working Paper, No. 2683, World Bank.Mishkin, F. S. & Strahan, P. (1999). What Will Technology Do to Financial Structure? Brookings-Wharton Papers on Financial Services.Moreno, R., Pasadilla, G. & Remolona, E. (1998). Asia’s Financial Crisis: Lessons and Policy Responses. Pacific Basin Working Paper Series, No. PB98-02, Center for Pacific Basin Monetary and Economic Studies, Economic Research Department, Federal Reserve Bank of San Francisco.Puri, T. N., Kuan, C. & Maskooki, K. (2002). An Analysis of Currency Crisis in South Korea. Global Finance Journal, Vol. 13, 2002.Stiglitz, J. E. (1999). Lessons from East Asia. Journal of Policy Modeling, 21 (3).Stiglitz, J. E. & Weiss, A. (1981). Credit Rationing in Markets With Imperfect Information. The American Economic Review, Vol. 71.Stulz, R. M. (1999). Globalization of Equity Markets and the Cost of Capital. NBER Working Paper Series, No. 7021, Cambridge, MA: National Bureau of Economic Research.Yay, T., Yay, G. & Yılmaz, E. (2001). Küreselleşme Sürecinde Finansal Krizler ve Finansal Düzenlemeler. İstanbul: İstanbul Ticaret Odası Yayını, No. 2001-47.Vasquez, I. (1998). Why the IMF Should Not Intervene. Summary of Comments Presented at: "The Asian Crisis And the Reform of the Monetary System" Fundacion Dialogos, Madrid, Spain, http://www.cato.org/speeches/sp-iv22598.html.Wong, K. Y. (2000). Firm Failure and Financial Crisis: The Experience of South Korea. The Journal of the Korean Economy, Vol. 1, No. 1.