THE IMPORTANCE OF INTERNATIONAL FINANCIAL CENTERS OF ECONOMIC DEVELOPMENT: THE CASE OF ISTANBUL

Mustafa ŞİT, Haydar KARADAĞ
2018 Uluslararası Ekonomi İşletme ve Politika Dergisi  
With the increase in efficiency that can be achieved in the financial sector by means of international financial centres, there can be positive effects on macroeconomics, such as employment, capital inflows, and rapid establishment of businesses in the markets. This is an asset for developing country economies trying to achieve their economic development. The purpose of this study is to investigate the importance of International Finance Centres in the economic structure of the country,
more » ... he country, explaining the importance of becoming an International Finance Centre by taking the Istanbul Financial Centre Project as a case, and evaluating the current state of Istanbul by considering the studies conducted since 2009. The assessment was based on data from the Global Finance Centres Index (Global Financial Centres Index-GFCI) prepared by the UK-based financial organisation named London Finance. As a result of the study, Istanbul can be seen as a regional financial centre and it can be predicted that the city can move to a better position with the stable policies. However, adverse cyclical and internal developments are seen as two of the biggest obstacles in front of Istanbul towards becoming an International Finance Centre.
doi:10.29216/ueip.399829 fatcat:3btf4d67ibdbnjyco6cpircbg4