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Global New Turkish Lira Bond Issuances


  • Yuksel Gormez

    (Central Bank of Turkey)

  • Gokhan Yilmaz

    (Central Bank of Turkey)


The objective of this study is to analyze current and likely future impacts of the issuance of New Turkish lira (YTL) denominated borrowing instruments by many global financial institutions around the major financial centres. These bonds are strong source of evidence for international confidence on stabilization efforts in Turkey and they are an indicator of bilateral acceptance of the de facto convertibility of YTL. They may also create an opportunity for the Turkish economy to mitigate negative effects of the original sin

Suggested Citation

  • Yuksel Gormez & Gokhan Yilmaz, 2007. "Global New Turkish Lira Bond Issuances," Working Papers 2008/14, Turkish Economic Association.
  • Handle: RePEc:tek:wpaper:2008/14

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    More about this item


    Original sin; De facto convertibility; De jure convertibility; New Turkish lira borrowing instruments; Global New Turkish lira issuances;

    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • G1 - Financial Economics - - General Financial Markets


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