Küresel finansal krizin ardından finansallaşma olgusunun yükselişi: Post-Keynesyen yaklaşım
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Date
2019-08-29
Authors
Taş, Güneş
Journal Title
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Volume Title
Publisher
Bursa Uludağ Üniversitesi
Abstract
1970‟li yılların karlılık krizinden itibaren Keynesyen düzenleyici politikaların yerini Neoklasik politikalar almış böylelikle kapitalizmin son aşaması olarak kabul edilen finansallaşma, teorik ve politik temelleri açısından genişleme imkanı bulmuştur. Ekonominin birçok alanında finansal etkinliğin ve finansal tesirin artması olarak kabul edilen finansallaşma öncelikli olarak gelişen ülkelerde ortaya çıkmıştır. Fakat finansal gelişimin temel dinamiklerinden olan neoliberal politikalar çerçevesinde uygulanan finansal liberalizasyon ve küreselleşme finansın etkilerinin gelişen ülkelere yansıdığını göstermektedir. Finansallaşma literatürüne yapılan farklı kuramsal yaklaşım içerisinden Post Keynesyen yaklaşım finansı, Neoklasik iktisattan daha kapsamlı ele alması ve makroekonomik perspektiften modellemesi finansallaşmanın etkilerinin anlaşılmasında teorik zemin oluşturmuştur. Buradan yola çıkarak finansallaşmanın Türkiye gibi gelişen bir ekonomi üzerindeki etkilerinin ne yönde geliştiği önemlidir. Türkiye‟de finansallaşma 1990‟lı yıllardan sonra sermaye piyasalarından ziyade bankacılık sektörü üzerine gelişmiş 6ancak 2001 finansal krizinden sonra bankalar, devletin ihraç ettiği DGBS‟den elde ettikleri karlılık yerine esas faaliyet alanları olan krediye yönelmiştir. Serbest piyasa koşullarının etkisiyle yurtiçi bankalardan ziyade uluslararası bankalardan daha düşük borçlanma maliyetiyle borçlanan firmaların kredilerinin artması, yurtiçi bankaların kaynaklarını hanehalkı tüketici kredilerine yöneltmesinde etkili olmuştur. Kolay erişilebilir kredilerle hanehalkı ve özel sektör tüketim ve borçlanma dinamiklerinin 2000‟li yıllardan sonra hızla değişmesine neden olmuştur. Türkiye‟de özellikle hanehalkı seviyesinde artan tüketim talebinin tüketici kredileri ve kredi kartları aracılığıyla kolay ödeme imkanına kavuşması, bireylerin tüketim ve borçlanma oranları yükselmiş ayrıca özel sektör tasarruf oranları azalmıştır. Özetle Türkiye‟de hanehalkı ve firmaların bankacılık faaliyetleri üzerinden borçlanarak finansallaştığı söylenebilir. Böylelikle denilebilir ki; krediler refah seviyesinin ve ekonomik büyümenin yükselmesinde katalizör görevini üstlenebilir ancak bu uygun makroekonomik koşullar altında finansın iyi yönetilmesiyle mümkün olabilmektedir.
Since the 1970s profitability crisis, Keynesian regulatory policies have been replaced by Neoclassical policies, thus financialization, which is considered the final stage of capitalism, has had the opportunity to expand in terms of its theoretical and political foundations. Financialization, which is considered as an increase in financial efficiency and financial impact in many areas of the economy, has emerged primarily in developing countries. However, financial liberalization and globalization implemented within the framework of neoliberal policies, one of the fundamental dynamics of financial development, show that the effects of finance are reflected on developing countries. Post Keynesian approach finance, a more comprehensive approach from Neoclassical economics and modeling from a macroeconomic perspective, which is one of the different theoretical approaches to financialization literature, provided a theoretical basis for understanding the effects of financialization. Based on this financialisation and the effects on a developing economy like Turkey, it is important that what evolved in that direction. After Turkey, financialization 1990 after advanced 2001 financial crisis on rather than the banking sector and capital market banks, the state exported by instead profitability gained from domestic government bonds tended to credit is essential areas of activity. The increase in the loans of firms borrowing at lower borrowing costs than international banks due to free market conditions has been effective in directing domestic banks' resources to household consumer loans. With the easily accessible loans, household and private sector consumption and borrowing dynamics have changed rapidly after 2000s. Turkey, especially household consumption increased level of demand for consumer loans and credit cards through the meeting with easy payment facilities, consumption and borrowing rates of individuals increased private sector saving rates also decreased. As a summary, financialization is supplied by banking activities through borrowing of households and firms in Turkey. Thus, it can be said that; loans can serve as catalysts for the rise in welfare and economic growth, but this is only possible through proper management of finance under favorable macroeconomic conditions.
Since the 1970s profitability crisis, Keynesian regulatory policies have been replaced by Neoclassical policies, thus financialization, which is considered the final stage of capitalism, has had the opportunity to expand in terms of its theoretical and political foundations. Financialization, which is considered as an increase in financial efficiency and financial impact in many areas of the economy, has emerged primarily in developing countries. However, financial liberalization and globalization implemented within the framework of neoliberal policies, one of the fundamental dynamics of financial development, show that the effects of finance are reflected on developing countries. Post Keynesian approach finance, a more comprehensive approach from Neoclassical economics and modeling from a macroeconomic perspective, which is one of the different theoretical approaches to financialization literature, provided a theoretical basis for understanding the effects of financialization. Based on this financialisation and the effects on a developing economy like Turkey, it is important that what evolved in that direction. After Turkey, financialization 1990 after advanced 2001 financial crisis on rather than the banking sector and capital market banks, the state exported by instead profitability gained from domestic government bonds tended to credit is essential areas of activity. The increase in the loans of firms borrowing at lower borrowing costs than international banks due to free market conditions has been effective in directing domestic banks' resources to household consumer loans. With the easily accessible loans, household and private sector consumption and borrowing dynamics have changed rapidly after 2000s. Turkey, especially household consumption increased level of demand for consumer loans and credit cards through the meeting with easy payment facilities, consumption and borrowing rates of individuals increased private sector saving rates also decreased. As a summary, financialization is supplied by banking activities through borrowing of households and firms in Turkey. Thus, it can be said that; loans can serve as catalysts for the rise in welfare and economic growth, but this is only possible through proper management of finance under favorable macroeconomic conditions.
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Keywords
Finansallaşma, Financialization, Post-Keynesyen, Finansal liberalizasyon, Türkiye, Bankacılık, Bireysel krediler, Post Keynesian, Banking, Personal loans, Financial liberalization, Turkey
Citation
Taş, G. (2019). Küresel finansal krizin ardından finansallaşma olgusunun yükselişi: Post-Keynesyen yaklaşım. Yayınlanmamış yüksek lisans tezi. Bursa Uludağ Üniversitesi Sosyal Bilimler Enstitüsü.