Küresel krizden sonra yeniden yapılandırmanereden başlanmalı?

Son yaşanan (2008- ) ekonomik krizin zararlı sonuçları global mimarinin yeniden inşa edilmesi ve yenilenmesi için yapılan tartışmaların ötesinde yeniden düşünmeyi gerektirdiğini göstermektedir. Kriz tüm dünyada, büyük finansal kurumların batması, devletler tarafından bankaların kurtarılması, hisse senetleri piyasalarında yüksek dalgalanma ve şoklara ve nihayet ekonomik aktivitenin uzun dönemli düşüşü ile global anlamda ciddi bir ekonomik durgunluğa neden olmuştur. Bu makalede, global krizin arka planı- özellikle illiyet bağı anlatılmaktadır. Global krizin bulgularına dayalı olarak, krize temel olan nedenlerin varlık nedeni ve tesiri; aynı zamanda global krizin çözümü olan tek bir kökene işaret ettiği kabul edilmektedir. Bu nedenle, makale global ekonomik toparlanma ve risklerin yönetilerek krizlerin önlenmesi yolunda yeniden yapılandırma için başlangıç noktası ve/veya doğru rotayı önermektedir. Çalışmanın amacı, krizlerde yeniden yapılandırma sürecinin gerekliliğinin anlaşılmasına katkıda bulunmaktır.

Reconstructıon after the global crısıs- where to start?

The detrimental results of the latest (2008- ) economic crisis need a rethink beyond discussions on rebuilding and renewing the global economic architecture. It resulted in the collapse of large financial institutions, the bailout of banks by national governments, high volatility and shocks in the stock markets and finally a longterm downturn in economic activity, leading to a severe global economic recession all around the world. The paper introduces the background of the global crisis- majorly the casual link. Focusing on findings of the crisis, it is admitted that the basis of existence and impact of the fundamental reasons point out one root cause as well as the real solution to the global crisis. Therefore, the paper proposes the starting point and/or right path to reconstruction on the way to global economic recovery and managing risks to prevent crises. The aim of this paper is to contribute to the understanding about the essential reconstruction period in economic crises.

PDF

___

Borio, C. (2003), “Towards a Macroprudential Framework for Financial Supervision and Regulation?” CESifo Economic Studies, 49 (2): 181–215.
Brown Ellen, (2010), “Trapped in the Spiral of Basel III Tightening the Noose on Credit Spells Disaster” Global Research, 18 September 2010, http://www.globalresearch.ca/index.php?context=va&aid=21091
Crouhy Michel G., Robert A. Jarrow, Stuart M. Turnbull (2008), “The Subprime Credit Crisis of 07”, Bauer College of Business, University of Houston, July 4 2008, https://www.bauer.uh.edu/sturnbull/ documents/SubprimeCreditCrisis.pdf
Demyanyk Yuliya, Otto Van Hemert (2008), “Understanding the Subprime Mortgage Crisis”, Federal Reserve Bank of St. Louis, February 4, 2008,http://stlouisfed.org/banking/SPA/WorkingPapers/ SPA_2007_05.pdf
Golding Edward, Richard K. Green, Douglas A. McManus (2008), “Imperfect Information and the Housing Finance Crisis”, Joint Center for Housing Studies of Harvard University, February 2008, http:// www.jchs.harvard.edu/publications/finance/understanding_consumer_credit/papers/ucc08-6_golding_green_ mcmanus.pdf
Guttmann Robert, (2008) “A primer on finance-led capitalism and its crisis”, Révue dela Régulation, Paris, v. 4, n. 3.
Kaufman George G., (2003), “BASEL II: The Roar That Moused”, Financial Management Association, Denver, October 10 2003, www.federalreserve.gov/SECRS/2003/November/20031105/R- 1154/R-1154_3_1.pdf
Krugman Paul, (2007), “Innovating Our Way to Financial Crisis”, New York Times, December 3 2007,http://www.nytimes.com/2007/12/03/opinion/03krugman.html?ex=1354338000&en=d6b2b44c8f0fb 484&ei=5124&partner=permalink&exprod=permalink
Lipsky John, (2011) “The Challenges of Economic Policy Cooperation”, IMF, June 21 2011,http://www. imf.org/external/np/speeches/2011/062111.htm
Madrick Jeff (2008), “The End of the Age of Milton Friedman”, The Huffington Post, 12 October 2008, http://www.huffingtonpost.com/jeff-madrick/the-end-of-the-age-of-mil_b_94228.html
Mishkin Frederic S. (2008), The Next Great Globalization, Princeton University Press
Peet Richard, (2011), “Contradictions of Finance Capitalism”, Monthly Review, volume 63, issue 07, http://monthlyreview.org/2011/12/01/contradictions-of-finance-capitalism
Reinhart Carmen M., Kenneth S. Rogoff (2007), “Is the 2007 U.S. Sub-Prime Financial Crisis So Different? An International Historical Comparison”, Harvard University, February 5, 2008,http://www.economics. harvard.edu/faculty/rogoff/files/Is_The_US_Subprime_Crisis_So_Different.pdf
Reuters, (2008), “Greenspan, Bush to blame for U.S. crisis: Stiglitz”, April 27, 2008,http://www.reuters. com/article/topNews/idUSL2719096320080427?feedType=RSS
Reuters, (2008), “Soros: Global subprime losses likely above $1 trillion”, Apr 9, 2008, http://uk.reuters. com/article/gc06/idUKN0946437720080409
Rodrik Dani, Arvind Subramania, (2008), “Why Did Financial Globalization Disappoint?”, Harvard University, March 2008, http://ksghome.harvard.edu/~drodrik/Why_Did_FG_Disappoint_March_24_2008. pdf
Roubini Nouriel, (2008), “Comrades Bush, Paulson and Bernanke Welcome You to the USSRA (United Socialist State Republic of America), RGEMonitors, Sep 9 2008,http://www.rgemonitor.com/roubinimonitor/ 253529/comrades_bush_paulson_and_bernanke_welcome_you_to_the_ussra_united_socialist_state_ republic_of_america
Roubini Nouriel, (2007),”The First Crisis of Financial Globalization and Securitization and the Coming Generalized Credit Crunch”, RGEMonitor, Oct 22 2007, http://www.rgemonitor.com/roubini-monitor/ 222079/the_first_crisis_of_financial_globalization_and_securitization_and_the_coming_generalized_ credit_crunch
Ryland J.Alexander, (2010), “What are the reasons for the current global financial crisis?, Aberdeen University, May 6 2010, http://aberdeen.academia.edu/AlexanderRyland/Papers/610986/What_caused_the_ global_financial_crisis
SIBOS Issues (2010), Banks Voice Basel III Fears, 28 October 2010,http://www.swift.com/sibos2010/ home_page/publications/sibos_issues/thursday.pdf
Stiglitz Joseph, (2007) “Crisis of capitalist globalization”, People’s World, 20 April 2007, http://www. peoplesworld.org/crisis-of-capitalist-globalization/
Quintyn, M.G. and M.W. Taylor, (2002), “Regulatory and Supervisory Independence and Financial Stability.” International Monetary Fund Working Paper No. 02/46.
World Bank (2010), Global Monitoring Report 2010