Türkiye`de faiz oranlarının sermaye piyasası üzerindeki etkisi

Abstract

ABSTRACT One of the most important problems of the developed and developing countries is to create funds which are the financial sources for economic development. Nowadays, it is definitely accepted that developing level of capital market makes easier and speeds up the development period of a country. So, every country must have his own capital market and let it work in safe. The first attempts of capital market in Turkey have started in 1962 but the relevant law was put into force in 198l. Main aim of monetary policy regarding the save is the interest,. In order to let the save flow into money and capital market the interest rate was announced free in July, 1980. In that year, supply of debenture bonds and supply of share certificate increased 208 % and I38 % respectively. İn other words, the aim was achieved. But following the bankers1 resigna tion and management changes of some banks from private sector into state sector the reliability of the market was lost. So as to establish that reliability factor to the market again some arrangements were carried out in the way that independent organizations would audit. The first stock- exchange in Turkey was founded in 1985, in Istanbul. Two basic investment means of Turkish Capital Market are debenture bonds and share certificates. Recently, Revenue-Partnership certificates appeared incredible investments. Other investment means are Foreign Exchange Indexed Debenture Bonds, Bank Bonds, Profit-Loss Shares, Stock and Shares Investment Certificates.