Hedge fonlar, sıcak para hareketleri ve para krizleri: Türkiye örneği
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Date
2020
Authors
Kasaboğlu, Güliz
Journal Title
Journal ISSN
Volume Title
Publisher
Bursa Uludağ Üniversitesi
Abstract
Finansal serbestleşmenin 1990' lı yıllarda hızını arttırması ile birlikte sermaye akımları, portföy yatırımları şeklinde, yatırım kârlarının yüksek olduğu GOÜ' lere yönelmiştir. Hızla ülke piyasalarına giriş yapan sıcak para yerli üretimi arttırmakta, yatırımların finansmanı ve iç borç için gerekli finansal kaynağı sağlamaktadır. Ancak gelen sıcak paranın, risk gördüğünde aniden ülkeden çıkması finansal istikrarı ve ödemeler dengesini bozarak finansal krizlere sebep olmaktadır. Hedge fonlar, kısa vadeli portföy yatırımları olarak sıcak para akımları içerisinde ülke piyasalarına giriş yapmaktadır. Bu fonlar kullandıkları yüksek kaldıraç oranları, uyguladıkları stratejiler ve kullandıkları finansal türevlerle finans piyasalarında dengeleri değiştirici güce sahiptirler. Finansal piyasaların henüz gelişimini tamamlayamadığı ülkelerde sıcak para hareketlerinde yaşanan ani dalgalanmalar, olası para krizlerinde tetikleyici bir unsurdur. Türkiye ekonomisi 1980 sonrası 24 Ocak kararları ile sermaye hareketleri önündeki engelleri kaldırmış, 1989 yılında 32 sayılı karar ile kambiyo rejimini tamamen serbestleştirmiş böyleceTürkiye finans piyasaları uluslar arası entegrasyona uyumlaştırılmıştır. Ancak Türkiye ekonomisi 1990 sonrası çok hızlı hareket eden kısa vadeli yabancı sermayeyi kontrol altına alacak finansal yeterlilikte olamadığı için art arda finansal krizler yaşamıştır. Hedge fonlar, küreselleşme ile birlikte dünya piyasalarındaki etkinlik alanını ve bilinirliğini arttırmış olsa da Türkiye' de yeterince bilinmemektedir. Ancak finansal entegrasyon ile birlikte hedge fonlar gibi alternatif yatırım enstrümanlarının Türkiye gibi GOÜ piyasalarını tercih etmesi bu fonlar ile ilgili alınması gereken tedbirleri ve yasal düzenlemeleri zaruri kılmaktadır. Çalışmamızın amacı sıcak para akımlarının ve bir sıcak para olan hedge fonların olası para krizleri üzerindeki etkisini anlamak ve hedge fonların yapısını detaylı inceleyerek Türkiye' deki durumunu analiz etmektir. Bu kapsamda 1989 sonrası yaşanan finansal liberalizasyon neticesinde, finansal yapıdaki değişim ile birlikte yoğunluğunu arttıran sıcak para akımlarınınve bunla birlikte hedge fonların, Türkiye ekonomisinde 1989-2020 yıllarını kapsayan dönemde para krizleri üzerindeki etkisi dünya örnekleri ışığında incelenmiştir.
In the 1990s associated financial liberalization with increased its speed, capital flows were in the form of portfolio investments were directed towards developing countries where investment profits were high. The hot money which is rapidly entering, increases domestic production and provides the necessary financial resources for financing investments and domestic debt. However, the sudden outflow of hot money from the country causes financial crisis by disrupting the financial stability and balance of payments account. Hedge funds enter the markets of country in the form of hot money flows as the short-term portfolio investments. Hedge funds have the power to change the balances in the financial markets with the using their high leverage rates, the strategies and the financial derivatives. Sudden fluctuations in hot money movements in countries where financial markets were not able to yet completed their development are a trigger factor in possible money crises. After 1980 Turkey's economy with of January 24 decisions has been removed the obstacles to capital movement, Turkey completely liberalized the foreign exchange regime with 32th decision in 1989 and thus the financial system was harmonized with international financial integration. However, as Turkey's economy after 1990 was not have the financial capability able to take under the control of short-term very quick moving foreign capital has had financial crises consecutively. Though the hedge funds have increased their effectiveness and popularity in the world markets with the globalizationare have not sufficiently well known in Turkey yet. As the alternative investment instruments such as hedge funds chooses the developing country markets like Turkey after the financial integration making the necessary measures and legal regulations regarding these funds are necessitate. The purpose of our study is to understand the effect of hot money flows and hedge funds, which are hot money, on possible money crises and through examining the structure of hedge funds in detail in Turkey is to analyze the feasibility. In this context, as a result of financial liberalization after 1989, hot money flows and hedge funds that increase their density with the change in financial structure, effect on currency crises for Turkey in the period covering the years 1989-2020 were examined by world examples light.
In the 1990s associated financial liberalization with increased its speed, capital flows were in the form of portfolio investments were directed towards developing countries where investment profits were high. The hot money which is rapidly entering, increases domestic production and provides the necessary financial resources for financing investments and domestic debt. However, the sudden outflow of hot money from the country causes financial crisis by disrupting the financial stability and balance of payments account. Hedge funds enter the markets of country in the form of hot money flows as the short-term portfolio investments. Hedge funds have the power to change the balances in the financial markets with the using their high leverage rates, the strategies and the financial derivatives. Sudden fluctuations in hot money movements in countries where financial markets were not able to yet completed their development are a trigger factor in possible money crises. After 1980 Turkey's economy with of January 24 decisions has been removed the obstacles to capital movement, Turkey completely liberalized the foreign exchange regime with 32th decision in 1989 and thus the financial system was harmonized with international financial integration. However, as Turkey's economy after 1990 was not have the financial capability able to take under the control of short-term very quick moving foreign capital has had financial crises consecutively. Though the hedge funds have increased their effectiveness and popularity in the world markets with the globalizationare have not sufficiently well known in Turkey yet. As the alternative investment instruments such as hedge funds chooses the developing country markets like Turkey after the financial integration making the necessary measures and legal regulations regarding these funds are necessitate. The purpose of our study is to understand the effect of hot money flows and hedge funds, which are hot money, on possible money crises and through examining the structure of hedge funds in detail in Turkey is to analyze the feasibility. In this context, as a result of financial liberalization after 1989, hot money flows and hedge funds that increase their density with the change in financial structure, effect on currency crises for Turkey in the period covering the years 1989-2020 were examined by world examples light.
Description
Keywords
Hedge fonlar, Sıcak para hareketleri, Para krizleri, Hedge funds, Hot money flows, Monetary crisis
Citation
Kasaboğlu, G. (2020). Hedge fonlar, sıcak para hareketleri ve para krizleri: Türkiye örneği. Yayınlanmamış yüksek lisans tezi. Bursa Uludağ Üniversitesi Sosyal Bilimler Enstitüsü.