Turkey : Non-Bank Financial Institutions and Capital Markets Report
Longstanding macroeconomic instability,
and inflation in Turkey, have discouraged investment in
financial assets, and a persistently high public sector
borrowing requirement has crowded funding for the private
sector. Notwithstanding, the Government's ongoing
stabilization, and structural reforms, are improving the
prospects for the development of financial services, though
a series of policy issues should be addressed. This study
identifies such issues, and formulates recommendations to
better address them. Chapter I outlines the advantages of a
broad based, diversified financial services industry, lays
out the evidence of a clear correlation between financial
system development, and per capita income, and, analyzes the
outlook for such financial services industry over the next
five years. Chapter II, in addressing the mobilization of
savings, describes the extent to which macroeconomic
uncertainty, chronically high inflation, and ill-suited tax
policies have driven significant savings into real estate,
gold, and overseas bank accounts. Recommendations suggest
the development of a tax system that creates a level-playing
field for investment assets, encouraging investments in
longer-term/risk-based instruments, among others. Building
an institutional investor base is addressed in Chapter III,
where key issues are identified for developing the
insurance, private pension and mutual fund industries.
Chapters IV, V, and VI describe current developments of the
equity, debt and derivatives markets, focusing on best
practices to further develop venture capital, and, how to
strengthen, and improve corporate governance, accounting and
auditing standards. Finally, the need to rationalize the
atomized oversight structure is recommended, where
regulatory agencies should be responsible for supervising an
increasingly integrated financial services industry, in
addition to considerations on developing a holding company
regime for financial, and mixed conglomerates.
Saved in:
Bibliographic Details
| Main Author: |
World Bank |
|---|
| Language: | English
en_US |
|---|
| Published: |
Washington, DC
2003-02-28
|
|---|
| Subjects: | FINANCIAL INSTITUTIONS,
CAPITAL MARKETS,
MACROECONOMIC STABILIZATION,
INFLATIONARY PRESSURES,
INVESTOR CONFIDENCE,
INVESTMENT ENVIRONMENT,
FINANCIAL ASSETS,
FINANCIAL SERVICES,
PRIVATE SECTOR FINANCING,
STRUCTURAL REFORMS,
FINANCIAL SYSTEMS,
PER CAPITA INCOME,
PER CAPITA GNP,
SAVINGS BEHAVIOR,
SAVINGS PROMOTION,
RESOURCES MOBILIZATION,
TAX SYSTEM REVIEWS,
TAX POLICY,
FINANCIAL INSTRUMENTS,
BANKING SYSTEMS,
INSTITUTION BUILDING,
INSURANCE INDUSTRY,
PRIVATE PENSION FUNDS,
MUTUAL FUND RATING,
EQUITY FINANCE,
DEBT FINANCING,
DERIVATIVES,
VENTURE CAPITAL,
CORPORATE GOVERNANCE,
ACCOUNTING STANDARDS,
AUDITING,
REGULATORY FRAMEWORK,
HOLDING COMPANIES,
RISK MANAGEMENT ACCOUNTING,
ACCOUNTING PRINCIPLES,
AGRICULTURE,
ANNUITIES,
ASSET INVESTMENTS,
AUDITORS,
BANK ACCOUNTS,
BANK DEPOSITS,
BANK REGULATION,
BANKING SECTOR,
BANKING SYSTEM,
BANKRUPTCY,
BOARDS OF DIRECTORS,
BOND MARKETS,
BONDS,
BORROWING,
CAPITAL FORMATION,
CAPITAL REQUIREMENT,
CAPITALIZATION,
CENTRAL BANK,
CLEARING HOUSE,
COMPETITIVENESS,
CONSOLIDATED SUPERVISION,
CONSOLIDATION,
CONSUMER PRICE INDEX,
CONTRACTUAL SAVINGS,
CONTRACTUAL SAVINGS INSTITUTIONS,
CPI,
CREDIT MARKETS,
DEBT,
DEPOSIT INSURANCE,
DEPOSITS,
DERIVATIVE MARKETS,
DEVELOPMENT STRATEGY,
ECONOMIC CONSEQUENCES,
ECONOMIC DEVELOPMENT,
ECONOMIC GROWTH,
ECONOMIC PERFORMANCE,
EMERGING MARKETS,
EQUITY INVESTMENT,
EQUITY INVESTMENTS,
EQUITY MARKETS,
EXCESS PROFITS,
EXPORT INSURANCE,
FACTORING,
FINANCIAL CONGLOMERATES,
FINANCIAL CRISES,
FINANCIAL INTERMEDIATION,
FINANCIAL MARKETS,
FINANCIAL SECTOR,
FINANCIAL STRENGTH,
FIXED ASSET,
FUTURES,
GDP,
GDP PER CAPITA,
GNP,
GOVERNMENT SECURITIES,
HUMAN CAPITAL,
INCOME,
INDUSTRIALIZATION,
INFLATION,
INFORMATION DISCLOSURE,
INSURANCE,
INSURANCE SUPERVISION,
INTEREST RATE,
INTEREST RATES,
IPO,
IPOS,
LEGISLATION,
LEVEL PLAYING FIELD,
LIFE INSURANCE,
LIFE INSURANCE COMPANIES,
LIQUIDITY,
MACROECONOMIC STABILITY,
MERGERS,
MIDDLE INCOME COUNTRIES,
MINISTRIES OF FINANCE,
MUTUAL FUND,
MUTUAL FUNDS,
PENSION FUNDS,
PENSION SCHEMES,
PRIVATIZATION,
REAL SECTOR,
REINSURANCE,
REINSURANCE COMPANIES,
RISK MANAGEMENT,
RISK SHARING,
SAVINGS,
SAVINGS INSTITUTIONS,
SECURITIES,
SECURITIES MARKETS,
SECURITIES TRADING,
SELF REGULATION,
TAXATION,
TRADING SYSTEMS,
TRANSPARENCY,
VALUE ADDED,
WEALTH,
WORKING CAPITAL, |
|---|
| Online Access: | http://documents.worldbank.org/curated/en/2003/02/2159861/turkey-non-bank-financial-institutions-capital-markets-report
https://hdl.handle.net/10986/14882
|
|---|
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
|---|
