Bu çalışmada, Türkiye'nin en önemli projelerinden biri olarak 2009 yılında başlayan İstanbul Finans Merkezi projesinde şu ana dek yapılan çalışmalarda gelinen son aşama değerlendirilmiş, eylem planları, Avrupa Birliği, Gümrük Tarifeleri ve Ticaret Genel Anlaşması gibi ulusal ve uluslararası normlara uyum sorgulanmıştır. Finans Merkezi olma yolunda yapılan çalışmalar incelendiğinde gelişmiş finans merkezleri sıralamasında İstanbul'un oldukça yol almış olmasına rağmen henüz istenilen seviyeye ulaşmadığı görülmüştür. Bu çalışmayla; Finans Merkezi’nin Türkiye ve Dünya açısından öneminin ve incelenmesinin istatistiksel olarak ortaya konulmaya çalışılmıştır.
CONTENTS
ABSTRACT III
ÖZET V
LIST OF TABLES XIII
LIST OF CHARTS XV
LIST OF FIGURES XV
LIST OF ABBREVIATIONS XVII
INTRODUCTION XXI
CHAPTER I 1
CONCEPT OF FINANCIAL CENTER AND DETERMINANTS 1
1.1. Concept of Financial Center 1
1.2. Common Features of the Global Financial Centers 2
1.3. Advantages and Disadvantages of Being a Global Financial Center 4
1.3.1 Advantages of Becoming a Global Financial Center 5
1.3.2 Disadvantages of Being a Global Financial Center 10
1.4. Theoretical Framework for Global Financial Centers 13
1.4.1. Theory of Selected Place and Location 13
1.4.2. Economy of Scale 14
1.4.3. Finance Geography 15
1.4.4 Global City Theory 16
CHAPTER II 19
GLOBAL FINANCIAL CENTRES 19
2.1. Emergence of Financial Centers in the World 19
2.2. Overview of the Global Financial Centers 20
2.2.1. London as a Financial Center 20
2.2.2. New York As a Financial Center 24
2.2.3. Euro Zone as a Financial Center 28
2.2.4. Hong Kong as a Financial Center 31
2.2.5. Dubai As a Financial Center 35
2.2.6. Switzerland as a Financial Center 38
2.2.7. Turkey's Path to Become a Financial Center 41
CHAPTER III 51
COMPLIANCE OF ISTANBUL TO EU NORMS IN BECOMING A GLOBAL FINANCIAL CENTER 51
3.1. The Position of Istanbul Financial Center in International Regulations 51
3.1.1. GATTs Agreement 51
3.1.2. EU Regulations for Tertiary Sector 53
3.2. Harmonization of Turkish and European Capital Markets 59
3.3. Studies carried out with the aim of making Istanbul a Global Financial
Center 64
3.3.1. Organizational Structure 64
3.3.2. Legal Infrastructure 68
3.3.3. Variety of Financial Products and Services 70
3.3.4. Simple and Efficient Taxation 72
3.3.5. Regulatory and Supervisory Framework 73
3.3.6. Physical Infrastructure 74
3.3.7. Technological Infrastructure 75
3.3.8. Promotion and Image 76
3.3.9. Human Resources 78
3.3.10 Financial Consumer Protection 79
3.3.11 Action Plan for Istanbul International Financial Center 79
3.3.12 Establishment of Istanbul Stock Exchange and Its Objectives 81
3.4. SWOT Analysis on Istanbul Financial Center 83
CHAPTER IV 87
COMPLIANCE OF ISE WITH DEVELOPED FINANCIAL CENTRES 87
4.1. Purpose of the Application 87
4.2. Literature Review on the Application Method 87
4.3. Econometric Method 91
4.4. The Data Set Used in Application 92
4.5. Empirical Results 93
CONCLUSION AND OVERVIEW 99
REFERENCES 105
ANNEXES 115