The Roots of the global financial crisis (2007-?), effects of the crisis, partial exit from the crisis and current state

The most important fact which has caused global financial crisis that has started to show effects fromthe second half of 2007 is subprime credit crisis which has boomed in United States of America. Volume ofsubprime mortgage loans has started to increase because of suitable economic conditions, those subprimemortgage loan receivables have been intensively securitized and risky high-volume securities backed by thosemortgages have been issued. With the start of subprime home loan debtors failure to repay, the values ofmortgage backed securities issued in consequence of securitization of receivables that has arose from subprimecredits have started to decrease. The banks that have taken into consideration possible losses in future havestopped giving loan to one another with rising distrust and all of credit market has started to shrink. Thepresence of investors from all over the world in high volume collateralized debt obligation market has carriedthe crisis to other countries. The crisis seen firstly in USA housing market has started to affect all countries economies in many ways in a short time and turned to global financial crisis. With these events, economies ofmany countries have shrunk and serious economical and social problems have appeared.

PDF

___

Abrahams, Clark Zhang, Mingyuan. (2009), Credit Risk Assessment, John Wiley And Sons, New York.
Alantar, Doğan (2008), Küresel Finansal Kriz: Nedenleri Ve Sonuçları Üzerine Bir Değerlendirme, Maliye Finans Yazıları, Sayı 81.
Amadeo, Kimberly (2009), GDP Current Statistics, http://useconomy.about.com/od/economicindicators/a/GDP-statistics.htm (2.3.2011).
Arıkan, Ahmet Naci (2008), Amerika Birleşik Devletlerindeki Mali Kriz Ve Petrol Fiyatlarındaki Değişimler, Ümit Ofset, Ankara.
Ashcraft, Adam Schuermann, Til (2008), Understanding The Securitization Of Subprime Mortgage Credit, Federal Reserve Bank Of New York Staff Reports, No. 318.
BDDK (Bankacılık Düzenleme Ve Denetleme Kurumu) (2009a), Finansal Piyasalar Raporu-Aralık 2008, BDDK Strateji Geliştirme Başkanlığı, Ankara.
BDDK (Bankacılık Düzenleme Ve Denetleme Kurumu) (2009b), Finansal Piyasalar Raporu-Eylül 2009, BDDK Strateji Geliştirme Başkanlığı, Ankara.
BDDK (Bankacılık Düzenleme Ve Denetleme Kurumu) (2010a), Finansal Piyasalar Raporu-Aralık 2009, BDDK Strateji Geliştirme Başkanlığı, Ankara.
BDDK (Bankacılık Düzenleme Ve Denetleme Kurumu) (2010b), Finansal Piyasalar Raporu-Mart 2010, BDDK Strateji Geliştirme Başkanlığı, Ankara.
BDDK (Bankacılık Düzenleme Ve Denetleme Kurumu) (2010c), Finansal Piyasalar Raporu-Haziran 2010, BDDK Strateji Geliştirme Başkanlığı, Ankara
BDDK (Bankacılık Düzenleme Ve Denetleme Kurumu) (2010d), Finansal Piyasalar Raporu-Eylül 2010, BDDK Strateji Geliştirme Başkanlığı, Ankara.
Bianco, Katalina (2008), The Subprime Lending Crisis, CCH, Amsterdam. Boeri, Tito - Guiso, Luigi (2007),The First Global Financial Crisis Of The 21st Century, Felton, Andrew ve Reinhart, Carmen (edt.), The Subprime Crisis: Greenspans Legacy, CEPR, London, pp. 37-39.
Büyükkarabacak, Berrak Valey, Neven T. (2009), The role of household and business credit in banking crises, Journal of Banking&Finance, No. 33, pp. 1-10.
Crouhy, Michel Turnbull, Stuart (2008). The Subprime Credit Crisis, Of 07, http://www.maths-fi.com/Credit_Crisis_May_15_2008.pdf (12.3.2011).
Dooley, Michael Hutchison, Michael (2009), Transmisson of the U.S. subprime crisis to emerging markets: Evidence on the decoupling-recoupling hypothesis, Journal of International Money and Finance, No. 28, pp. 1331-1349.
Dougherty, Conor Evans, Kelly (2009). Economy In Worst Fall Since 82, http://online.wsj.com/article/SB123574078772194361.html#articleTabs%3Darticl e (12.3.2011).
ECLAC (Economic Commissions For Latin America And The Caribbean) (2008), The United States Subprime Mortgage Crisis And Its Implications For The Caribbean, CDCC, Port Of Spain.
Erdönmez, Pelin Ataman (2008), Küresel Kriz Ve Ülkeler Tarafından Alınan Önlemler Kronolojisi, Bankacılar Dergisi, Sayı 68, ss. 85-101.
Faiola, Anthony (2009), U.S. Downturn Dragging World Into Recession, http://www.washingtonpost.com/wp- dyn/content/article/2009/03/08/AR2009030801216_pf.html (9.3.2011).
Gup, Benton (2008), Handbook For Directors Of Financial Institutions, Edward Elgar Publishing, Williston. Hedlund, Erik Kahn, Hashim. (2009), The Subprime Crisis, Chalmers University Of Technology, Gothenburg.
Hevner, Leland. (2009), The Perfect Portfolio, John Wiley And Sons, New York.
IMF (International Monetary Fund) (2009), World Economic Outlook October 2009, IMF Publication Services, Washington.
Jaffee, Dwight (2008), The U.S. Subprime Mortgage Crisis, The World Bank, Washington.
Kowitt, Beth - Birger, John. - OKeefe, Brian (2008). Eight 2009 Economic Predictions, http://recession.org/library/2009-economic-predictions (11.3.2011).
Richards, Dan (2008), The Subprime Crisis Explained, http://www.strategicimperatives.ca/blog/wp- content/themes/richards/files/TheSubprimeCrisisExplained.pdf (2.3.2011).
Rosen, Richard (2007), The Role Of Securitization In Mortgage Lending, Chicago Fed Letter, No. 244.
Sanders, Anthony (2008), The subprime crisis and its role in the financial crisis, Journal of Housing Economics, No. 17, pp. 254-261.
Sapir, Jacques (2008), Global Finance In Crisis, Real-World Economics Review, No. 46, pp. 82-101.
Shijian, Zhou (2009), When Will US Subprime Mortgage Crisis End?, http://www.antaike.com/gj/1212-english.PDF (17.3.2011).
Smith, Veronica (2009), Global Recession Pushing Millions Into Poverty, http://www.france24.com/en/20090331-global-recession-pushing-millions-poverty (19.3.2011).
Swan, Peter L. (2009), The political economy of subprime crisis: Why subprime was so attractive to its creators, European Journal of Political Economy, No. 25, pp. 124-132.
T.C. Chicago Başkonsolosluğu Ticaret Ataşeliği (2008), Küresel Finansal Krizin Nedenleri Ve Olası Sonuçları Hakkında Bilgi Notu, http://www.musavirlikler.gov.tr/upload/CHI/Finansal%20kriz%20bilgi%20notu.p df (5.3.2011).
TEPAV (Türkiye Ekonomi Politikaları Araştırma Vakfı) (2008). 2007-08 Küresel Finans Krizi Ve Türkiye: Etkiler Ve Öneriler, http://www.tepav.org.tr/tur/admin/dosyabul/upload/2007_08_Kuresel_Finans_Kriz i_ve_Turkiye.pdf (4.3.2011).
TEPAV (Türkiye Ekonomi Politikaları Araştırma Vakfı) (2009), Küresel Krize Karşı TEPAV Politika Önerileri, http://www.tbb.org.tr/turkce/konferans/28042009.pdf (16.3.2011).
Tucker, Michael (2008), The Development And Evolution Of The Subprime Mortgage Crisis, E-Journal Of Business and Economic Issues, Vol.3, No 2.
Ulagay, Osman (2009), Krizin Dibi Bulunsa Bile Çıkış Kolay Olmayacak, http://www.milliyet.com.tr/Yazar.aspx?aType=YazarDetay&ArticleID=1092802& AuthorID=77&Date=10.05.2009 (21.3.2011).
Zandi, Mark. (2008), Financial Shock, FT Press, New Jersey.
(http://www.actionforex.com/action-insight/special-reports/2009-economic-forecast:-the- worst-is-yet-to-come-2009010473812/ , 29.3.2011) ( http://www.bls.gov/data , 20.3.2011)
(http://www.economist.com/daily/chartgallery/displayStory.cfm?story_id=12811306&sou rce=features_box4 , 15.3.2011)
( http://www.inflationdata.com/inflation/Inflation_Rate/CurrentInflation.asp , 17.3.2011)