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HACETTEPE UN?VERS?TY

 

FACULTY OF ECONOMICS

 

AND

 

ADMINISTRATION SCINCE

 

DEPARTMENT OF

 

ECONOM?CS

 

INTERNATIONAL FINANCE

 

FINANCIAL INSTITUTIONS IN TURKEY

 

TERM PAPER

 

BY: ALTYNBEK USUPBAEV

 

9861215

 

ANKARA 2006

 

Financial Institutions in Turkey

 

Financial institutions are the parts of the financial system. The

financial system is the complex structure, and every year it channels

billions of dollars, euros, yens, Turkish liras from savers to people

with productive investment opportunities. Financial institutions

commonly separated as depository institutions and as non-bank

institutions.

 

Our major target in this paper is to have a wide look at financial

institutions in Turkey. For easy work and best understanding it makes

sense to follow mere wisdom “think globally- do locally”. So, in order

to make a proper outline, I plan firstly work on general financial

institutions all over the world, and then look whether they exists in

Turkey, their structure and how they work.

 

 

Non-bank Financial Institutions

 

Although depository institutions, or by other words banks are the

financial institutions we deal with most often, they are not the only

financial institutions we come in contact with. In such transactions

like purchasing insurance from insurance company, or buying a share of

common stock with the help of the broker, we are dealing with non-bank

financial institutions.

 

The role of non-bank financial institutions is to transfer funds from

lenders-savers to borrowers-spenders. In the time of technological

progress, non-bank financial institutions innovate new services, and now

compete more directly with banks by providing banklike services to their

customers.

 

Insurance Companies: Every day we face the possibility of the occurrence

of certain catastrophic events that could lead to large financial

losses. Because these losses could be large relative to our financial

resources, people found the solution by buying insurance coverage that

will compensate the sum of money if catastrophic events occur.

 

Life Insurance Companies: The first life insurance company in the United

States (Presbyterian Ministers’ Fund in Philadelphia) was established in

1759, in Turkey it was established in 1893 by Osmanli Sigorta, a member

of Osmanli Bank. In 1918 was created ?ttihad-i Milli – the first

insurance company created by Turkish laws. This huge difference in time

was because insurance in Ottoman Empire was accepted as gambling, and

correspondingly was forbidden. But after two great fires in Beyoglu and

Kumkapi (Stanbul) in 1870 the laws were rearranged, and gave permission

for foreign insurance companies to service in Ottoman Empire.

 

Life insurance company sells policies that provide income if a person

dies and incapacitated by illness, or retire. Such companies are

organized in two forms: as stock companies or as mutual companies. Stock

companies are owned by stockholders; mutuals are technically owned by

policyholders.

 

Because death rates for population as whole are predictable with a high

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