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

  • Fikret Kartal

    ()

    (Birlesik Fon Bank, Turkey)

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    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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    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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    1. Carlin, Wendy & Mayer, Colin, 1999. "Finance, Investment and Growth," CEPR Discussion Papers 2233, C.E.P.R. Discussion Papers.
    2. 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.
    3. Bruce D. Smith & John H. Boyd, 1998. "The evolution of debt and equity markets in economic development," Economic Theory, Springer, vol. 12(3), pages 519-560.
    4. Ross Levine, 2002. "Bank-Based or Market-Based Financial Systems: Which is Better?," William Davidson Institute Working Papers Series 442, William Davidson Institute at the University of Michigan.
    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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