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Küresel Finansal Krizi Yeniden Düşünmek: Heterodoks İktisat'tan Teorik Perspektifler

Yıl 2022, Cilt: 7 Sayı: 1, 184 - 197, 30.06.2022

Fazıl Kayıkçı , Mustafa Kesgin , Sema Yılmaz Genç

Öz

Küresel kriz, her şeyin yolunda gittiğinin kabul edilmesiyle büyük ılımlılık denilen bir dönemin sonunda ortaya çıktı. Bu çalışma, 2008 Mali Krizinde etkili olan makroekonomik dinamiklerin yanı sıra kurumsal faktörlerin rolünü ortaya koymayı ve krizle mücadelenin başarısı ve gelecekte benzer durumların yaşanmaması için yapılması gerekenleri açıklamayı amaçlamaktadır. Krizlerin nedenleri üzerine yapılan değerlendirmelerden hareketle kurumsal başarısızlıklar, finansal yeniliklerin ve liberalleşme sürecinin etkisi ve kapitalizmin sistemik kriz eğilimine ilişkin görüşlerin ön planda olduğu anlaşılmaktadır. Ana akım iktisadın gündeminde olmayan krize ilişkin açıklamalar, ağırlıklı olarak heterodoks iktisadın temsilcilerinden gelmiştir.

Anahtar Kelimeler

Krizler Küreseleşme Heterodoks İktisat

Kaynakça

  • Acemoğlu, D. (2009). The Crisis of 2008: Lessons for and from. Critical Review, 21 (2-3), 185-194.
  • Aka, B. E. (2006). On the Duration of the Financial System Stability Under Liberalization. Emerging Markets Rewiew. 7 (2), 147-161.
  • Alessi, L., Detken, C. (2009). Real Time Early Warning Indicators for Costly Asset Price Boom/Boost Cycles: A Role for Global Liquidity. ECB Working Paper Series, no: 1039. Frankfurt: European Central Bank.
  • Babecký, J., Havránek, T., Matějů, J., Rusnák, M., Šmídková, K., Vašíček, B. (2012). Leading Indicators of Crisis Incidence: Evidence from Developed Countries. ECB Working Paper Series, no:1486. Frankfurt: European Central Bank.
  • Baier, S. L., Clance, M. Dwyer, G.P. (2012). Banking Crises and Economic Freedom. Economic Freedom of the World: 2012 Annual Report. ed. James Gwartney, Robert Lawson, Joshua Hall. Vancouver: Fraser Institute: 201-217.
  • Barrell, R., Davis, E.P., Karim, D., Liadze, I. (2010). Bank Regulation, Property Prices and Early Warning Systems for Banking Crises in OECD Countries. Journal of Banking & Finance, 34(9), 2255-2264.
  • Bernanke, B. S. (2004). Great Moderation. Eastern Economic Association speech. Washington.https://www.federalreserve.gov/boarddocs/speeches/2004/20040220/default.htm.
  • Bussiere, M., Fratzscher, M. (2006). Towards a New Early Warning System of Financial Crises. Journal of International Money and Finance, 25(6), 953-973.
  • Chenguel, M.B. (2014). The Subprime Crisis Contagion Effect on Developed Countries. Journal of Business and Management Research, 3(1), 61-70.
  • Chudik, A., Fratzscher, M. (2011). Identifying the Global Transmission of the 2007-09 Financial Crisis in a GVAR Model. ECB Working Paper Series, no: 1285. Frankfurt: European Central Bank.
  • Coase, H.R. (1992). The Institutional Structure of Production. The American Economic Review, 82(4), 713-719.
  • Commons, J.R. (1925). The Stabilization of Prices and Business. The American Economic Review, 15(1), 43-52.
  • Commons, J.R. (1934). Institutional Economics; Its Place in Political Economy. New York: The Macmillan Company.
  • Crotty, J. (2009). Structural Causes of the Global Financial Crisis: A Critical Assessment of the New Financial Architecture. Cambridge Journal of Economics, 33(4), 563–580.
  • Demirgüç-Kunt, A., Detragiache, E. (1998). The Determinants of Banking Crises in Developing and Developed Countries. IMF Staff Papers, 45(1), 81-109.
  • Estrella, A., Mishkin, F.S. (1996). Predicting U.S. Recessions: Financial Variables as Leading Indicators. Research Paper, no: 9609. New York: Federal Reserve Bank of New York Public Information Department.
  • Galbraith, J.K. (1979). The Great Crash 1929. Boston: Houghton Mifflin Company.
  • Goldstein, M., Turner, P. (1996). Banking Crises in Emerging Economies Origins and Policy Options. BIS Economic Papers, no: 46. Basle: Bank for International Settlements.
  • Hardy, D.C., Pazarbaşıoğlu, C. (1999). Determinants and Leading Indicators of Banking Crises: Further Evidence. IMF Staff Papers, 46(3), 247-258.
  • Hodgson, G.M. (1989). Institutional Rigidities and Economic Growth. Cambridge Journal of Economics, 13(1), 79-101.
  • Huang, M.C., Chiang, H. (2017). An Early Alarm System for Housing Bubbles. The Quarterly Review of Economics and Finance, 63: 34-49.
  • Kaminsky, G.L., Lizondo, S., Reinhart, C.M. (1998). Leading Indicators of Currency Crises. IMF Staff Papers, 45(1), 1-48.
  • Kaminsky, G.L., Reinhart, C. (1999). The Twin Crises: The Causes of Banking and Balance of Payments Problems. The American Economic Review, 89(3), 473-500.
  • Keen, S. (2011). A Monetary Minsky Model of the Great Moderation and the Great Recession. Journal of Economic Behavior& Organization, 86, 221-235.
  • Kindleberger, C.P., Aliber, R. (2005). Manias, Panics, and Crashes: A History of Financial Crises. Hoboken: John Wiley & Sons, In.
  • King, M.A. (2017). The End of Alchemy: Money, Banking and the Future of the Global Economy. London: Abacus.
  • Kondratieff, N. D. (1979). The Long Waves in Economic Life. Review (Fernand Braudel Center), 2(4), 519-562.
  • Kotz, D.M. (2009). The Financial and Economic Crisis of 2008: A Systemic Crisis of Neoliberal Capitalism. Review of Radical Political Economics, 41(3), 305-317.
  • Krugman, P. (1979). A Model of Balance-of-Payments Crises. Journal of Money, Credit and Banking, 11(3), 311-323.
  • Krugman, P. (2010). Bunalım Ekonomisinin Geri Dönüşü ve Küresel Kriz. Translate: Neşenur Domaniç. İstanbul: Literatür Yayıncılık.
  • Kwan, S.H. (2010). Financial Crisis and Bank Lending. FED Working Papers, no. 2010-11. San Francisco: Federal Reserve Bank of San Francisco.
  • Laina, P. Nyholm, J., Sarlin, P. (2015). Leading Indicators of Systemic Banking Crises: Finland in a Panel of EU Countries. ECB Working Paper Series, no. 1758. Frankfurt: European Central Bank.
  • Marx, K. H. (2010). İktisat Üzerine. (R. Freedman, Ed., & A. Çakıroğlu, Trans.) İstanbul: Belge Yayınları.
  • Miao, J., Wang, P. (2015). Banking bubbles and financial crises. Journal of Economic Theory, 157(1), 763-792.
  • Minsky, H.P. (1986). Stabilizing an Unstable Economy. Sothern Economic Journal, 54(2).
  • Mishkin, F.S. (1990). Asymmetric Information and Financial Crises: A Historical Perspective. NBER Working Paper Series, no: 3400. Cambridge: National Bureau of Economic Research.
  • Mishkin, F.S. (2001). Financial Policies and the Prevention of Financial Crises in Emerging Market Countries. NBER Working Paper Series, no: 8087. Cambridge: National Bureau of Economic Research.
  • Mishkin, F.S. (2005). How Big a Problem is Too Big to Fail? NBER Working Paper, no: 11814. Cambridge: National Bureau of Economic Research.
  • Mitchell W.C. (1913). Business Cycles. Berkeley: University of California Press.
  • Nelson, S.C., Katzenstein, P.J. (2014). Uncertainty, Risk, and the Financial Crisis of 2008. International Organization, 68(2), 361-392.
  • Pedro, C.P., Ramalho, J.J.S., Silva, J.V. (2018). The Main Determinants of Banking Crises in OECD Countries. Review of World Economics, 154(1), 203–227.
  • Posner, R.A. (2011). Afterword: The Causes of the Financial Crisis. In What Caused the Financial Crisis. Edited by Jeffrey Friedman. Philadelphia: University of Pennsylvania Press: 279-294.
  • Rajan, R.G. (2005). Has Financial Development Made the World Riskier? NBER Working Paper Series, no: 11728. Cambridge: National Bureau of Economic Research.
  • Reinhart, C.M., Rogoff, K.S. (2008). Is the 2007 US Sub-Prime Financial Crisis So Different? An International Historical Comparison. American Economic Review, 98(2), 339-344.
  • Reinhart, C.M., Rogoff, K.S. (2010). This time is different: Eight Centuries of Financial Folly. New Jersey: Princeton University Press.
  • Roubini, N., Mihm, S. (2012). Crisis Economics: A Crash Course in the Future of Finance. London: Penguin Books.
  • Stiglitz, J.E. (2012). Freefall: America, Free Markets, and the Sinking of the World Economy. New York: W. W. Norton & Company
  • Taylor, J.B. (2009). The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong. NBER Working Papers, no: 14631. Cambridge: National Bureau of Economic Research.
  • Veblen, T. B. (1905). Credit and Prices. Journal of Political Economy,13(3), 460-472.

Rethinking the Global Financial Crisis: Theoretical Perspectives from Heterodox Economics

Yıl 2022, Cilt: 7 Sayı: 1, 184 - 197, 30.06.2022

Fazıl Kayıkçı , Mustafa Kesgin , Sema Yılmaz Genç

Öz

The global crisis appeared at the end of a period called great moderation when it was accepted that everything was going well. This study aims to reveal the role of institutional factors as well as the macroeconomic dynamics that were effective in the Financial Crisis of 2008. We present general description of the crisis, evaluations about the process that led to the crisis, the global spread, the degree of success of the struggle, and what needs to be done to prevent similar situations in the future. Based on the evaluations on the causes of the crises, it is inferred that the views on institutional failures, the effect of the financial innovations and liberalization process, and the systemic tendency of capitalism to a crisis are at the forefront. The explanations for the crisis, which was not on the agenda of mainstream economics, mainly came from the representatives of heterodox economics.

Anahtar Kelimeler

Crises Gloabalization Heterodox Economics

Kaynakça

  • Acemoğlu, D. (2009). The Crisis of 2008: Lessons for and from. Critical Review, 21 (2-3), 185-194.
  • Aka, B. E. (2006). On the Duration of the Financial System Stability Under Liberalization. Emerging Markets Rewiew. 7 (2), 147-161.
  • Alessi, L., Detken, C. (2009). Real Time Early Warning Indicators for Costly Asset Price Boom/Boost Cycles: A Role for Global Liquidity. ECB Working Paper Series, no: 1039. Frankfurt: European Central Bank.
  • Babecký, J., Havránek, T., Matějů, J., Rusnák, M., Šmídková, K., Vašíček, B. (2012). Leading Indicators of Crisis Incidence: Evidence from Developed Countries. ECB Working Paper Series, no:1486. Frankfurt: European Central Bank.
  • Baier, S. L., Clance, M. Dwyer, G.P. (2012). Banking Crises and Economic Freedom. Economic Freedom of the World: 2012 Annual Report. ed. James Gwartney, Robert Lawson, Joshua Hall. Vancouver: Fraser Institute: 201-217.
  • Barrell, R., Davis, E.P., Karim, D., Liadze, I. (2010). Bank Regulation, Property Prices and Early Warning Systems for Banking Crises in OECD Countries. Journal of Banking & Finance, 34(9), 2255-2264.
  • Bernanke, B. S. (2004). Great Moderation. Eastern Economic Association speech. Washington.https://www.federalreserve.gov/boarddocs/speeches/2004/20040220/default.htm.
  • Bussiere, M., Fratzscher, M. (2006). Towards a New Early Warning System of Financial Crises. Journal of International Money and Finance, 25(6), 953-973.
  • Chenguel, M.B. (2014). The Subprime Crisis Contagion Effect on Developed Countries. Journal of Business and Management Research, 3(1), 61-70.
  • Chudik, A., Fratzscher, M. (2011). Identifying the Global Transmission of the 2007-09 Financial Crisis in a GVAR Model. ECB Working Paper Series, no: 1285. Frankfurt: European Central Bank.
  • Coase, H.R. (1992). The Institutional Structure of Production. The American Economic Review, 82(4), 713-719.
  • Commons, J.R. (1925). The Stabilization of Prices and Business. The American Economic Review, 15(1), 43-52.
  • Commons, J.R. (1934). Institutional Economics; Its Place in Political Economy. New York: The Macmillan Company.
  • Crotty, J. (2009). Structural Causes of the Global Financial Crisis: A Critical Assessment of the New Financial Architecture. Cambridge Journal of Economics, 33(4), 563–580.
  • Demirgüç-Kunt, A., Detragiache, E. (1998). The Determinants of Banking Crises in Developing and Developed Countries. IMF Staff Papers, 45(1), 81-109.
  • Estrella, A., Mishkin, F.S. (1996). Predicting U.S. Recessions: Financial Variables as Leading Indicators. Research Paper, no: 9609. New York: Federal Reserve Bank of New York Public Information Department.
  • Galbraith, J.K. (1979). The Great Crash 1929. Boston: Houghton Mifflin Company.
  • Goldstein, M., Turner, P. (1996). Banking Crises in Emerging Economies Origins and Policy Options. BIS Economic Papers, no: 46. Basle: Bank for International Settlements.
  • Hardy, D.C., Pazarbaşıoğlu, C. (1999). Determinants and Leading Indicators of Banking Crises: Further Evidence. IMF Staff Papers, 46(3), 247-258.
  • Hodgson, G.M. (1989). Institutional Rigidities and Economic Growth. Cambridge Journal of Economics, 13(1), 79-101.
  • Huang, M.C., Chiang, H. (2017). An Early Alarm System for Housing Bubbles. The Quarterly Review of Economics and Finance, 63: 34-49.
  • Kaminsky, G.L., Lizondo, S., Reinhart, C.M. (1998). Leading Indicators of Currency Crises. IMF Staff Papers, 45(1), 1-48.
  • Kaminsky, G.L., Reinhart, C. (1999). The Twin Crises: The Causes of Banking and Balance of Payments Problems. The American Economic Review, 89(3), 473-500.
  • Keen, S. (2011). A Monetary Minsky Model of the Great Moderation and the Great Recession. Journal of Economic Behavior& Organization, 86, 221-235.
  • Kindleberger, C.P., Aliber, R. (2005). Manias, Panics, and Crashes: A History of Financial Crises. Hoboken: John Wiley & Sons, In.
  • King, M.A. (2017). The End of Alchemy: Money, Banking and the Future of the Global Economy. London: Abacus.
  • Kondratieff, N. D. (1979). The Long Waves in Economic Life. Review (Fernand Braudel Center), 2(4), 519-562.
  • Kotz, D.M. (2009). The Financial and Economic Crisis of 2008: A Systemic Crisis of Neoliberal Capitalism. Review of Radical Political Economics, 41(3), 305-317.
  • Krugman, P. (1979). A Model of Balance-of-Payments Crises. Journal of Money, Credit and Banking, 11(3), 311-323.
  • Krugman, P. (2010). Bunalım Ekonomisinin Geri Dönüşü ve Küresel Kriz. Translate: Neşenur Domaniç. İstanbul: Literatür Yayıncılık.
  • Kwan, S.H. (2010). Financial Crisis and Bank Lending. FED Working Papers, no. 2010-11. San Francisco: Federal Reserve Bank of San Francisco.
  • Laina, P. Nyholm, J., Sarlin, P. (2015). Leading Indicators of Systemic Banking Crises: Finland in a Panel of EU Countries. ECB Working Paper Series, no. 1758. Frankfurt: European Central Bank.
  • Marx, K. H. (2010). İktisat Üzerine. (R. Freedman, Ed., & A. Çakıroğlu, Trans.) İstanbul: Belge Yayınları.
  • Miao, J., Wang, P. (2015). Banking bubbles and financial crises. Journal of Economic Theory, 157(1), 763-792.
  • Minsky, H.P. (1986). Stabilizing an Unstable Economy. Sothern Economic Journal, 54(2).
  • Mishkin, F.S. (1990). Asymmetric Information and Financial Crises: A Historical Perspective. NBER Working Paper Series, no: 3400. Cambridge: National Bureau of Economic Research.
  • Mishkin, F.S. (2001). Financial Policies and the Prevention of Financial Crises in Emerging Market Countries. NBER Working Paper Series, no: 8087. Cambridge: National Bureau of Economic Research.
  • Mishkin, F.S. (2005). How Big a Problem is Too Big to Fail? NBER Working Paper, no: 11814. Cambridge: National Bureau of Economic Research.
  • Mitchell W.C. (1913). Business Cycles. Berkeley: University of California Press.
  • Nelson, S.C., Katzenstein, P.J. (2014). Uncertainty, Risk, and the Financial Crisis of 2008. International Organization, 68(2), 361-392.
  • Pedro, C.P., Ramalho, J.J.S., Silva, J.V. (2018). The Main Determinants of Banking Crises in OECD Countries. Review of World Economics, 154(1), 203–227.
  • Posner, R.A. (2011). Afterword: The Causes of the Financial Crisis. In What Caused the Financial Crisis. Edited by Jeffrey Friedman. Philadelphia: University of Pennsylvania Press: 279-294.
  • Rajan, R.G. (2005). Has Financial Development Made the World Riskier? NBER Working Paper Series, no: 11728. Cambridge: National Bureau of Economic Research.
  • Reinhart, C.M., Rogoff, K.S. (2008). Is the 2007 US Sub-Prime Financial Crisis So Different? An International Historical Comparison. American Economic Review, 98(2), 339-344.
  • Reinhart, C.M., Rogoff, K.S. (2010). This time is different: Eight Centuries of Financial Folly. New Jersey: Princeton University Press.
  • Roubini, N., Mihm, S. (2012). Crisis Economics: A Crash Course in the Future of Finance. London: Penguin Books.
  • Stiglitz, J.E. (2012). Freefall: America, Free Markets, and the Sinking of the World Economy. New York: W. W. Norton & Company
  • Taylor, J.B. (2009). The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong. NBER Working Papers, no: 14631. Cambridge: National Bureau of Economic Research.
  • Veblen, T. B. (1905). Credit and Prices. Journal of Political Economy,13(3), 460-472.
Toplam 49 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Ekonomi
Bölüm Araştırma Makalesi
Yazarlar

Fazıl Kayıkçı 0000-0003-1154-8090

Mustafa Kesgin 0000-0003-0745-7081

Sema Yılmaz Genç 0000-0002-3138-1622

Yayımlanma Tarihi 30 Haziran 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 7 Sayı: 1

Kaynak Göster

APA Kayıkçı, F., Kesgin, M., & Yılmaz Genç, S. (2022). Rethinking the Global Financial Crisis: Theoretical Perspectives from Heterodox Economics. JOEEP: Journal of Emerging Economies and Policy, 7(1), 184-197.
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