By Prof Yener Altunbas;Dr Alper Kara;?zlem Olgu
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Extra info for Turkish Banking: Banking under Political Instability and Chronic High Inflation
In general, as in previous eras, the country faced a lack of real resources, and the financing of industrialization was funded predominantly by public-sector borrowing and Central Bank loans. Artun (1983) argues that the Central Bank loans were generally used for subsidy payments rather than to create a supply of goods and services, and these unreturned loans led to an increase in money supply and inflation. 7 per cent. According to Demir (2002) the implementation of the First Five-Year Plan was the starting point of the institutionalization of the import substitution industrialization (ISI) regime in Turkey in order to empower the infant industries of the country.
8 on page 23). After 2001, there was a sharp rise, especially in domestic borrowing requirements, which in 2007 amounted to over USD 200 billion. 5 per cent on its Turkish lira debt. Furthermore, the maturity structure is still fragile, even though the level of debt has been reduced to a sustainable level. 1 for the currency and interest composition of government debt). 12 Maturity composition of central government outstanding domestic debt, 2006 Source: Treasury Statistical Yearbook (2007). Full Central Bank independence was granted during this period, to pursue price stability and be freed from the responsibility of financing the government deficit.
State-led development strategy, 1930–50 The industrialization strategy that was pursued in the 1920s by way of encouraging the private sector, did not produce important results, because of insufficient capital accumulation (Banks Association of Turkey (BAT), 1999a). Consequently, after 1930, along with all the other countries in the world, Turkey chose state-led economic policies, partly in order to remove the negative effects of the global economic crisis of 1929 and partly because of the realization that the private sector was too weak to be the engine of growth.
Turkish Banking: Banking under Political Instability and Chronic High Inflation by Prof Yener Altunbas;Dr Alper Kara;?zlem Olgu