Finansal piyasaların niteliği ve kriz üretme potansiyeli

Hem finansal piyasaların iktisadi faaliyet içindeki payının hızla artması hem de finansal krizlerin iktisadi bunalımlarda giderek artan rolü, iktisatçıların ilgisini bu alana her zamankinden daha fazla çekmiştir. Konuyla ilgili tartışmalar, Ödünç Verilebilir Fonlar Teorisi'nden Etkin Piyasa Hipotezine kadar uzanmakta, finansal piyasaların istikrarsız unsurlar içerdiği ve ekonominin kırılganlığını arttırdığı yönündeki görüşler hem yaygınlık hem de yoğunluk kazanmaktadır. Meseleye kötümser bakan ve Minsky ile birlikte anılan Finansal İstikrarsızlık Hipotezi bu görüşlerden biridir. Özellikle son krizle birlikte, finansal piyasaların Etkin Piyasa Hipotezi'nin iddialarının aksine, pek de etkin çalışmadığını göstermiştir.Bu çalışmada finansal piyasaların çalışma biçimi ve kriz üretme potansiyeli dünya finansal krizi çerçevesinde incelenecektir.

Financial markets and their potential of causing crises

Financial markets have gained an increasing share in the level of economic activity. Inaddition to this, financial markets are playing a greater role in economic crises. Those phenomena have caused economists to direct their attention toward this particular market. Debates on this issue range from Loanable Funds Theory to Efficient Market Hypothesis. There are also views claiming that financial markets accomodate unstable elements therefore increasing the vulnerability of the economic system as a whole. The Financial Instability Hypothesis of Hyman Minsky is the foremost of those views. Especially after the recent economic crisis, it is observed that financial markets can not perform their function efficiently as claimed by the Efficient Market Hypothesis. In this paper, we will try to explain the way how financial markets work, and their potential of causing economic crises in the context of World Financial Crisis.

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