IDEAS home Printed from https://ideas.repec.org/a/bpj/jbwige/v64y2023i2p619-649n6.html
   My bibliography  Save this article

War, Risk, and Gold: The Turkish War of Independence and Ottoman Empire

Author

Listed:
  • Hanedar Avni Önder

    (Sakarya University, Faculty of Political Sciences, Esentepe Kampüsü Sakarya, Sakarya, 54187 Turkey)

Abstract

After the end of the First World War in November 1918, the Allies were involved in a military campaign in the Ottoman lands, leading to a national resistance by Turks that would end in 1923. It is relevant to provide actual information on the outcomes of the Turkish War of Independence, since it was a longlived event that paved the way for further problems on the belligerents’ economies. Using unique data for the value of the gold from 1919 to 1925 at the İstanbul bourse, our analysis complements the historical arguments as historians may find political risks difficult to quantify. We observe that in 1921 the Turkish victories created expectations on the part of traders that the war could end soon, as is manifested in exchange rate fluctuations. The Turkish economy would have experienced higher financial instability with the Allies’ occupation and resistance in 1920, creating a lower chance to return the pre-war gold content of the belligerents’ currencies.

Suggested Citation

  • Hanedar Avni Önder, 2023. "War, Risk, and Gold: The Turkish War of Independence and Ottoman Empire," Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, De Gruyter, vol. 64(2), pages 619-649, November.
    • Handle: RePEc:bpj:jbwige:v:64:y:2023:i:2:p:619-649:n:6
    DOI: 10.1515/jbwg-2023-0022
    as

    Download full text from publisher

    File URL: https://doi.org/10.1515/jbwg-2023-0022
    Download Restriction: no
    File URL: https://libkey.io/10.1515/jbwg-2023-0022?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bpj:jbwige:v:64:y:2023:i:2:p:619-649:n:6. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.degruyter.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.