Non-bank Financial Institutions and Capital Markets in Turkey

This study analyses the state of development, and prospects of future growth of Turkish non-bank financial institutions, and capital markets. Currently, credit markets in Turkey are dominated by banking, and capital markets are dominated by Governm...

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Bibliographic Details
Main Author:	World Bank
Format:	Publication
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	FINANCIAL INSTITUTIONS CAPITAL MARKETS INFLATIONARY PRESSURES INVESTOR CONFIDENCE INVESTMENT ENVIRONMENT FINANCIAL ASSETS FINANCIAL SERVICES PRIVATE SECTOR FINANCING STRUCTURAL REFORMS FINANCIAL SYSTEMS PER CAPITA INCOME PER CAPITA GNP SAVINGS PROMOTION RESOURCES MOBILIZATION TAX POLICY TAX SYSTEM REVIEWS 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 ANNUITIES AUDITORS BANK ACCOUNTS BANK DEPOSITS BANK REGULATION BANKING SECTOR BANKING SYSTEM BANKRUPTCY 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 DEVELOPMENT ECONOMIC GROWTH ECONOMIC PERFORMANCE ECONOMIC STABILITY EQUITY INVESTMENT EQUITY INVESTMENTS EQUITY MARKETS EXPORT INSURANCE FACTORING FINANCIAL CONGLOMERATES FINANCIAL CRISES FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FIXED ASSET FUTURES GDP GDP PER CAPITA GNP GOVERNMENT SECURITIES INCOME INDUSTRIALIZATION INFLATION INFORMATION DISCLOSURE INSURANCE INSURANCE COMPANIES INSURANCE SUPERVISION INTEREST RATE INTERNATIONAL ACCOUNTING STANDARDS IPO IPOS LEGISLATION LEVEL PLAYING FIELD LIQUIDITY MERGERS MUTUAL FUND MUTUAL FUNDS PENSION FUNDS PENSION SCHEMES PRIVATIZATION REAL SECTOR REINSURANCE REINSURANCE COMPANIES RISK MANAGEMENT RISK SHARING SAVINGS SECURITIES SECURITIES MARKETS SECURITIES TRADING SELF REGULATION SUPERVISORY AGENCIES TAXATION TRADING SYSTEMS TRANSPARENCY VALUE ADDED WEALTH WORKING CAPITAL
Online Access:	http://documents.worldbank.org/curated/en/2003/04/2360799/non-bank-financial-institutions-capital-markets-turkey http://hdl.handle.net/10986/15162

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Summary:	This study analyses the state of development, and prospects of future growth of Turkish non-bank financial institutions, and capital markets. Currently, credit markets in Turkey are dominated by banking, and capital markets are dominated by Government securities. Longstanding macro-economic instability, and inflation have discouraged investment in financial assets, and crowded out funding for the private sector. The resulting lack of depth, and breadth has made the financial sector vulnerable to shocks, resulting in repeated crises, and, has reduced its intermediation efficiency. To enhance the financial sector's capacity to support private sector development, and economic growth, and to reduce its vulnerability to shocks, non-bank sources of finance should be developed. The report identifies the key policy issues that should be addressed for this purpose. The discussion, and policy recommendations are structured around the following leading themes: a) mobilizing savings; b) building an institutional investor base, comprising insurance companies, private pension funds, and mutual funds; c) developing equity, debt, and derivative markets; d) developing leasing, factoring, and venture capital companies; and, e) strengthening confidence in financial markets through improved corporate governance, accounting and auditing standards, and practices, and, financial sector regulation, and supervision.

Non-bank Financial Institutions and Capital Markets in Turkey

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