2006年-世界发展银行全球_Turkey___Rural_Finance_Study_Volume_1_Main_Report_55页_561kb

Turkey Rural Finance Study Summary

Core Content

This report, part of the World Bank's Turkey Rural Finance Study (RFS), provides an in-depth analysis of the performance and challenges of the rural financial system in Turkey. It highlights the structural weaknesses in rural financial markets and proposes policy measures to enhance access, sustainability, and efficiency of financial services in rural areas.

Main Report Structure

The study is divided into two volumes:

• Volume I: Main Report

  • Executive Summary
  • Matrix of Policy and Operational Measures for Improved Rural Finance
  • Introduction
  • Financial Sector Development in Turkey
  • Regional Structure of Financial Markets
  • Participation in Financial Markets by Rural Households
  • Credit Constraints and Investment Behavior

• Volume II: Expanded Report

  • Chapter 1 – Financial Sector Development in Turkey
  • Chapter 2 – Regional Structure of Financial Markets
  • Chapter 3 – Participation in Financial Markets by Rural Households
  • Chapter 4 – Rural Credit Market Structure
  • Chapter 5 – Credit Constraints and Investment Behavior

Key Findings

1. Poor Performance of Rural Financial Markets

• Rural financial markets in Turkey are underdeveloped, with limited access to credit and financial services.
• Only 37% of farmers have borrowed from any lender (formal or informal) in the past.
• Only 11% of rural households hold financial assets, and about 8% have bank accounts.
• Insurance coverage is minimal, with only 11% of rural households having any type of insurance, and crop and livestock insurance used at less than 1%.

2. Credit Constraints

• Over 70% of rural households are credit constrained.
• High interest rates, fees, and perceived risk are major barriers to borrowing.
• Collateral requirements and lack of formal savings are also significant issues.
• Only 9% of rural households made investment outlays in 2004, indicating low investment activity.

3. Macroeconomic Factors

• Reduced inflation and public sector deficits have contributed to lower real interest rates, which is crucial for increasing rural credit demand.
• However, maintaining these macroeconomic conditions may be challenging due to international economic developments and domestic growth needs.

4. Legal and Institutional Framework

• The legal and institutional environment in Turkey is not conducive to financial sector development, particularly in rural areas.
• Collateral and bankruptcy laws need improvement to facilitate lending and reduce risk.
• The credit registry system is inadequate, limiting banks' ability to assess rural borrowers effectively.

5. Role of Agricultural Credit Cooperatives (ACCs)

• ACCs are a significant source of credit for rural households, but their performance is hampered by reliance on Ziraat Bank and lack of profitability.
• ACCs have an outreach of about 7-8% of farm households, with most loans being short-term and commercial.
• The ACC system consists of nearly 2,000 cooperatives and 1.4 million members.

Main Policy Recommendations

1. Macroeconomic Stability

• Maintain improved macroeconomic performance (reduced inflation, lower public deficits) to keep real interest rates low.
• Encourage a shift from subsidized interest rates and debt forgiveness to institution-building strategies.

2. Legal and Institutional Reforms

• Improve the judicial system to enhance legal rights of borrowers and creditors, particularly through collateral and bankruptcy laws.
• Modernize land titling and registration systems with the help of the Turkish Cadastre and Registration General Directorate (TKGM).
• Strengthen the credit registry system by including data from all credit providers, including leasing companies, farmers' organizations, and utility companies.

3. Financial Education and Training

• Promote business and financial education for rural households through farmers' organizations and cooperatives.
• Provide training to banks and financial institutions on risk management, credit analysis, and tailored financial products for rural clients.

4. Risk Reduction Measures

• Rationalize irrigation investment to focus on farm-level projects and reduce reliance on large dams.
• Promote warehouse receipts and crop insurance (including weather index-based systems) to reduce price volatility and catastrophic risk.
• Encourage diversification into small rural enterprises and the use of financial services.

5. Enhancing Private Sector Involvement

• Support private banks in rural credit intermediation through technical assistance and transaction cost subsidies.
• Promote correspondent banking arrangements with non-bank institutions like the postal service and ACCs to reduce transaction costs.
• Improve payment and transfer systems using technology (ATMs, smart cards) to increase rural financial outreach.

6. Restructuring ACCs

• Restructure ACCs to operate on commercial principles, including cleaning up loan portfolios, separating financial and non-financial services, and introducing deposit-taking activities.
• Develop a technology platform to improve transparency and service delivery.
• Establish a proper legal and regulatory framework to support ACCs' long-term sustainability.

Conclusion

The RFS highlights the need for a comprehensive approach to rural finance development in Turkey, combining macroeconomic stability, legal reform, financial education, and institutional restructuring. It emphasizes the importance of moving away from subsidies and towards sustainable, market-oriented financial services to support rural growth and investment. The World Bank is positioned to provide assistance in these areas, particularly in technical support and policy development.