2006年-世界发展银行全球_Turkey___Rural_Finance_Study_Volume_2_Expanded_Report_89页_1mb

Summary of the Rural Finance Study in Turkey (Volume II)

Core Content

This document is part of a Rural Finance Study conducted by the World Bank in May 2006, focusing on the development of the financial sector in Turkey and its implications for rural households. The study is divided into five chapters, with the first chapter examining the depth and breadth of the financial sector, the structure of the banking system, and the role of credit cooperatives and micro-finance institutions.

Main Financial Sector Indicators

• Financial Sector Depth:

  • The ratio of liquid liabilities to GDP has grown steadily since the mid-1980s, though it has experienced some reversals during crises.
  • Credit to GDP has shown limited growth, especially after the 1995 and 2001 crises, and has fallen back to pre-1995 levels.
  • Stock market capitalization to GDP has grown significantly, though it was heavily impacted by the 2001 crisis.
  • Public bond market capitalization to GDP has also grown, but remains below some other emerging markets.

• Comparative Analysis with Other Emerging Markets:

  • Turkey performs better than many Latin American and Asian economies in terms of liability and capital market depth.
  • However, it lags behind EU accession countries in credit market development.
  • GDP per capita in Turkey is lower than many of the countries in the comparison.

• Macroeconomic Variables Influencing Credit Market Depth:

  • Turkey has higher inflation and interest rates than most other countries.
  • The government budget deficit and public sector borrowing are also more significant in Turkey.
  • The cost to create collateral and contract enforcement are relatively high compared to other countries, especially EU accession countries.

Banking Sector Structure

• The Turkish banking sector consists of 47 institutions, with over 6,276 branches and 133,000 employees.
• Assets in the banking system total US$300 billion.
• Privately-owned banks hold the largest share of assets (36.2%) and loans (68.2%).
• State-owned banks account for 8.5% of the total banking system, with 21% of the loans.
• Foreign banks hold 5% of the assets and 7% of the loans.
• Non-depository banks hold 3% of the assets and 4% of the loans.

Key Financial Sector Indicators by Bank Type

Financial Market Breadth

• Branches per 100,000 people and ATMs per 100,000 people are indicators of the reach of financial services.
• Turkey has 8.5 branches per 100,000 people and 18.0 ATMs per 100,000 people.
• It outperforms many Latin American and Asian countries but underperforms relative to EU accession countries.
• Physical presence of banks in Turkey is higher than in many emerging markets, but branch density is lower than that of EU countries.

Financial Service Usage

• Deposits and loans per capita are indicators of the actual use of financial services.
• Turkey ranks below most countries in the sample, except for Argentina, Brazil, India, Indonesia, Philippines, and Ukraine.
• Loan and deposit values per capita are lower than those of many EU accession countries and other emerging markets.

Key Takeaways

• Credit constraints are significant for rural households in Turkey.
• Institutional and business environment issues, such as high collateral costs and legal barriers, contribute to limited credit access.
• Financial sector development is crucial for economic growth and poverty reduction, especially for small entrepreneurs and rural communities.
• Access to financial services does not necessarily mean use, and both concepts must be considered separately in financial outreach analysis.

Conclusion

The study highlights the asymmetry between the depth and breadth of the financial sector in Turkey, indicating that while there has been some development in liabilities and capital markets, credit market development remains a challenge. Rural households and small businesses face significant credit constraints, which may hinder investment and economic growth. The institutional environment and business conditions in Turkey appear to be less favorable for financial inclusion compared to many EU accession countries, suggesting the need for reforms and improvements in the financial sector to support rural development and economic growth.