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Public Policy Analysis in Turkey

Past, Present and Future

Edited By Onur Kulaç, Elvettin Akman and Cenay Babaoğlu

This book presents a broad and comprehensive perspective on analysis of public policy in Turkey. Each of the twenty-six chapters presents historical development, legal background, actors, problems, and recommendations of different policies. The scope of this book is to fill the void in the literature with regards to the analyses of public policies in Turkey.

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19 A Public Policy Analysis: Financial Regulation Policy of Turkey

Extract

Yaşam Demir

19   A Public Policy Analysis: Financial Regulation Policy of Turkey

Introduction

Determination of regulations has remained as a matter of debate within the eco-politic background. Markets directly regulated by governments and the ones indirectly regulated by independent authorities have displayed difference. From this point of view, the most significant regulative authorities in the regulation of financial markets are government, central bank and independent administrative authorities. Central Banks regulate factors such as payment system, liquidity, and inflation within the scope of macroeconomic precautions. Furthermore, when microeconomic precautions necessitated by market come into question, approach of central banks to financial regulations from either their targets or current needs is a controversial issue (Nier, 2009: 54). In this regard, there are independent auditing institutions specific to banking industry has been founded for regulation of financial markets beside central banks. The essential point here is to ensure having a well-functioning and balanced auditing and regulation systems through independency of regulation authorities (Quintny & Taylor, 2002: 34). Efficiency and stability of banking industry are aimed through regulations not only targeting macroeconomic targets but also characteristics of the industry. In this context, independent administrative authorities play regulative role. Majone (1994) asserts that regulations do not only need legislative process for their success, but also opinions and contributions of experts are required. This approach has resulted in changes in financial regulation policies. Decreasing credibility of politicians and experienced scandals have cast doubt on transparency of government regulations. The...

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