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Dissolution of an Empire: Insights from the İstanbul Bourse and the Ottoman War Bond

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  • Avni Önder Hanedar
  • Elmas Yaldız Hanedar
  • Erdost Torun
  • Hasan Murat Ertuğrul

Abstract

During the transformation period of the Ottoman Empire leading to the Republic of Turkey, many conflicts took place between 1918 and 1923. These conflicts interrupted the servicing of the Ottoman war bond. The reimbursement likelihood of this bond was related to the outcomes of First World War and the hostilities. This paper analyses the impacts of First World War and hostilities on the risk assessments regarding the Ottoman war debt, using manually collected data on the price of the Ottoman war bond traded at the İstanbul bourse between 1918 and 1925. The empirical results imply that the defeat of the Bulgarian army and the peace offer of Austria-Hungary were associated with the increasing premium demanded by investors of the bond. The victories of the Turkish National Movement and the peace offer of the Allies to end the hostilities by 1922 positively affected the likelihood of the servicing of the debt.

Suggested Citation

  • Avni Önder Hanedar & Elmas Yaldız Hanedar & Erdost Torun & Hasan Murat Ertuğrul, 2018. "Dissolution of an Empire: Insights from the İstanbul Bourse and the Ottoman War Bond," Defence and Peace Economics, Taylor & Francis Journals, vol. 29(5), pages 557-575, July.
    • Handle: RePEc:taf:defpea:v:29:y:2018:i:5:p:557-575
    DOI: 10.1080/10242694.2016.1239319
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    Cited by:

    1. Elmas Yaldız Hanedar & Avni Önder Hanedar & Ferdi Çelikay, 2017. "Reforms and Supervisory Organizations: Lessons from the History of the Istanbul Bourse, 1873–1883," Research in Economic History, in: Research in Economic History, volume 33, pages 115-137, Emerald Group Publishing Limited.

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