Non-bank Financial Institutions and Capital Markets in Turkey
Lalit Raina, Marie-Renée Bakker
World Bank Publications, Jan 1, 2003 - Business & Economics - 149 pages
Currently, Turkey's financial services industry is in an early stage of development with credit markets dominated by banking and capital markets 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 in Turkey vulnerable to shocks resulting in repeated crises, and has diminished its intermediation efficiency. This study analyzes the state of development and prospects for future growth of Turkish non-bank financial institutions and capital markets. It identifies the key policy issues that should be addressed in order to develop non-bank financial institutions in Turkey. Some of the themes included in the discussion and policy recommendations are: mobilizing savings; building an institutional investor base comprising insurance companies, private pension funds, and mutual funds; developing equity markets, debt markets, and derivative markets; developing leasing, factoring and venture capital companies; and strengthening confidence in financial markets through improved corporate governance.
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Accounting and Auditing activities assets auditors banks Board BRSA capital markets Capital Markets Law Company Law consolidated corporate debt corporate governance countries currently debt market deduction demutualization disclosure dividend dividend tax economic emerging markets enforcement enhanced ensure entities equity investments equity market factoring companies financial conglomerate financial institutions financial sector financial services financial statements financial system firms foreign free float Government debt Government securities growth holding company income industry institutional investors insurance companies intermediaries IOSCO Principles issues Istanbul Istanbul Gold Exchange licensed listed companies market capitalization market participants Medium Term ment million minimum mutual funds NBFI oversight ownership Oyak pension funds pillar-type Policy Recommendations portfolio premium private sector prudential regulation and supervision repos requirements risk securities markets shares SMEs Stock Exchange structure subsidiaries supervisory tion trading transactions Treasury Turkey Turkish vakifs venture capital