Gelişmekte olan ülkelerin uluslararası para piyasalarından sendikasyon yöntemi ile uzun vadeli kaynak temini: Türkiye örneği
Syndication loans as the long term funding opportunity for the developing countries in the international money markets: Turkey
- Tez No: 106709
- Danışmanlar: Y.DOÇ.DR. SUNA OKSAY
- Tez Türü: Yüksek Lisans
- Konular: Ekonomi, Economics
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2001
- Dil: Türkçe
- Üniversite: Marmara Üniversitesi
- Enstitü: Bankacılık ve Sigortacılık Enstitüsü
- Ana Bilim Dalı: Sermaye Piyasası ve Borsa Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 149
Özet
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Özet (Çeviri)
SUMMARY It is a fact that, besides their geographicaf locations and physical conditions, economies of the countries constitute the basis of the targeted level of life standarts and the prosperity. Economy means work, investment, labor force, industry, trade etc. and on the basis of all of these concepts no doubt there is a big need of capital, all over the world. This need causes the capital to be unlimited and unristricted which meant being internationalized. Compared to the labor, capital shifts much more freely all around the world. This brings us the concept of globalisation followed by the international finance together with itself. There has been vigorous discussions on globalisation, resulting in the dilemma in the minds. While some stresses that globalisation is a way that takes the poor countries to prosperity, the other, who disagrees, thinks that globalisation makes the rich richer while making the poor poorer and more dependent on to the industrialized countries at the same time. When the last 25 years has been revised, it is seen that Singapore, Taiwan, Corea, Chile and some other similar countries relying on the concept of being a part of the global economy, which takes prosperity and richness along with itself day by day, have had an increasing export and stronger economical strategy. On the contrary, it is also believed that the programmes handled and carried out by IMF and Worldbank in Africa, have been accepted very unsuccessful and far away from reality, the reason is that most of these countries in this continent are still having bad and unhealty physical conditions and struggling in the extreme limits of the very poor economies. I Globalisation takes the advantage of the opportunities such as free markets, free trade, private capital inflows, new technologies etc. in the shape of liberalization arid reform in regulations. In other words, increasing free trade, liberalization, deregulations, reregulations, international capital flows, financial integration, movement towards an' unique market, increasing importance of private banking compared to the investment banking, and frie institutional investors can be accepted as some of the applications and concepts that gain importance following the globalisation. 1 X-» it is highly believed that when globalisation and internationalization are the matter of concern, the reflected image of tiie industrialized countries in the international arena '«“f 1«.|8şj5f»f is different from as they are in reality. That is, although these countries have sometimes completely the opposite approach, actually they are not willing to decrease the government control over their economies and do not take serious steps towards deregulation resulting in innovation. The reason is that they interpret internationalization, deregulation and liberalization as the concepts tfiat causes to be weak and widely open to many risks. There is no doubt that by the help of liberalization, government interference over the markets has begun to lose ground. Enterance of the new domestic and foreign financial institutions into the domestic markets has been set free and naturally foreign exchange rates has begun to be determined by the free market conditions. Over the last 20 years there has been too many important distressing periods in the world economy. 1980s have been known by the foreign debt crisis in developing countries, first half of the 1990s has been known by the debt crisis in industrialized countries and the second half of the 1990s has been known by the global crisis including both developing and industrialized countries. Since developing countries are more sensitive to the financial volatility then other countries, during such periods they are the worst affected ones.compared to the others. There is no doubt that foreign borrowing is one of the most important concepts in developing countries' funding. For this reason such crisises and volatility cause serious results in the financial structure of the developing countries in the international financial arena. When the long term funding is the matter of concern, first capital markets, then the equity and self-financing are the first concepts that are recalled. In addition to this bond issuing and the long term bank loans are some of the other nonroperating long term borrowing instruments. Long term loans has been the most important external funding instrument both for industrialized arid developing countries, especially for the latter one. However aims and targets of the utilization of such credits by these countries differ from one to other. * ? Whenever the bank loans, foreign and long term borrowing are concerned, syndicated loans has been the most active and preferred one for funding in international financial markets. Utilization of syndicated loans have decreased from time to time as a result of an increase in the preference of bond issue and new financial instruments for external funding. Syndicated loans has been very prestigious for both the borrower and the creditors. Even the renewal of such loans has much more prestigious impact on the market. The reason is that very detailed”SgWf. and trustworthy analysis takes place during the long utilization process. The borrower is analysed fundamentally, technically and economically on an extensive scale. Moreover, syndicated loans has too many advantages for both borrower and creditors. On creditor's side, since there has been too many underwriters, this enables small pieces of allocation of risk for each and on tile borrower's side, it becomes possible for the borrower to utilize a big amount of loan which can not be released by only one bank at once. In addition to this, creditor banks have a chance to reach the countries far away on the other side of the world and broaden their customer portfolios without taking too much risk. Besides they have a chance to be known in the international financial markets with a successful and prestigious syndicated loan transaction. There is no doubt that the adequacy, quality, correctness and efficiency of the data and information related to the borrower is the key component in the cost and pricing of such loan and enables good results.When this subject is handled on the international platform, country and the political risks are the most dangerous risks for the borrower which are followed by the liquidity risk. In this context it will be useful to mention that big companies bear political risk while the small ones having liquidity risk. From the developing countries' side, inadequacy in national savings is one of the biggest obstacles in front of the vigorous and constant economical growing. Instead of domestic ones, preference of the foreign funding sources which have suitable and profitable circumstances are also very common in industrialized countries. However, exchange rate differences and high interest rates of this loans are accepted as some of the risks that cause an increase in budget deficit of the developing countries. In this situation, for developing countries, there appears a need for the repayment of the debt by another debt called debt financing. The reason is that since the financial circumstances of such countries are not so strong and they do not have a chance to finance themselves by direct foreign investments and tiirough international bond markets, loan utilization seems to be -the' only solution for funding. Moreover if macroeconomic actions and structrual steps are not taken, this gradually becomes a vicious circle. ?;a AForeign funding is identified with long term borrowing especially with loans of development. It is also very important to transfer these loans to the productive areas which enables added value for the country. On the other hand, debt financing causes short term borrowing resulting in liquidity squeeze. While the governments of the developing countries try to solve the liquidity problem, they, unfortunately, overlook the long term financing and borrowing. As a result of this, structural and strategic solutions can not be produced. However it is crystal clear that for the long term prosperity and permanent financial solutions, there has to be structural and macroeconomic applications including long term borrowing and its transfer to the permanent, profitable, productive investments and industries. The basic characteristics of the syndicated loans which are given to the developing countries can be explained as high pricing and short terms. The reason is that, these countries are having weak financial conditions which is very suitable for the financial crisis. As a result of these risks international banks had big losses in emerging markets towards the end of 1990s. Contrary to the steady increase in the syndicated loan utilization of the industrialized countries, there has been a big volatility in developing countries performances. The basic reason for this is that when a financial crisis takes place in a developing country its negative effects along with itself quickly spreads to the other developing countries. On the other hand, since the funding of the developing countries is mostly based on borrowing and especially on loans, they keep on being the most important and suitable markets for the syndicated loans creditors. Among the industrialized countries Japan has an very important place with air its economy, technology, industry etc. It is known that after the World War II. Japafi economy has been in â very bad condition and had moved about 30 years back. However the credit management of this country had been handled appropriately -8* ?? and the segmentation of the loans to the needed sectors were done very succesfully. From those years on, Japan economy has drawn a very steady and trustwoTthy outlook in the world by reaching to the yearly average growing rate of %9.3 after 20 years. O'n the basis of this success, there lays the quality and the amount of the investments together with a reliable economic programme which is carried out by the government.During this period the serious utilization of the foreign loans took place in the shape of syndicated loans. All of the long term credits enabled- from international markets were directly transmitted to the fixed assets, investments, industry and important projects. In addition to this, domestic loans were used in solving daily liquidity problems. This period can also be named as a very serious liberalisation process of the country. Moreover compared to the big companies the small scaled companies had been given more chance to have bigger share from this pie. In the light of these information, when Turkey is analysed it is possible to say that 1980s and 1990s have been very famous with liberalisation, deregulations and rerergulations which have naturally took place and followed by each other. Also Turkish financial markets have met with new financial institutions, instruments and rules during this period. However, it will be useful to stress here that inspite of the big efforts made, Turkey still could not fulfill its integration with the international financial markets completely. One of the reasons for this is that Turkey had serious problems facing with resembling financial crisis in about every 5-6 years and as a result could not find a way to overcome. Besides this fact, public deficits, low income and saving levels, increase in consuming have been still causing high interest rates and inflation. It must not be forgotten that some of the aims behind the integration of the international financial markets are to enable economical stability, progressive increase in savings and increase in growing. In this aspect, contrary to Japan* the result in Turkey and most of the developing countries is to carry out wrong policies related to the long term economical stability and to be deeply bounded to the short term capital flows. As a result of this there appears financial unstability which is replaced by a financial crisis. In countries which has high inflation, high interest rates and high foreign exchange ???.?.?? *“,. ”. rate volatility such as Turkey, unfortunately it has been very difficult to talk about long term borrowing. Moreover, following these factors, dissolution and the insufficiency of the investments in the economies, and concerning the firms higti dependency on self-financing are some of the results that are encountered. Contrary to the applied programmes in Japan, another subject that is problematic for i Turkey because of the high real interest rates is.lending to the government and transfering the foreign funds to the money markets rather than transferin^ them to thereal sector and investments. Naturally, it is not so difficult to imagine that as a result of the speculative arbitrage opportunities,. the link between the financial and real sectors has been seriously damaged. On the other hand there is another factor that Turkey comes across with some difficulties in long term borrowing through international syndicated loan markets. For this reason although the long term one is expected and targeted, only short term and midterm borrowings becomes available for Turkey. From another point of view, it should be stressed that since these loans are of cheap types of foreign funding, Turkey has been one of the most active players in the syndicated loan markets among the developing countries. Related to the syndicated loan utilization, it can be mentioned that Turkey has a very stable outlook in the international financial markets. Inspite of the policies such as debt financing, which cause an increase in outstanding debt, Turkey has been accepted very careful in debt repayment and very successful in the international markets. When Turkey's general borrowing outlook is taken into consideration, it is seen that syndicated loans has been utilized especially by the private banks. Exchange rate difference is one of the most important aspects that causes an increase in Turkeys foreign debt portfolio. Besides, as a result of the crowding-out effect, private sector can not issue any financial instrument and government keeps on its position and superiority in the market as a primary borrower. In Turkey the basic reason for this can be explained as a tight dependency of capital markets to the money markets. It does not matter whether it is an industrialized or a developing country, syndicated loans have been one of the most important financial instruments for all of them all over the world. With its jeopolitical importance, young and dynamic population, consumer potentiality, desire for progress in technology, banking and finance, Turkey has been very attractive for the international investors which has excess fund and wants to invest intemationaly. On the other hand, financial instability and vulnerable real sector, causes Turkey to carry on a risky position in the international financial markets. In this connection it can be said that syndicated loans have been very important for Turkey as a short or midterm financial savior but long term. In the light of all above mentioned aspects, it is possible to mention that the importance of the syndicated loans for Turkey has been confirmed one more time. 6From now on, under the hypothesis that Turkey will continue to carry on a policy which is stable by means of economy and politics and oriented towards investment and production, the importance and necessity of the syndicated loans, as an advantageous and prestigous financial source, takes the attentions to the development process of the countries and should be properly and carefully transferred to the production and investments.
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