Restructuring Istanbul: Historical City, Modern ‘Profitpolis’, and Byzantine Risk Management Financial Infrastructure

Bahcesehir Univeritei Law Review, Hukuk Fakultesi Dergisi, Istanbul Turkey, Special Issue: Planning for Disaster: Place, Population, Culture and the Environment, Forthcoming

16 Pages Posted: 2 Jun 2014

See all articles by Lydie Pierre Louis

Lydie Pierre Louis

Fordham College of Law; Fordham Law School

Nicholas Imparato

University of San Francisco - School of Management

Date Written: January 30, 2014

Abstract

Turkey’s risks and uncertainties are amplified when foreign investors calculate that Istanbul is located very near the North Anatolian Fault Zone that runs within less than a mile from the city through the Sea of Marmara. The discussion is then recalibrated to concerns regarding public expectations of government in preparedness, and recovery in times of natural disaster. In particular, central bank’s response to financial disaster, compared to actual government and private sector preparedness, as well as effective capabilities to protect returns on investments, and human capital — human lives. Istanbul’s financial preparedness, and recovery are being discussed in boardrooms, in government committees, and in the proverbial streets of Taksim Square. Foreign investors are aggressively pursuing returns on their investments while the Turkish Government, and the World Bank have begun to focus on fiscal policies that will guide Turkey’s trade driven economy through inevitable natural disasters such as earthquakes and floods as well as domestic, and man made disasters such as banking uncertainties, risks and financial disasters. The Turkish Government has issued fiscal policies and rules, which are anticipated to decrease public debt, attract foreign direct investments, and increase the global competitiveness of Turkey’s banking sector. However, one area is particularly weak with regard to Turkey’s financial viability — Turkey’s risk management financial infrastructure especially in the context of disaster preparedness and recovery.

Keywords: financial disaster, financial recovery, developing economy, banking, Turkey

JEL Classification: F20, K33, N15, N45, O23, R14, R52

Suggested Citation

Pierre Louis, Lydie and Imparato, Nicholas, Restructuring Istanbul: Historical City, Modern ‘Profitpolis’, and Byzantine Risk Management Financial Infrastructure (January 30, 2014). Bahcesehir Univeritei Law Review, Hukuk Fakultesi Dergisi, Istanbul Turkey, Special Issue: Planning for Disaster: Place, Population, Culture and the Environment, Forthcoming, Available at SSRN: https://ssrn.com/abstract=2444237

Lydie Pierre Louis (Contact Author)

Fordham College of Law ( email )

150 West 62 Street
New York, NY 10023
United States

Fordham Law School ( email )

150 West 62 Street
New York, NY 10023
United States

Nicholas Imparato

University of San Francisco - School of Management ( email )

San Francisco, CA 94117
United States

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