Swap işlemleri ve Türkiye'deki uygulamaları
Başlık çevirisi mevcut değil.
- Tez No: 41636
- Danışmanlar: PROF. DR. YÜKSEL KOÇ YALKIN
- Tez Türü: Yüksek Lisans
- Konular: İşletme, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1995
- Dil: Türkçe
- Üniversite: Ankara Üniversitesi
- Enstitü: Sosyal Bilimler Enstitüsü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 141
Özet
Özet yok.
Özet (Çeviri)
SUMMARY The 1970s witnessed major interest exchange rate fluctuations due to the collapse of the Bretton Woods Agreement. These drastic fluctuations in turn, forced investors and policy makers to find new hedging tools in order to protect themselves from risks. One of these hedging tools was the swap. The swap applications had been developed from back-to-back loans and parallel loans. Swap transactions provide the opportunity to exploit the anomalies and differences that exist between various markets. Swap transactions have shown a rapid increase due to their diverse use. The flexible nature of the transaction eases the way many financial problems are solved while providing new opportunities to corporations. Whenever a swap transaction is made, the parties to this transaction can change their responsibilities or rights through another swap arrangement. If a swap transaction is made for the first time, the market for this swap is called primary market. On the other hand, a secondary market exist for changing the conditions of a transaction, retirement of a transaction or the like arrangements. Development of this secondary market has led to increase liquidity in swap markets. The major participants in swap markets other than banks and business corporations are export credit agencies, public sector institutions and supranational institutions. The participants to a swap market are either named as“end user”and“intermediaries”. Swap techniques can be grouped into two main categories each of which have their own subcategories: 1. Interest Rate Swaps - Floating-to-floating interest rate swaps (Basis Swaps) 127- Fixed-to-floating interest rate swaps 2.Currency Swaps - Cross Currency fixed-to-fixed rate swaps - Cross Currency fixed-to-floating swaps - Cross Currency floating-to-floating swaps There are also another group of swaps often known as cocktail or synthetic swaps developed for specific purposes. Swaptions and commodity swaps are examples of this type of swaps. Swap transactions provide a number of advantages, some of these are: -Arbitraging in capital markets in order to reduce cost of funds borrowed either on a floating or a fixed rate basis. -Elirninating the risk associated with financing fixed or long term assets with floating rate liabilities. -Locking in windfall profits as a result of fluctuating exchange rates or interest rates. -Profiting by exploiting a weakness in one market for an advantage in another. -Exploiting market anomalies in order to reduce cost of funds or increase return an assets. -Mobilizing worldwide intercompany liquidity both in convertible and blocked currencies. 128Understanding swap requires a knowledge of discounted cash flows, or present value concepts, together with an appreciation of different methods of calculating yields to maturity. That prevail not only between the bank market and securities market, but also between the world's different securities markets. The necessary conditions for swap applications have already been supplied in Turkey. Yet, only a small number of transactions have been recorded until now. Therefore, there is the need for a series of precautionary actions. The adverse conditions and recommended solutions for avoiding these conditions can be listed as follows: -The swap transaction has not yet been defined in terms of any type of law. This major drawback should be overcome by the definition of swap transactions in law terms. -The competitive market conditions has not yet been properly established in Turkey. A major barrier in achieving this goal is government interventions. So government interventions in the national markets should be restricted. -The Turkish foreign exchange official regulations and tax regulations are very complicated. There is abmiguity in. the regulations. Therefore the regulations should be restructured and simplified. -The field of financial risk management is not still very well known in Turkey. Contemporary business management tools are not applied in many of the Turkish corporations. As a result of this, financial risk management experts are not employed sufficiently to overcome this drawback, financial risk management departments should be settled and institutionalized in Turkish corporations. -The economic instability in Turkey poses a barrier to risk management operations. So, the economy should be stabilized. 129In spite of the adverse effects of the above conditions, if precautionary actions are taken, swap transactions will be more frequently applied in Turkey. Turkey is trying to keep the pace with the financial world through increasing it's economic relations with it. Turkish foreign debt in currency units, receivables and related interest payments totals to huge amounts. This in turn translates into foreign exchange and interest rate risks for the Turkish corporations. Therefore, it is of great use for these corporations to take advantage of any of the risk management techniques together with the swap techniques. 130
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