Kırgızistan'da Bankacılık Sisteminin Gelişimi: Tarihsel İnceleme ve Güncel Sorunlar
Yıl 2018,
, 71 - 86, 31.10.2018
Dastan Aseinov
,
Kamalbek Karymshakov
Öz
Geçiş ekonomilerinde bankacılık faaliyeti, piyasa sistemi gelişmekte olan ve gelişmiş olan
ülkelerden farklılık göstermektedir. Bu çalışmada Kırgızistan’da bağımsızlıktan sonraki dönemde
bankacılık sisteminin gelişiminin incelenmesi amaçlanmaktadır. Araştırılan dönem bankacılık
sisteminin gelişme aşamalarındaki farklılıklarına göre beş alt döneme ayrılarak ele alınmıştır. Son
onbeş yılda kaydedilen önemli başarılara rağmen bankacılık sistemi halen dış şoklara karşı savunmasız
kalmaktadır. Ayrıca, kurumsal altyapının yetersizliği bankacılık sisteminin daha da geliştirilmesini
geciktiren temel faktörlerden biri olmuştur.
Kaynakça
- Åslund, A. (2002), “The IMF and the ruble zone”, Comparative Economic Studies, 44(4), 49-57.
- Abazov, R. (1999), “Policy of economic transition in Kyrgyzstan”, Central Asian Survey, 18(2), 197-223.
- Baimyrzaeva, M. (2011), “Analysis of Kyrgyzstan’s Administrative Reforms in Light Recent Governance Challenges”, International Public Management Review, 12(1), 22-47.
- Berglof, E. & P. Bolton (2002), “The great divide and beyond: Financial architecture in transition”, The Journal of Economic Perspectives, 16(1), 77-100.
- Bonin, J. & P. Wachtel (2003), “Financial sector development in transition economies: Lessons from the first decade”, Financial Markets, Institutions & Instruments, 12(1), 1-66.
- Brown, M. & M. R. Maurer & T. Pak & N. Tynaev (2009), “The impact of banking sector reform in a transition economy: Evidence from Kyrgyzstan”, Journal of Banking & Finance, 33(9), 1677-1687.
- Claessens, S. (1998), “Banking reform in transition countries”, The Journal of Policy Reform, 2(2), 115-133.
- Coleman, B. E. & V. Goffe & B. Perolli & M. Usupova & L. V. Castillo & H. Holzhacker ... & Kappeler, A. (2012), “Banking in the Eastern neighbours and Central Asia: Challenges and opportunities”, Research Report, Regional Studies and Roundtables, European Investment Bank (EIB)
- De Melo, M. & C. Denizer (1999), “Monetary Policy During Transition: An Overview”, in Blejer, M.I. & M. Skreb (ed.), Financial Sector Transformation: Lessons from Economies in Transition. Cambridge University Press, 19-92.
- Demirguc-Kunt, A., & H. Huizinga (1999), “Determinants of commercial bank interest margins and profitability: some international evidence”, World Bank Econ. Rev., 13 (2), 379–408.
- Dreger, C. & K. A. Kholodilin & D. Ulbricht & J. Fidrmuc (2016), “Between the hammer and the anvil: The impact of economic sanctions and oil prices on Russia’s ruble”, Journal of Comparative Economics, 44(2), 295-308.
- European Bank for Reconstruction and Development (2011), Strategy for the Kyrgyz Republic, <http://www.ebrd.com/downloads/country/strategy/kyrgyz.pdf>, 23.08.2016.
- Engvall, J. (2016), The State as Investment Market: Kyrgyzstan in Comparative Perspective. University of Pittsburgh Press.
- Fries, S. & A. Taci (2005), “Cost efficiency of banks in transition: Evidence from 289 banks in 15 post-communist countries”, Journal of Banking and Finance, 29(1), 55-81.
- Garvy, G. (1977), The Origins and Evolution of the Soviet Banking System: An Historical Perspective. Chapter from Money, Financial Flows, and Credit in the Soviet Union (ed. Garvy, G.), p. 13 – 35
- Gegenheimer, G. A. (2006), “Judicial Review of Bank Supervisory Decisions in The Former Soviet Republics: The Case of Kyrgyzstan”, Ann. Rev. Banking & Fin. L., 25, 295-579.
- Global Witness (2012), Grave Secrecy: How a dead man can own a UK company and other hair-raising stories about hidden company ownership from Kyrgyzstan and beyond, London: Global Witness.
- Golodniuk, I. (2005), Financial Systems and Financial Reforms in CIS Countries. Center for Social and Economic Research, Warsaw, July 2005
- Hare, P. & A. Bevan & J. Stern & S. Estrin (2000), “Supply Responses in the Economies of the Former Soviet Union”, CERT Discussion Paper, 0009, Centre for Economic Reform and Transformation, Heriot Watt University
- Ilimbek uulu, Talgat,. (2014), "Competition in the Kyrgyz Banking Industry: Empirical Study Based on Panzar and Rosse Model" (2014).
- IMF, (2016), “Kyrgyz Republic Selected Issues”, IMF Country Report, 16/56, February 2016, International Monetary Fund, Washington, D.C., <http://www.imf.org/en/Publications/CR/Issues/2016/12/31/Kyrgyz-Republic-Selected-Issues-43721>, 20.04.2017
- International Association of Deposit Insurers (IADI), (2012), “Problem Bank Resolution Methods and Payouts of Insurance Coverage to Depositors of Forcibly Liquidated Banks: Comparative Analysis of Deposit Insurance Systems in CIS Countries”, Research Paper, Eurasia Regional Committee, Basel, Switzerland
- Isakova, A. (2008), “Monetary policy efficiency in the economies of Central Asia”, Czech Journal of Economics and Finance (Finance a uver), 58(11-12), 525-553.
- Jenkins, H. (1996), Financial Sector Review for Kyrgyz Republic”, Discussion Paper, 1996-06, JDI Executive Programs.
- Johnson, J. E. (1994), “The Russian banking system: institutional responses to the market transition”, Europe-Asia Studies, 46(6), 971-995.
- Jumabaeva, G.B. (2000), “Реформа банковского сектора на пороге XXI века”, Реформа, 3(17), 46-48.
- Kloc, K. & R. Woodward (1995), “The Banking System in Kyrgyzstan”, Russian and East European Finance and Trade, 31(6), 73-94.
- Kloc, K. (2002), “Banking systems and banking crises in Ukraine, Georgia, and Kyrgyzstan”, Problems of Economic Transition, 45(8), 6-71.
- Met, O. & V. Torobekova & I. Keles (2008), “Financial System Developments in Transition Economies: The Case of Kyrgyz Financial System”, Sosyal Bilimler Dergisi, 19, 1-11.
- Mitra, P. K. (2010), “The Impact of Global Financial Crisis and Policy Responses The Caucasus, Central Asia and Mongolia”, Global Journal of Emerging Market Economies, 2(2), 189-230.
- Mullineux, A. W. (1988), International banking and financial systems: a comparison, Springer Science & Business Media.
- NBKR, (2001), Annual Report of the National Bank of the Kyrgyz Republic for 2000, April 2001, Bishkek, < http://www.nbkr.kg/DOC/04042005/000000000001195.pdf >, 05.01.2017
- NBKR, (2016), Financial Sector Stability Report of the Kyrgyz Republic, National Bank of the Kyrgyz Republic, December 2016, <http://nbkr.kg/DOC/10032017/000000000046200.pdf,> , 23.04.2017
- NBKR, (2017), Annual Report of the National Bank of the Kyrgyz Republic for 2016, 15 March 2017, Bishkek,<http://nbkr.kg/DOC/28042017/000000000046722.pdf>, 05.05.2017
- Orozalieva, B. (2015), “Current Account Imbalance of the Kyrgyz Republic”, Doctoral dissertation, Central European University
- Pastor, G. & T. Damjanovic (2003), “The Russian financial crisis and its consequences for Central Asia”, Emerging Markets Finance and Trade, 39(3), 79-104.
- Pomfret, R. (2006), The Central Asian Economies since Independence, Princeton: Princeton University Press
- Ruziev, K. & T. Majidov (2013), “Differing effects of the global financial crisis on the Central Asian countries: Kazakhstan, the Kyrgyz republic and Uzbekistan”, Europe-Asia Studies, 65(4), 682-716.
- Ryskulov, U. J. (2010), “Political Instability, Revolution: Comparison between Kyrgyzstan and Georgia”, Scientific Journal of International Black Sea University, 4(2), 97-112
- Sagbansua, L. (2006), “Banking System in Kyrgyz Republic”, Scientific Journal of International Black Sea University, 1(1), 39-53.
- Sherif, K. & M. S. Borish & A. Gross (2003), State-owned banks in the transition: origins, evolution, and policy responses, World Bank Publications.
- Siegelbaum, P. & K. Sherif& M. S. Borish & G. Clarke (2002), “Structural Adjustment in the Transition: Case Studies from Albania, Azerbaijan, the Kyrgyz Republic, and Moldova”, World Bank Discussion Paper, 429, Washington, D.C
- Struyk, R. J. & F. Roy (2006), “Kyrgyzstan's "Squatter Communities" and the Potential of Housing Micro Finance to Support Upgrading”, Housing Finance International, 21(1), 22-27.
- Tang, H. & E. Zoli & I. Klytchnikova (2000), Banking crises in transition economies: Fiscal costs and related issues”, World Bank Policy Research Working Paper, 2484.
- Tovar-García, E. D. & R. Kozubekova (2016), “The Third Pillar of the Basel Accord: Evidence of borrower discipline in the Kyrgyz banking system”, Journal of Eurasian Studies, 7(2), 195-204.
- Uyanik, T. & C. Segni (2001), “Evolution of the Banking Sector in Central Asia”, in Fleming, A. & L. Bokros & C. Votava (ed.), Financial Transition in Europe and Central Asia: Challenges of the New Decade, World Bank Publications, 97-108.
- Vorobey, Y. (2015), “Commercial banking in Kyrgyzstan”, Central Asia Economic Papers, No. 13
- Yadav, R. (2016), “Financial sector reforms and Commercial banks Performance in Kyrgyzstan: 1991-2015”, International Journal of Economics and Research, 7(5), 1-13
- Zoli, E. (2001), “Cost and Effectiveness of Banking Sector Restructuring in Transition Economies”, Working Paper, 01/157, International Monetary Fund.
Development of the Banking System in Kyrgyzstan: An Historical Review and Current Challenges
Yıl 2018,
, 71 - 86, 31.10.2018
Dastan Aseinov
,
Kamalbek Karymshakov
Öz
Banking in transition economies differs from developing and developed economies with market system. This study aims to review development of the banking system in Kyrgyzstan since independence. The period under consideration is divided into five stages, each of which has a main distinctive aspect. Despite considerable achievements in last fifteen years the banking system still remains vulnerable to external shocks. Moreover, insufficient institutional infrastructure is one of the fundamental factors retarding further development of the banking system.
Kaynakça
- Åslund, A. (2002), “The IMF and the ruble zone”, Comparative Economic Studies, 44(4), 49-57.
- Abazov, R. (1999), “Policy of economic transition in Kyrgyzstan”, Central Asian Survey, 18(2), 197-223.
- Baimyrzaeva, M. (2011), “Analysis of Kyrgyzstan’s Administrative Reforms in Light Recent Governance Challenges”, International Public Management Review, 12(1), 22-47.
- Berglof, E. & P. Bolton (2002), “The great divide and beyond: Financial architecture in transition”, The Journal of Economic Perspectives, 16(1), 77-100.
- Bonin, J. & P. Wachtel (2003), “Financial sector development in transition economies: Lessons from the first decade”, Financial Markets, Institutions & Instruments, 12(1), 1-66.
- Brown, M. & M. R. Maurer & T. Pak & N. Tynaev (2009), “The impact of banking sector reform in a transition economy: Evidence from Kyrgyzstan”, Journal of Banking & Finance, 33(9), 1677-1687.
- Claessens, S. (1998), “Banking reform in transition countries”, The Journal of Policy Reform, 2(2), 115-133.
- Coleman, B. E. & V. Goffe & B. Perolli & M. Usupova & L. V. Castillo & H. Holzhacker ... & Kappeler, A. (2012), “Banking in the Eastern neighbours and Central Asia: Challenges and opportunities”, Research Report, Regional Studies and Roundtables, European Investment Bank (EIB)
- De Melo, M. & C. Denizer (1999), “Monetary Policy During Transition: An Overview”, in Blejer, M.I. & M. Skreb (ed.), Financial Sector Transformation: Lessons from Economies in Transition. Cambridge University Press, 19-92.
- Demirguc-Kunt, A., & H. Huizinga (1999), “Determinants of commercial bank interest margins and profitability: some international evidence”, World Bank Econ. Rev., 13 (2), 379–408.
- Dreger, C. & K. A. Kholodilin & D. Ulbricht & J. Fidrmuc (2016), “Between the hammer and the anvil: The impact of economic sanctions and oil prices on Russia’s ruble”, Journal of Comparative Economics, 44(2), 295-308.
- European Bank for Reconstruction and Development (2011), Strategy for the Kyrgyz Republic, <http://www.ebrd.com/downloads/country/strategy/kyrgyz.pdf>, 23.08.2016.
- Engvall, J. (2016), The State as Investment Market: Kyrgyzstan in Comparative Perspective. University of Pittsburgh Press.
- Fries, S. & A. Taci (2005), “Cost efficiency of banks in transition: Evidence from 289 banks in 15 post-communist countries”, Journal of Banking and Finance, 29(1), 55-81.
- Garvy, G. (1977), The Origins and Evolution of the Soviet Banking System: An Historical Perspective. Chapter from Money, Financial Flows, and Credit in the Soviet Union (ed. Garvy, G.), p. 13 – 35
- Gegenheimer, G. A. (2006), “Judicial Review of Bank Supervisory Decisions in The Former Soviet Republics: The Case of Kyrgyzstan”, Ann. Rev. Banking & Fin. L., 25, 295-579.
- Global Witness (2012), Grave Secrecy: How a dead man can own a UK company and other hair-raising stories about hidden company ownership from Kyrgyzstan and beyond, London: Global Witness.
- Golodniuk, I. (2005), Financial Systems and Financial Reforms in CIS Countries. Center for Social and Economic Research, Warsaw, July 2005
- Hare, P. & A. Bevan & J. Stern & S. Estrin (2000), “Supply Responses in the Economies of the Former Soviet Union”, CERT Discussion Paper, 0009, Centre for Economic Reform and Transformation, Heriot Watt University
- Ilimbek uulu, Talgat,. (2014), "Competition in the Kyrgyz Banking Industry: Empirical Study Based on Panzar and Rosse Model" (2014).
- IMF, (2016), “Kyrgyz Republic Selected Issues”, IMF Country Report, 16/56, February 2016, International Monetary Fund, Washington, D.C., <http://www.imf.org/en/Publications/CR/Issues/2016/12/31/Kyrgyz-Republic-Selected-Issues-43721>, 20.04.2017
- International Association of Deposit Insurers (IADI), (2012), “Problem Bank Resolution Methods and Payouts of Insurance Coverage to Depositors of Forcibly Liquidated Banks: Comparative Analysis of Deposit Insurance Systems in CIS Countries”, Research Paper, Eurasia Regional Committee, Basel, Switzerland
- Isakova, A. (2008), “Monetary policy efficiency in the economies of Central Asia”, Czech Journal of Economics and Finance (Finance a uver), 58(11-12), 525-553.
- Jenkins, H. (1996), Financial Sector Review for Kyrgyz Republic”, Discussion Paper, 1996-06, JDI Executive Programs.
- Johnson, J. E. (1994), “The Russian banking system: institutional responses to the market transition”, Europe-Asia Studies, 46(6), 971-995.
- Jumabaeva, G.B. (2000), “Реформа банковского сектора на пороге XXI века”, Реформа, 3(17), 46-48.
- Kloc, K. & R. Woodward (1995), “The Banking System in Kyrgyzstan”, Russian and East European Finance and Trade, 31(6), 73-94.
- Kloc, K. (2002), “Banking systems and banking crises in Ukraine, Georgia, and Kyrgyzstan”, Problems of Economic Transition, 45(8), 6-71.
- Met, O. & V. Torobekova & I. Keles (2008), “Financial System Developments in Transition Economies: The Case of Kyrgyz Financial System”, Sosyal Bilimler Dergisi, 19, 1-11.
- Mitra, P. K. (2010), “The Impact of Global Financial Crisis and Policy Responses The Caucasus, Central Asia and Mongolia”, Global Journal of Emerging Market Economies, 2(2), 189-230.
- Mullineux, A. W. (1988), International banking and financial systems: a comparison, Springer Science & Business Media.
- NBKR, (2001), Annual Report of the National Bank of the Kyrgyz Republic for 2000, April 2001, Bishkek, < http://www.nbkr.kg/DOC/04042005/000000000001195.pdf >, 05.01.2017
- NBKR, (2016), Financial Sector Stability Report of the Kyrgyz Republic, National Bank of the Kyrgyz Republic, December 2016, <http://nbkr.kg/DOC/10032017/000000000046200.pdf,> , 23.04.2017
- NBKR, (2017), Annual Report of the National Bank of the Kyrgyz Republic for 2016, 15 March 2017, Bishkek,<http://nbkr.kg/DOC/28042017/000000000046722.pdf>, 05.05.2017
- Orozalieva, B. (2015), “Current Account Imbalance of the Kyrgyz Republic”, Doctoral dissertation, Central European University
- Pastor, G. & T. Damjanovic (2003), “The Russian financial crisis and its consequences for Central Asia”, Emerging Markets Finance and Trade, 39(3), 79-104.
- Pomfret, R. (2006), The Central Asian Economies since Independence, Princeton: Princeton University Press
- Ruziev, K. & T. Majidov (2013), “Differing effects of the global financial crisis on the Central Asian countries: Kazakhstan, the Kyrgyz republic and Uzbekistan”, Europe-Asia Studies, 65(4), 682-716.
- Ryskulov, U. J. (2010), “Political Instability, Revolution: Comparison between Kyrgyzstan and Georgia”, Scientific Journal of International Black Sea University, 4(2), 97-112
- Sagbansua, L. (2006), “Banking System in Kyrgyz Republic”, Scientific Journal of International Black Sea University, 1(1), 39-53.
- Sherif, K. & M. S. Borish & A. Gross (2003), State-owned banks in the transition: origins, evolution, and policy responses, World Bank Publications.
- Siegelbaum, P. & K. Sherif& M. S. Borish & G. Clarke (2002), “Structural Adjustment in the Transition: Case Studies from Albania, Azerbaijan, the Kyrgyz Republic, and Moldova”, World Bank Discussion Paper, 429, Washington, D.C
- Struyk, R. J. & F. Roy (2006), “Kyrgyzstan's "Squatter Communities" and the Potential of Housing Micro Finance to Support Upgrading”, Housing Finance International, 21(1), 22-27.
- Tang, H. & E. Zoli & I. Klytchnikova (2000), Banking crises in transition economies: Fiscal costs and related issues”, World Bank Policy Research Working Paper, 2484.
- Tovar-García, E. D. & R. Kozubekova (2016), “The Third Pillar of the Basel Accord: Evidence of borrower discipline in the Kyrgyz banking system”, Journal of Eurasian Studies, 7(2), 195-204.
- Uyanik, T. & C. Segni (2001), “Evolution of the Banking Sector in Central Asia”, in Fleming, A. & L. Bokros & C. Votava (ed.), Financial Transition in Europe and Central Asia: Challenges of the New Decade, World Bank Publications, 97-108.
- Vorobey, Y. (2015), “Commercial banking in Kyrgyzstan”, Central Asia Economic Papers, No. 13
- Yadav, R. (2016), “Financial sector reforms and Commercial banks Performance in Kyrgyzstan: 1991-2015”, International Journal of Economics and Research, 7(5), 1-13
- Zoli, E. (2001), “Cost and Effectiveness of Banking Sector Restructuring in Transition Economies”, Working Paper, 01/157, International Monetary Fund.