ISSN 1300-1868
 

Original Research (Original Article) 


The Way to Regulation in FOREX Markets: A New Institutional Economics Approach

Kutay Gözgör.

Abstract
During the globalization era, many developing countries have experienced the significant improvements in the financial markets. Similarly, Turkey has identified the leveraged trading in 2011, known as the FOREX trading, as a capital market activity to bring depth to financial markets. There is a fact that the number of trading volume and the number of companies in the FOREX market has been risen after the regulation in 2011. However, the regulation has also brought about other problems as well and a new regulation on the FOREX market was released in February 2017. This paper explains the reasons for the realization of regulation in the FOREX markets and takes the concepts of new institutional economics into account: asymmetric information, bounded rationality, incomplete contracts, and opportunism.

Key words: New Institutional Economics, Regulation, Incomplete Contract. JEL Classification Codes: E02, G18, B15.



FOREX Piyasalarında Regülasyona Giden Yol: Yeni Kurumsal İktisat Yaklaşımı

Ozet
Küreselleşmenin etkisiyle birçok gelişmekte olan ülke finansal piyasalar adına büyük adımlar atmaktadır. Benzer şekilde Türkiye, 2011 yılında finansal piyasalara derinlik kazandırmak için FOREX olarak bilinen kaldıraçlı alım satım işlemlerini sermaye piyasası faaliyeti olarak tanımladı. 2011 yılında yapılan düzenleme sonrası Forex piyasalarında gerçekleşen işlem hacminin ve şirket sayısının hızlı bir yükseliş göstermesi beraberinde başka sorunları da getirmiştir. Yaşanan sorunlar nedeniyle 2017 yılının Şubat ayında Forex piyasalarına yeni bir regülasyon gerçekleştirildi. Bu çalışmada Forex piyasalarında regülasyonun gerçekleşmesinin nedenlerini Yeni Kurumsal İktisat anlayışı içeresinde yer alan eksik sözleşmeler, sınırlı rasyonalite, asimetrik bilgi ve fırsatçılık gibi kavramlar ele alınarak açıklanmıştır.

Anahtar Kelimeler: Yeni Kurumsal İktisat, Eksik Sözleşmeler, Regülasyon. JEL Kodları: E02, G18, B15.


 
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How to Cite this Article
Pubmed Style

Kutay Gozgor. [The Way to Regulation in FOREX Markets: A New Institutional Economics Approach]. Ekonomik Yaklasim. 2018; 29(108): 23-41. Turkish. doi:10.5455/ey.11274


Web Style

Kutay Gozgor. [The Way to Regulation in FOREX Markets: A New Institutional Economics Approach]. http://www.ekonomikyaklasim.org/?mno=291332 [Access: October 17, 2019]. Turkish. doi:10.5455/ey.11274


AMA (American Medical Association) Style

Kutay Gozgor. [The Way to Regulation in FOREX Markets: A New Institutional Economics Approach]. Ekonomik Yaklasim. 2018; 29(108): 23-41. Turkish. doi:10.5455/ey.11274



Vancouver/ICMJE Style

Kutay Gozgor. [The Way to Regulation in FOREX Markets: A New Institutional Economics Approach]. Ekonomik Yaklasim. (2018), [cited October 17, 2019]; 29(108): 23-41. Turkish. doi:10.5455/ey.11274



Harvard Style

Kutay Gozgor (2018) [The Way to Regulation in FOREX Markets: A New Institutional Economics Approach]. Ekonomik Yaklasim, 29 (108), 23-41. Turkish. doi:10.5455/ey.11274



Turabian Style

Kutay Gozgor. 2018. [The Way to Regulation in FOREX Markets: A New Institutional Economics Approach]. Ekonomik Yaklasim, 29 (108), 23-41. Turkish. doi:10.5455/ey.11274



Chicago Style

Kutay Gozgor. "[The Way to Regulation in FOREX Markets: A New Institutional Economics Approach]." Ekonomik Yaklasim 29 (2018), 23-41. Turkish. doi:10.5455/ey.11274



MLA (The Modern Language Association) Style

Kutay Gozgor. "[The Way to Regulation in FOREX Markets: A New Institutional Economics Approach]." Ekonomik Yaklasim 29.108 (2018), 23-41. Print.Turkish. doi:10.5455/ey.11274



APA (American Psychological Association) Style

Kutay Gozgor (2018) [The Way to Regulation in FOREX Markets: A New Institutional Economics Approach]. Ekonomik Yaklasim, 29 (108), 23-41. Turkish. doi:10.5455/ey.11274