ISE REVIEW

Abstract
Turkish banks are widely seen as potential losers from a stabilization program because the exchange risk premia on government domestic currency denominated debt would fall and because banks would lose inflationary revenues from demand deposits. This paper shows, using techniques from finance as well as regression analysis and a review of cross-country experience that, to the contrary, banks are likely to gain from stabilization, both because of the presence of a large maturity gap and because of increased financial intermediation.

Abstract
In 1997, the world economy have witnessed the East Asian countries’ economic crisis. Many countries in the region have been deeply affected from this development. This study deals with the causes and the impact of the East Asian crisis. For this purpose, it would be useful to consider pre-crisis period. In parallel, capital inflows to the East Asian developing countries and their economic indicators would be evaluated.

Russian Crisis: The Impact on the ISE
ISE- Research Departmant

Abstract
Despite the declaration of the Russian government on August 14, that a devaluation would not be considered, just after a few days, the devaluation of the Ruble by 33 % against the dollar and the announcement of a debt moratorium that followed thereafter have initiated the Russian crisis. The effects of the Russian crisis were felt strongly in some of the Turkish sectors that have close economic and trade relations with Russia. Firstly, this study analyzes the relationship between the ISE and Russian Indices in 1998 and during the crisis period, in particular. Within the framework of the effects of the Russian crisis on the Stock Market of the Istanbul Stock Exchange (ISE), the price performances of the ISE traded companies which have close business activity with Russia and their relevant sectors are compared with other companies and sectors which do not have close business dealings with Russia as well as ISE-All Shares companies during the term of the prevalent crisis.

Copyright and Disclaimer 1996 Istanbul Stock Exchange