A Tıme-serıes cross sectıon analysıs of the role of fınancıal derıvatıves ın the emergıng market fınancıal crıses of the 1990s

Özet: 1990lar dünya genelinde, özellikle yükselen piyasa ekonomilerinde pek çok kayda değer uluslararası finansal krize şahit olmuştur ve bu dönem, politik ekonomi tarihinde uluslararası finansal krizler ve istikrarsızlık dönemiolarak adlandırılabilir. Finansal kriz literatüründe, bu krizlerin olası nedenleri geniş ölçüde çalışılmıştır. Fakat olası bir anahtar rol olarak finansal türev araçların 1990lardaki yükselen piyasaların uluslararası finansal krizlerindeki rolü tam olarak kavranmamış ve ampirik olarak incelenmemiştir, özellikle, bir zaman serisi yatay kesit analizi yöntemiyle. Bu makale, finansal türevlerin 1990lardaki yükselen piyasa ülkelerinin finansal krizlerindeki, özellikle 1997 Güneydoğu Asya Krizi ve 1999 Brezilya Krizindeki rolünü ve önemini zaman serisi yatay kesit analizi yöntemiyle araştırmayı amaçlamaktadır. Ana bulgular göstermektedir ki finansal riskleri sabitlemek için tasarlanmış finansal türevler, 1990larda yükselen piyasa ekonomilerini ciddi risklere ve finansal istikrarsızlıklara maruz bırakmış ve bu krizlerde hem doğrudan hem dolaylı rol oynamıştır.

Finansal türevlerin 1990 ların yükselen piyasa finansal krizlerindeki rolünün bir zaman serisi

Abstract: The 1990s witnessed several remarkable international financial crises around the world, especially in emerging market countries and can be called the international financial crises and instability era in the history of political economy. In the financial crisis literature, the potential reasons of these crises have been extensively studied. However, the role of financial derivative instruments as one of the possible key factors in international financial crises of the emerging markets in the 1990s has not been covered fully and not undertaken empirically, especially, by a time-series cross section analysis. This paper aims to investigate the role and significance of financial derivatives in the financial crises of the emerging market countries in the 1990s, notably the South East Asian Crisis of 1997 and the Brazilian Crisis of 1999, through a time-series cross section approach. The major findings indicate that financial derivatives, designed to hedge financial risks, have exposed emerging market economies to remarkable risks and financial instabilities in the 1990s and they had role in such crises both directly and indirectly.

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