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ABD’deki 2008 Finansal Krizi: Genel Bir İnceleme

THE FINANCIAL CRISIS OF 2008 IN THE USA: AN OVERVIEW

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Abstract (2. Language): 
This paper examines the origins of sub-prime mortgage market crisis and developments that transformed it into the most severe financial crisis of the United Sates (US) in history since the Great Depression of 1930s. The crisis began with the problems of the mortgage market in the summer of 2007. In September 2008, after the collapse of the one of the big investment banks of the US, Lehman Brothers, it gained another dimension and affected the financial markets of the world and the global economy. The main reason of the crisis was the existence of a real estate bubble in the US. This, in turn, was caused by the over expansionary monetary policies of the Federal Reserve Board since 2001 and global imbalances. With the explosion the real estate bubble, disruptive effects of the crisis on both the real economy and the financial system became more apparent. Among the others, the general loss of confidence on the future course of the economy, weak regulatory structure, over indebtedness, and increased risk appetite of investors were the factors that contributed to this deterioration. Authorities resort to various policy measures in order to reduce the adverse effects of the crisis both at the macro and micro levels, and put them into practice. Yet till now, there is no wide agreement on the explanation of the main causes of the crisis, and what should be done in order to prevent a similar crisis in the future.
Abstract (Original Language): 
Bu makale, eşik-altı ipotekli konut piyasası krizinin kökenlerini ve bunu, 1930’ların Büyük Buhranı’ndan beri Amerika Birleşik Devletleri (ABD) tarihindeki en şiddetli finansal krize dönüştüren gelişmeleri incelemektedir. Kriz, ipotekli konut piyasasının sorunlarıyla 2007 yazında başlamıştır. Eylül 2008’de, ABD’nin büyük yatırım bankalarından birisi olan Lehman Brothers’ın batmasından sonra farklı bir boyut kazanmış ve dünya finans piyasalarıyla küresel ekonomiyi etkilemiştir. Krizin ana sebebi, ABD emlak piyasası fiyatlarında ortaya çıkan balondur. Buna da ABD Merkez Bankası’nın 2001 yılından beri izlediği aşırı genişlemeci para politikası ile küresel dengesizlikler neden olmuştur. Emlak piyasasında oluşan balonun patlamasıyla, krizin hem reel ekonomi hem de finansal sistem üzerindeki yıkıcı etkileri daha açık hale gelmiştir. Diğerleri arasında, ekonominin gelecekteki gidişatına dair genel bir güven kaybı, zayıf yasal yapı, aşırı borç yükü ve yatırımcıların artan risk iştahı bu bozulmaya katkıda bulunan faktörler olmuşlardır. Otoriteler, krizin olumsuz etkilerini azaltmak için hem makro hem de mikro düzeyde çeşitli politika tedbirlerine başvurmuşlar ve bunları uygulamaya koymuşlardır. Ne var ki, bugüne kadar krizin ana nedenleri üzerinde ve gelecekte benzer bir krizi önlemek için ne yapılması gerektiği konusunda genel kabul görmüş bir açıklama yoktur.

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