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Regulatory regime change in Turkish banks: Reactive or proactive?

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  • Demirag, Istemi

Abstract

This paper examines the positive contributions made toward restructuring the regulatory framework of Turkey's banking and financial sectors prior to and post the 2000–2001 financial crisis. Drawing on a framework initially developed by Onis and Senses (2007, 2009) and further referred to by Onis (2009, 2010) it argues that financial reforms undertaken by the Turkish government would not have been successful without the strong support of domestic coalitions. While the external pressures put on the Turkish government from the International Monetary Fund, The World Bank and the European Union for financial reforms were necessary to kick start the reforms as a reactive process, these pressures on their own may have served only the interests of financial business elites at the expense of the broader stakeholders. Empirical data for the study was collected from documentary analysis of key financial institutions and interviews with twenty major Turkish regulatory agents and other stakeholders. The paper then discusses how the perceptions of these stakeholders are embodied into, and have influenced, regulatory regime change in Turkey from a reactive state to a more proactive one.

Suggested Citation

  • Demirag, Istemi, 2012. "Regulatory regime change in Turkish banks: Reactive or proactive?," Accounting forum, Elsevier, vol. 36(1), pages 62-80.
    • Handle: RePEc:eee:accfor:v:36:y:2012:i:1:p:62-80
    DOI: 10.1016/j.accfor.2011.10.002
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    1. Arsoy, Aylin Poroy & Gucenme, Umit, 2009. "The development of inflation accounting in Turkey," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 20(5), pages 568-590.
    2. Alp, Ali & Ustundag, Saim, 2009. "Financial reporting transformation: the experience of Turkey," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 20(5), pages 680-699.
    3. World Bank, 2003. "Turkey : Non-Bank Financial Institutions and Capital Markets Report," World Bank Publications - Reports 14882, The World Bank Group.
    4. World Bank, 2003. "Non-bank Financial Institutions and Capital Markets in Turkey," World Bank Publications - Books, The World Bank Group, number 15162.
    5. Can Simga-Mugan, 1995. "Accounting in Turkey," European Accounting Review, Taylor & Francis Journals, vol. 4(2), pages 351-371.
    6. Ziya Onis & Fikret Senses, 2007. "Global Dynamics, Domestic Coalitions and a Reactive State: Major Policy Shifts in Post-War Turkish Economic Development," Working Papers 2007/7, Turkish Economic Association.
    7. Istemi Demirag & Mehmet Serter, 2003. "Ownership Patterns and Control in Turkish Listed Companies," Corporate Governance: An International Review, Wiley Blackwell, vol. 11(1), pages 40-51, January.
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