İşıl TELLALBAŞI

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FİNANSALLAŞMA SORUNSALI VE İMKB ÖRNEĞİ

Dünya genelinde, finans piyasaları özellikle son otuz yıllık dönemde; piyasa hacimleri, işlem yoğunluğu ve bağlı oldukları düzenleyici otoritelerin kuralları açısından son derece önemli bir evrim yasamaktadırlar.Dünyanın geleneksel olarak önemli likidite merkezleri olan finansal metropoller daha fazla globalleşirken,yerel ölçekteki finansal piyasalar da birbirlerine entegre olmak zorunda kalmışlardır. Dolayısı ile finansalpiyasalar da yaşanan bu transformasyon yeni bir dönemin kapılarını aralamıştır.Kapitalizm tarihinde sürekli yaşanan krizlerden sonra kendine çıkış yolu bularak, sistemi devam ettirmistir. ABD’de yaşanan son küresel kriz finansal piyasalardaki entegrasyon nedeniyle domino etkisi göstererek dünya geneline yayılmıştır. Krizin küreselleşmesi ve etkilerinin daha ne kadar süreceğine ilişkin tereddütlerin devam etmesinin yanında, iktisadı yazında yeni tartışmaları başlatmıştır.Finansal piyasaların islem hacimlerinin artması, işlevinin artması, yeni finansal ürünlerin yaratılması, kısaca finans kapitalin öneminin artarak hayatın içine nüfuz etmesi bu değişimin yönünün ve nedenlerinin açıklanması için en önemli teorik sorunsallardan biri olmuştur.Çalışmada Genelleştirilmiş Momentler Tekniği kullanılarak ĐMKB Sınai Endeksi’nde yer alan şirketlerin finansallaşması analiz edilmiştir. Finansallaşma analizinde iki model kullanılarak bağımlı değişken olarak yatırım, bağımsız değişken olarak şirketlerin borçları, finansal kârları, kârları, satışları ve finansal ödemeleri ile modelinin kantitatif analizi yapılmıştır.Kantitatif çözümlemeler sonucunda, finansallaşmanın ekonominin lokomotifi olan üretim sektöründe, işletmelerin ve borçluluk düzeylerinin artmasının yatırım oranına pozitif bir katkı yaptığı gözlenmektedir.Diğer yandan her iki modelde de finansal kârlarla yatırım oranı arasındaki ilişki negatif çıkmıştır. Bu durumda finansal kârların artısının reel sektör yatırım davranışını azaltıcı bir etki yaptığı ileri sürülebilir.
Anahtar Kelimeler:

Finansallaşma, mortgage krizi, genelleştirilmiş momentler tekniği

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Ekoist: Journal of Econometrics and Statistics-Cover
  • Yayın Aralığı: Yılda 2 Sayı
  • Yayıncı: İstanbul Üniversitesi
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