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Yeniden Tasarlanan Finansal Mimaride Ulusal Varlık Fonlarının Rolü

The Role of Sovereign Wealth Funds in the New Financial Architecture after the Global Crisis

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Abstract (2. Language): 
The current global crisis has led to greater concerns about the financial stability and sovereign wealth funds’ role in the financial architecture. Sovereign wealth funds are investment funds owned by the national governments and generally involve multiple macroeconomic objectives. Sovereign wealth funds have long investment horizons so in periods of market stress; they can stabilize markets by enhancing market liquidity. Although there has been acceptance of the financial benefits arising from sovereign wealth funds, lack of transparency in their investment process has created concerns about their negative consequences for the global financial systems. According to this view, investment objectives can be driven not only by financial returns but also with a broader political agenda. The aim of this study is to provide an analysis of sovereign wealth funds and their new role in the financial architecture after the global financial crisis.
Abstract (Original Language): 
2007 küresel finans krizi, finansal istikrar kavramını öne çıkarmanın yanı sıra ulusal varlık fonlarının akademisyenler ve regülatörler arasında sorgulanmasına neden olmuştur. Devlet kontrolünde kurulan ulusal varlık fonları, temelde birçok makroekonomik amaca yönelik faaliyet gösterebilmektedir. Boyutları itibariyle global finansal mimaride önemli bir paya ulaşan ulusal varlık fonları global finansal stresin arttığı dönemlerde uzun yatırım evrenleri ile etkin bir kaynak dağılımı sağlayarak ve piyasada dengeleyici unsur olarak pozitif etki yaratabilmektedir. Ulusal tasarruf ve rezervlerin yönetimi anlayışını değiştiren bu fonlar serbest piyasa ekonomisinde kamu sahipliği kavramını yeniden tartışmaya açmıştır. Bu tartışma şeffaf olmayan yatırım kararları alım sürecinde kar maksimizasyonu yerine uluslararası siyasi dengelerden etkilenilmesi üzerinde yoğunlaşmaktadır. Bu politik amaçlar uluslararası piyasalarda hükümetlerin etkisinin artmasının yanı sıra, stratejik alanlarda ulusal kontrolün kaybı sorununu da gündeme getirmektedir. Bu çalışmanın amacı ulusal varlık fonlarını küresel krizi takiben yeniden tasarlanan finansal mimari açısından değerlendirmek ve uluslararası piyasalara etkilerini ortaya koymaktadır.
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