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2001 Turkish Economic Crisis
The 2001 Turkish economic crisis was a financial crisis which resulted in a stock market crash and collapse in the Turkish Lira as a result of political and economic problems that had been wearing on Turkey for years. Leading up to the crisis, throughout the 1980s and 1990s, Turkey relied heavily on foreign investment for economic growth, with trade above 40% of GNP. The Turkish government and banking systems lacked the financial means to support meaningful economic growth. The government was already running enormous budget deficits, and one of the ways it managed to sustain these was by selling huge quantities of high-interest bonds to Turkish banks. Continuing inflation (likely a result of the enormous flow of foreign capital into Turkey) meant that the government could avoid defaulting on the bonds in the short term. As a consequence, Turkish banks came to rely on these high-yield bonds as a primary investment. Political instability In March 1996 a Coalition was formed betw ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Turkish Lira
The lira ( tr, Türk lirası; sign: ₺; ISO 4217 code: TRY; abbreviation: TL) is the official currency of Turkey and Northern Cyprus. One lira is divided into one hundred '' kuruş''. History Ottoman lira (1844–1923) The lira, along with the related currencies of Europe and the Middle East, has its roots in the ancient Roman unit of weight known as the libra which referred to the Troy pound of silver. The Roman libra adoption of the currency spread it throughout Europe and the Near East, where it continued to be used into medieval times. The Turkish lira, the French livre (until 1794), the Italian lira (until 2002), Syrian pound, Lebanese pound and the pound unit of account in sterling (a translation of the Latin ''libra''; the word "pound" as a unit of weight is still abbreviated as "lb.") are the modern descendants of the ancient currency. The lira was introduced as the main unit of account in 1844, with the former currency, kuruş, remaining as a subdivisio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ahmet Necdet Sezer
Ahmet Necdet Sezer (; born 13 September 1941) is a Turkish statesman and judge who served as the tenth president of Turkey from 2000 to 2007. Previously he was president of the Constitutional Court of Turkey from 1998 to 2002. The Grand National Assembly of Turkey elected Sezer as president in 2000 after Süleyman Demirel's seven-year term expired. He was succeeded by Abdullah Gül in 2007. Following his legal career, Sezer became a candidate for the presidency with the joint support of many political parties in Parliament. Following the 2000 presidential election, he took an ardent secularist approach on issues such as the headscarf, holding the view that secularism in Turkey was under threat. A quarrel between Sezer and Prime Minister Bülent Ecevit in 2001 led to a financial meltdown, attributed to the weakness of the coalition government as well as to the large debt owed to the International Monetary Fund. The landslide victory of the conservative Islamist Justice an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stock Market Crash
A stock market crash is a sudden dramatic decline of stock prices across a major cross-section of a stock market, resulting in a significant loss of paper wealth. Crashes are driven by panic selling and underlying economic factors. They often follow speculation and economic bubbles. A stock market crash is a social phenomenon where external economic events combine with crowd psychology in a positive feedback loop where selling by some market participants drives more market participants to sell. Generally speaking, crashes usually occur under the following conditions: a prolonged period of rising stock prices (a bull market) and excessive economic optimism, a market where price–earnings ratios exceed long-term averages, and extensive use of margin debt and leverage by market participants. Other aspects such as wars, large corporate hacks, changes in federal laws and regulations, and natural disasters within economically productive areas may also influence a significant decline i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Inequality
There are wide varieties of economic inequality, most notably income inequality measured using the distribution of income (the amount of money people are paid) and wealth inequality measured using the distribution of wealth (the amount of wealth people own). Besides economic inequality between countries or states, there are important types of economic inequality between different groups of people. Important types of economic measurements focus on wealth, income, and consumption. There are many methods for measuring economic inequality, the Gini coefficient being a widely used one. Another type of measure is the Inequality-adjusted Human Development Index, which is a statistic composite index that takes inequality into account. Important concepts of equality include equity, equality of outcome, and equality of opportunity. Whereas globalization has reduced global inequality (between nations), it has increased inequality within nations. Income inequality between nations p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of The Republic Of Turkey
The Central Bank of the Republic of Turkey, CBRT ( tr, Türkiye Cumhuriyet Merkez Bankası, TCMB, literally "The Turkish Republic Central Bank") is the central bank of Turkey. Its responsibilities include conducting monetary and exchange rate policy, managing international reserves of Turkey, as well as printing and issuing banknotes, and establishing, maintaining and regulating payment systems in the country. The CBRT is tasked by law to achieve and maintain price and financial stability in Turkey, and has a mandate to use, by its own discretion, whichever policy instrument at its disposal to reach these objectives. Therefore, it has instrument but not goal independence. Since 2006, the CBRT follows a full-fledged inflation targeting regime.Central Bank of the Republic of Turkey Factsheet , ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Dollar
The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color. The monetary policy of the United States is conducted by the Federal Reserve System, which acts as the nation's central bank. The U.S. dollar was originally defined under a bimetallic standard of (0.7735 troy ounces) fine silver or, from 1837, fine gold, or $20.67 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Turkish Lira
The lira ( tr, Türk lirası; sign: ₺; ISO 4217 code: TRY; abbreviation: TL) is the official currency of Turkey and Northern Cyprus. One lira is divided into one hundred '' kuruş''. History Ottoman lira (1844–1923) The lira, along with the related currencies of Europe and the Middle East, has its roots in the ancient Roman unit of weight known as the libra which referred to the Troy pound of silver. The Roman libra adoption of the currency spread it throughout Europe and the Near East, where it continued to be used into medieval times. The Turkish lira, the French livre (until 1794), the Italian lira (until 2002), Syrian pound, Lebanese pound and the pound unit of account in sterling (a translation of the Latin ''libra''; the word "pound" as a unit of weight is still abbreviated as "lb.") are the modern descendants of the ancient currency. The lira was introduced as the main unit of account in 1844, with the former currency, kuruş, remaining as a subdivisio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interest Rate
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited, or borrowed. The annual interest rate is the rate over a period of one year. Other interest rates apply over different periods, such as a month or a day, but they are usually annualized. The interest rate has been characterized as "an index of the preference . . . for a dollar of present ncomeover a dollar of future income." The borrower wants, or needs, to have money sooner rather than later, and is willing to pay a fee—the interest rate—for that privilege. Influencing factors Interest rates vary according to: * the government's directives to the central bank to accomplish the government's goals * the currency of the principal sum lent or borrowed * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bilkent University
Bilkent University ( tr, Bilkent Üniversitesi) is a private university located in Ankara, Turkey. It was founded by Prof. İhsan Doğramacı in 1984, with the aim of creating a center of excellence in higher education and research. It is constantly ranked among the top Turkish universities since its establishment. In 2011, it was listed as the top 112th university in the world by The World University Rankings. Bilkent University was modeled after Harvard University and was the first non-profit private university established in the country. The name Bilkent is an abbreviation of ''bilim kenti'': Turkish for "city of science". History Preparations for the establishment of the university began in 1967, with the purchase of a tract of land to the west of Ankara. In the late 1970s the foundations of the buildings which now house administrative offices, the faculty of engineering, and the library, were laid. Construction of residences for academic staff, cafeterias, student dormitori ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Turkish Airlines
Turkish Airlines ( Turkish: ''Türk Hava Yolları'') is the national flag carrier airline of Turkey. , it operates scheduled services to 340 destinations in Europe, Asia, Africa, and the Americas, making it the largest mainline carrier in the world by number of passenger destinations. The airline serves more destinations non-stop from a single airport than any other airline in the world and flies to 126 countries, more than any other airline. With an operational fleet of 24 cargo aircraft, the airline's cargo division serves 82 destinations. The airline's corporate headquarters are at the Turkish Airlines General Management Building on the grounds of Istanbul Atatürk Airport in Yeşilköy, Bakırköy, Istanbul. Istanbul Airport in Arnavutköy is the airline's main base, and there are secondary hubs at Ankara Esenboğa Airport and İzmir Adnan Menderes Airport. Turkish Airlines has been a member of the Star Alliance network since 1 April 2008. History Early years Turki ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Turkey
Turkey has an emerging market economy, as defined by the International Monetary Fund. The country is a founding member of the OECD (1961) and the G-20 major economies (1999). Since 1995, Turkey is a party to the European Union–Turkey Customs Union. Turkey is often classified as a newly industrialized country by economists and political scientists; while Merrill Lynch, the World Bank, the IMF and ''The Economist'' magazine describe Turkey as an emerging market economy. The World Bank classifies Turkey as an upper-middle income country in terms of the country's per capita GDP. The CIA World Factbook adds Turkey to its list of developed countries (DCs) due to the country's status as a founding member of the OECD. With a population of 84.6 million as of 2021, Turkey is among the world's leading producers of agricultural products, textiles, motor vehicles, transportation equipment, construction materials, consumer electronics and home appliances. Turkey's nominal GDP peaked at ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Investment
Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing is to generate a return from the invested asset. The return may consist of a gain (profit) or a loss realized from the sale of a property or an investment, unrealized capital appreciation (or depreciation), or investment income such as dividends, interest, or rental income, or a combination of capital gain and income. The return may also include currency gains or losses due to changes in the foreign currency exchange rates. Investors generally expect higher returns from riskier investments. When a low-risk investment is made, the return is also generally low. Similarly, high risk comes with a chance of high losses. Investors, particularly novices, are often advised to diversify their portfolio. Diversification has the statistical effe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
