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The end of the Ottoman Empire as reflected in the İstanbul bourse

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  • Avni Önder Hanedar
  • Elmas Yaldız Hanedar
  • Erdost Torun

Abstract

The Ottoman Empire faced catastrophic events during its period of dissolution which started with the First World War. At the end of this war, the Ottoman lands were shared by the Allied forces. As a reaction to this occupation, the Turkish War of Independence started in 1919 and finished in 1923. The authors aim to examine how these events were reflected in the İstanbul bourse, using Ottoman government bond prices data between 1918 and 1925. Econometric methodology of Carla Inclan and George Tiao (1994) identifies several break points, which imply a lower risk for the repayment of the bonds during the end of the First World War and the Turkish War of Independence.

Suggested Citation

  • Avni Önder Hanedar & Elmas Yaldız Hanedar & Erdost Torun, 2016. "The end of the Ottoman Empire as reflected in the İstanbul bourse," Historical Methods: A Journal of Quantitative and Interdisciplinary History, Taylor & Francis Journals, vol. 49(3), pages 145-156, July.
    • Handle: RePEc:taf:vhimxx:v:49:y:2016:i:3:p:145-156
    DOI: 10.1080/01615440.2015.1118365
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    Cited by:

    1. Hanedar, Avni Önder & Yaldız Hanedar, Elmas, 2017. "Stock market reactions to wars and political risks: A cliometric perspective for a falling empire," MPRA Paper 85600, University Library of Munich, Germany, revised 25 Mar 2018.
    2. Avni önder Hanedar & Talat Ulussever & Murat Ertuğrul, 2018. "Identifying the Default: The Ottoman Empire and the İstanbul Bourse in the nineteenth century," Working Papers 2018/1, Turkish Economic Association.
    3. Elmas Yaldiz Hanedar & Avni Önder Hanedar & Ferdi Çelikay, 2017. "Effects of reforms and supervisory organizations: Evidence from the Ottoman Empire and the Istanbul bourse," Working Papers 0112, European Historical Economics Society (EHES).
    4. Jopp, Tobias A., 2017. "How does the public perceive alliances? The Central and Allied Powers in World War I," IBF Paper Series 12-17, IBF – Institut für Bank- und Finanzgeschichte / Institute for Banking and Financial History, Frankfurt am Main.

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