ISTANBUL’S CURRENT STATUS AND POTENTIAL FOR BECOMING AN INTERNATIONAL FINANCIAL CENTRE

Year 2012, Volume: 4 Issue: 2, 117 - 126, 01.12.2012

Hasmet Sarigul

Abstract

The Turkish government has been pursuing a goal to turn Istanbul into a regional
centre for finance and then, an international one. However, creating an
international financial centre where international demand and supply of funds
meet is not an easy process. In this context, we aimed to examine the current
status and the potential of Istanbul to become an international financial centre. In
order to reach the aim of the study, firstly, the characteristics of an international
financial centre have been explained and a brief overview of the Turkish
government’s official plans of development of the international financial centre
have been given. Then, the strengths, weaknesses, opportunities and threats of
Istanbul have been analyzed. Finally, we have made assessments and put forward
some suggestions.

Keywords

Istanbul, SWOT analysis, international financial center

References

• Apak, Sudi and Gorkem Elverici, 2008, ‘‘The Analysis of Istanbul’s Financial Center Project’’, Istanbul, The Journal of Accounting and Finance, Vol.38, pp.9-20.
• Deloitte Consulting, 2007, Istanbul International Financial Centre Feasibility Study, The Banks Association of Turkey.
• Fakitesi, Tayo, 2009, ‘‘Building an International Financial Centre’’, Abuja, Panel Discussion on the Occasion of the 50th Anniversary of Central Bank of Nigeria.
• Hampton Mark P., 1996, The Offshore Interface, Tax Havens in the Global Economy, New York, St. Martin’s Press.
• Hew, Denis, 2001, ‘‘Singapore as a Regional Financial Centre’’, Tokyo, AT10 Research Conference.
• IMF Monetary and Exchange Affairs Department, 2000, “Offshore Financial Centers-IMF Background Paper,” Washington, D.C.,International Monetary Fund. Jao, Yu-ching, 1997, Hong Kong as an International Financial Centre, Evolution, Prospects and Policies, Hong Kong Economic Policy Studies Series, Hong Kong, City University of Hong Kong Press.
• Kindleberger, Charles.P, 1978, Economic Response: Comparative Studies in Trade, Finance, and Growth, Cambridge, Harvard University Press.
• Lai, Karen, 2006, ‘‘Developing Shangai As An International Financial Centre: Progress and Prospects’’, Nottingham, University of Nottingham China Policy Institute Discussion Paper 4.
• Park, Yoon-shik, 2011, ‘‘Developing an International Financial Center to Modernize the Korean Service Sector’’, Korea Economic Institue Academic Paper Series. Reed, Alexander P, 1998, Money and the Global Economy, Cambridge, Woodhead Publishing Limited.
• Teker, Suat and Dilek Teker, 2011,‘‘Istanbul as an International Financial Center: Pros and Cons’’, Istanbul, Finans Politik ve Ekonomik Yorumlar, Vol.48, No.561, pp.57-68.
• T.R.State Planning Organization, The Strategy and Action Plan for Istanbul Internatioal Financial Centre, 2009,State Planning Organization.
• Yeandle, Mark, Michael Mainelli and Adrian Berendt, 2005, The Competitive Position of London as a Global Financial Centre, London, Corporation of London. Yilmaz, Huseyin, 2010, ‘‘A Study on Fixing Competitive Level of Istanbul With International Financial Centres’’, Istanbul, 8th International Knowledge, Economy& Management Congress Proceedings, pp.850-864.