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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| Format: | Other Financial Sector Study |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Subjects: | |
| 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 |
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okr-10986-14882 |
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| 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 |