Endüstri mühendisliğinin bu konuya daha çok önem vermesi gerektiğine ben de katılıyorum. Mesleğimin ilk 4 ayı hariç hep finans sektöründe direk veya dolaylı olarak çalıştığım için Endüstri Mühendisliğinin bu konuya hem çok yatkın olduğuna hem de çok katkı sağlayabileceğine inanıyorum.
Amerikada bu işin teknik kısımları için Fizik, Matematik gibi alanlarda Phd yapmış insanları işe alıyorlar. Bizim teknik olarak bir problemimiz olacağını zannetmiyorum. En azından öğrenebilmek için temelimiz var.
Üstelik teknik ile business'ı daha iyi birleştirmek için gerekli olan temelimiz de var.
Sevgiler, saygılar,
Kadri Hasbay '88
Most of the modeling in derivatives are in continuous time, and we do not cover continuous time mathematics and stochastics in Industrial Engineering. In that respect, Electronics, Mechanical, Aerospace engineering graduates are able to get into the mathematics a lot quicker than we are. Industrial Engineers have advantages in simulation and optimization. Yet, a strong finance and statistics/econometrics background is also as important.
I think emerging countries like Turkey, should move slowly in implementation of derivatives markets. If we do not have the people who can model and price these securities, and understand the risks behind, examples like LTCM, Orange county and Enron can easily be observed. Derivatives market is very important for risk management but it is also open for highly leveraged positions, i.e. it is extremely easy to speculate large sums of
money.
I can write pages related to these subjects, since I work in this area during my doctoral study, but I'll try to cut it short. I believe it is very important to have a derivatives market in Turkey, but we should move step by step. Financial engineering, is the last step we should take. I think we should begin by using standard products, like futures, plain
vanilla options, forwards, swaps. When derivatives become exotic (complex), it becomes harder to understand the risks underlying the instrument. Risk management is extremely important for banks to allocate capital. Stress testing, VAR, and credit derivatives are the most important concepts for Turkey, especially for financial institutions. Also, rather than finding formulas for complex products, it is more important to estimate the variables underlying the model, like volatility, term structure of interest rates, etc.
Şenay Ağca
|
