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Development of Capital Markets in Turkey and Analysis of Financial Structure of the Intermediary Institutions

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  • Fikret Kartal

    ()
    (Birlesik Fon Bank, Turkey)

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    Abstract

    Capital markets, where demand and supply for medium to long term finance meet, are more active and efficient in higher income countries. Capital markets are insufficiently developed in emerging countries such as Turkey that have the structural and institutional obstacles and lack of capital. The first market with securities was established in 19th century in the Ottoman Empire; the Turkish capital markets have gone through the reform programmes as a part of liberalization started in 1980; but the banking sector constitutes the biggest part of the financial sector. The paper presents the development of capital markets in Turkey and analyzes the intermediary institutions by using the financial statements and ratios for the period December 2007-December 2011.

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    File URL: http://eurasianpublications.com/pdf/ejbm/EJBM%201%20-%20Developments%20of%20Capital%20Markets%20and%20Intermediary%20Institutions.pdf
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    Bibliographic Info

    Article provided by Eurasian Publications in its journal Eurasian Journal of Business and Management.

    Volume (Year): 1 (2013)
    Issue (Month): 1 ()
    Pages: 1-14

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    Handle: RePEc:ejn:ejbmjr:v:1:y:2013:i:1:p:1-14

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    Web page: http://www.eurasianpublications.com/

    Related research

    Keywords: Turkish Capital Markets; Turkish Financial System; Brokerage Firms; Intermediary Institutions;

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    1. Wendy Carlin & Colin Mayer, 1999. "Finance, Investment and Growth," OFRC Working Papers Series 1999fe09, Oxford Financial Research Centre.
    2. Levine, Ross, 2002. "Bank-Based or Market-Based Financial Systems: Which Is Better?," Journal of Financial Intermediation, Elsevier, vol. 11(4), pages 398-428, October.
    3. John H. Boyd & Bruce D. Smith, 1995. "The evolution of debt and equity markets in economic development," Working Papers 542, Federal Reserve Bank of Minneapolis.
    4. Shin, Hyun Song & Adrian, Tobias, 2008. "Financial intermediaries, financial stability and monetary policy," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 287-334.
    5. Demirguc-Kunt, Asli & Levine, Ross, 1999. "Bank-based and market-based financial systems - cross-country comparisons," Policy Research Working Paper Series 2143, The World Bank.
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