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 Regulation Make Istanbul a Financial Center?]
Turkey is well behind the many countries according to socio-economic development criteria. Activities aim to make Istanbul a financial center seem paradoxical due to less developed and risky characteristics of national economy and financial system. It seems that these activities have both economic and political rationales. Economic rationale of the Istanbul Financial Center (IFC) project suggests that Turkish economy has transformed to a safe harbor. Political rationale of this project may imply that evolving economy politics of post 9/11 environment may create economic advantages for Turkey. It has observed that the tool of regulation is of central role for the idea of the development of a financial center in Istanbul. In this paper, by using literature and data analysis, we examine the chance of the success of the regulatory/bureaucratic approach for IFC project. We conclude that IFC project has weak internal dynamics and it occurred due to both its political attractiveness and also cyclical local/global economic/political conditions. But, it is not realistic to expect strong positive outcomes from the IFC project, if the project would focus only regulatory/bureaucratic approach.
|Date of creation:||01 Nov 2011|
|Date of revision:|
|Publication status:||Published in Mulkiyeliler Birligi in, Memory of Bilsay Kuruc, Eds. Sahinkaya, Serdar and Ertugrul, N.Ilter,.Public(2011): pp. 525-576|
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- Coskun, Yener, 2010. "An Analysis of the Strenghts and Weaknesses of the Turkish Real Estate Market," MPRA Paper 28361, University Library of Munich, Germany.
- C. Emre Alper, Ismail Saglam, 2001.
"The Transmission of a Sudden Capital Outflow: Evidence from Turkey,"
Eastern European Economics,
M.E. Sharpe, Inc., vol. 39(2), pages 29-48, March.
- C. Emre Alper & Ismail Saglam, 2001. "The Transmission of a Sudden Capital Outflow: Evidence from Turkey," Working Papers 2001/09, Bogazici University, Department of Economics.
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