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 Governmen...

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Bibliographic Details
Main Author: World Bank
Format: Other Financial Sector Study
Language:English
en_US
Published: Washington, DC 2013
Subjects:
CPI
GDP
GNP
IPO
Online Access:http://documents.worldbank.org/curated/en/2003/02/2159861/turkey-non-bank-financial-institutions-capital-markets-report
http://hdl.handle.net/10986/14882
id okr-10986-14882
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic 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
ACCOUNTING STANDARDS
AGRICULTURE
ANNUITIES
ASSET INVESTMENTS
AUDITING
AUDITORS
BANK ACCOUNTS
BANK DEPOSITS
BANK REGULATION
BANKING SECTOR
BANKING SYSTEM
BANKRUPTCY
BOARDS OF DIRECTORS
BOND MARKETS
BONDS
BORROWING
CAPITAL FORMATION
CAPITAL MARKETS
CAPITAL REQUIREMENT
CAPITALIZATION
CENTRAL BANK
CLEARING HOUSE
COMPETITIVENESS
CONSOLIDATED SUPERVISION
CONSOLIDATION
CONSUMER PRICE INDEX
CONTRACTUAL SAVINGS
CONTRACTUAL SAVINGS INSTITUTIONS
CORPORATE GOVERNANCE
CPI
CREDIT MARKETS
DEBT
DEPOSIT INSURANCE
DEPOSITS
DERIVATIVE MARKETS
DERIVATIVES
DEVELOPMENT STRATEGY
ECONOMIC CONSEQUENCES
ECONOMIC DEVELOPMENT
ECONOMIC GROWTH
ECONOMIC PERFORMANCE
EMERGING MARKETS
EQUITY INVESTMENT
EQUITY INVESTMENTS
EQUITY MARKETS
EXCESS PROFITS
EXPORT INSURANCE
FACTORING
FINANCIAL ASSETS
FINANCIAL CONGLOMERATES
FINANCIAL CRISES
FINANCIAL INSTITUTIONS
FINANCIAL INSTRUMENTS
FINANCIAL INTERMEDIATION
FINANCIAL MARKETS
FINANCIAL SECTOR
FINANCIAL SERVICES
FINANCIAL STRENGTH
FINANCIAL SYSTEMS
FIXED ASSET
FUTURES
GDP
GDP PER CAPITA
GNP
GOVERNMENT SECURITIES
HUMAN CAPITAL
INCOME
INDUSTRIALIZATION
INFLATION
INFORMATION DISCLOSURE
INSURANCE
INSURANCE INDUSTRY
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
PER CAPITA INCOME
PRIVATE PENSION FUNDS
PRIVATIZATION
REAL SECTOR
REGULATORY FRAMEWORK
REINSURANCE
REINSURANCE COMPANIES
RISK MANAGEMENT
RISK SHARING
SAVINGS
SAVINGS INSTITUTIONS
SECURITIES
SECURITIES MARKETS
SECURITIES TRADING
SELF REGULATION
TAXATION
TRADING SYSTEMS
TRANSPARENCY
VALUE ADDED
VENTURE CAPITAL
WEALTH
WORKING CAPITAL
spellingShingle 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
ACCOUNTING STANDARDS
AGRICULTURE
ANNUITIES
ASSET INVESTMENTS
AUDITING
AUDITORS
BANK ACCOUNTS
BANK DEPOSITS
BANK REGULATION
BANKING SECTOR
BANKING SYSTEM
BANKRUPTCY
BOARDS OF DIRECTORS
BOND MARKETS
BONDS
BORROWING
CAPITAL FORMATION
CAPITAL MARKETS
CAPITAL REQUIREMENT
CAPITALIZATION
CENTRAL BANK
CLEARING HOUSE
COMPETITIVENESS
CONSOLIDATED SUPERVISION
CONSOLIDATION
CONSUMER PRICE INDEX
CONTRACTUAL SAVINGS
CONTRACTUAL SAVINGS INSTITUTIONS
CORPORATE GOVERNANCE
CPI
CREDIT MARKETS
DEBT
DEPOSIT INSURANCE
DEPOSITS
DERIVATIVE MARKETS
DERIVATIVES
DEVELOPMENT STRATEGY
ECONOMIC CONSEQUENCES
ECONOMIC DEVELOPMENT
ECONOMIC GROWTH
ECONOMIC PERFORMANCE
EMERGING MARKETS
EQUITY INVESTMENT
EQUITY INVESTMENTS
EQUITY MARKETS
EXCESS PROFITS
EXPORT INSURANCE
FACTORING
FINANCIAL ASSETS
FINANCIAL CONGLOMERATES
FINANCIAL CRISES
FINANCIAL INSTITUTIONS
FINANCIAL INSTRUMENTS
FINANCIAL INTERMEDIATION
FINANCIAL MARKETS
FINANCIAL SECTOR
FINANCIAL SERVICES
FINANCIAL STRENGTH
FINANCIAL SYSTEMS
FIXED ASSET
FUTURES
GDP
GDP PER CAPITA
GNP
GOVERNMENT SECURITIES
HUMAN CAPITAL
INCOME
INDUSTRIALIZATION
INFLATION
INFORMATION DISCLOSURE
INSURANCE
INSURANCE INDUSTRY
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
PER CAPITA INCOME
PRIVATE PENSION FUNDS
PRIVATIZATION
REAL SECTOR
REGULATORY FRAMEWORK
REINSURANCE
REINSURANCE COMPANIES
RISK MANAGEMENT
RISK SHARING
SAVINGS
SAVINGS INSTITUTIONS
SECURITIES
SECURITIES MARKETS
SECURITIES TRADING
SELF REGULATION
TAXATION
TRADING SYSTEMS
TRANSPARENCY
VALUE ADDED
VENTURE CAPITAL
WEALTH
WORKING CAPITAL
World Bank
Turkey : Non-Bank Financial Institutions and Capital Markets Report
geographic_facet Europe and Central Asia
Turkey
description 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.
format Economic & Sector Work :: Other Financial Sector Study
author World Bank
author_facet World Bank
author_sort World Bank
title Turkey : Non-Bank Financial Institutions and Capital Markets Report
title_short Turkey : Non-Bank Financial Institutions and Capital Markets Report
title_full Turkey : Non-Bank Financial Institutions and Capital Markets Report
title_fullStr Turkey : Non-Bank Financial Institutions and Capital Markets Report
title_full_unstemmed Turkey : Non-Bank Financial Institutions and Capital Markets Report
title_sort turkey : non-bank financial institutions and capital markets report
publisher Washington, DC
publishDate 2013
url http://documents.worldbank.org/curated/en/2003/02/2159861/turkey-non-bank-financial-institutions-capital-markets-report
http://hdl.handle.net/10986/14882
_version_ 1764427896671174656
spelling okr-10986-148822021-04-23T14:03:16Z Turkey : Non-Bank Financial Institutions and Capital Markets Report World Bank 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 ACCOUNTING STANDARDS AGRICULTURE ANNUITIES ASSET INVESTMENTS AUDITING AUDITORS BANK ACCOUNTS BANK DEPOSITS BANK REGULATION BANKING SECTOR BANKING SYSTEM BANKRUPTCY BOARDS OF DIRECTORS BOND MARKETS BONDS BORROWING CAPITAL FORMATION CAPITAL MARKETS CAPITAL REQUIREMENT CAPITALIZATION CENTRAL BANK CLEARING HOUSE COMPETITIVENESS CONSOLIDATED SUPERVISION CONSOLIDATION CONSUMER PRICE INDEX CONTRACTUAL SAVINGS CONTRACTUAL SAVINGS INSTITUTIONS CORPORATE GOVERNANCE CPI CREDIT MARKETS DEBT DEPOSIT INSURANCE DEPOSITS DERIVATIVE MARKETS DERIVATIVES DEVELOPMENT STRATEGY ECONOMIC CONSEQUENCES ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC PERFORMANCE EMERGING MARKETS EQUITY INVESTMENT EQUITY INVESTMENTS EQUITY MARKETS EXCESS PROFITS EXPORT INSURANCE FACTORING FINANCIAL ASSETS FINANCIAL CONGLOMERATES FINANCIAL CRISES FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STRENGTH FINANCIAL SYSTEMS FIXED ASSET FUTURES GDP GDP PER CAPITA GNP GOVERNMENT SECURITIES HUMAN CAPITAL INCOME INDUSTRIALIZATION INFLATION INFORMATION DISCLOSURE INSURANCE INSURANCE INDUSTRY 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 PER CAPITA INCOME PRIVATE PENSION FUNDS PRIVATIZATION REAL SECTOR REGULATORY FRAMEWORK REINSURANCE REINSURANCE COMPANIES RISK MANAGEMENT RISK SHARING SAVINGS SAVINGS INSTITUTIONS SECURITIES SECURITIES MARKETS SECURITIES TRADING SELF REGULATION TAXATION TRADING SYSTEMS TRANSPARENCY VALUE ADDED VENTURE CAPITAL WEALTH WORKING CAPITAL 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. 2013-08-07T20:35:54Z 2013-08-07T20:35:54Z 2003-02-28 http://documents.worldbank.org/curated/en/2003/02/2159861/turkey-non-bank-financial-institutions-capital-markets-report http://hdl.handle.net/10986/14882 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Other Financial Sector Study Economic & Sector Work Europe and Central Asia Turkey