Yapılandırılmış Finans ve Küresel Finansal Kriz (Structured Finance and Global Financial Crisis)

Abstract

After emerging from the U.S. housing, finance and eventually real sectors, financial crisis has gradually become global. Although problems of structured finance are not new, primary and secondary mortgage market problems in U.S. are essential reasons of the current crisis. In this context, structured finance products/transactions, based on extremely optimistic expectations, light regulation and supervision framework and weak valuation and reporting structure, are of particular place in the process of crisis. In this paper, the author argues that global finance industry needs better regulatory framework for structured finance products. But, despite valuation, accounting, reporting, risk management and systemic risk problems, structured products offer important contributions to increase market liquidity and flexibility. Therefore, over-regulation to structured products would be a mistake for market efficiency. Because Turkish financial markets has faced limited problems related to structured products during crisis period, author considers structured products need no for further regulation in domestic market.