lecture no 02 slidlecture no. 02_ risk and financial crisies

8/14/2019 Lecture No 02 SlidLecture No. 02_ Risk and Financial Crisies

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MBUMLIKB E@LMLI@MA @LYRT[GKLRY MLB GMTFKRY

Emaa 4 =9

Akiturk Lc. 84T`sf mlb E`lmli`ma Gmrfkt ir`s`s

Nmggmb Nmssml G`rzm

ss s ml rc ksscr lmlikBkpmrtgklt ce Dus`lkss Mbg`l`strmt`cl

[l`vkrs`ty ce Ymrjcbnm


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Ykss`cl @kss`cl @

@ltrcbuit`cl tc Xrcdmdà`ty Rnkcry E`lmli`ma Tkturls mlb Dmsì Ytmt`stìma Iclik ts @lbkpklbklik mlb Emàurk ce @lbkpklbklik ms m Imusk

ecr E`lmli`ma Ir`sks Tkjrkss`cl Mlmays`s, Yystkgmtì vs. @b`csylirmtì T`sf EmtRmàkb B`str`dut`cls mlb Rnk`r Tcak bur`lj E`lmli`ma

.


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u y y

Xrcdmdà`ty tnkcry `s m iclikptuma ermgkwcrf tnmt .

Xrcdmdà`ty `l `ts prksklt gkml`lj wmsl't kvkl ic`lkb ultà

tnk =588's. Ynmfkspkmrk's Xrcdmdak Gml Xrcdmdà`ty, Ymgpa`lj mlb Jmgda`lj ? Gmnmdnmrmtm Xckg

Jmg lj Ytcry c Lm m R k Kgprcr , B g ymlt N s Z k mlFnmma` (Rnk Bkgcl), Tutupmlm (Rkminkr) icultkb lugdkr ceakmvks.


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@l =588 pkcpak stmrtkb gmf`lj a`ek tmdaks (@lsurmlik mlbMitumr`ma Yi`kliks).

E`rk @lsurmlik metkr E`rk `l Aclbcl =5;5 mlb In`imjc =>:=.


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A`fka`nccb ce

Ikrtm`l

Lugdkr

ce

Mii`bklts (@lsurmlik Amw)


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NXP


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E`lmli`ma Tkturls

mlb

Dms`i

Ytmt`st`ima Iclikpts

Tmlbcg Umr`mdak B`sirktk/Iclt`lucus

Kxpkitkb Umauk

Mvkrmjk/J.G


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M ikrtm`l scetwmrk icgpmly usks m ikrtm`l scetwmrk

mlb tnkl b`simrbs tnk scetwmrk `e tnk krrcrs eculb

kxikkb m ikrtm`l lugdkr. J`vkl tnmt tnk lugdkr cekrrcrs cul s rkprkskl k y m rml cg vmr m kwncsk bkls`ty eulit`cl `s j`vkl dy

E`lb tnk mvkrmjk lugdkr ce krrcrs tnk icgpmlykxpkits tc e`lb `l m j`vkl prcjrmg.


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Ml `lvkstgklt `l Xrcokit M wàa rksuat `l m acss ce, . ,

prcdmdà`ty 8.;8, cr rksuat `l m prce`t ce $5>,888 w`tn

prcdmdà`ty 8.48. Ml `lvkstgklt `l Xrcokit D wàarksu l m css c :=,888 w prc m y 8.48, rkmkvkl w`tn prcdmdà`ty 8.5;, cr rksuat `l m prce`t ce$=29,888 w`tn prcdmdà`ty 8.=;. Znìn `lvkstgklt `sdkttkr3


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Tkjrkss`cl Mlmays`s,

Yystkgmt`i

vs.

@b`csylirmt`i T`sf


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@lbkpklbklik mlb Em`aurk ce @lbkpklbklik ms m Imusk ecr

Gcrtjmjk dmifkb skiur`t`ks Icaamtkrma`zkb bkdt cda` mt`cl Irkb`t Bkemuat Ywmp


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EmtRmàkb B`str`dut`cls mlb Rnk`r Tcak bur`lj E`lmli`ma Gmrfkt

@l e`lmlik, emt tmàs mrk icls`bkrkb ulbks`rmdak dkimusk tnky`gpay mbb`t`clma r`sf dkyclb wnmt wcuab dk skkl ercg m lcrgmab`str`dut`cl.

Ecr kxmgpak, ml `lvkstgklt strmtkjy gmy nmvk ml kxpkitkbrkturl tnmt `s e`vk t`gks `ts stmlbmrb bkv`mt`cl. Rnk a`fka`nccb ce`ts emàurk (lkjmt`vk rkturl) `s akss tnml clk `l m gàa`cl dmskb clm lcrgma b`str`dut`cl.

Ncwkvkr, emitcrs `leaukli`lj ml msskt's prìk, suin ms mlkmrtnqumfk, wmr, icrpcrmtk dmlfruptiy cr e`lmli`ma ir`s`s, mrk lctsc gmtnkgmtìmaay "wkaadknmvkb". Yuin emitcrs imuskm t clm r s rksu t lj l m mttm k str ut cl.


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EmtRmàkb B`str`dut`cls mlb Rnk`r Tcak bur`lj E`lmli`ma Gmrfkt

Emt tmàs `l gmrfkt rkturl b`str`dut`cls masc nmvk scgk

pkss`g`sg akmb`lj tc amrjk gmrfkt gcvks) mlb mrk

tnkrkecrk stub`kb `l dknmv`crma e`lmlik. @l gmrfkt`lj,tnk emgà`mr >848 ruak erkqukltay eculb (k.j. "48% ceiustcgkrs miicult ecr >8% ce tnk rkvkluk") `s mgmlèkstmt`cl ce m emt tmà b`str`dut`cl ulbkra `l tnkbmtm.


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EmtRm`akb B`str`dut`cls mlb Rnk`r Tcak bur`lj E`lmli`ma Gmrfkt Ir`s`s


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Ykss`cl @@kss`cl @@

E`lmli`ma @ltkrgkb`mt`cl mlb Xrcdakgs , . Ikltrma Dmlfs mlb Irkmt`cl ce Gclky Gclktmry Xca`iy


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pmrt`ks `l m e`lmli`ma trmlsmit`cl. Zn`ak m icggkri`ma

dmlf `s m typ`ima e`lmli`ma `ltkrgkb`mry, tn`s imtkjcrym sc li u ks ct kr lmli m lst tut cls sui ms`lvkstgklt dmlfs, `lsurmlik icgpml`ks, drcfkr bkmakrs, gutuma eulbs mlb pkls`cl eulbs. E`lmli`ma`ltkrgkb`mr`ks ceekr m lugdkr ce dklke`ts tc tnkmvkrmjk iclsugkr `liaub`lj smekty, a`qu`b`ty mlb

.

Ycurik? nttp?//www.`lvkstcpkb`m.icg


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Tkjuamtcry T`sf @ltkrkst Tmtk T`sf


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Zmys tc

cdtm`l

eulbs

tc

miicggcbmtk

w`tnbrmwmas

mlb acml bkgmlb?

rmi m clm kpcs s [sk iurrkltay cwlkb skiur`t`ks ms icaamtkrma ecr acmls

ercg ctnkr lst`tut`cls Tm`sk sncrt tkrg eulbs `l tnk gclky gmrfkt Ykaa iurrkltay cwlkb skiur`t`ks


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cggkri m ml s

Ymv`ljs mlb

Acml

Mssci`mt`cls

Ymv`ljs Dmlfs

Irkb`t [l`cls


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Iclsugkr Dmlf`lj @lstmaagklt acmls, rks`bklt`ma gcrtjmjk acmls,

irk imr cmls, rc krmjk skrv iks, s u kl acmls, kti.

Icrpcrmtk e`lmlik, `lst`tut`clma dmlf`lj Icggkri`ma rkma kstmtk e`lmlik, akms`l , emitcr`l Imp`tma gmrfkt mlb ecrk`jl kxinmljk gmrfkt

prcbuits mlb skrv`iks


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Imp`tma jm`ls cl skiur`t`ks mlb jm`ls cl ecrk`jl

iurrkliy trmlsmit`cls Yprkmb dktwkkl `ltkrkst `licgk mlb icst ce eulbs


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Bkpcs`ts

Bkgmlb Bkpcs`ts gk kpcs s

Lcl bkpcs`t Dcrrcw`lj

Ekbkrma Eulbs Gmrfkt

@ssumlik ce Bkdt Ykiur`t`ks

Ykiur`t`ks


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Jkcjrmpn`ima Tkstr`it`cls cl Drmlin Dmlf`lj Xkrg`ss`dak Mit`v`t`ks ecr Icggkri`ma Dmlfs Imp`tma Tkqu`rkgklts ecr Icggkri`ma Dmlfs


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Xrmit`iks Imp`tma mbkqumiy stmlbmrbs T`sfdmskb imp`tma ju`bka`lks

ms k

..

Dmsak @@..3 ..


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Gcrtjmjks

Gcrtjmjkdmifkb

skiur`t`ks cvkrlgkl skiur ks

Xr`li`pma scuriks ce eulbs Xmssdccf smv`l s miicults R`gk bkpcs`ts

Tkjuamt`cl


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Rnk e`lmli`ma skitcr `l Xmf`stml icgpr`sks ce Icggkri`ma Dmlfs,Bkvkacpgklt E`lmlik @lst`tut`cls (BE@s), Gìrce`lmlik DmlfsGEDs , Lcl dmlf`lj E`lmlik Icgpml`ks LDEIs akms`lj

icgpml`ks, @lvkstgklt Dmlfs, B`sicult Ncusks, Ncus`lj

E`lmlik Icgpml`ks, Uklturk Imp`tma Icgpml`ks, Gutuma Eulbs),, .tnk prkvmaklt akj`samt`vk struiturk tnk supkrv`scryrkspcls`dà`t`ks `l imsk ce Dmlfs, Bkvkacpgklt E`lmlik

,akjma mgd`t ce Ytmtk Dmlf ce Xmf`stml wnàk tnk rkst ce tnke`lmli`ma `lst`tut`cls mrk gcl`tcrkb dy ctnkr mutncr`t`ks suin msYkiur`t`ks mlb Kxinml k Icgg`ss`cl mlb Icltrcaakr ce@lsurmlik.


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, ,

GEDs cpkrmt`lj `l Xmf`stml wncsk mit`v`t`ks mrkrkjuamtkb mlb supkrv`skb dy Ytmtk Dmlf ce Xmf`stml.k icggkri m ml s icgpr sk c 9 lm clm zk

dmlfs, 9 pr`vmt`zkb dmlfs, =; pr`vmtk skitcr dmlfs, =2

ecrk`jl dmlfs, 4 prcv`li`ma sinkbuakb dmlfs, mlb 2spki`ma`zkb dmlfs.

Rnk Ytmtk Dmlf `s kgpcwkrkb tc bktkrg`lk Ytmtutcry

dmlfs/BE@s. Xrkskltay tnk Imsn Tkskrvk Tkqu`rkgklt`s ;% cl wkkfay mvkrmjk dms`s sudokit tc bm`ayg`l`gug ce 2% ce R`gk & Bkgmlb A`md`a`t`ks.


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@l mbb`t`cl tc tnmt dmlfs mrk rkqu`rkb tc gm`ltm`l

Ytmtutcry A`qu`b`ty Tkqu`rkgklt (YAT) H =;% ce tnk`r

tc gm`ltm`l YAT ce =2% mlb Imsn Tkskrvk ce =% ce tnk`r

spkiè`kb a`mdà`t`ks. Mbb`t`clmaay, Rnk Dmlf`lj Icgpml`ks Crb`lmlik nmb

dkkl mgklbkb `l =00: wnìn kgpcwkrs tnk YtmtkDmlf tc rksir`dk im `tma rk u`rkgklts ecr dmlfs. @lkxkri`sk ce tnksk pcwkrs tnk Ytmtk Dmlf nms am`bbcwl G`l`gug Imp`tma Tkqu`rkgklts ecr dmlfs

.


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Rnk dmlfs nmvk tc gm`ltm`l m Imp`tma Mbkqumiy Tmt`c`l m wmy tnmt tnk`r imp`tma mlb ulkliugdkrkb jklkrmarkskrvks mrk, mt tnk g`l`gug, >% ce tnk`r r`sfwk`jntkb msskts, mlb keekit`vk ercg =st Omlumry, 4889dmlfs mrk rk u`rkb tc gm`ltm`l m g`l`gug m`b uimp`tma akvka ce Ts.= D`aa`cl.


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lecture no 02 slidlecture no. 02_ risk and financial crisies

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