Business Finance in Less Developed Capital Markets

By Klaus P. Fischer; George J. Papaioannou | Go to book overview
4.
In 1985 total debt instruments accounted for 92.7 percent of the new issues and 70 percent of already-outstanding securities. Public-sector securities amounted to 91.1 percent of new issues and 65.61 percent of outstanding securities.
5.
See Rothschild and Stiglitz ( 1976) for a discussion of pooling and the separating equilibrium.
6.
Sak and Süngü ( 1988). p. 20.
7.
Figure 4.2 excludes the YK 3 fund, which appears to be an outlier in figure 4.1.
8.
See Ertuna ( 1987a) and Tinic ( 1986) on this issue.

REFERENCES

Cosan F. M., and H. Ersel. ( 1986). "Turkish Financial System: Its Evolution and Performance--1980-1986." In Inflation and Capital Markets, 26-65. Proceedings of the OECD-CMB Conference held in Abant-Bolu, Turkey, August.

Dougall H. E., and J. E. Gaumnitz. ( 1975). Capital Markets and Institutions. Englewood Cliffs, N.J.: Prentice-Hall.

Ersel H., and G. Sak. ( 1986). "The Financial Structure of the Corporation Subject to CMB Supervision." In Inflaton and Capital Markets, 89-139. Proceedings of the OECD- CMB Conference held in Abant-Bolu, Turkey, August.

-----. ( 1987). "Public Borrowing and the Development of Financial Markets in Turkey." Paper presented at the OECD-CMB Conference on the Interrelations between Money and Capital Markets, Bursa, Turkey, August.

Ertuna I. Ö. ( 1987a). "Recent Developments and Regulations in Turkish Capital Markets." Bogazici University, Istanbul. Mimeo.

-----.( 1987b). Turkiye' de Mali Piyasalar: Sorunlar ve Cozumler. Istanbul Chamber of Commerce, Publication no. 1987-6.

Inselbag I., and N. B. Gultekin. ( 1988). "Financial Markets in Turkey." In Liberalization and the Turkish Economy, ed. T. Nas and M. Odekon. Westport, Conn.: Greenwood Press.

Rothschild M., and J. E. Stiglitz. ( 1976). "Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information." Quarterly Journal of Economics 91 (November): 629-650.

Sak G., and S. Süngü. ( 1988). "Turkish Experience in Mutual Funds." Paper presented at the OECD-CMB Conference, Ankara, Turkey, June.

Sharpe W. F. ( 1985). Investment. 3rd ed. Englewood Cliffs, N.L: Prentice-Hall.

Soydemir S., and A. Akyuz. ( 1988). "Issues Related to the Management and Performance of Mutual Funds in Turkey." Paper presented at the OECD-CMEB Conference, Ankara, Turkey, June.

Süngü S. ( 1987). "Genel Olarak Yatirim Fonlari ve Turkiye' deki Uyguluma." Research Department, Publication no.. AGD/8716, Capital Market Board, Ankara, Turkey, December.

Tinic S. M. ( 1986). "An Introduction to Investment Companies and Some Observations on the Feasibility of Organizing Mutual Funds in Turkey." Unpublished paper, University of Texas, Austin, May.

-95-

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