Economic contributions of the Ottoman Bank in the Ottoman Empire and the Turkish Republic

WOS: 000444369900013The Ottoman Bank had a special place in the Ottoman Empire during the development of monetary and credit institutions. Founded in 1863, the Ottoman Bank functioned as the central bank for many subjects in the Ottoman Empire, and the bank is an interesting example of the role of foreign capital control over finance and the economy. The Ottoman Bank handled treasury operations until the establishment of the Central Bank and continued to protect the state bank statue. In this chapter, the duties and economic effects of the Ottoman Bank, which started in the Ottoman Empire and continued in the Republic of Turkey, will be discussed in the historical process

Reforms and supervisory organizations: Lessons from the history of the Istanbul Bourse, 1873-1883

Copyright © 2017 by Emerald Publishing Limited. All rights of reproduction in any form reserved.Inefficiencies in the fiscal and monetary systems of the Ottoman Empire led to a higher debt burden over time and the bankruptcy for the Ottoman state in 1875. To deal with these inefficiencies, reforms were implemented: supervisory organizations were established and the gold standard was adopted. How did investors at the Istanbul Bourse view these reforms? We manually collected data on the price of Ottoman government bonds on the Bourse from 1873 to 1883. Using the generalized autoregressive conditional heteroscedasticity (GARCH) methodology, we identify short-run and permanent changes in volatility of bond returns subsequent to the reforms. Our results suggest investors responded positively, by accepting lower yield premia, to adoption of the gold standard, and foundation of the Ottoman Public Debt Administration which had European sponsors, but did not respond positively to reforms that relied on purely local institutions

Turkish Heritage language acquisition and maintenance in Germany

This chapter discusses the case of Turkish as a heritage language in Germany, considering the factors affecting heritage language maintenance and education, including parental and institutional perspectives. We contextualize this within a brief review of the history of Turkish migration to Germany, highlighting the relationship between the challenging integration process experienced by many Turkish immigrants to Germany, and the social, educational, and linguistic journey of the Turkish language within the Turkish community. Data from a recent research study presents empirical data examining associations between parental perspectives, including maintaining literacy, on Turkish heritage language maintenance in Germany and the linguistic outcomes of heritage language competence within the younger generation, presented here within the formalisms of Processability Theory (Pienemann 1998). We finish with a discussion on the lack of a uniform approach from German governments toward accommodating Turkish language within the mainstream education system and how this may affect the future of Turkish as a heritage language in Germany