Non-bank Financial Institutions and Capital Markets in Turkey

World Bank

Washington, DC

关键词: FINANCIAL INSTITUTIONS;    CAPITAL MARKETS;    INFLATIONARY PRESSURES;    INVESTOR CONFIDENCE;    INVESTMENT ENVIRONMENT;   

DOI  :  10.1596/0-8213-5527-9
RP-ID  :  25954

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This study analyses the state ofdevelopment, and prospects of future growth of Turkishnon-bank financial institutions, and capital markets.Currently, credit markets in Turkey are dominated bybanking, and capital markets are dominated by Governmentsecurities. Longstanding macro-economic instability, andinflation have discouraged investment in financial assets,and crowded out funding for the private sector. Theresulting lack of depth, and breadth has made the financialsector vulnerable to shocks, resulting in repeated crises,and, has reduced its intermediation efficiency. To enhancethe financial sector's capacity to support privatesector development, and economic growth, and to reduce itsvulnerability to shocks, non-bank sources of finance shouldbe developed. The report identifies the key policy issuesthat should be addressed for this purpose. The discussion,and policy recommendations are structured around thefollowing leading themes: a) mobilizing savings; b) buildingan institutional investor base, comprising insurancecompanies, private pension funds, and mutual funds; c)developing equity, debt, and derivative markets; d)developing leasing, factoring, and venture capitalcompanies; and, e) strengthening confidence in financialmarkets through improved corporate governance, accountingand auditing standards, and practices, and, financial sectorregulation, and supervision.