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SWOT Analysis of Istanbul Finance Center and Comparison with World Finance Centers

Year 2023, Volume: 10 Issue: 2, 576 - 591, 30.06.2023
https://doi.org/10.47097/piar.1300922

Abstract

Istanbul Financial Center (IFC)’s banks stage was opened in 2023. The purpose of IFC is to increase financial competitiveness internationally, to contribute to the development and deepening of financial markets and products and services, to strengthen integration into international financial and capital markets, thereby making IFC one of the leading global financial centers.
London, New York, Singapore and Hong Kong, which rank first in the world financial centers ranking, make the best use of all financial instruments. This contributes significantly to the city and country economies in which they are located. IFC with these world financial centers; the global economic city index, the global financial center index and the global power differ in some respects while similarizing in some ways according to the city index.
In this study, the comparison of IFC with SWOT Analysis and World Financial Centers has been examined within the framework of current literature review and statistical data. Some of the main findings obtained are the strength of IFC is its strategic location, qualified labor is weaknesses, tax benefit opportunity and country risk are the threat.

References

  • Akova, İ. (2019). ‘ ’ Turkey's energy problem and preferences ’ ’ 1 Istanbul University, Faculty of Letters, Department of Geography, Istanbul, Turkey.
  • Benzaghta, M. A., Elwayda, A., Mouse, M., I., & Rahman, M. (2021). SWOT analysis applications: An integrative literature review. Journal of Global B, Business Insight, 6(1), 55-73.
  • BLOOMBERG, Micheeal R., Mayor of New York, Interview with Özlem Dalga,16.06.2014, http://www.bloomberght.com/ht-yazarlar/ozlem-dalga/1577605-londra-yada-new-york-degil-rakipleriniz-bu-bolgede, (Date Accessed: 13.11.2014).
  • Elmas, B., Türkan, Y., & Yakut, E., (2013). On the Way to Become an International Financial Center, Istanbul, Bingöl University Journal of Social Sciences Institute.
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  • Gündoğdu, A. & Dizman, A. S., (2013). Evaluation of Istanbul Finance Center Project with SWOT Analysis and Comparison with World Financial Centers, Journal of Economic Sciences.
  • Global Power City Index, (2022).https://mori-m-foundation.or.jp/pdf/GPCI2022_summary.pdf (Date Accessed:13.05.2023)
  • Gür, N. (2015). What Does Recent Developments in the Chinese Economy Mean? ’’
  • TSPB., (2019). International Financial Centers, Turkey Capital Markets Association Publications 1.Printing. Istanbul.
  • Yıldırım, M. & Dertli, G. (2020). ‘’Review of Istanbul Finance Center Project as a Global Financial Center’’Journal of Economics and Research Year:2020 Vol-Issue:1 (2) pp:1-14.
  • World Justice Project, (2022). Worldjusticeproject.org (Date Accessed: 20.05.2023)
  • Zengin, G. (2022). ‘’Political Stability, Economic Development and Democratization Context of a Turkey Assessment ’ ’
  • Internet Sources
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  • https://www.bbc.com/turkce/haberler-turkiye-38856134 (Date Accessed:12.05.2023)
  • https://tr.wikipedia.org/wiki/%C4%B0stanbul (Date Accessed: 12.05.2023).
  • https://www.cbfo.gov.tr/sites/default/files/202212/istanbul_financial_center_pamphlet_eng.pdf (Date Accessed:12.05.2023)
  • https://www.nyc.gov/site/internationalbusiness/industries/finance-industry.page#:~:text=New%20York%20City%20is%20the,strengthen%20the%20city's%20financial%20base. (Date Accessed:13.05.2023)
  • https://www.bloomberght.com/ab-den-microsoft-un-activison-i-satin-alimina-onay-2331460 (Date Accessed: 15.05.2023)
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İstanbul Finans Merkezinin SWOT Analizi ve Dünya Finans Merkezleri ile Kıyaslanması

Year 2023, Volume: 10 Issue: 2, 576 - 591, 30.06.2023
https://doi.org/10.47097/piar.1300922

Abstract

İstanbul Finans Merkezi (İFM), 2023 yılında bankalar etabı açılmıştır. İFM’nin kuruluş amacı; finansal rekabet gücünü uluslararası alanda artırmak, finansal piyasalar ile ürün ve hizmetlerin gelişmesine ve derinleşmesine katkıda bulunmak, uluslararası finans ve sermaye piyasalarına entegrasyonu güçlendirmek ve bu sayede İFM’nin önde gelen küresel finans merkezlerinden biri olmasını sağlamaktır.
Dünya finans merkezleri sıralamasında ilk sıralarda yer alan Londra, New York, Singapur ve Hong Kong tüm mali enstrümanlarını en iyi derecede kullanmaktadır. Bu durum, bulundukları şehir ve ülke ekonomilerine ciddi katkılar sağlamaktadır. İFM, söz konusu dünya finans merkezleriyle; küresel ekonomik şehir endeksi, küresel finans merkezi endeksi ve küresel güç şehir endeksine göre bazı yönlerde benzerlik gösterirken bazı yönlerde de ayrışmaktadır.
Bu çalışmada İFM’nin SWOT Analizi ve Dünya Finans Merkezleri ile karşılaştırılması, güncel literatür taraması ve istatistiksel veriler çerçevesinde irdelemiştir. Elde edilen temel bazı bulgular şunlardır; İFM’nin güçlü yönleri stratejik konumu, güçsüz yanı ülke notu, vergi avantajları fırsat ve ülke riski tehdittir.

References

  • Akova, İ. (2019). ‘ ’ Turkey's energy problem and preferences ’ ’ 1 Istanbul University, Faculty of Letters, Department of Geography, Istanbul, Turkey.
  • Benzaghta, M. A., Elwayda, A., Mouse, M., I., & Rahman, M. (2021). SWOT analysis applications: An integrative literature review. Journal of Global B, Business Insight, 6(1), 55-73.
  • BLOOMBERG, Micheeal R., Mayor of New York, Interview with Özlem Dalga,16.06.2014, http://www.bloomberght.com/ht-yazarlar/ozlem-dalga/1577605-londra-yada-new-york-degil-rakipleriniz-bu-bolgede, (Date Accessed: 13.11.2014).
  • Elmas, B., Türkan, Y., & Yakut, E., (2013). On the Way to Become an International Financial Center, Istanbul, Bingöl University Journal of Social Sciences Institute.
  • Eğilmez, M. (2021). https://www.mahfiegilmez.com/2021/07/veriler-kotuyse-piyasa-nasl-boyle-canl.html (Date Accessed: 12.05.2023).
  • Eğilmez, M. (2022). https://www.mahfiegilmez.com/2022/02/turkiyenin-risk-derecesinde-son-durum.html (Date Accessed:12.05.2023).
  • Gündoğdu, A. & Dizman, A. S., (2013). Evaluation of Istanbul Finance Center Project with SWOT Analysis and Comparison with World Financial Centers, Journal of Economic Sciences.
  • Global Power City Index, (2022).https://mori-m-foundation.or.jp/pdf/GPCI2022_summary.pdf (Date Accessed:13.05.2023)
  • Gür, N. (2015). What Does Recent Developments in the Chinese Economy Mean? ’’
  • TSPB., (2019). International Financial Centers, Turkey Capital Markets Association Publications 1.Printing. Istanbul.
  • Yıldırım, M. & Dertli, G. (2020). ‘’Review of Istanbul Finance Center Project as a Global Financial Center’’Journal of Economics and Research Year:2020 Vol-Issue:1 (2) pp:1-14.
  • World Justice Project, (2022). Worldjusticeproject.org (Date Accessed: 20.05.2023)
  • Zengin, G. (2022). ‘’Political Stability, Economic Development and Democratization Context of a Turkey Assessment ’ ’
  • Internet Sources
  • http://en.wikipedia.org/wiki/Financial_centre (Date Accessed: 03.05.2023)
  • https://www.longfinance.net/programmes/financial-centre-futures/global-financial-centres-index/gfci-33-explore-the-data/gfci-33-rank/ (Date Accessed:03.05.2023)
  • https://www.spottedbylocals.com/blog/alpha-beta-and-gamma-cities/(Date Accessed:03.05.2023)
  • https://archive.doingbusiness.org/content/dam/doingBusiness/country/t/turkey/TUR.pdf (Date Accessed: 12.05.2023)
  • https://thedocs.worldbank.org/en/doc/05d5260898bd51b9401cad0ecc4763930080012022/original/TEM-Executive-Summary-in-Turkish-February-2022.pdf (Date Accessed: 12.05.2023)
  • https://www.bbc.com/turkce/haberler-turkiye-38856134 (Date Accessed:12.05.2023)
  • https://tr.wikipedia.org/wiki/%C4%B0stanbul (Date Accessed: 12.05.2023).
  • https://www.cbfo.gov.tr/sites/default/files/202212/istanbul_financial_center_pamphlet_eng.pdf (Date Accessed:12.05.2023)
  • https://www.nyc.gov/site/internationalbusiness/industries/finance-industry.page#:~:text=New%20York%20City%20is%20the,strengthen%20the%20city's%20financial%20base. (Date Accessed:13.05.2023)
  • https://www.bloomberght.com/ab-den-microsoft-un-activison-i-satin-alimina-onay-2331460 (Date Accessed: 15.05.2023)
  • https://tr.euronews.com/2022/03/01/avrupa-ulkeleri-enerjide-d-sa-ne-kadar-bag-ml-dogal-gaz-hangi-ulkelerden-al- 35 (Date Accessed: 16.05.2023)
  • https://ifm.gov.tr/ (Date Accessed: 16.05.2023)
  • Official Gazette, (2022). https://www.resmigazete.gov.tr/eskiler/2022/06/20220628-16.htm (Date Accessed: 21.05.2023).
There are 27 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section Research Articles
Authors

Selim Tartan 0000-0003-2765-7144

Nevzat Tetik 0000-0002-3152-8217

Publication Date June 30, 2023
Published in Issue Year 2023 Volume: 10 Issue: 2

Cite

APA Tartan, S., & Tetik, N. (2023). SWOT Analysis of Istanbul Finance Center and Comparison with World Finance Centers. Pamukkale Üniversitesi İşletme Araştırmaları Dergisi, 10(2), 576-591. https://doi.org/10.47097/piar.1300922

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