FİNANSAL KRİZLERİN ÖNLENEMEMESİNDE ASİMETRİK BİLGİNİN ROLÜ

Yıl 2023, Cilt: 18 Sayı: 1, 21 - 32, 14.07.2023

Ali Şen

https://doi.org/10.54860/beyder.1309864

Öz

Asimetrik bilgi, finansal krizleri açıklayan yaklaşımlardan birisidir. Asimetrik bilgi yaklaşımına göre, kredi veren ve alan arasındaki bilgi asimetrisi finansal krizlerin temel nedenidir. Bilgi asimetrisinin varlığında ekonomiye enjekte edilen kaynaklar etkin olarak kullanılamayan alanlara akar. Bu çalışma, bu yaklaşımdan farklı olarak, finansal piyasalarda düzenleyici-denetleyici otorite ile düzenlenen-denetlenen aktörler arasındaki bilgi farklılığına dikkat çekmektedir. Çalışma, finansal krizlerin önlenememesinin en temel nedeninin bu bilgi asimetrisi olduğunu iddia etmektedir. Çalışmaya göre, düzenleyici otoritenin sahip olduğu eksik bilgi düzeyi, finansal piyasaların krize yol açabilecek riskli faaliyetleri için önlem alınmasını zorlaştırmaktadır. Sonuç olarak, alınan önlemlerin etkinsizliği, 2008’deki gibi, finansal krizlerin tekrarlanmasına neden olmaktadır.

Anahtar Kelimeler

2008 küresel krizi,, asimetril bilgi,, finansal krizlerin önlenmesi

Kaynakça

• Akerlof, George, (1970), “The Market for Lemons: Quality, Uncertainty, and the Market Mechanism”, The Quarterly Journal of Economics, Vol.84, No.13. Allen, F., & Carletti, E. (2009). The global financial crisis: causes and consequences. University of Pennsylvania and European University Institute.
• Anginer, D., Bertay, A. C., Cull, R., Demirgüç-Kunt, A., & Mare, D. S. (2019). Bank regulation and supervision ten years after the global financial crisis. World Bank Policy Research Working Paper, (9044).
• Barth, J.R., Caprio, G.J., Levine, R., 2012. Guardians of finance: making regulators work for us. MIT Press, Cambridge.
• Basel Committee on Banking Supervision (1988), “International convergence of capital measurement and capital standards”, available at http://www.bis.org/publ/bcbs04a.pdf.
• Basel Committee on Banking Supervision (1996), “Overview of the amendment to the capital accord to incorporate market risks”, available at http://www.bis.org/publ/bcbs23.pdf.
• Basel Committee on Banking Supervision, (1997), Core Principles for Effective Banking Supervision (Basel: Bank for International Settlements).
• Basel Committee on Banking Supervision (2004), “International Convergence of Capital Measurement and Capital Standards: a Revised Framework”, available at http://www.bis.org/publ/bcbs107.pdf.
• Basel Committee on Banking Supervision (2010), “Basel III: A global regulatory framework for more resilient banks and banking systems”, available at http://www.bis.org/publ/bcbs189_dec2010.htm.
• Bernanke, B. S. (2018). The real effects of disrupted credit: evidence from the global financial crisis. Brookings Papers on Economic Activity, 2018(2), 251-342.
• Brunnemeier, M., et al., (2009), “The Fundamental Principles of Financial Regulation,” Geneva Reports on the World Economy, No. 11.
• Buiter, W., (2008), “Lessons from the North Atlantic Financial Crisis,” paper presented at the conference “The Role of Money Markets” (Columbia Business School and Federal Reserve of New York, May 29–30).
• Calomiris, Charles W., 2009, “The Subprime Turmoil: What’s Old, What’s New, and What’s Next,” Journal of Structured Finance, Vol. 15, No. 1, pp. 6-52.
• Claessens, Stijn, Douglas D. Evanoff, George G. Kaufman, and Laura Kodres, 2011, Macroprudential regulatory policies: The New Road to Financial Stability. (Eds.), World Scientific Studies in International Economics, Pte. Ltd, New Jersey.Claessens, M. S., & Kodres, M. L. E. (2014). The regulatory responses to the global financial crisis: Some uncomfortable questions. International Monetary Fund.
• Claessens, M. S., & Ratnovski, M. L. (2014). What is shadow banking? International Monetary Fund.
• Claessens Stijn, and M. Ayhan Kose (2014), “Financial Crises: Explanations, Types, and Implications,” in Stijn Claessens, M. Ayhan Kose, Luc Laeven, and Fabián Valencia (Eds.), Financial Crises: Causes, Consequences, and Policy Responses, IMF, Washington, D.C. (also IMF Working Paper, 13/28).
• Claessens, M. S., & Kodres, M. L. E. (2014). The regulatory responses to the global financial crisis: Some uncomfortable questions. International Monetary Fund.
• Claessens Stijn, M. Ayhan Kose and Marco Terrones 2010, “The global financial crisis: How similar? How different? How costly?” Journal of Asian Economics 21, pp. 247-264
• Djankov, S., McLiesh, C., & Shleifer, A. (2007). Private credit in 129 countries. Journal of financial Economics, 84(2), 299-329.
• Eichengreen, Barry, 2010. “From Great Depression to Great Credit Crisis: Similarities, Differences and Lessons,” Economic Policy, 62.
• Fostel, Ana and John Geanakoplos, (2013), “Reviewing the Leverage Cycle,” Working paper, George Washington University, September, at http://home.gwu.edu/~afostel/forms/wpfostel5.pdf
• FSB [Financial Stability Board], (2012). Consultative Document Strengthening Oversight and Regulation of Shadow Banking: An Integrated Overview of Policy Recommendation.
• Gertler, Mark, (1988), “Financial Structure and Aggregate Economic Activity: An Overview”, NBER Working Paper Series, Working Paper No.2559.
• Greenwald, Bruce, Joseph E. Stiglitz and Andrew Weiss, (1984), “Informational Imperfections on the Capital Market and Macroeconomic Fluctuations”, NBER, Working Paper No. 1335.
• Goldstein, I., & Razin, A. (2015). Three branches of theories of financial crises. Foundations and Trends® in Finance, 10(2), 113-180.
• Haldane, Andrew, G., (2011), “Capital Discipline”, available at http://www.bankofengland.co.uk/ publications/Documents/speeches/2011/speech484.pdf.
• Haldane, Andrew G., (2012), “The dog and the Frisbee”, Speech by Mr Andrew G Haldane, Executive Director, Financial Stability, Bank of England, and Mr Vasileios Madouros, Economist, Bank of England, at the Federal Reserve Bank of Kansas City’s 366th economic policy symposium, “The changing policy landscape”,Jackson Hole, Wyoming, 31 August.
• International Monetary Fund, (2009), “Restarting Securitization Markets: Policy Proposals and Pitfalls,” Chapter 2 in the Global Financial Stability Report (Washington: International Monetary Fund).
• International Monetary Fund, 2011, “Towards Operationalizing Macroprudential Policies: When to Act?” Chapter 3 in Global Financial Stability Report (Washington: International Monetary Fund).
• International Monetary Fund, (2013), “Key Aspects of Macroprudential Policy,” Board paper (Washington: International Monetary Fund).
• Iorgova, S., & Ross, C. P. (2023). Investor information and bank instability during the European debt crisis. Journal of Financial Stability, 64, 101100.
• Levy, D., Mayer, T., & Raviv, A. (2022). Economists in the 2008 financial crisis: Slow to see, fast to act. Journal of Financial Stability, 60, 100986.
• Lindgren, C. J., T. Balino, C. Enoch, et al., (1999), Financial Sector Crisis and Restructuring – Lessons from Asia, IMF Occasional Paper 188 (Washington: International Monetary Fund).
• Löfgren, K. G., Persson, T., & Weibull, J. W. (2002). Markets with asymmetric information: the contributions of George Akerlof, Michael Spence and Joseph Stiglitz. The Scandinavian Journal of Economics, 195-211.
• Masciandaro, D., Pansini, M. R. V., & Quintyn, M. M. (2011). The economic crisis: did financial supervision matter? International Monetary Fund.
• Mishkin, Frederic S., (1990), “Asymmetric Information and Financial Crises: A Historical Perspective”, NBER, Working Paper No. 3400.
• Mishkin, Frederic. S. (1994), “Preventing Financial Crises: An International Perspective”, NBER, Working Paper No. 4636.
• Mishkin, Frederic S., (1996), “Understanding Financial Crises: A Developing Country Perspective”, NBER Working Paper Series, Working Paper No.5600.
• Mishkin, Frederic S. (1999), “Lessons from the Tequila Crisis”, Journal of Banking & Finance 23.
• Mishkin, Frederic S. (2004), The Economics of Money, Banking and Financial Markets, Seventh Edition, Pearson Addison Wesley.
• Mishkin, Frederic S. (2001), “Financial Policies and the Prevention of Financial Crises in Emerging Markets Countries”, NBER Working Paper Series, Working Paper No.8087.
• Pozsar, Zoltan, Tobias Adrian, Adam Ashcraft, and Hayley Boesky, (2010), “Shadow Banking,” Federal Reserve Bank of New York Staff Reports 458 (July).3
• Reinhart, Carmen and Kenneth Rogoff, 2009, This Time is Different: Eight Centuries of Financial Folly (Princeton, New Jersey: Princeton University Press).
• Rothschild, M., & Stiglitz, J. E. (1976). Increasing Risk: A Definition." Journal of Economic Theory, Vol. 2 (1970), pp. 225-243. AND. Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information.” Quanerly Journal 0/‘Economics, 90, 629-649.
• Roubini, N., (2008), “Ten Fundamental Issues in Reforming Financial Regulation and Supervision in a World of Financial Innovation and Globalization” RGE Monitor.
• Spence, Michael (1973), "Job Market Signaling". Quarterly Journal of Economics. 87 (3): 355–374.
• Stiglitz, Joseph E., and Andrew Weiss, (1981), “Credit Rationing in Markets with Imperfect Information”, The American Economic Review, Vol.71, No.3.
• Viñals, J., Fiechter, J., Pazarbasioglu, C., Kodres, L., Narain, A., & Moretti, M. (2010). Shaping the new financial system. International Monetary Fund, Monetary and Capital Markets Department.