Regulation and Competition in the Turkish Banking and Financial Markets

REGULATION AND COMPETITIONIN THE TURKISH BANKINGAND FINANCIAL MARKETS
REGULATION AND COMPETITIONIN THE TURKISH BANKINGAND FINANCIAL MARKETS
CONTENTS
PREFACE
PART I. INTRODUCTION: THE POLITICALECONOMY OF TURKEY
	INTRODUCTION TO THE TURKISH BANKINGAND FINANCIAL MARKETS
		ABSTRACT
		1. SHOULD THE REGULATORS HAVE BROADPOWERS OVER THE INDUSTRY?
		2. CREDIBLE COMMITMENT IN REGULATORY PROCESS
		3. POLITICS AND BANKING REGULATION
		4. TRANSITION TO REGULATORY STATE IN THE TURKISHBANKING AND FINANCIAL MARKETS
			4.1. The Political Economy of Turkey
			4.2. Transition to Regulatory State in the Turkish Banking System
			4.3. Regulation of Financial Markets in Turkey
		REFERENCES
	TRANSFORMATION OF THE TURKISH ECONOMY:AN OVERVIEW
		ABSTRACT
		INTRODUCTION
		1. PROGRESS UNTIL THE 2008 GLOBALFINANCIAL CRISIS
		2. TURKISH RESPONSE TO THE GLOBAL FINANCIAL CRISIS
		REFERENCES
	PROPERTY RIGHTS ISSUE AND RENT SEEKINGIN TURKEY: A TIME SERIES STUDY WITHCOINTEGRATION AND ERROR CORRECTIONTECHNIQUES FOR THE PERIOD OF 1960-2002
		ABSTRACT
		1. INTRODUCTION
		2. RENT-SEEKING IN DEVELOPING COUNTRIES
		3. RENT-SEEKING VARIABLE AND ASSUMPTIONS
		4. METHODOLOGY: COINTEGRATION TESTAND ERROR CORRECTION
		5. TIME SERIES MODELS AND TEST RESULTSFOR THE PERIOD OF 1960-2002
			5.1. Time Series Models and Data
			5.2. Unit Root Test for Order of Integration
		CONCLUSION
		REFERENCES
PART II. TRANSITION TO REGULATORY STATEIN THE TURKISH BANKING SYSTEM
	THE STRUCTURE AND REGULATION OF TURKISHBANKING SYSTEM: 2000-2010
		ABSTRACT
		1. INTRODUCTION
		2. MACROECONOMIC PROBLEMS AND THE STRUCTUREOF THE BANKING SECTOR IN THE 1990S
		3. NOVEMBER 2000-FEBRUARY 2001CRISES IN TURKEY
		4. RESTRUCTURING PHASE (2002-2007)
			4.1. Crisis Management Process (2001) and the “Programfor Transition to a Strong Economy” (2002-2004)
			4.2. Banking Sector Restructuring Program
			4.3. Basel I and Basel-II and Risk ManagementImplementations in Turkey
		5. 2008 GLOBAL CRISIS AND TURKISHBANKING SYSTEM
			5.1. Macroeconomic Indicators in the Crisis
			5.2. Measures taken by Turkey in the Crisis
			5.3. Indicators of the Banking Sector in the Crisis
			5.4. Basel III Discussions
		CONCLUSION
		APPENDIX
		REFERENCES
	RESTRUCTURING AND MARKET STRUCTUREOF THE TURKISH BANKING SECTOR
		ABSTRACT
		1. INTRODUCTION
		2. STYLIZED FACTS AND RESTRUCTURINGOF THE TURKISH BANKING SECTOR
			2.1. Overview and Stylized Facts
			2.2. Restructuring of Institutional and Legal Framework
		3. REVIEW OF LITERATUREAND THE MEASUREMENT OF MARKET STRUCTURE
			3.1. Literature Review
			3.2. Consentration Measures27
			3.3. Dominance Measures
			3.4. Dynamic Indices
		4. DATA AND APPLICATION
		5. EMPIRICAL FINDINGS ON CONCENTRATIONAND COMPETITION
		CONCLUSION
		REFERENCES
	DEREGULATION AND ENTRY PERFORMANCEIN TURKISH BANKING
		ABSTRACT
		INTRODUCTION
		1. METHODOLOGY AND LITERATURE REVIEW
		2. DATA AND EMPIRICAL SETTING
		3. EMPIRICAL RESULTS AND ANALSYIS
		CONCLUSION
		ACKNOWLEDGEMENT AND DISCLAIMER
		REFERENCES
	DEPOSIT INSURANCE AND BANK RESOLUTIONIN TURKEY REGULATION AND EXPERIENCE
		ABSTRACT
		INTRODUCTION
		1. INSTITUTIONAL DEVELOPMENT
			1.1. Institutional Capacity
			1.2. Financial Statements
			1.3. Accountability and Transp
		2. DEPOSIT INSURANCE SYSTE
			2.1. Financial Safety Net
			2.2. Level of Coverage
			2.3. Risk Based Premium System
			2.4. Deposit Insurance Fund
		3. RESOLUTION EXPERIENCE
			3.1. Bank Resolution Process
			3.2. Recovery Experience
			3.3. Special Powers Used in Resolution Process
			3.4. Commercial and Economic Integrity Sales
		CONCLUSION
		ANNEX I
		ANNEX II
		REFERENCES
	INTERACTION BETWEEN PAYMENTSERVICES AND CREDIT SERVICESIN CREDIT CARD MARKETS
		ABSTRACT
		1. INTRODUCTION
		2. THE TURKISH CREDIT CARD MARKET
		3. METHODOLOGY AND DATA
		4. RESULTS
		CONCLUSION
		CKNOWLEDGEMENT
		REFERENCES
PART III. REGULATION OF FINANCIALMARKETS IN TURKEY
	TURKISH CAPITAL MARKET REGULATION
		ABSTRACT
		1. INTRODUCTION
		2. CAPITAL MARKETS BOARD OF TURKEY
			2.1. Main Legislative Developments in the Turkish Capital Markets
		3. ISTANBUL STOCK EXCHANGE
			3.1. Trading in the ISE
			3.2. IPO’s in the ISE
			3.3. Disclosure in the ISE
			3.4. Investor Relations Practices in the ISE
			3.5. New Practices in the ISE
		4. TURKISH DERIVATIVES EXCHANGE
		5. ISTANBUL GOLD EXCHANGE
		6. TAKASBANK (ISE SETTLEMENT AND CUSTODY BANK)
		7. THE CENTRAL REGISTRY AGENCY
			7.1. New Amendments to the Communiqué on Recordkeepingof Dematerialized Securities
		8. ASSOCIATION OF CAPITAL MARKET INTERMEDIARYINSTITUTIONS OF TURKEY (TSPAKB)
		9. OTHER CAPITAL MARKET INSTITUTIONS
		CONCLUSION
		REFERENCES
	EFFICIENCY AND PRODUCTIVITYOF THE BROKERAGE HOUSES IN TURKEY
		ABSTRACT
		INTRODUCTION
		1. DEVELOPMENT OF BROKERAGE HOUSES IN TURKEY
		2. PREVIOUS STUDIES AND METHODOLOGY
		3. DATA AND FINDINGS
		CONCLUSION
	INSTITUTIONAL INVESTORS IN TURKEY
		ABSTRACT
		INTRODUCTION
		1. COLLECTIVE INVESTMENTINSTITUTIONS IN TURKEY
			1.1. Investment Funds in Turkey
			1.2. Investment Trusts in Turkey
			1.3. The Situation of Investment Funds and Trusts in Viewof Various Tax Laws
		2. FOREIGN INSTITUTIONAL INVESTORS IN TURKEY
		CONCLUSION
		REFERENCES
		LEGAL FRAMEWORK
NAME INDEX
SUBJECT INDEX