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Non-bank Financial Institutions and Capital Markets in Turkey

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  • World Bank

Abstract

This study analyses the state of development, and prospects of future growth of Turkish non-bank financial institutions, and capital markets. Currently, credit markets in Turkey are dominated by banking, and capital markets are dominated by Government securities. Longstanding macro-economic instability, and inflation have discouraged investment in financial assets, and crowded out funding for the private sector. The resulting lack of depth, and breadth has made the financial sector vulnerable to shocks, resulting in repeated crises, and, has reduced its intermediation efficiency. To enhance the financial sector's capacity to support private sector development, and economic growth, and to reduce its vulnerability to shocks, non-bank sources of finance should be developed. The report identifies the key policy issues that should be addressed for this purpose. The discussion, and policy recommendations are structured around the following leading themes: a) mobilizing savings; b) building an institutional investor base, comprising insurance companies, private pension funds, and mutual funds; c) developing equity, debt, and derivative markets; d) developing leasing, factoring, and venture capital companies; and, e) strengthening confidence in financial markets through improved corporate governance, accounting and auditing standards, and practices, and, financial sector regulation, and supervision.

Suggested Citation

  • World Bank, 2003. "Non-bank Financial Institutions and Capital Markets in Turkey," World Bank Publications - Books, The World Bank Group, number 15162, December.
    • Handle: RePEc:wbk:wbpubs:15162
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    Citations

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    Cited by:

    1. World Bank, 2003. "Turkey - Country Economic Memorandum : Towards Macroeconomic Stability and Sustained Growth, Volume 2. Main Report," World Bank Publications - Reports 14704, The World Bank Group.
    2. Demirag, Istemi, 2012. "Regulatory regime change in Turkish banks: Reactive or proactive?," Accounting forum, Elsevier, vol. 36(1), pages 62-80.
    3. H. Yigit Aydede, 2008. "A Dynamic Inconsistency Problem in PAYG: A Solution to the Turkish Puzzle," NFI Working Papers 2008-WP-07, Indiana State University, Scott College of Business, Networks Financial Institute.
    4. Yigit Aydede, 2008. "Aggregate consumption function and public social security: the first time-series study for a developing country, Turkey," Applied Economics, Taylor & Francis Journals, vol. 40(14), pages 1807-1826.
    5. H. Yigit Aydede, 2007. "Saving and Social Security Wealth: A Case of Turkey," NFI Working Papers 2007-WP-03, Indiana State University, Scott College of Business, Networks Financial Institute.
    6. Coskun, Yener, 2010. "Aracı Kurumların Risk Haritası (Risk Maps of Securities Firms) [Risk Maps of Securities Firms]," MPRA Paper 28368, University Library of Munich, Germany.
    7. H. Yigit Aydede, 2007. "Social Security, Intergenerational Transfers, and Saving: New Evidence from an Emerging Country," NFI Working Papers 2007-WP-16, Indiana State University, Scott College of Business, Networks Financial Institute, revised Jul 2007.
    8. Coskun, Yener, 2011. "Does Power of Political Economy and Regulation Make Istanbul a Financial Center? (Ekonomi Politik ve Düzenlemenin Gücü Istanbul’u Finans Merkezi Yapabilir Mi?) [Does Power of Political Economy and ," MPRA Paper 36847, University Library of Munich, Germany.
    9. Karunagaran A, 2012. "Inter-connectedness of Banks and NBFCs in India: Issues and Policy Implications," Working Papers id:4692, eSocialSciences.

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