BEGINNING OF THE END CAPITALISM: MACRO EFFECTS OF THE 2008 FINANCIAL CRISIS -THE CASE OF TURKEY

Abstract

Economic turmoil of worldwide began to Express discourse since 2007. Hazard has shown itself that repayment of subprime mortgage loans, fall in property prices and it give the signal of financial institutions. A large increase in all commodities and agricultural products took place in the early 2000s. Food prices reached their highest level in 2008. US dollar fell considerably against other currencies. Immovable property market(residential) occured because of a large fall in paralel with the decline of the US dollar. US residential prices tended to rise since the early 2000s. The reason being the trend of mortgage loans. Mortgage loans in the market that it has created excessive optimism, and it created an environmet that allows even low-income people to easily find loans to buy housing. Residential subprime mortgage market collapsed with the passing down of prices and the borrower has led to the bankruptcy of low-income families. 

Keywords

• Crisis,subprime,mortgage,low-income

References

1. Afşar, M. 2011, “The Global Crisis and Reflections at Turkish Banking Sector”, Eskisehir Osmangazi University Faculty of Economics and Administrative Sciences Journal, vol:6, no:2, pp. 143-171
2. Alantar, D. 2008, “The Global Financial Crisis: An Assessment of the Causes and Consequences”, Finance and Finance Articles, Retrieved at April 02,2017, from http://finanskulup.org.tr/maliyefinans/html.
3. Arslan, İ., Çütcü, İ. 2012, “Reflections and Suggestions of Financial Crisis”, 4th International Congress on Entrepreneurship, Manisa, pp.216-224
4. Bayhan, A. 2015, “What is Mortgage? Information about the types and Functioning”, Retrieved at April 02,2017, from http://paratic.com/mortgagekredisi-nedir-turleri-nelerdir/
5. Berberoğlu, M.2009, “Mortgage System and its Applicability in Turkey”, International Journal of Economic and Administrative Studies, vol:1, no:2, pp. 119-146
6. Bozan, E. 2015, “Capitalism and Capitalism 5 Basic Policy”, Retrieved at April 02,2017, from http://ekonomist.co/akademi/kapitalizm-vekapitalizmin-5-temel-ilkesi-6854/
7. Delice, G. 2003, “Financial Crises: Theoretical and Historical Perspective”, Erciyes University Faculty of Economics and Administrative Sciences Journal, pp. 57-81
8. Eğilmez, M. 2013, “Where are we in the Global Crisis?”, Retrieved at April 01,2017, from http://mahfiegilmez.com/2013/04/kuresel-krizinneresindeyiz.html

9. IMF, 2012, “Eye of the Storm: New-Style Crises Prompt Rethink About Prevention and Resolution Measures”, Finance & Development, pp. 4-7
10. Kaminsky, G., Reinhart, C.M. 1999, “The Twin Crises: The Causes of Banking and Balance of Payments Problems”, American Economic Review, vol:89, no:3, pp.475-500
11. Karabıçak, M. 2010, “The Reasons of Global Crisis and Turkish Dimension of the Global Crises”, Suleyman Demirel University Faculty of Economics and Administrative Sciences Journal, vol:15, no:3, pp. 251-270
12. POSTA, 2009, “How many Sank company in crisis?”, Retrieved at March 26,2017, from http://posta.com.tr/krizde-kac-sirket-batti-mrauf-ates-yazisi-357
13. Sachs, J. 1998, “Alternative Approaches to Financial Crises in Emerging Markets”, Capital Flows and Financial Crises(Ed.), pp.243-262
14. Turgut, A. 2007, “Types, Causes and Indicators of Financial Crisis”, TUHIS Journal of Business Law and Economics, vol:20, no:4, pp. 35-46
15. Ural, M. 2003, “Financial Crisis and Turkey”, Dokuz Eylul University Faculty of Economics and Administrative Sciences Journal, vol:18, no:1, pp. 11-28
16. Yucel, F., Kalyoncu, H. 2011, “Leading Economic Indicators and the Breakthrough Channels of Financial Crisis: The Case of Turkey”, Finance Journal, pp.54-59.