Turkey : Rural Finance Study, Volume 1. Main Report
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Washington, DC
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Over the past five years in Turkey, the
agricultural and rural sector has seen substantial change in
transfer policies which now place greater emphasis on
improved equity and investment. These have been summarized
in the earlier World Bank "Review of the Impact of the
Reform of Agricultural Sector Subsidization (2004), and
"Policy and Investment Priorities for Agricultural and
Rural Development" (2005). Currently, the structural
changes in the agricultural sector and rural employment
generation in response to labor shedding in the agricultural
sector are key challenges to which Turkey is responding in
the design of and agricultural and rural development
strategy. However, the impact of government transfers and
public investment policies in the rural sector will be
limited unless the supply of, access to, and demand for
rural financial services is significantly increased. For
these reasons, the Turkey Rural Finance study (RFS) seeks to
establish a policy agenda for the Government of Turkey (GOT)
in order to contribute to the effort of renewed growth of
the rural financial system after a period of prolonged
decline. In order to inform this policy agenda, the study
also has aimed at portraying the situation of rural
financial markets in Turkey and determining the factors
influencing the use of financial services by rural
households and the constraints affecting the availability of
financial services in rural areas. The findings and
measures recommended by this study are also important for
Turkey's on-going rural sector dialogue with the
European Commission (EC), as increased access of small rural
enterprises to financial services is desired for improved
absorption by these enterprises of EC funding under the
Instrument for Pre-Accession programs in rural areas. The
findings of the RFS, based on two surveys of rural
households and financial intermediaries carried out in 2004
and on other financial data compiled in 2005, reveal that
rural financial markets perform relatively poorly, leading
to low incidences in the use of financial services by rural
households and therefore limiting their ability to take
advantage of growth opportunities and/or accumulation of
assets. For example while the agricultural sector accounts
for roughly 10-15 percent of GDP, it receives only 5 percent
of all bank loans. Based on the survey of rural households,
over 70 percent of rural households were found to be credit
constrained, and only 9 percent of surveyed rural households
reported making investment outlays in 2004.
Palabras clave
ACCESS TO CREDIT, ACCESS TO FINANCE, ACCESS TO FINANCIAL SERVICES, ACCESS TO MARKET, ACCESS TO SAVINGS, ADVISORY SERVICES, AGRICULTURAL ACTIVITIES, AGRICULTURAL CREDIT, AGRICULTURAL DEVELOPMENT BANK, AGRICULTURAL INCOME, AGRICULTURAL SECTOR, AGRICULTURE ORGANIZATION, ATM CARDS, BANK ASSETS, BANK LENDING, BANK LOANS, BANKING SERVICES, BANKING SYSTEM, BANKRUPTCY, BANKS, BORROWER, BORROWING, BROAD ACCESS, BUSINESS ASSOCIATIONS, BUSINESS MANAGEMENT, BUSINESS PLAN, CAPACITY BUILDING, CAPITAL ADEQUACY, CASH FLOW, COLLATERAL, COLLATERAL REQUIREMENTS, COMMERCIAL BANK, COMMERCIAL BANKING, COMMERCIAL BANKS, COMMODITY EXCHANGES, CONSUMER CREDITS, CONSUMER LENDING, COOPERATIVE BANKS, COOPERATIVES, CREDIT ANALYSES, CREDIT BUREAUS, CREDIT CARD, CREDIT CONSTRAINTS, CREDIT COOPERATIVE, CREDIT COOPERATIVES, CREDIT FLOWS, CREDIT HISTORIES, CREDIT INFORMATION, CREDIT INSTITUTIONS, CREDIT LINE, CREDIT LINES, CREDIT MARKET, CREDIT MARKETS, CREDIT POLICIES, CREDIT PROGRAMS, CREDIT PROVIDERS, CREDIT REGISTRY, CREDIT SCHEMES, CREDIT UNIONS, CREDITOR, CREDITORS, CREDITS, CREDITWORTHINESS, CROP FAILURES, CROP INSURANCE, DEBT, DEMAND FOR SAVINGS, DEPOSIT, DEPOSIT INSURANCE, DEPOSIT-TAKING COOPERATIVE, DEPOSITORY FINANCIAL INSTITUTIONS, DEPOSITS, DEVELOPMENT BANKS, DIRECTED CREDIT, DIVERSIFICATION, ECONOMIC ACTIVITIES, ECONOMIC DEVELOPMENT, ECONOMIES OF SCALE, ELECTRONIC TRANSFERS, ENTREPRENEURS, EXCHANGE RATE, FAMILIES, FARMER, FARMERS, FINANCIAL AGENCY, FINANCIAL ASSETS, FINANCIAL DEVELOPMENT, FINANCIAL EDUCATION, FINANCIAL INSTITUTIONS, FINANCIAL INTERMEDIARIES, FINANCIAL INTERMEDIATION, FINANCIAL LIBERALIZATION, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL NEEDS, FINANCIAL OUTREACH, FINANCIAL PRODUCTS, FINANCIAL RESOURCES, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL SERVICE PROVIDERS, FINANCIAL SERVICES, FINANCIAL SERVICES INDUSTRY, FINANCIAL VIABILITY, FIXED COSTS, FORMAL SAVINGS, GOVERNMENT INTERVENTIONS, GOVERNMENT POLICIES, GOVERNMENT POLICY, GOVERNMENT SECURITIES, GROWTH OPPORTUNITIES, HIGH INTEREST RATES, HOUSEHOLD FINANCE, HOUSEHOLDS, HUMAN CAPITAL, INFORMAL INSURANCE, INFORMATION TECHNOLOGY, INSTITUTIONAL CAPACITY, INSTITUTIONAL CAPACITY BUILDING, INSTITUTIONAL REFORMS, INSURANCE SERVICES, INTEREST RATE, INTEREST SUBSIDIES, INVESTMENT OPPORTUNITIES, KEY CHALLENGES, LAND REGISTRATION, LEGAL REQUIREMENTS, LENDER, LENDERS, LENDING DECISIONS, LIVESTOCK INSURANCE, LOAN, LOAN APPLICANTS, LOAN APPLICATIONS, LOAN FUNDS, LOAN OFFICERS, LOAN PORTFOLIO, LOAN PRODUCT, LOAN PRODUCTS, LOAN RECOVERY, LOAN REPAYMENT, LOANABLE FUNDS, MARKET DEVELOPMENT, MARKET INFORMATION, MFIS, MICRO FINANCE, MICRO-ENTERPRISES, MICRO-FINANCE, MICRO-FINANCE INSTITUTIONS, MICROFINANCE, MICROFINANCE INSTITUTIONS, MONEY LAUNDERING, NEW BUSINESS, NUTRITION, OPERATING COSTS, OPERATIONAL COSTS, OUTSTANDING BALANCES, OUTSTANDING DEBTS, POLICY ENVIRONMENT, POOR CREDIT, PRIVATE CREDIT, PRIVATE LENDERS, PRIVATIZATION, PROFIT MARGINS, PROVISION OF CREDIT, PUBLIC CREDIT, PUBLIC INVESTMENT, REAL ESTATE, REGISTRATION SYSTEMS, REMITTANCES, REPAYMENT, REPAYMENT RATES, RISK MANAGEMENT, RISK MITIGATION, RURAL BORROWERS, RURAL BUSINESS, RURAL CLIENTS, RURAL CREDIT, RURAL CREDITS, RURAL FINANCE, RURAL FINANCIAL SERVICE, RURAL FINANCIAL SERVICES, RURAL FINANCIAL SYSTEM, RURAL LOAN, SAVINGS, SAVINGS ACCOUNTS, SAVINGS PRODUCTS, SAVINGS SERVICES, SECURITIES, SMART CARDS, SOURCE OF FUNDS, SOURCES OF FINANCE, SOURCES OF INCOME, START UP CAPITAL, START-UP, START-UP GRANTS, SUBSIDIZATION, SUPPLY OF CREDIT, TAX INCENTIVES, TECHNICAL ASSISTANCE, TERM CREDITS, TRANSACTION COST, TRANSACTION COSTS, TRANSACTIONS COST, TRANSACTIONS COSTS, UNFAIR COMPETITION, UNION, UNIONS, URBAN AREAS, VILLAGE, VILLAGES, WAREHOUSE, WAREHOUSE RECEIPT, WAREHOUSE RECEIPTS, WAREHOUSES, WIRE TRANSFERS, WORKING CAPITAL