Role of asymmetric knowledge on financial crisi: 2002-2012 Turkey analysis

Asymmetric information concept has commonly been used in economics literature recently. Asymmetric information approach is a modern theory explaining financial crises. This study examines whether asymmetric information has an important role on 2009 crisis in Turkey. It is examined the theories of financial crises, especially asymmetric information approach, in the first chapter. The second chapter includes the crises in Turkey from 1980 to the Global Crisis. The last chapter analyses the effects of asymmetric information on 2009 crisis in Turkey. In the thesis, it is used four different variables to measure asymmetric information. These are interest rates, stock exchange index, some indicators about balance sheets of banks, and both consumers and producers expectations towards the future. The dependent variable is growth rate. It is benefited from multiple regression method and Granger Causality test. According to results of the analysis, there is not a significant relationship between interest rates, stock exchange index, balance sheets of banks, expectations and 2009 Turkish Crisis. In other words, asymmetric information has not important role in the crisis. This result for the crisis is a significant evidence of contagion from abroad. Key Words: Asymmetric information; 2009 Crisis; Regression analyses; Granger Causality test.