This publication is printed 500 copies. - SBB · 2018-11-13 · This publication is printed 500 copies. SPO : 2824 ISBN NO : 978-975-19-5049-9 Their use as a publication or reference

M. Çağatay TELLİH. Sefa ÇAVDAROĞLU

T. R. PRIME MINISTRYSTATE PLANNING ORGANIZATION

APRIL 2011

DIRECTORATE FOR ANNUAL PROGRAMS AND CONJUNCTURAL EVALUATIONS

Flow of Funds Analysis:Framework, Compilation andApplications for Turkey

This publication is printed 500 copies.

SPO : 2824 ISBN NO : 978-975-19-5049-9

Their use as a publication or referencedoes not require the permission of SPO.

3

Foreword

This study comes after a severe economic crisis. Every crisis provides us powerful lessons. What we carry forward from this crisis is the need for some new data sets with a system-wide approach, some new objectives for institutions formulating macro-economic policy perspective, a new design of the international financial architecture and renewed faith in some of the safeguards adopted by the emerging market economies.

This crisis has also raised questions about the adequacy and efficacy

of the domestic economic policy making mechanisms as well as current international financial architecture to prevent and manage economic crises. In fact, the speed and intensity with which the US subprime crisis exploded into a global financial crisis and then into a global economic crisis has led to a whole new debate on dominant tenets of macroeconomics and has challenged established views on self correcting market mechanisms and the role of public policy. The depth and breadth of the crisis tested the limits of conventional and unconventional policy options available to policymakers around the world.

The experience of many countries clearly shows that the lack

appropriate data systems have prevented policy makers to foresee the coming crisis and take early measures. Although Turkey shows a very strong recovery, most of the countries around the globe are still seeing their economies slow and recede and there has been increasing interest in the systematic assessment of the strengths and weaknesses of financial systems, with the ultimate goal of formulating appropriate policies to foster financial stability

The process of harmonizing statistical system of Turkey with the

global standards is still ongoing. I believe that this study will represent a major step forward in the standards for compilation and presentation of financial statistics and thus takes its place as part of the Turkey’s effort to improve national accounts. On the other hand this study is unique in the sense that it constructs the financial account to reveal financial flow of funds in Turkish economy, pictures the economy with a comprehensive and integrated approach and links the financial statistics with the accounts of the real economy.

Constituting the accumulation accounts and linking them with current

accounts is an outstanding issue for Turkish statistical system. Integrated set of interrelated macroeconomic accounts would enable policy makers to see the big picture and give the opportunity to test the consistency of national accounts as a whole. To this end this study formulates the financial account and constructing the capital account is the next step. Erhan USTA Deputy Undersecretary of State Planning Organization

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5

T.C. BAŞBAKANLIK

DEVLET PLANLAMA TEŞKİLATI MÜSTEŞARLIĞI

YILLIK PROGRAMLAR VE KONJONKTÜR DEĞERLENDİRME GENEL MÜDÜRLÜĞÜ

Flow of Funds Analysis: Framework, Compilation and Applications for Turkey

M. Çağatay Telli

and

H. Sefa Çavdaroğlu

ABSTRACT

The mainstream indicator systems and conceptual thinking, failed to foresee the gravity of the looming crisis. Instead, analysts kept talking about the wisdom of deregulation and financial globalization which had swept away the credit risk.

The recent policy dialogue highlighted the need for close and better

monitoring of financial stock positions and flow of funds in the economy both at national and international levels. A particular concern is drawn upon the issues such as the role of financial intermediation, balance sheet effects, the degree of sectoral and institutional leverage, the vulnerabilities of domestic economies to shocks, and the importance of international financial network connections.

In this study, inter-sectoral financial flow of funds accounts (FFA) of Turkish

economy is generated with a special emphasis on household accounts. Financial sector accounts are compiled with a comprehensive and integrated approach in order to link the financial account with the accounts of the real economy. To this end, the financial account, which is the base of accumulation accounts within the integrated set of macroeconomic accounts, is constituted on annual terms starting from 2002.

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1. Introduction

Since 1980, the worlds' financial assets quadrupled in size as ratio to Gross

Domestic Product (GDP) and cross-border capital flows soared. In one of the few

exceptional periods of economic history, the rate of acceleration and depth of

financial forms of assets had far outpaced the rate of economic growth and

investments in real forms of capital. At their historical peak, in 2007, the total

value of global financial assets was $ 194 trillion, almost 3.5 times of global GDP

(McKinsey (2009). This was the term coined as “financial globalization” which

corresponded to a number of interrelated trends such as advances in

information and communication technologies, deregulation and innovations in

financial derivatives.

The recent financial crisis and economic downturn have marked a clear

endpoint to the expansion of the global financial system in the last 30 years. The

resulting destruction in financial capital was not only substantial but also rapid

and widespread which was illustrated by the steep decline in world’s financial

assets. The financial crisis had wiped out more than $ 28.8 trillion worth of total

wealth in 2008 and in the first half of 2009 (McKinsey (2009). According to some

estimates the cumulative loss in financial and non-financial forms of capital had

reached above $ 50 trillion in this period which is as large as a quarter of the

global assets at their peak in 2007 (Loser (2009)).

Likewise cross-border capital flows almost dried up from $ 10,5 trillion in

2007 down to $ 1,9 trillion in 2008. Falling international capital mobility

contributed to higher cost of capital and currency volatility. This in turn created

further pressures in liquidity and credit mechanisms of the emerging markets

and had a profound impact on rapid contagion of the crisis to other economies

linked to the core.

Financial crisis, through various channels, had been directly transmitted to

the real economy and to strata of the social systems. Trade and labor market

conditions have aggravated the effects of the crisis as industrial production

collapsed and trade flows contracted harshly. Rising unemployment, credit

crunch and falling asset prices have all exacerbated the positions of households

and firms adding crisis a strong social dimension. Private investment and

7

consumption collapsed, and it resulted with a severe downward spiral on the

economic activity.

While some signs of recovery are on the horizon, most analyst think thank it

will take years the full impact of the crisis are played out. OECD composite

leading indicators for April 2010 show a rebound in the economic activity

though with uneven performance across different regions and most markets

seem to be stabilizing (OECD (2010)). However, a full recovery is likely to be

fragile and weak, negative economic and social consequences of the crisis will

be long lasting, and removing policy measures still requires attention. 1

Implications of the Economic Crisis: Tackling Gaps on Information and

Policy Formulation

The recent economic crisis may be viewed as a real life experiment in

testing the validity of economic decision making systems in which academic

establishment, policy makers and business community, each relying on the

others ideas, had all been sufferers of the famous phrase “no one saw it

coming”. The mainstream indicator systems and conceptual thinking, failed to

foresee the gravity of the looming crisis. Instead, analysts kept talking about the

wisdom of deregulation and financial globalization which had swept away the

credit risk.

It is certainly the case that major elements for understanding today’s

financial crisis have hardly been on the map in the prevailing mainstream

thinking. Indeed the last crisis has once reaffirmed the fact that sound data and

insightful analysis are necessities of effective policy formulation and smart

regulation both at the national and international levels.

The need for assessing information gaps and identifying relevant proposals

for tackling policy and regulation failures were key factors of particular

1 A latest OECD study (Padoan (2010)) concludes that: “Despite some encouraging signs on

activity, the fragility of the recovery, a frail labor market and possible headwinds coming from financial markets underscore the need for caution in the removal of policy support.” A historical perspective on the financial crisis reveals that downturns associated with a banking crisis last typically around seven to eight years, and twice as long as other downturns. For further reading please see Reinhart, Carmen M. and Kenneth S. Rogoff (2008), “Is the 2007 US Sub-Prime Financial Crisis So Different? An International Historical Comparison”, American Economic Review, No. 98; and Reinhart & Rogoff (2009), “The Aftermath of Financial Crises”, NBER Working Paper 14656; and IMF (2008) “Financial Stress and Downturns”, World Economic Outlook, October, Washington D.C.

8

consideration among international organizations and experts. In this regard,

international policy coordination took different forms most remarkably the

technical committees mandated by the Group of Twenty (G-20) served the role

for governments and international organizations for a broader platform of

dialogue and joint action.


monitoring of financial stock positions and flow of funds in the economy both at

national and international levels. A particular concern is drawn upon the issues

such as the role of financial intermediation, balance sheet effects, the degree of

sectoral and institutional leverage, the vulnerabilities of domestic economies to

shocks, and the importance of international financial network connections. 2

Flow of Funds Accounts (FFA) Revisited

While there are differences in emphasis, there has been a broad consensus

over detailed and more extended use of Flow of Funds Accounts (FFA) which

records transactions and changes in financial assets and liabilities of an

economy. In this context it is of particular importance that FFA may inform

policy making and day-to-day business decisions in three basic ways:

FFA provides a detailed articulation of the economy in terms of

institutional sectors, financial instruments and the interaction across

sectors.

FFA constitutes a unified framework in which interrelations between

real economy and financial economy may be captured and analyzed.

It is a valuable source of information which codetermines and shapes

what and how economic agents see the actual world.

Indeed some of the most insightful work on the roots and evolution of the

economic crisis was based on flow-of-funds data. Notably, Bezemer (2009)

presents empirical evidence that FFA helped anticipate the financial crisis and

economic recession. Based on a survey data, this study picks up the analyses by

those professional and academic analysts who did ‘see the crisis coming’, and

2 The Financial Crisis and Information Gaps, Report to the G-20 Finance Ministers and

Central Bank Governors, Prepared by the IMF Staff and the FSB Secretariat October 29, 2009.

9

who issued public predictions of financial instability induced by falling real

estate prices and leading to an eventual recession. The common elements in

their analyses were identified as the flow-of-funds view of the economy. 3

Removing a Pertinent Information Gap: Flow of Funds Accounts for Turkey

After his invention in 1951 by Copeland of Federal Reserve, FFA had been in

widespread usage and utilized in economic and financial policy studies at even

an increasing rate. US Federal Reserve System publishes flow-of-funds tables at

an annual basis since 1951 and at a quarterly basis since 1957. 4 This account,

with its comprehensive and integrated structure, was then largely utilized by

analysts and monetary institutions. Likewise European Central Bank (ECB) is also

extensively using flow-of-funds tables in articulating its economic and monetary

strategy. Since 2002 ECB publishes FFA at an annual frequency while it provides

a quarterly time series data starting from 2007.

While Turkish financial system kept its relative resilience in the recent crisis,

it was long exposed to a significant lack of information gap in terms of FFA.

Though individual indicators on different financial instruments and sectors are

available, they still do not constitute a full blown system of financial accounts.

This deficiency hinders the construction of in depth financial stability analysis

and monitoring of economic developments in a more integrated way. 5

Consequently accumulation of academic literature on FFA remained weak in

Turkey. Few studies in the past focused on some premature and less formed

analysis of the financial stocks and flows of the institutional sectors in a partial

sense. Akyüz (1984), Üzümcüoğlu (1995), Soydemir (1998), Udersecretariat of

Treasury (2003) and Türkan (2004) can be given as examples of these analyses.

Nevertheless they all lack a common, coherent and unified framework of FFA

compatible with the standards of System of National Accounting (SNA).

Telli (2004) and Telli et al. (2006) were among the most notable applied

research pieces which clearly identify the information gap on FFA. 6 The two,

3 Bezemer (2009) (“No One Saw This Coming": Understanding Financial Crisis Through

Accounting Models, Bezemer, Dirk J) 4 For an informative reading of the US flow-of-funds data and its methodology please see

Teplin (2001) Teplin, A. (2001), “The US Flow-of-Funds Accounts and their Uses”, Federal Reserve Bulletin, July, pp. 431-441.

5 TURKSTAT (2007) 6 Telli (2004):11, 24-25 Telli et al(2006):24.

10

constitute the first examples of the endogenous and concerted efforts that

employ an integrated national accounting methodology to the properties of the

real economy. They articulated an applied framework and a coherent system of

Social Accounting Matrixes (SAM) and produced an unpublished set of micro-

SAM structures from an up-to-down approach for the non-financial economy.

Nevertheless the first and the most advanced form of FFA for Turkey was

designed and compiled by Çavdaroğlu (2007). This unpublished piece captures

the financial stock positions of each institutional sector in order to constitute

the consolidated balance sheet of financial instruments. It then deals with the

changes in stock positions and tries to decompose these transactions and other

flows by relying on certain assumptions for reaching the financial account tables

in full on the course 2002-2005.

While the present study builds on the previous version FFA of Çavdaroğlu

(2007) it introduces radical innovations and critical quality improvements

through a detailed redesign process of the account in terms of definitions and

coverage of institutional sectors, financial instruments, compilation and

valuation techniques. Thus we believe standardization and harmonization of

primary concepts, principles and data have been improved to a greater extent,

to ensure the compatibility of our system with the FFA of the latest SNA

manual.7 Secondly the recent developments in financial sector have been

reflected into the system as well as introducing some new datasets in the

bottom layer.

We organize the remainder of the paper as follows. Section 2 proposes the

main methodological framework of the flow-of-funds tables and accounting

principles that we refer. Section 3 focuses on our sources of data and

compilation and integration techniques that we employ. We set up a unified and

standard framework and compile a full set of Flow of Funds Accounts (FFA) for

the Turkish economy at an annual frequency starting from 2002.

Section 4 presents a reflection from FFA on the household sector. It

describes the use of flow-of-funds to capture the story behind household sector

and its financial and economic behaviors in the 2002-2008 period. We make use

flow-of-funds analysis to reveal the sectoral balance sheet and financial flow

7 SNA (2008).

11

relationships of the household sector with the other parts of the economy. Our

particular attention will be on identification of the wealth effects.

2. Methodological Perspective: The Flow of Funds (FFA) Framework

The economic accounts constitute two interconnected closed sets of

accounts, as indicated in Figure 1. The first set is the sequence of accounts that

records economic flows arising from transactions, while the second set

represents the balance sheets and the accumulation accounts. These two sets

are interconnected through the capital and financial accounts. The first set, the

sequence of accounts for transactions, constitutes a closed system in the sense

that the total of debit entries must equal the total of credit entries without any

residual in accordance with the quadruple-entry bookkeeping principle that is

the basis for recording of all transactions in national accounts. In the framework

of national accounts, FFA represents the transactions take place under financial

account and the formation of financial stocks of the economic units.

FFA consists of a comprehensive set of financial transactions and financial

assets and liabilities of institutional sectors in an economy. As seen in Figure 2,

financial transactions take place in order to finance saving gaps of economic

agents with saving surpluses of other agents and therefore they lead to changes

in net financial position of institutional units. In this context, FFA can be defined

as the representation of transmission and keeping way of net savings.

Figure 2 represents the interaction of FFA with the real accounts such as

production, generation, distribution and use of income accounts in an

integrated system. To establish the link between real accounts and FFA, financial

activities and changes in an economy should be recorded in a comprehensive

manner including stock positions and flows. To establish a bond between real

economic developments and financial flows, FFA should also be designed in line

with the methodological framework of System of National Accounting (SNA).

General formation, sector and instrument classification of FFA necessarily

be shaped according to the financial characteristics of the country and usage

area of these accounts. Since there is no single archetype aggregation of sectors

and instruments that may be suitable for all purposes, alternative measures

could be implemented for certain sectors and instruments. This flexibility and

operability characteristics enhance the usefulness of the accounts in shaping

12

economic analysis. Subsectors and detailed instrument classifications enable

policy makers to better monitor subgroups of institutional units and certain

kinds of financial instruments.

In our study, we apply a standard methodology in order to build FFA within

a framework consistent with SNA and to link real accounts with the financial

account. On the other hand, some modifications in the account plan, that are

compatible with recommendations of European Standards of Accounting (ESA)

and the general framework drawn in SNA, are conducted to conform to the

financial structure of Turkish economy.

Compiling techniques are critical in the context of content, comparability

and consistency of the final output, FFA. Therefore, the uniformity of methods

used particularly in valuation of data with the other components of national

accounts, selection of the appropriate netting level that includes as much as

possible information within the data constraint are of vital importance in terms

of the quality of accounts.

13

Figure 1. Integrated Macro-economic Accounts

AC

CU

MU

LA

TI

ON

AC

CO

UN

TS

Financial Assets

+ Non-

Financial Assets

Financial Liabilities

+ Net Worth

Financial Assets

+ Non-

Financial Assets


+ Net

Worth

T1 Net Worth

PRODUCTION

PRIMARY DISTRIBUTION OF

INCOME

SECONDARY DISTRIBUTION

OF INCOME

USE OF INCOME

INCOME (-)

SPENDING

CAPITAL ACCOUNT

FINANCIAL ACCOUNT

OTHER CHANGES IN ASSETS

= REVALUATION

+

OTHER VOLUME CHANGES

+/- SAVINGS

T1 T2

Opening Balance Sheet

Closing Balance Sheet

Stocks Stocks

Transactions Other Flows

Flows

T1-T2 Period Transactions

T1-T2 Period other flows

T2 Net Worth

(+) (+) (=)

CU

RR

EN

T A

CC

OU

NT

S

Source: IMF, 2000:96; authors representation

14

Figure 2. Schematic Flow of Funds Matrix

Total Economy ROW

TOTAL - Horizontal

Equality Total Economy Public Sector Private Sector Financial System Gross National Disposable Income GNDI GNDI YPUB GNDI YPRI Final Spending -C -CPUB -CPRI Gross Investment -I -IPUB -IPRI Exports -X Imports M Net Factor Revenues -FGF Net Current Transfers -TRF Current Account Balance (S-I) (S-I)PUB (S-I)PRI 0 -CA 0 Capital Transfers ST ST PUB ST PRI 0 -ST 0 Balance-excluding financial transactions NL/B NL/B PUB NL/B PRI 0 NL/B F 0 Financial Transactions Foreign Finance

Net FDI FDI -FDI 0 Net Foreign Borrowing NFB NFB PUB NFB PRI NFB M - NFB A 0 Net Reserve Changes -ΔNUR -ΔNIR ΔNIR 0

Domestic Finance Changes in Domesstic Credit Volume 0 ΔDCPUB ΔDCPRI -ΔDC 0 Changes in Money Supply 0 -ΔM ΔM 0

TOTAL – Vertical Equality 0 0 0 0 0 0 Source: Dowson (1993)’ authors’ illustration

Flow

of F

unds

Acc

ount

s Fo

rmat

ion

of N

et

Savi

ng G

aps

15

Format of Flow of Funds Matrices

Financial assets bear rights to derive economic benefits from economic

units which also assume counter liabilities. Two dimensional FFA matrices show

sectoral borrowing patterns. They do not contain any information about inter-

sectoral financial relations because they only provide unilateral data about

financial transactions. For this reason, three dimensional FFA matrices are useful

to trace financing channels in the economic system.

Figure 3. Design of Three Dimensional FoF Matrices

Classification of Institutional Units

In our study institutional units are classified under 5 major sectors in line

with international standards: Households, firms, financial corporations, general

government, and non-profit institutions serving to households. Each of

institutional sectors listed above may be divided into subsectors. No single

method of sub-sectoring may be optimal for all purposes or all countries, so that

alternative methods of sub-sectoring are recommended for certain sectors.

Sectors and sub-sectors are also used to monitor particular groups of

institutional units for policy purposes. As it will be explained in detail, in this

study, some institutional sectors’ scope has been redefined in such a manner

that would reflect Turkish economy’s institutional structure. For this purpose,

the classification we design and employ, is not always the same and may differ

significantly from the ones used by financial system authorities’ at their

standard reporting format.

Sector j1 / Asset i1

Sector j2 / Asset i2

Sector jn / Asset im

X Axis: Assets or Sectors

Y Axis: Sectors

Z Axis: Sectors or Assets

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Definition of Institutional Sectors

Sectors are composed of domestic institutional units that conduct similar

economic activities. Two basic institutional units can be identified in real world:

Natural person and legal person. While natural persons or community of natural

persons constitute the households, legal persons can be grouped as

corporations, government units and non-profit organizations. However, this

classification which is made according to legal status of institutional units is not

an adequate differentiation in the context of institutional sector composition.

Classification of institutional sectors, in general, is made on the basis of

economic decision making autonomy.

Selection of aggregation level is a critical factor in defining the scope and

entity in SNA system. Data problems may arise when a detailed distinction is

made at the composition of institutional sectors while high levels of aggregation

prevent necessary information to be tracked. Consequently, selection of a

sectoral identification that exhibits important financial channels in the direction

of economy’s structural properties is an important element of financial account.

In our study, while primary classification of institutional units originates

from the SNA, secondary classification is made in regard to properties of the

Turkish economy. Figure 4 shows the primary and secondary sectoral

identifications that are developed.

Figure 4. Sectoral Identification of Domestic Institutional Units

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Households

SNA defines the household as “a group of persons who share the same

living accommodation, who pool some, or all, of their income and wealth and

who consume certain types of goods and services collectively, mainly housing

and food”.8 Households sector also includes unincorporated enterprises that are

created for the purpose of producing goods or services for sale or barter on the

market including unincorporated partnerships. On the basis of the type of

income, a secondary quadruple classification could be made for households as

employees, own-account workers, employers and property-transfer income

owners. In addition, different decompositions which are based on economic,

social and geographic basis can be implemented for the household sector.

Different methods of sub-sectoring may be appropriate for different

economies and may be needed in making analysis and formulating policies. In

this study, a uniform and single aggregation level is adopted for the household

sector.

General Government

Government units are legal entities that are established with political

process and they distinctly exercise executive, legislative and judicial powers on

other institutional units. The general government sector consists of all units of

central, state or local government and all non-market NPISHs that are controlled

by government units. All units of non-profit organizations engaged in non-

market production but subject to government control are classified inside the

government sector.

In SNA there are four sub-sectors below the general government: Central

government, province, local administrations and social security institutions. In

our study, general government sector is broken down into two parts as central

government and other government.

Financial Corporations

Financial corporations sector contains domestic settled institutional units

that provide financial services like financial intermediation, financial auxiliary

8 UN, 2008:82

18

services, and other financial corporations. Financial intermediation activity

consists of giving loans to demanders through various financial means after

collecting funds on its behalf. Financial auxiliaries are, on the other hand,

institutions which take action in behalf of their customers without creating

assets or incurring liabilities to their accounts. Other financial corporations are

those institutional units which provide financial services, and of which assets

and liabilities are not available on open financial markets.

Firms

Within the firms item, domestically settled corporations producing goods

and non-financial services are covered. The institutional units under this

institutional sector should have the characteristics such as making transaction

on its behalf, taking decision, entering into obligation and accounting, which

should appear in all institutional units.

According to Decree of Law No. 9353, the Turkish Commercial Code (TCC),

limited liability companies, corporations and cooperatives are the types of firms

that can be classified in the SNA framework, under the firms classification.

Other legal person commercial companies defined in TCC, such as general

partnership, limited partnership, limited partnership divided into shares, are

classified under the household sector instead of firms because part of their

participants can be made responsible for their liabilities.

Non-profit Institutions Serving Households Sector

According to their status, NPISHs are legal or social persons established in

an attempt to produce goods and services without necessarily providing an

income to their constructors, controllers or financial providers. NPISHs sector

contains non-profit establishments that only serve households and entities

whose services are not priced with an economic sense. By contrast, the non-

profit organizations that serve to firms are shown in either general government

sector or in firms according to their ownership situation.

Classification of Financial Instruments

Economic assets are defined as assets which provide economic benefits to

their holders. In addition, financial assets give right to their owners to receive an

19

amount from institutional units that undertake the counter response. In this

framework, there is a financial liability item corresponding to each financial

asset by definition.

Increasing complexity of financial transactions and financial innovations in

financial markets, make the classification of financial instruments complicated.

In summary financial assets consist of all financial claims, shares or other equity

in corporations plus gold bullion held by monetary authorities as a reserve

asset. In SNA, seven kinds of credits and six kinds of debits are defined.

Table 1. Classification of Financial Assets and Liabilities in SNA

Financial Assets

Monetary Gold and SDR

Money and Deposits

Securities Other Than Equities

Loans

Equities and Other Owners’ Equity

Assets

Insurance Technical Reserves

Other Receivable Liability Accounts


Money and Deposits

Securities Other Than Equities

Loans

Equities and Other Owners’ Equity

Assets


Other Receivable Liability Accounts

Source: United Nations et al, 2008

In our study, instrument aggregation is organized by detailing SNA

classification into Turkish Lira (TL) and Foreign Currency (FX) denominated

financial instruments. High currency substitution tendency, in our financial

markets makes TL-FX distinction necessary. On the other hand, because of the

reason that difference between the opening and closing stock values are taken

for tracking the flows, the differentiation of tools as TL and FX becomes a

technical obligation for decomposing the flows as transactions and other flows.

20

Table 2. Financial Instrument Classification Adopted in the Study

1 Monetary Gold and

SDR 5

Stocks and Other Owners’ Equity

Assets

1a Monetary Gold 5a Domestic Owners’ Equity Assets (TL) 1b SDR 5a1 Foreign Owners’ Equity Assets (FX) 2 Cash and Deposits 6 Insurance Technical Reserves 2a Cash 6a Individual Pension Funds 2a1 TL 6a Life Technical Responses 2a2 Effective Exchange 6b Pre-Premium Payments

2b Deposits 7 Other Liabilities and Receivables 2b1 TL Deposits 7a Trade Credits

2b2 FX Deposits 7a1 Domestic (TL)

2c REPO 7a2 Foreign (FX)

3 Bonds and Bills 7b Other Items

3a TL Bonds and Bills 7b1 Other Commercial Liabilities

3b FX Bonds and Bills

7b2

Liabilities to Shareholders and

Employees

4 Loans

7b3

Liabilities to Social Security

Institutions

4a TL Loans 7b4 Liabilities to Government 4b FX Loans

Stock and Flow Values and Accounting Rules

Macroeconomic accounts and statements, must comply with some specific

rules. In order to ensure the consistency of the system, all records in the

accounts and tables must be compiled in the context of the common

procedures. In a quadruple-entry bookkeeping, identical values are used to

establish the consequences of a single action on all parties concerned by using

the same accounting rules. Financial accounting tables generated in a closed

system, must always comply with two basic equalities: Vertical and horizontal.

The simultaneous application of both the vertical and horizontal double-

entry bookkeeping results in with a quadruple-entry bookkeeping, which is the

underlying accounting system of the national accounts. It deals in a coherent

way with multiple institutional units, each of which satisfies vertical double-

entry bookkeeping requirements. A single transaction between two institutional

21

units thus leads to four entries. Unlike business bookkeeping, national accounts

deal with interactions among a multitude of units in parallel, and thus require

special care from a consistency point of view. As a liability of one unit is

mirrored in a financial asset of another unit, for instance, they should be

identically valued, allocated in time and classified to avoid inconsistencies in

aggregating balance sheets of units by sectors or for the total economy. The

same is also true for all transactions and other flows that affect balance sheets

of two counterparties.

For example, in a loan transaction, an acquisition of asset will be recorded

in the balance statement of the lender, while same amount of incurrence of

liability will be registered in the statement of the borrower. If the loan is made in

the form of bank transfer, there will be simultaneous recording of increase in

the loan and the decrease in the deposit on the creditor side. In this case, there

will also be simultaneous recording of increase in deposit and of incurrence of

debt on the debtor side. They are known as vertical double entry. That makes

four simultaneous entries for one transaction; thus it is called quadruple entry

system. The SNA uses the following conventions and terminologies for recording

flows with the rest of the world. By treating the rest of the world account as a

pseudo-sector, the quadruple entry accounting principle can be applied and all

stocks and flows within the economy and with the rest of the world are

completely balanced.

The horizontal equality explains the relationship between the flow values.

ES = BS + T + R + OCV (1)

In the context of equation (1), ending stock value (ES); should be equal to

the total value of beginning stock value (BS), transactions (T), revaluation (R)

and other changes in volume (OCV) items. This equivalence states the

requirement that changes in stocks should always be the same as the defined

flows within the system.

From the very basic balance sheet principle, total financial assets should be

identically equal to the total financial obligations is called vertical equality. This

rule applies to all financial transactions, revaluation, other volume changes, the

opening stock and the closing stock values of the national accounts.

22

Valuation

In financial accounts it is primary that financial instruments should be

recorded on the basis of their market value or the equivalent market value.

Likewise, as a general rule the interest is recorded on accrual basis.

Money is valued over its nominal value whereas deposits are valued on the

basis of their liquidation values over the date of preparation of the balance

sheet. Accrued interest on deposits can be added to primary values of deposits.

Securities other than shares are recorded over their stock market values. In

other words, the accrued interest, are valued as re-adding to the principal.

Market values are calculated using different methods according to the types of

bonds and bills. In calculation of the current market value of bonds that provide

periodic returns, the net present value formula is often utilized.

In a loan given by the premium, or discount case, the amount to be

recorded in the financial account, is the amount of the principal that the

borrower is obliged to pay according to the contract.

Valuation of shares and other equity assets is based on current market

values of these assets. For some equity assets other than shares market value

do not occur as they are not traded in organized stock markets. Value of shares

not traded in the organized market, is formed with reference to the market price

of the value of the similar companies.

In valuation of pension funds, net market values of these funds are used as

the basis. The amount front payments of insurance premiums, is calculated in

proportion of the premiums paid to the corresponding number of days

remaining.

In valuation of trade credits and advances and other items under the

heading of other receivables and payables account, the amount that is to be

paid to eliminate the obligations of the debtor as of the balance sheet period is

used as a basis.

23

3. Construction of Flow of Funds Accounts (FFA)

The savings of institutional sectors are used for acquisition of financial or

non-financial assets or disposals of financial liabilities. The financial account is

categorized in accumulation accounts of the SNA which show transmission

channels of savings among institutional sectors via financial assets and

liabilities. In other words financial account tracks the acquisitions of financial

assets and disposals of liabilities of institutional sectors. The difference between

uses and resources of funds gives net lending/borrowing of each sector. The

three dimensional flow of funds tables provide the answer to the question to

what extent and how sectors finances each others.

The method of gathering and processing of the data used in the study is

shaped in the light of 2008 SNA, 1995 ESA and some reference publications for

gathering monetary and financial statistics, government finance statistics and

balance of payment statistics.

Compilation of Data

Theoretically it is possible to gather stock positions and flows of institutional

sectors from balance sheets of institutional sectors. However in practice it is not

easy to construct consolidated balance sheets for institutional sectors. For

instance there is no balance sheet for the Turkish household sector and it is also

very hard to find a reliable data source for non-financial corporations. To

overcome this problem the records for only one side that engaged in a

transaction is gathered and others are computed as residual.

The most imperative data source of financial accounts is balance sheets of

institutional sectors. In our study we first compiled the stock positions and

derived financial flows accordingly from stock positions. During this process we

continuously make use of the commercial balance sheets of institutional sectors

in particular financial institutions as the primary data sources.

Sources of Flow of Funds Data

In order to capture financial flows and stocks micro level data sources are

utilized. In other words, the data on financial assets and liabilities are compiled

for each sector considering the symmetry in these financial transactions. It

might therefore appear desirable if the macroeconomic accounts for sectors or

the total economy could be obtained directly by aggregating corresponding data

for individual units. Having micro-databases that are fully compatible with the

24

corresponding macroeconomic accounts for sectors or the total economy

provides considerable analytical advantages.

The crucial data sources utilized to compile financial asset and liability

stocks of institutional sectors in the study are listed below.

Balance sheets of financial institutions

The reporting of financial institutions to public and to sectoral

authorities

International investment position

Balance of payment statistics

Government finance statistics

Corporate sector balance sheets

Trade registries

The below-mentioned auxiliary data resources are also used for composing

flow of funds tables.

Income tables of firms and financial institutions

Postscripts of balance sheets

Input-output tables

Exchange statistics

Various surveys concerning to real and financial sectors.

Harmonization and Standardization of Data

Different data sources may provide competing data on the same issue. In

some more complicated situations achieving different components of the same

data from different sources may be needed. Date mismatch is a frequent issue

for analyst to deal with when compiling a unified system. The most typical

problems may be classified as follows:

Tool and sector based content disparity

Changes in classification and account applications

Differences in measurement and record time and valuation methods

The most important reason of mismatch in financial statistics originates

from scope differences. Scope differences may arise from non-inclusion of

whole units that compose sectors in a sector-related data or non-inclusion of

whole sub items of an instrument. In some situations the scope differences

25

related to financial data can give rise to the problem of double counting on the

basis of institutional sectors and financial instruments.

Changes in the instrument classification and accounting rules may

contribute to significant problems for analysts in due course. In Turkey, this

situation is frequently faced in time series analysis. In some situations statistical

inconsistency can be seen because of differences in measurement and record

time of data. Differences in valuation methods of financial assets and liabilities

are also required to make some revisions in terms of comparability of data.

Decomposition of Flows

Financial flows are defined as the difference between the financial asset

and liability stocks of institutional units during a period of time such as a year.

While the flows are composed by transactions and other flows; other flows are

separated into two parts as revaluation and other volume changes. We generally

used the technique for the collection of stock positions according at first, and

then decomposition of the difference between the stocks in two periods in the

form of revaluation and transactions.

Formation of Records

Because of FFA is nonexistent and financial statistics are not compatible

with SNA in Turkey, formation of FFA have been increasingly difficult. In

particular recording financial transactions in SNA may induce the necessity of

some data operations.

Monetary Gold and Special Drawing Rights (SDR)

Monetary gold is the gold which is at least 995/1000 carat and kept as

international reserve asset by monetary authority. In Turkey, only gold held in

reserve by Central Bank of Republic of Turkey is classified as monetary gold.

SDRs are the assets that are created by International Monetary Fund and

assigned to members for strengthening their international reserve position.

SDRs do not create any obligation to IMF or to its members.

The stocks and flows related to monetary gold and SDRs are compiled from

balance sheet of monetary authorities and balance of payments statistics.

26

Cash and Deposits

Cash contains the banknote and coins in circulation that is used for

payment. As well as the domestic currency, effective exchange is captured in the

definition of cash.

Deposit is the transfer of natural or legal persons’ purchasing power to

financial corporations as dated or undated. In this study; under the deposits

heading, deposits in central bank and deposit banks, and special current

accounts in participation banks and participation accounts are tracked. Deposits

in SNA are decomposed as forward and current in secondary classification.

However, in this study, as in the other tools the deposits item is differentiated

on the basis of TL-FX, rather than according to long term-short term

classification.

Parallel to classification in ESA, REPO appears under the cash and deposits

item. REPO is identified as transactions that contain sale of one security with a

commitment of repurchasing at a stated price and stated date. Virtually,

securities subjected to REPO have the property of assurance and short term

lending. In this case, the transaction is referred as REPO by barrower while

called as reverse REPO by lender. In this study, REPO and reverse REPO

transactions realized by the Central Bank and deposit banks and are captured.

Bills and Bonds

In the SNA system, securities item other than shares include any financial

asset that can be exploited by the holder, can be traded in the secondary market

and does not provide any property rights to the owner. Bonds, bills, deposit

certificates and securities such as bankers’ acceptances can be given as

examples of items covered in this category. In the period under review, only

bonds and bills are available as observed examples of this category of financial

assets in Turkey. For this reason in this study we use the term bills and bonds

instead of the standard heading; securities except bills and bonds of the SNA

definition.

In the 2002-2008period, while financial securities are issued only by Treasury

domestically, some small-scale bond issues of private sector in the international

markets are also available. The foreign ownership of domestic securities is

another detail we are concerned to compile. Commercial papers traded among

27

enterprise sector are covered under this item. Last but not the least, bills and

bonds item, as other financial instruments, are drilled down into the form of

domestic and foreign denominated assets.

Credits

Loans are defined as unconditional financial assets which are generated by

means of the direct provision of funds by creditor to the debtor with no

attachment to any other security9. Loans such as finance leases go under this

heading whereas commercial loans given directly to recipients by goods and

services manufacturers are located within other receivables and payables item.

Loans under the scope of our study include all transactions of this type

undertaken by the Central Bank, deposit banks, development and investment

banks, participation banks, leasing companies, factoring companies and

consumer finance companies.

Shares and Other Equity Assets

Shares and other equity assets can be defined as property rights settled on

corporations and quasi-corporations. This instrument comprises all instruments

and records acknowledging claims on the residual value of a corporation or

quasi-corporation after the claims of all creditors have been met. Equity is

treated as a liability of the issuing institutional unit. Shares representing a

specific capital share are securities which are issued by joint-stock partnerships.

This study covers all ownership shares under the heading of shares and

other equity assets, regardless of they are traded on organized markets, or they

are in the form of security. In line with the ESA, mutual funds and investment

trusts that are provided with certificates of participation are also included. In

this context, shares of the investment trusts which are companies in the form of

joint-stock partnerships and are established according to the principles of

registered capital, and certificates of participation shares of investment funds

according to the principles of faith formed property are also covered under the

same category.

Different data sources are used to compile shares data including trade

registries, Central Bank’s consolidated firm balance sheets, data from Istanbul

9 United Nations et al, 1993:255

28

Stock Exchange and international investment position. Very detailed and

complex procedures are utilized to compute the stocks and flows related to

unquoted shares. By using trade registries, as of 1985 the cumulative figures of

new established non-financial firms’ capital and capital injections to non-

financial firms are added up and the value of decrease in capital is subtracted

from this figure. Thus the nominal paid capital of non-financial firms without

inflation correction is obtained.

The capital of firms by 1985 can be omitted because of the high inflation

rates in TL (price level has increased by 563.000% from 1985 to 2002). The

cumulative net nominal capital is compared with the Central Bank’s firms’

balance sheets and it is observed that they represent almost 55% of nominal

capital of non-financial corporations sector. This ratio is also applied to affiliates

capital of firms which is placed in assets of the firms. To valuate the nominal

shares in market conditions, sectoral market value/book value ratios realized in

the Istanbul Stock Exchange is used as a proxy. The capital and affiliates of

institutional units under financial corporations sector are obtained directly from

balance sheets of them and are valued accordingly.


Insurance technical reserves include household assets net in pension funds

and life insurance schemes, and front contributions within insurances.

Households funds in private pension systems and life insurance schemes are

both considered as financial assets. However life insurance and private pension

systems differ in terms of their functioning. For life insurances that guarantee a

lump sum or monthly payment at the end of a certain period, accrued technical

reserves are used in the computation of the stock of the financial assets. As to

the private pension system, fund size of the participants in the system was taken

as a proxy indicator.

Insurance front premium payments item should be understood of the

reflection on the financial assets of the non-compliance between the insurance

period and the balance sheet period. Insurances are usually done with a one-

year period, while one-year period in question can be spread over two calendar

years. When insurance fee is paid in cash, the premiums that are paid from last

year's compensation in advance to offset the risks that may arise next year are

of this coverage. Front premium payments of enterprises and households for all

branches of insurances are reflected in under this item.

29

Other Payables and Receivables

Other payables and receivables include the funding generated through

installment sales, and arrears in payment of a debt. Other payables and

receivables item is composed of two sub-lines: Commercial loans and advances

and other items.

Commercial loans and advances cover;

Procurement of goods and services by the vendor or

installment loans

Advances received for semi-finished goods or a service to be

given.

Other items contain financing that arise from discrepancies between the

accrual and realization time of debts or receivables that are not elsewhere

classified. In the study, other item includes various sub-items obtained by a

general consolidation under consolidated firms balance sheet such as;

Other commercial payables,

Payables to partners and employees,

Payables to Social Security Institution

and finally payables to general government.

Figure 5 gives an example about entries related to financing through

partners and employees.

Figure 5. Entries Regarding Other Financing.

Households Firms

Payables to employees

+ Payables to real person

Receivables from

employees

Receivables from

employees +

Receivables from partners

Payables to employees

+ Payables to

partners

30

4. Application of Flow Funds Analysis: Developments in the Household

Sector

The households play a prominent economic role in the economic system

and understanding household behavior is key to monitor economic

development and design effective economic policies. First and foremost,

households account for most of the final consumption expenditure in OECD

countries. Given the high level of consumption expenditure in aggregate

demand, a change in households’ consumption level will have a profound

impact on economic growth, which is the case that most analysts have

frequently drawn our attention in the recent worldwide economic recession

when households’ consumption expenditure collapsed and remained stagnant.

The second factor is the importance of households in enabling the financing

of gross fixed capital formation. This happens generally through two basic ways:

i) A major part of the household sector is accounted for the

investments in residential and commercial buildings by which they

provide housing and rental services to society.

ii) Excess savings generated by households are channeled to the

investment needs of other institutional sectors most notably of

non-financial corporations. According to the OECD data,

households provide more than half of the total funds available for

investments such as machinery and equipment, production

facilities, factories, transport infrastructure, and communication

networks etc. In some of the countries, this ratio reaches as much

as 75 percent of total savings.

Thirdly, entrepreneurs and innovators are often resided in household sector

in first phases of their economic activities. In this regard households furnish

necessary skills and abilities for the economy to flourish through transforming

new ideas into business opportunities. From a more social perspective,

households constitute a social base for their members to absorb swings in

economic and personal life such as falling ill or losing a job. These social network

effects are frequently accounted for another set of social and economic asset

called social capital.

31

In SNA system, a household is defined as a group of people who are

combining means of living and sharing the responsibilities together. Families

constitute the largest segment of the household sector nevertheless people

who are living in the same military facility, the prisoners, the personnel of a ship

are also captured under the definition of households.

The household sector in SNA pursues two key functions in economic terms:

i) The production of goods and services on the one hand

ii) The allocation of disposable income to consumption and saving on

the other.

Member of a household may be employed, and in that case he/she earns

wage income, buys goods and services and saves the rest by building financial

assets through which he/she contributes to the financing of the economy. The

second primary situation is more complicated. Member of a household may run

an unincorporated family business such as a barber shop, a patisserie or a taxi.

Likewise a household, most frequently, may provide housing services.

Some countries like US and France have developed household sector

accounts which differentiate between pure households and households running

an unincorporated business. In this study we follow a straightforward approach

and employ the standard definition of the household sector in SNA, hence we,

for the moment, do not articulate a separate unincorporated business sector

apart from households.

In this section, based on the first FFA system developed for Turkey, we aim

to make an informative reflection, about the leading financial developments in

the household sector. It describes the use of flow-of-funds to capture the story

behind household sector and its financial and economic behaviors in the 2002-

2008 period. We make use of flow-of-funds analysis to reveal the sectoral

balance sheet and financial flow relationships of the household sector with the

other parts of the economy. To do this, we set out to determine to what extent

the rise in household wealth can be attributed to asset price increases on the

one hand, and financial flows reflecting savings efforts on the other. One of our

particular attentions will be on identification of the financial wealth effects.

32

The Evolution of Overall Financial Landscape in Turkey between 2002-2008

Based on our data of FFA, total financial assets demonstrated a slight

increase in relative to GDP after 2002 of which the most of the boost was

originated in equity holdings and private debt instruments of institutional

sectors. While total financial assets peaked in 2007, reaching 3,86 times of gross

value added, with the severe impact of the crisis they contracted harshly to 3,14

times of domestic production in 2008. The rate of decline, measured in nominal

domestic currency as 8,3 percent, is the single and yet the largest one since the

beginning of our series in 2002 (Figure 6).

In the asset side of the balance sheets, equities declined sharply losing 48

percent of their nominal value. It perfectly corresponds to the most severe

decline since the Great Depression in global equity markets. Equities in

developed economies declined 43 percent in 2008 whereas emerging markets

were hit more with a 51 percent decrease on the average. 10

Destruction in total financial assets of Turkish economy was rapid but

uneven, not all forms of assets have shown the same response to the crisis. In

contrast to shrinking equities, private debt instruments including loans, bonds

and trade advances as well as deposits had grown as measured in GDP ratios.

Deposits and private debt instruments not only rose but they reached their

highest level in 2008 according to our data.

10 McKinsey (2009).

33

Table 3. Selected Financial Indicators of Domestic Economy (Excluding the Rest

of the World)

2003 2004 2005 2006 2007 2008

Financial Assets 2.67 2.54 2.93 2.86 3.22 2.58

Net Financial Worth -0.32 -0.28 -0.33 -0.34 -0.41 -0.28

Net Lending Borrowing -0.05 -0.02 -0.04 -0.05 -0.06 -0.04

Changes in Net Financial Worth -0.02 -0.02 -0.09 -0.06 -0.10 0.08

If we exclude rest of the world account, total financial assets of the

residents hit the highest point just before the crisis, then making a serious step

back in 2008 of which well below their level in 2003. Nevertheless the lion’s

share in this drastic fall came from equities as explained above.

The net financial worth, which is defined simply as the excess of financial

assets over financial liabilities, indicates a negative sum for all years in our

series, in other words the net balance of Turkish residents' total assets is below

their cumulative liabilities for each year. Net financial worth , by definition,

excludes any kind of non-financial assets which are recorded principally by the

capital account. Hence it does not include accumulation or disposals of physical

capital such as residential or commercial buildings, capital goods, and

machinery and equipment.11

Net lending or net borrowing, the sum of net acquisitions of financial assets

and net incurrence of financial liabilities, depict the amount of available funds

or financing requirement for an accounting unit in a given period. It shows

whether the institutional sectors are in net borrower or in net lender positions.

The table 3 demonstrates Turkish residents are in net borrower position for

every year, the amount which corresponds to the capital account deficit or

surplus.

However financial transactions do not constitute the whole story behind

changes in net financial worth. Revaluation and other changes in volume of

assets and liabilities accounts track price and quantity changes in the balance

sheet items. Thus the changes in net financial wealth equal to the changes in

11 Though, net financial worth partially captures total wealth, it is still useful for identifying

the net financial positions of a given institutional sector or an economy.

34

net worth due to financial transactions plus the changes in net worth due to

price movements and other volume changes.

Table 4. Selected Financial Indicators of the Institutional Sectors, as a % of GDP

2003

Households Firms Banks Government ROW

Financial Assets 96.6 56.5 82.0 29.9 53.6

Financial Liabilities 8.5 136.3 77.6 75.7 22.1

Net Financial Worth 88.1 -79.8 4.4 -45.8 31.5

Net Lending Borrowing 16.1 -10.3 2.9 -13.8 4.6

Changes in Net Financial Worth 26.2 -21.6 -1.4 -5.9 2.1

2007




Net Financial Worth 96.1 -109.8 -3.7 -23.5 40.6

Net Lending Borrowing 6.1 -13.4 -0.3 1.0 6.1

Changes in Net Financial Worth 24.0 -36.1 -3.5 5.6 9.6

2008




Net Financial Worth 58.3 -59.9 4.7 -31.1 27.9

Net Lending Borrowing 2.4 -4.3 -0.3 -1.4 3.8

Changes in Net Financial Worth -26.9 37.5 8.0 -10.2 -8.1

Since FFA tracks data on the financial positions and flows of the institutional

sectors of the economy, it provides insight into how balance sheets of non-

financial and financial sectors evolve in time (Table 4). As a coherent and

comprehensive macro-financial framework, FFA presents that an economy is a

unified system in which various sectors interact with each other on the basis of

network relations. Financial positions and flows of an individual sector are

interdependent to the others’ balance sheets and financial transactions. As a

35

conclusion, though with a largely descriptive approach, FFA can be used to

better asses the anomalies and systemic mismatches in financial architecture.

Table 4 elaborates such a fruitful analysis for the Turkish economy by giving

some financial aggregates of different institutional sectors for 2003, 2007 and

2008. Financial assets, financial liabilities and net financial worth are indicators

of financial positions at a given time while net lending/borrowing and changes

in net financial worth items are financial flow variables indicating the time

derivatives of related stock positions.

One can easily capture which sectors are net borrowers and net lenders and

how their financing requirements as well as financial behaviors change in time

at the aggregate level. It is also possible to monitor the impact of financial crisis

and economic downturn on the financial wealth and financial soundness of non-

financial corporations, households, governments, financial corporations and rest

of the world in the Turkish economy.

According to the data, by 2003 household sector had the largest amount of

financial claims in their balance sheets and contributed to the financing of the

economy with a 16,1 net lending as a percent of GDP. The excess of households

savings over gross capital formation (net lending) are used up by the non-

financial corporations sector and general government, which totally absorbed

financial resources available as demonstrated their net borrowing requirements

10,3 and 13,8 percent of GDP respectively.

In 2007, FFA data indicates an apparent growth of financial assets and

liabilities of households as well as non-financial corporations sector. While net

financial worth of households augmented by 8 percentage points as ratio to

GDP, net funding creation dropped significantly indicating a behavioral restraint

or an investment shift from financial to non-financial forms of wealth. Non-

financial corporations continued to convert financial funds into gross fixed

capital formation and their net borrowing requirement remained almost flat as

compared to the level in 2003.

One of the substantial changes in the macro-analytical balance sheet of the

economy was in the financial position of general government. Net financial

worth of the general government improved significantly due to high level of

relaxation in its financial liabilities. This reflects the improvements in public

36

finance and the fiscal room created by falling levels of public debt. As a result

general government became a net lender for the first time our series began.

Foreign residents built up an outstanding amount of financial assets in the

country and their net financial worth elevated considerably in 2007. This

situation corresponds to one of the major structural properties of Turkish

economy which is to absorb foreign savings to finance its investments and

consumption levels. As a net lender to the resident institutional sectors, foreign

sector continued to accumulate financial assets.

In 2008, the financial crisis has abruptly changed the overall picture.

Households have born the most of the burden of falling asset prices and rising

debt. With the most severe deterioration in their balance sheet 26,9 percentage

points of financial assets have been destroyed and net financial worth dropped

drastically by 37,8 percentage points of GDP, almost double of the total losses of

other sectors. Similarly financial wealth creation capacity of the households

sector has been severely diminished with ever falling net borrowing level of 2,4

percent of GDP.

Since equities are captured as liabilities in the business accounting and FFA,

the non-financial corporations' balance sheet has demonstrated a striking

improvement; nevertheless a more elaborate analysis may alter such

conclusion. Primary function of the non-financial corporations sector is to

produce goods and services and to drive gross fixed capital formation with the

available funds in the economic system. Thus a squeezing net borrowing in

37

absolute terms indicates real investments by corporations have been ceased or

postponed which is the case according to our data.

FFA displays another phenomenon which has been frequently given

reference by analysts about the strength of the Turkish banking sector during

the financial shocks and worldwide economic collapse. Financial corporations

including commercial banks and investment banks with increasing financial

assets and lessening liabilities have largely improved their situation. Turkish

financial corporations have transformed the crisis into an opportunity, and they

are the single part of the economy which gained far more strength during the

economic recession. As demonstrated in the Table xx the net financial worth of

the financial corporations sector turned to positive and ameliorated by 8,7

percentage point of GDP.

Financial Developments in the Household Sector

A closer look at financial positions and financial flows of households is

essential to draw an insightful analysis.

i) We are headed to study analytical balance sheet of households in

depth in order to identify dynamics of asset and liability creation,

the impacts of the crisis, the pressures on net lending etc.

ii) We set out to determine to what extent the rise in household

wealth can be attributed to asset price increases on the one hand,

and financial flows reflecting savings efforts on the other.

iii) A special attention will be paid to capture the sources of growth in

financial assets.

iv) One of our particular considerations will be on identification of the

financial wealth effects.

Assessing the Analytical Balance Sheet of the Household Sector: Boom and Bust

Between 2002 and 2007 financial assets of the household sector posted a

significant increase, the growth rate of households’ financial assets, measured

as ratio of GDP, is much larger than the economic expansion and it reached 1,17

times of total value added. While deposits remained stable around one third of

gross value added and securities declined 3 times from their initial level;

38

households’ holdings of shares in their portfolio recorded a significant climb up

to 78,3 percent of GDP.

Table 5. Households’ Analytical Balance Sheet

2002 2003 2004 2005 2006 2007 2008

Financial Assets 86.9 96.6 90.7 98.9 98.4 116.9 80.0

of which Deposits and Cash 33.1 27.8 27.7 29.5 33.7 34.3 38.7

of which Shares 46.1 59.9 54.1 62.3 59.0 78.3 36.9

of which Securities 6.1 7.4 6.9 4.9 3.5 2.1 1.9

Financial Liabilities 6.6 8.5 11.4 14.7 18.3 20.8 21.7

of which Credits 4.1 5.1 6.8 9.7 12.5 14.6 15.6

of which Non-Bank Financial Ins. 2.5 3.4 4.6 5.1 5.8 6.2 6.1

Net Financial Worth 80.3 88.1 79.3 84.1 80.1 96.1 58.3

Memorandum Items

Net Lending Borrowing .. 16.1 8.8 3.0 5.1 6.1 2.4

Changes in Net Financial Worth .. 26.2 7.6 15.9 8.1 24.0 -26.9

With the impact of financial crash, the size of households’ financial assets

shrank by record levels almost 40 percent in ratio to GDP. As mentioned above

this decline is the single largest of all macroeconomic agents of the economy

which mainly caused by dramatically falling equities. In the absence of any

further information on the distribution of financial burden among sub-

classification of households, it is very difficult to estimate the relative impact

and distribution of this destruction within the household sector.

In the same period, households debt in the form of banking and non-bank

credits elevated sharply from 6,6 percent of GDP to 20,8 percent. Debt to

banking sector accounted the largest portion, more than 2/3 of the total

liabilities. As a result net financial worth, financial assets minus financial

liabilities, improved considerably from 80,3 percent to 96,1 percent of value

added. In the crisis, as debt levels has continued to rise and assets collapsed, net

financial worth of the households sector has been drilled down to 58,3 percent

of GDP.

39

Decomposing Price Changes and Financial Transactions: Asset Prices’

Significant Role

Net financial worth is an aggregate indicator capturing both financial

transactions and changes in asset values and it can improve although people do

not invest in any kind of financial assets or close their liabilities. This is called

revaluation effect. A more elaborate analysis is needed in order to determine to

what extent the rise in household wealth can be attributed to asset price

increases on the one hand, and financial flows reflecting saving endeavor on the

other.

To do this, we add up two flow variables into our analysis in Table xx as

shown in memorandum items, Net lending/ borrowing and The Changes in

Financial Net Worth. Net Lending/Borrowing shows the amount of savings in

excess of gross fixed capital formation, and it is calculated as the net acquisition

of financial assets minus net incurrence of liabilities. It represents the changes in

net financial asset stocks due to financial transactions within the period. We

subtract Net Lending/Borrowing from the Changes in Net Financial Worth, to

obtain the revaluation effect which displays the changes in balance sheet due to

moving prices of financial instruments.

Results indicate that for most of the years under review, the Revaluation

Account posted positive price changes in the financial balance sheet of

households, except for the years 2004 and 2008. Furthermore revaluation effect

contributed as much, if not larger than, to the rise in cumulative value of

financial assets. Including the hit of the crisis, revaluation has played a larger

role than the net lending figure; it records superior amounts, in absolute values,

for 4 years in our series starting from 2005. Hence we can conclude that,

revaluations in values of financial instruments started to account a much

significant impact on balances of financial positions for households.

Sources of Growth in the Financial Assets of the Household Sector:

Increasing Reliance on Debt

Figure 8. elaborates a different aspect of the financial expansion in the

household sector: the sources of growth. Since net lending equals the purchase

of financial assets minus debt

incurrence, the purchase of financial assets can be derived as the sum of net

lending and debt incurrence. Contribution of debt is simply calculated as the

40

percentage of debt incurrence over the total build up financial assets, a figure of

which the remaining percentage of 100 explains the contribution of net lending

in the same accumulation.

Based on our data, it appears that there had been a remarkable constraint

that drove down net lending of the households sector from two digits numbers

to single digit ones. Since net lending represents the capacity to create excess of

funds over investments, this is an alarming situation from the macro-economic

perspective. Household sector in many countries constitutes the engine for

domestic savings and a declining net lending would suggest prudential macro-

economic implications.

Although it is difficult to identify to what extent these developments can be

attributed to the structure of the population or generation effects on the one

hand and deliberate portfolio allocation choices on the other (between non-

financial and financial forms of wealth), it clearly appears that the saving

generation behavior of the household sector is under constraint between 2003

and 2008.

Furthermore as shown in Figure xx, households’ balance sheet started to

exhibit increasing debt reliance. While debt accumulation remained around 5

percent in ratio to GDP, its contribution to households’ financial asset

accumulation increased radically from single digit numbers in 2003 to more than

41

half in 2008. The expansion in household balance sheet increasingly became

dependent to household debt. 12

Identifying Financial Wealth Effects

A quite number of studies agree on the existence of a strong correlation

between final consumption expenditures and financial assets though they differ

in terms of measuring the exact magnitude of such linkages. 13 In general, as

liquidity of financial assets increase the immediate effect on final consumption

rise.

The underlying mechanism of financial wealth effect is straightforward. If

the value of a financial asset held by an agent changes simply through

conditions in the market, then the agent would be subjected to either a holding

gain or a loss. In case of upward price movements, the agent will feel richer in

proportion to the magnitude of price changes in asset values. In the final step

this will have an impact on allocation of disposable income to consumption and

saving. The rate at which the agent anticipates current level of consumption to

such changes will then constitute the elasticity of consumption to financial

wealth.

In our study, we conduct an analysis in terms of financial wealth and final

consumption. We identify the elasticity of consumption to financial wealth as in

the following formula:

E c/fw = [ΔC / C] / [ΔFW / FW] = MPC c/fw × [FW / C]

Where E c/fw is the elasticity of consumption to financial wealth, MPC c/fw the

marginal propensity to consume out of financial wealth, C the level of

consumption and FW the level of financial wealth.

12 The interrelation of this inclination with the developments in housing market should be

further investigated; nevertheless current version of our FFA system only tracks transactions in financial assets for the moment. Development of sectoral balance sheets is a necessary goal for FFA system to capture these inter-linkages among different wealth forms in a more comprehensive way.

13 Altissimo, F., E. Georgiou, T. Sastre, M.T. Valderrama, G. Sterne, M. Stocker, M. Weth, K. Whelan and A. Willman (2005), “Wealth and Asset Price Effects on Economic Activity”, ECB Occasional Paper No 29

42

Based on recent studies, we employ an assumption which states MPC is a

constant number over the years of 2 percent of financial wealth. This figure

corresponds to the weighted average of estimates of the MPC out of financial

wealth in Altissimo et al. (2005). We then apply this assumption to the formula

given above. Our findings indicate that, the elasticity of consumption to financial

wealth is found to have steadily increased since 2002 (see Figure 7). The single

exception is the time of the financial crisis in which wealth effect becomes less

important due to rapid and large collapses in financial forms of wealth.

43

5. Conclusion

The recent economic crisis may be viewed as a real life experiment in

testing the validity of economic decision making systems in which academic

establishment, policy makers and business community, each relying on the

others ideas, had all been sufferers of the famous phrase “no one saw it

coming”. The mainstream indicator systems and conceptual thinking, failed to

foresee the gravity of the looming crisis.


monitoring of financial stock positions and flow of funds in the economy both at

national and international levels. A particular concern is drawn upon the issues

such as the role of financial intermediation, balance sheet effects, the degree of

sectoral and institutional leverage, the vulnerabilities of domestic economies to

shocks, and the importance of international financial network connections.

While there are differences in emphasis, there has been a broad consensus

over detailed and more extended use of Flow of Funds Accounts (FFA) which

records transactions and changes in financial assets and liabilities of an

economy.

While Turkish financial system kept its relative resilience in the recent crisis,

it was long exposed to a significant lack of information gap in terms of FFA.

Though individual indicators on different financial instruments and sectors are

available, they still do not constitute a full blown system of financial accounts.

This deficiency hinders the construction of in depth financial stability analysis

and monitoring of economic developments in a more integrated way.

The present study has introduced to the literature the first full blown system

of FFA for Turkey in annual terms starting from 2002. Standardization and

harmonization of primary concepts, principles and data have been improved to

a greater extent, to ensure the compatibility of our system with the FFA of the

latest SNA manual. We also conducted a reflection on the household sector in

the light of FFA.

44

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ALTISSIMO, F., E. GEORGIOU, T. SASTRE, M.T. VALDERRAMA, G. STERNE, M.

STOCKER, M. WETH, K. WHELAN AND A. WILLMAN, Wealth and Asset

Price Effects on Economic Activity, ECB Occasional Paper No 29, 2005.

BEZEMER, D.J., No One Saw This Coming: Understanding Financial Crisis through

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TÜRKAN, E., Türk Ekonomisinde Makro Kredi Kanalı: Ölçek ve Kalite Açısından Bir

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46

Annex- Yearly Financial Stock Positions and FoF Accounts for Institutional

Sectors

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank

Deposit-taking corporations

Other financial intermediaries

Financial Auxiliaries

Firms

NPOSHH

ROW

Total Usage

2002

2002

2002

2002

2002

2002

2002

2002

2002

2002

2002

2002

2002

2002

Finan

cial N

et W

orth

Mone

tary G

old a

nd S

DR2,

141

2,14

12,

141

-2,1

41Ca

sh an

d Dep

osits

209,

696

115,

935

14,7

157,

158

7,55

746

,805

4,32

233

,238

1,73

07,

515

26,7

295,

512

26,0

5723

5,75

3C

ash

10,9

845,

831

3,01

41,

057

1,90

850

2,13

910

,984

TL7,

636

5,83

187

482

846

931

7,63

6FX

3,34

92,

141

1,05

71,

080

41,

208

3,34

9D

epos

its19

8,71

211

0,10

414

,715

7,15

87,

557

43,7

913,

265

31,3

311,

680

7,51

524

,590

5,51

226

,057

224,

769

TL D

epos

its64

,206

35,8

407,

886

2,56

75,

319

5,02

42

3,38

393

470

410

,197

5,25

934

364

,549

FX D

epos

its12

7,07

673

,850

6,82

94,

591

2,23

833

,191

3,26

327

,929

746

1,25

212

,954

253

25,7

1415

2,79

0R

EPO

7,42

941

35,

577

185,

559

1,43

97,

429

Bond

s 21

5,59

121

,470

15,6

9415

,694

162,

669

71,0

6783

,131

3,85

54,

617

15,7

5733

,262

248,

852

TL B

onds

12

1,39

117

,779

12,0

5212

,052

76,9

1718

,394

50,7

433,

175

4,60

614

,642

2,05

412

3,44

5FX

Bon

ds

94,2

003,

691

3,64

23,

642

85,7

5252

,673

32,3

8868

011

1,11

531

,208

125,

408

Loan

s46

,577

46,5

7726

336

,576

9,73

813

1,75

417

8,33

0TL

Loa

ns26

,368

26,3

6826

321

,746

4,35

926

,368

FX L

oans

20,2

0920

,209

14,8

2913

1,75

415

1,96

2Sh

ares

331,

090

161,

572

37,8

2737

,752

7548

,908

841

,467

7,16

027

382

,782

34,1

6136

5,25

1TL

Sha

res

321,

460

158,

683

37,8

2737

,752

7545

,576

38,1

427,

160

273

79,3

7434

,161

355,

620

FX S

hare

s9,

630

2,89

03,

333

83,

325

3,40

89,

630

Insur

ance

Tec

hnica

l Res

erve

s3,

454

2,38

71,

067

3,45

4Ot

her L

iabilit

ies an

d Rec

eivab

les11

1,36

73,

340

38,7

0138

,193

508

69,3

2612

,030

123,

397

Trad

e C

redi

ts43

,214

43,2

1412

,030

55,2

44TL

37,5

4137

,541

37,5

41FX

5,67

35,

673

12,0

3017

,703

Oth

er It

ems

68,1

533,

340

38,7

0138

,193

508

26,1

1268

,153

Oth

er C

omm

erci

al L

iabi

lities

22,4

2822

,428

22,4

28Li

abilit

ies

to S

hare

hold

ers

and

Empl

oyee

s7,

025

3,34

03,

684

7,02

5Li

abilit

ies

to S

ocia

l Sec

urity

Inst

itutio

ns50

850

850

850

8Li

abilit

ies

to G

over

nmen

t38

,193

38,1

9338

,193

38,1

93TO

TAL

919,

916

304,

703

106,

937

83,1

0323

,834

307,

101

77,8

0019

4,41

222

,483

12,4

0619

5,66

25,

512

235,

122

1,15

5,03

8

Table

A1.

Finan

cial A

ssets

of In

stitu

tiona

l Sec

tors

- 200

2

47

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Debits

2002

2002

2002

2002

2002

2002

2002

2002

2002

2002

2002

2002

2002

2002

Fina

ncia

l Net

Wor

th-1

33,8

8128

1,47

7-1

81,6

89-1

66,8

88-1

4,80

126

,691

11,7

865,

687

2,91

4-2

65,0

704,

710

133,

881

0M

onet

ary

Gol

d an

d SD

RC

ash

and

Dep

osits

196,

929

196,

929

52,7

8914

4,14

038

,824

235,

753

Cas

h7,

636

7,63

67,

636

3,34

910

,984

TL

7,63

67,

636

7,63

67,

636

FX

3,34

93,

349

Dep

osits

189,

294

189,

294

45,1

5414

4,14

035

,475

224,

769

TL

Dep

osits

64,5

4964

,549

3,80

760

,742

64,5

49F

X D

epos

its11

7,31

511

7,31

539

,276

78,0

3935

,475

152,

790

RE

PO

7,42

97,

429

2,07

15,

359

7,42

9B

onds

20

3,43

51,

233

195,

286

195,

286

856

856

6,06

145

,417

248,

852

TL

Bon

ds

123,

445

1,23

311

6,15

111

6,15

16,

061

123,

445

FX

Bon

ds

79,9

9179

,135

79,1

3585

685

645

,417

125,

408

Loan

s17

6,63

414

,527

60,7

4254

,705

6,03

628

,898

13,2

2510

,205

5,42

049

71,6

6480

31,

696

178,

330

TL

Loan

s26

,368

14,4

801,

676

1,67

686

072

113

18

9,11

923

326

,368

FX

Loa

ns15

0,26

647

59,0

6554

,705

4,36

028

,039

13,2

259,

484

5,28

941

62,5

4656

91,

696

151,

962

Shar

es35

5,62

050

,272

032

,907

7,92

39,

443

305,

348

9,63

036

5,25

1T

L S

hare

s35

5,62

050

,272

032

,907

7,92

39,

443

305,

348

355,

620

FX

Sha

res

9,63

09,

630

Insu

ranc

e Te

chni

cal R

eser

ves

3,45

43,

454

3,45

43,

454

Oth

er L

iabi

litie

s an

d R

ecei

vabl

es11

7,72

47,

466

32,5

9932

,599

77,6

595,

673

123,

397

Tra

de C

redi

ts49

,571

7,32

242

,249

5,67

355

,244

TL

37,5

417,

322

30,2

1937

,541

FX

12,0

3012

,030

5,67

317

,703

Oth

er It

ems

68,1

5314

532

,599

32,5

9935

,410

68,1

53O

ther

Com

mer

cial

Lia

bilit

ies

22,4

2822

,428

22,4

28Li

abili

ties

to S

hare

hold

ers

and

Em

ploy

ees

7,02

514

56,

880

7,02

5Li

abili

ties

to S

ocia

l Sec

urity

Inst

itutio

ns50

850

850

8Li

abili

ties

to G

over

nmen

t38

,193

32,5

9932

,599

5,59

438

,193

TOTA

L91

9,91

630

4,70

310

6,93

783

,103

23,8

3430

7,10

177

,800

194,

412

22,4

8312

,406

195,

662

5,51

223

5,12

21,

155,

038

Tabl

e A2

. Fin

anci

al L

iabi

litie

s of

Inst

itutio

nal S

ecto

rs -

2002

48

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Usage

2003

2003

2003

2003

2003

2003

2003

2003

2003

2003

2003

2003

2003

2003

Fina

ncia

l Net

Wor

thM

onet

ary

Gol

d an

d SD

R2,

217

2,21

72,

217

-2,2

17C

ash

and

Dep

osits

231,

923

126,

227

19,8

578,

817

11,0

4049

,418

3,57

732

,878

1,80

411

,158

28,3

738,

049

28,6

7726

0,59

9C

ash

13,4

198,

896

3,12

398

32,

086

541,

400

13,4

19T

L10

,676

8,89

61,

080

1,03

348

699

10,6

76F

X2,

743

2,04

298

31,

054

670

12,

743

Dep

osits

218,

504

117,

331

19,8

578,

817

11,0

4046

,295

2,59

530

,791

1,75

011

,158

26,9

738,

049

28,6

7724

7,18

1T

L D

epos

its87

,271

46,8

6411

,820

3,53

88,

282

7,69

81

5,80

71,

138

752

13,1

207,

769

462

87,7

33F

X D

epos

its12

1,26

870

,408

8,03

75,

279

2,75

728

,898

2,59

324

,826

613

866

13,6

4528

028

,214

149,

482

RE

PO

9,96

659

9,69

815

89,

540

208

9,96

6B

onds

27

9,39

833

,580

23,4

3123

,431

195,

886

73,7

9410

3,15

05,

622

13,3

1926

,501

29,5

7030

8,96

8T

L B

onds

17

7,26

328

,662

19,4

3419

,434

104,

165

18,5

2267

,517

4,82

513

,300

25,0

034,

419

181,

682

FX

Bon

ds

102,

135

4,91

83,

998

3,99

891

,721

55,2

7235

,633

797

191,

498

25,1

5112

7,28

6Lo

ans

67,3

9167

,391

755

,493

11,8

9211

9,26

318

6,65

4T

L Lo

ans

39,6

6239

,662

733

,633

6,02

239

,662

FX

Loa

ns27

,730

27,7

3021

,859

5,87

011

9,26

314

6,99

3Sh

ares

485,

978

272,

493

44,7

8844

,705

8357

,982

2146

,403

10,9

8657

111

0,71

555

,766

541,

745

TL

Sha

res

477,

316

269,

832

44,7

8844

,705

8355

,110

43,5

5410

,986

570

107,

586

55,7

6653

3,08

2F

X S

hare

s8,

663

2,66

12,

871

212,

849

13,

130

8,66

3In

sura

nce

Tech

nica

l Res

erve

s5,

089

3,35

01,

739

5,08

9O

ther

Lia

bilit

ies

and

Rec

eiva

bles

140,

808

3,58

447

,823

47,0

7375

089

,400

12,7

2215

3,52

9T

rade

Cre

dits

59,0

4959

,049

12,7

2271

,771

TL

52,9

3452

,934

52,9

34F

X6,

115

6,11

512

,722

18,8

37O

ther

Item

s81

,758

3,58

447

,823

47,0

7375

030

,351

81,7

58O

ther

Com

mer

cial

Lia

bilit

ies

25,7

4225

,742

25,7

42Li

abili

ties

to S

hare

hold

ers

and

Em

ploy

ees

8,19

33,

584

4,60

98,

193

Liab

ilitie

s to

Soc

ial S

ecur

ity In

stitu

tions

750

750

750

750

Liab

ilitie

s to

Gov

ernm

ent

47,0

7347

,073

47,0

7347

,073

TOTA

L1,

212,

803

439,

234

135,

899

100,

595

35,3

0437

2,89

379

,616

237,

924

30,3

0425

,049

256,

728

8,04

924

3,78

21,

456,

585

Tabl

e A3

. Fin

anci

al A

sset

s of

Inst

itutio

nal S

ecto

rs -

2003

49

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Debits

2003

2003

2003

2003

2003

2003

2003

2003

2003

2003

2003

2003

2003

2003

Fina

ncia

l Net

Wor

th-1

43,3

9740

0,65

2-2

08,5

14-1

99,0

50-9

,464

20,2

0511

,606

4,21

94,

895

-363

,081

7,34

014

3,39

70

Mon

etar

y G

old

and

SDR

Cas

h an

d D

epos

its22

5,66

022

5,66

057

,832

167,

828

34,9

3926

0,59

9C

ash

10,6

7610

,676

10,6

762,

743

13,4

19T

L10

,676

10,6

7610

,676

10,6

76F

X2,

743

2,74

3D

epos

its21

4,98

521

4,98

547

,156

167,

828

32,1

9624

7,18

1T

L D

epos

its87

,733

87,7

335,

320

82,4

1387

,733

FX

Dep

osits

117,

286

117,

286

41,4

0375

,883

32,1

9614

9,48

2R

EP

O9,

966

9,96

643

39,

533

9,96

6B

onds

26

0,80

33,

645

248,

964

248,

964

491

491

7,70

348

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308,

968

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Bon

ds

181,

682

3,64

517

0,33

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181,

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Bon

ds

79,1

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78,6

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52,9

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and

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8,19

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456,

585

Tabl

e A4

. Fin

anci

al L

iabi

litie

s of

Inst

itutio

nal S

ecto

rs -

2003

50

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Usage

2004

2004

2004

2004

2004

2004

2004

2004

2004

2004

2004

2004

2004

2004

Fina

ncia

l Net

Wor

thM

onet

ary

Gol

d an

d SD

R2

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2,2

13

2,2

13-2

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Cas

h an

d D

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86,4

4615

4,90

721

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810

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11,

585

64,1

98

4,1

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7,5

242,

926

9,6

023

6,7

678,

836

29,4

1131

5,8

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15,9

871

1,30

52

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14

272,

426

49

1,7

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1,2

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316

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37,

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104

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92,8

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Loan

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310

85,

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15,

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124

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Loan

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3367

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600,

376

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Sh

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522

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299,

236

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10

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728

157,

550

67,8

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77,2

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32,

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29,

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29,

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Lia

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79

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t58

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58,6

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284,

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26,7

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1,69

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Tabl

e A5

. Fin

anci

al A

sset

s of

Inst

itutio

nal S

ecto

rs -

2004

51

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Debits

2004

2004

2004

2004

2004

2004

2004

2004

2004

2004

2004

2004

2004

2004

Fina

ncia

l Net

Wor

th-1

56,7

9344

3,06

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56,1

16-2

39,7

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62,5

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156,

793

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Dep

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269,

164

269,

164

65,5

9120

3,57

346

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315,

857

Cas

h13

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13,4

6513

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2,52

215

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TL

13,4

6513

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13,4

6513

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FX

2,52

22,

522

Dep

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255,

699

255,

699

52,1

2620

3,57

344

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299,

870

TL

Dep

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117,

977

117,

977

7,65

611

0,32

111

7,97

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X D

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8,00

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83,6

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172,

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RE

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9,72

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128

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Bon

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304,

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5,55

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247

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80

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223,

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38,1

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51,8

405,

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30,8

964,

033

19,4

077,

370

8694

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2,06

02,

266

225,

834

TL

Loan

s79

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38,0

472,

520

2,52

01,

349

1,10

222

323

35,9

771,

424

79,3

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144,

251

148

55,0

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Shar

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600,

376

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Sha

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590,

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100,

789

6861

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14,7

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489,

946

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Insu

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6,94

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987

987

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58,6

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Tabl

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. Fin

anci

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iabi

litie

s of

Inst

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nal S

ecto

rs -

2004

52

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Usage

2005

2005

2005

2005

2005

2005

2005

2005

2005

2005

2005

2005

2005

2005

Fina

ncia

l Net

Wor

thM

onet

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593

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91

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11,6

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26,

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394

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ash

21,

866

16,5

57

3,3

74

299

3,0

42

331,

935

21,8

66

TL

19,

612

16,5

57

1,8

63

1,8

42

211,

192

19,6

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241,

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144

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Tabl

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. Fin

anci

al A

sset

s of

Inst

itutio

nal S

ecto

rs -

2005

53

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Debits

2005

2005

2005

2005

2005

2005

2005

2005

2005

2005

2005

2005

2005

2005

Fina

ncia

l Net

Wor

th-2

12,8

71

546

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6-2

47,

622

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6-1

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31

3,0

48-3

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1,4

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7,6

508

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321

2,8

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d an

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RC

ash

and

Dep

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340

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73

40,2

37

83,

149

257

,08

85

4,3

113

94,5

48

Cas

h19

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219

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21

9,6

122

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21,

866

TL

19,6

12

19,6

12

19,

612

19,

612

FX

2,2

542,

254

Dep

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320

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53

20,6

25

63,

537

257

,08

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2,0

573

72,6

82

TL

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169

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188

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915

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915

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91

5,06

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3

45,0

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9,6

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25

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51

4,0

526

8,0

354

13,0

39

TL

Bon

ds

263

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79

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239

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281

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Tabl

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. Fin

anci

al L

iabi

litie

s of

Inst

itutio

nal S

ecto

rs -

2005

54

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Usage

2006

2006

2006

2006

2006

2006

2006

2006

2006

2006

2006

2006

2006

2006

Fina

ncia

l Net

Wor

thM

onet

ary

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d an

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30,7

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9,59

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6,30

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TL

26,8

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9,59

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966

2,94

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4,25

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61,5

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Bon

ds

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181,

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16,7

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76,4

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old

ers

and

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t15

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Tabl

e A9

. Fin

anci

al A

sset

s of

Inst

itutio

nal S

ecto

rs -

2006

55

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Debits

2006

2006

2006

2006

2006

2006

2006

2006

2006

2006

2006

2006

2006

2006

Fina

ncia

l Net

Wor

th-2

61,3

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88,3

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83-6

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88-9

2926

1,34

80

Mon

etar

y G

old

and

SDR

Cas

h an

d D

epos

its41

8,98

541

8,98

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3,50

531

5,48

086

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505,

097

Cas

h26

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26,8

1526

,815

3,93

630

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TL

26,8

1526

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26,8

1526

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FX

3,93

63,

936

Dep

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392,

170

392,

170

76,6

9031

5,48

082

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474,

345

TL

Dep

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194,

088

194,

088

16,1

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7,88

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X D

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2,63

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2,63

560

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372,

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94,8

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42,5

683,

106

54,3

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40,5

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107

173,

314

4,60

91,

632

374,

389

TL

Loan

s17

1,89

894

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1,15

11,

151

198

116

235

72,6

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171,

898

FX

Loa

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0,85

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444

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42,5

681,

955

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124,

792

28,6

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23,6

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Oth

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Com

mer

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Lia

bilit

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55,3

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hare

hold

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and

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14,8

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296

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15,8

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4

Tabl

e A1

0. F

inan

cial

Lia

bilit

ies

of In

stitu

tiona

l Sec

tors

- 20

06

56

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Usage

2007

2007

2007

2007

2007

2007

2007

2007

2007

2007

2007

2007

2007

2007

Fina

ncia

l Net

Wor

thM

onet

ary

Gol

d an

d SD

R3,

696

3,6

96

3,6

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h an

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2,5

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6,5

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383,

705

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76,5

303,

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25,5

1154

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ash

32,1

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28

324

4,9

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6,67

232

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174,

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12,0

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nstit

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nt20

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20,3

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20,3

51

TOTA

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985

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184,

876

134,

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50,0

92

720

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9,6

5053

6,8

864

5,94

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7,72

68

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539,

849

3,25

4,61

1

Tabl

e A1

1. F

inan

cial

Ass

ets

of In

stitu

tiona

l Sec

tors

- 20

07

57

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Debits

2007

2007

2007

2007

2007

2007

2007

2007

2007

2007

2007

2007

2007

2007

Fina

ncia

l Net

Wor

th-3

42,1

96

810

,043

-198

,356

-244

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46,5

92-3

0,95

91

1,1

29-3

0,40

21,

185

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5,98

53,

061

342,

196

0M

onet

ary

Gol

d an

d SD

RC

ash

and

Dep

osits

463

,49

54

63,4

959

8,40

936

5,08

68

3,60

954

7,10

5C

ash

27,4

29

27,4

292

7,42

94,

755

32,

184

TL

27,4

29

27,4

292

7,42

92

7,42

9F

X4,

755

4,75

5D

epos

its4

36,0

66

436

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70,

980

365,

086

78,

854

514,

920

TL

Dep

osi

ts2

44,1

55

244

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22,

379

221,

776

244,

155

FX

Dep

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164

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51

64,8

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8,60

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6,27

47

8,85

424

3,72

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EP

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727

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27,

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27,

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Bon

ds

382

,37

116

,591

346

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346

,817

18,

964

85,

774

468,

146

TL

Bo

nds

303

,17

416

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267

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267

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18,

964

303,

174

FX

Bon

ds

79,1

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79,1

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85,

774

164,

971

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38,4

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123

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36,4

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3,50

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124

0,5

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8,82

016

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8,32

571

21,

927

440,

426

TL

Loa

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19,1

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122

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1,39

41,

394

688

064

246

93,

762

554

219,

189

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219

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32,9

152,

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58,8

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577

18,

178

114

124,

563

158

1,92

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ares

1,4

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642

14,7

7610

014

4,09

54

4,20

12

6,38

11,

267,

588

14,

329

1,49

6,69

4T

L S

har

es1,

482

,364

214

,776

100

144,

095

44,

201

26,

381

1,26

7,58

81,

482,

364

FX

Sha

res

14,

329

14,

329

Insu

ranc

e Te

chni

cal R

eser

ves

13,3

28

13,3

281

3,32

81

3,32

8O

ther

Lia

bilit

ies

and

Rec

eiva

bles

276

,90

035

,484

241,

416

12,

013

288,

913

Tra

de C

redi

ts1

70,8

43

35,0

9813

5,74

51

2,01

318

2,85

6T

L1

45,7

81

35,0

9811

0,68

314

5,78

1F

X25

,06

22

5,06

21

2,01

33

7,07

5O

ther

Item

s1

06,0

57

386

105,

671

106,

057

Oth

er C

omm

erci

al L

iabi

litie

s67

,63

76

7,63

76

7,63

7Li

abi

litie

s to

Sha

reho

lder

s an

d E

mpl

oye

es16

,07

238

61

5,68

61

6,07

2Li

abi

litie

s to

Soc

ial S

ecu

rity

Inst

itutio

ns1,

997

1,99

71,

997

Lia

bilit

ies

to G

over

nmen

t20

,35

12

0,35

12

0,35

1TO

TAL

2,7

14,7

639

85,5

971

84,8

761

34,7

8450

,092

720

,209

109,

650

536,

886

45,

947

27,

726

820,

307

3,77

353

9,84

93,

254,

611

Tabl

e A1

2. F

inan

cial

Lia

bilit

ies

of In

stitu

tiona

l Sec

tors

- 20

07

58

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Usage

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

Fina

ncia

l Net

Wor

thM

onet

ary

Gol

d an

d SD

R4,

918

4,91

84,

918

-4,9

18

Cas

h an

d D

epos

its6

69,9

5836

8,2

9940

,88

81

9,96

720

,921

164

,229

26,

789

115,

179

6,10

016

,161

94,3

41

2,20

231

,949

701

,908

Ca

sh36

,280

27,0

726,

550

571

5,96

515

2,65

736

,280

TL

31,7

4327

,072

3,21

23,

200

121,

460

31,7

43F

X4,

536

3,33

957

12,

765

31,

198

4,53

6D

epo

sits

633

,679

341,

227

40,8

88

19,

967

20,9

211

57,6

782

6,21

810

9,21

46,

085

16,1

6191

,68

32,

202

31,9

496

65,6

28T

L D

epos

its3

01,3

1720

0,6

9222

,85

17,

763

15,0

8832

,433

8524

,16

75,

517

2,6

6443

,15

02,

191

3,1

943

04,5

11F

X D

epo

sits

292

,184

139,

367

18,0

37

12,

204

5,8

3391

,630

6,13

284

,92

956

843

,13

911

28,7

553

20,9

39R

EP

O40

,178

1,1

6833

,615

20,

000

118

13,4

985,

394

40,1

78B

onds

4

81,7

4518

,445

39,5

66

39,5

663

41,8

8413

0,62

719

0,08

910

,679

10,4

8881

,85

063

,957

545

,702

TL

Bon

ds

317

,233

14,7

1733

,45

133

,451

189

,020

25,

799

142,

674

10,0

5810

,488

80,0

45

25,6

873

42,9

20F

X B

ond

s 1

64,5

123

,728

6,11

56

,115

152

,863

104,

827

47,4

15

621

1,80

538

,270

202

,782

Loan

s3

11,2

883

11,2

880

287,

385

23,9

0327

7,3

50

588

,638

TL

Loa

ns2

60,6

632

60,6

630

249,

707

10,9

562

60,6

63F

X L

oan

s50

,625

50,6

2537

,67

812

,947

277

,35

03

27,9

75Sh

ares

652

,893

350,

389

50,3

82

50,

382

12,7

628,

831

3,56

93

622

39,3

61

130

,25

87

83,1

51T

L S

hare

s6

31,8

1334

2,0

4750

,38

25

0,38

29,

686

5,75

53,

569

362

229

,69

913

0,2

58

762

,071

FX

Sha

res

21,0

808

,342

3,07

63,

076

9,66

221

,080

Insu

ranc

e Te

chni

cal R

eser

ves

16,6

9811

,476

5,22

316

,698

Oth

er L

iabi

litie

s an

d R

ecei

vabl

es3

15,2

0011

,641

26,0

95

23,

983

2,1

132

77,4

63

34,2

663

49,4

66T

rade

Cre

dits

182

,056

182

,05

634

,266

216

,322

TL

169

,064

169

,06

41

69,0

64F

X12

,992

12,9

92

34,2

6647

,258

Oth

er I

tem

s1

33,1

4411

,641

26,0

95

23,

983

2,1

1395

,40

71

33,1

44O

ther

Com

mer

cial

Lia

bilit

ies

86,1

0786

,10

786

,107

Lia

bilit

ies

to S

hare

hold

ers

and

Em

plo

yees

20,9

4111

,641

9,30

020

,941

Lia

bilit

ies

to S

ocia

l Sec

urity

Ins

titut

ion

s2,

113

2,11

32

,113

2,11

3L

iabi

litie

s to

Gov

ernm

ent

23,9

8323

,98

32

3,98

323

,983

TOTA

L2

,452

,701

760,

249

156,

931

94,

331

62,5

998

35,0

8116

2,33

460

1,48

444

,251

27,0

126

98,2

38

2,20

253

2,8

62

2,9

85,5

63

Tabl

e A1

3. F

inan

cial

Ass

ets

of In

stitu

tiona

l Sec

tors

- 20

08

59

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Debits

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

Fina

ncia

l Net

Wor

th-2

65,1

3255

3,92

0-2

95,6

42-3

51,7

0756

,065

44,9

5149

,454

-18,

914

2,94

9-5

69,5

701,

210

265,

131

0M

onet

ary

Gol

d an

d SD

RC

ash

and

Dep

osits

580,

045

580,

045

112,

823

467,

222

121,

863

701,

908

Cas

h31

,743

31,7

4331

,743

4,53

636

,280

TL

31,7

4331

,743

31,7

4331

,743

FX

4,53

64,

536

Dep

osits

548,

302

548,

302

81,0

7946

7,22

211

7,32

666

5,62

8T

L D

epos

its30

4,51

130

4,51

124

,112

280,

399

304,

511

FX

Dep

osits

203,

613

203,

613

56,9

6714

6,64

611

7,32

632

0,93

9R

EP

O40

,178

40,1

7840

,178

40,1

78B

onds

43

6,49

414

,745

399,

678

399,

678

22,0

7110

9,20

754

5,70

2T

L B

onds

34

2,92

014

,745

306,

104

306,

104

22,0

7134

2,92

0F

X B

onds

93

,574

93,5

7493

,574

109,

207

202,

782

Loan

s58

6,05

014

8,70

452

,895

46,3

606,

535

78,9

9115

53,7

6225

,130

8430

4,46

799

32,

588

588,

638

TL

Loan

s26

0,66

314

8,39

22,

322

2,32

250

80

487

2010

8,72

272

026

0,66

3F

X L

oans

325,

387

313

50,5

7346

,360

4,21

378

,483

1553

,761

24,6

4464

195,

745

273

2,58

832

7,97

5Sh

ares

762,

071

114,

395

4269

,038

21,3

3723

,979

647,

676

21,0

8078

3,15

1T

L S

hare

s76

2,07

111

4,39

542

69,0

3821

,337

23,9

7964

7,67

676

2,07

1F

X S

hare

s21

,080

21,0

80In

sura

nce

Tech

nica

l Res

erve

s16

,698

16,6

9816

,698

16,6

98O

ther

Lia

bilit

ies

and

Rec

eiva

bles

336,

473

42,8

7929

3,59

412

,992

349,

466

Tra

de C

redi

ts20

3,33

042

,473

160,

857

12,9

9221

6,32

2T

L16

9,06

442

,473

126,

591

169,

064

FX

34,2

6634

,266

12,9

9247

,258

Oth

er It

ems

133,

144

407

132,

737

133,

144

Oth

er C

omm

erci

al L

iabi

litie

s86

,107

86,1

0786

,107

Liab

ilitie

s to

Sha

reho

lder

s an

d E

mpl

oyee

s20

,941

407

20,5

3420

,941

Liab

ilitie

s to

Soc

ial S

ecur

ity In

stitu

tions

2,11

32,

113

2,11

3Li

abili

ties

to G

over

nmen

t23

,983

23,9

8323

,983

TOTA

L2,

452,

701

760,

249

156,

931

94,3

3162

,599

835,

081

162,

334

601,

484

44,2

5127

,012

698,

238

2,20

253

2,86

22,

985,

563

Tabl

e A1

4. F

inan

cial

Lia

bilit

ies

of In

stitu

tiona

l Sec

tors

- 20

08

60

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Usage

2003

2003

2003

2003

2003

2003

2003

2003

2003

2003

2003

2003

2003

2003

NL/

BM

onet

ary

Gol

d an

d SD

R-2

6-2

6-2

626

Cas

h an

d D

epos

its32

,766

16,9

105,

163

1,63

43,

529

5,15

324

1,24

214

03,

747

2,97

92,

561

2,14

734

,913

Cas

h2,

727

3,06

530

622

279

5-6

442,

727

TL

3,04

03,

065

207

205

2-2

323,

040

FX

-313

9922

742

-412

-313

Dep

osits

30,0

3813

,844

5,16

31,

634

3,52

94,

847

296

313

53,

747

3,62

32,

561

2,14

732

,185

TL

Dep

osits

23,0

6411

,024

3,93

497

12,

963

2,67

40

2,42

420

348

2,92

32,

509

119

23,1

84F

X D

epos

its4,

438

3,17

51,

229

663

566

-1,9

492

-1,6

00-6

8-2

831,

930

522,

028

6,46

5R

EP

O2,

536

-355

4,12

214

03,

982

-1,2

312,

536

Bon

ds

73,1

2312

,654

8,23

18,

231

41,3

276,

328

24,4

331,

862

8,70

410

,910

4773

,169

TL

Bon

ds

55,8

7210

,883

7,38

17,

381

27,2

4712

816

,774

1,65

08,

694

10,3

612,

365

58,2

37F

X B

onds

17

,250

1,77

185

085

014

,080

6,20

07,

659

212

1055

0-2

,318

14,9

32Lo

ans

23,4

6623

,466

-256

20,9

302,

792

20,4

1843

,884

TL

Loan

s13

,294

13,2

94-2

5611

,887

1,66

313

,294

FX

Loa

ns10

,172

10,1

729,

043

1,12

920

,418

30,5

91Sh

ares

78,4

5557

,593

2,84

82,

843

53,

720

132,

325

1,25

213

014

,295

3,89

282

,347

TL

Sha

res

77,7

3856

,302

2,84

82,

843

54,

099

2,71

91,

252

128

14,4

893,

892

81,6

30F

X S

hare

s71

71,

290

-379

13-3

941

-194

717

Insu

ranc

e Te

chni

cal R

eser

ves

1,63

596

367

21,

635

Oth

er L

iabi

litie

s an

d R

ecei

vabl

es30

,357

244

9,12

28,

880

242

20,9

913,

256

33,6

14T

rade

Cre

dits

16,7

5216

,752

3,25

620

,009

TL

15,3

9415

,394

15,3

94F

X1,

359

1,35

93,

256

4,61

5O

ther

Item

s13

,605

244

9,12

28,

880

242

4,23

813

,605

Oth

er C

omm

erci

al L

iabi

litie

s3,

314

3,31

43,

314

Liab

ilitie

s to

Sha

reho

lder

s an

d E

mpl

oyee

s1,

169

244

925

1,16

9Li

abili

ties

to S

ocia

l Sec

urity

Inst

itutio

ns24

224

224

224

2Li

abili

ties

to G

over

nmen

t8,

880

8,88

08,

880

8,88

0TO

TAL

239,

774

88,3

6325

,364

13,3

5712

,007

73,6

406,

083

48,9

306,

046

12,5

8149

,846

2,56

129

,787

269,

561

Tabl

e A1

5. T

otal

Acq

uisi

tion

of A

sset

s of

Inst

itutio

nal S

ecto

rs -

2003

61

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Sources

2003

2003

2003

2003

2003

2003

2003

2003

2003

2003

2003

2003

2003

2003

NL/

B-2

0,72

273

,000

-62,

919

-68,

348

5,42

913

,367

4,13

36,

633

689

1,91

2-4

6,76

42,

593

20,7

22M

onet

ary

Gol

d an

d SD

RC

ash

and

Dep

osits

34,9

4534

,945

4,15

830

,788

-33

34,9

13C

ash

3,04

03,

040

3,04

0-3

132,

727

TL

3,04

03,

040

3,04

03,

040

FX

-313

-313

Dep

osits

31,9

0531

,905

1,11

830

,788

280

32,1

85T

L D

epos

its23

,184

23,1

841,

513

21,6

7123

,184

FX

Dep

osits

6,18

56,

185

1,24

34,

942

280

6,46

5R

EP

O2,

536

2,53

6-1

,638

4,17

42,

536

Bon

ds

67,1

822,

412

63,3

9763

,397

-268

-268

1,64

25,

987

73,1

69T

L B

onds

58

,237

2,41

254

,184

54,1

841,

642

58,2

37F

X B

onds

8,

945

9,21

39,

213

-268

-268

5,98

714

,932

Loan

s42

,849

8,82

617

,902

18,3

08-4

061,

647

-2,2

082,

860

928

6814

,505

-32

1,03

643

,884

TL

Loan

s13

,294

8,79

3-1

42-1

4217

718

0-9

64,

486

-21

13,2

94F

X L

oans

29,5

5533

18,0

4518

,308

-264

1,47

0-2

,208

2,68

093

761

10,0

19-1

21,

036

30,5

91Sh

ares

81,6

3022

,313

8,91

82,

794

10,6

0159

,317

717

82,3

47T

L S

hare

s81

,630

22,3

138,

918

2,79

410

,601

59,3

1781

,630

FX

Sha

res

717

717

Insu

ranc

e Te

chni

cal R

eser

ves

1,63

51,

635

1,63

51,

635

Oth

er L

iabi

litie

s an

d R

ecei

vabl

es32

,255

4,12

56,

984

6,98

421

,146

1,35

933

,614

Tra

de C

redi

ts18

,650

4,13

214

,518

1,35

920

,009

TL

15,3

944,

132

11,2

6215

,394

FX

3,25

63,

256

1,35

94,

615

Oth

er It

ems

13,6

05-7

6,98

46,

984

6,62

813

,605

Oth

er C

omm

erci

al L

iabi

litie

s3,

314

3,31

43,

314

Liab

ilitie

s to

Sha

reho

lder

s an

d E

mpl

oyee

s1,

169

-71,

176

1,16

9Li

abili

ties

to S

ocia

l Sec

urity

Inst

itutio

ns24

224

224

2Li

abili

ties

to G

over

nmen

t8,

880

6,98

46,

984

1,89

68,

880

TOTA

L23

9,77

488

,363

25,3

6413

,357

12,0

0773

,640

6,08

348

,930

6,04

612

,581

49,8

462,

561

29,7

8726

9,56

1

Tabl

e A1

6. T

otal

Incu

rren

ce o

f Lia

bilit

ies

of In

stitu

tiona

l Sec

tors

- 20

03

62

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Usage

2004

2004

2004

2004

2004

2004

2004

2004

2004

2004

2004

2004

2004

2004

NL/

BM

onet

ary

Gol

d an

d SD

R-1

21

-12

1-1

21

121

Cas

h an

d D

epos

its56

,302

29,3

871,

657

1,15

150

615

,906

1,80

314

,519

1,14

2-1

,558

8,57

078

2-1

7056

,132

Ca

sh2

,58

42

,409

-21

6-5

62

35

1-5

39

02

,584

TL

2,79

02,

409

177

182

-520

42,

790

FX

-206

-393

-562

170

0187

-206

Dep

osits

53,7

1826

,978

1,65

71,

151

506

16,1

212,

364

14,1

681,

147

-1,5

588,

179

782

-170

53,5

48T

L D

epos

its29

,931

17,3

072,

659

1,24

51,

414

4,79

90

3,39

453

886

64,

104

1,06

231

230

,244

FX

Dep

osits

24,0

309,

275

-1,0

02-9

4-9

0813

,432

2,36

410

,799

608

-339

2,60

4-2

80-4

8223

,547

RE

PO

-243

395

-2,1

10-2

5-2

,084

1,47

1-2

43B

onds

37

,774

5,37

92,

135

2,13

519

,073

-4,8

3519

,463

1,34

23,

103

11,1

887,

553

45,3

27T

L B

onds

34

,745

4,39

21,

848

1,84

818

,113

927

12,8

461,

221

3,11

910

,391

7,22

641

,971

FX

Bon

ds

3,03

098

728

628

696

0-5

,762

6,61

712

1-1

679

732

73,

357

Loan

s34

,703

34,7

0330

330

,277

4,12

28,

837

43,5

40T

L Lo

ans

39,6

5539

,655

303

36,0

463,

306

39,6

55F

X L

oans

-4,9

52-4

,952

-5,7

6981

68,

837

3,88

5Sh

ares

60,2

2735

,941

-2,8

26-2

,838

12-7

,830

0-5

,489

-2,4

4210

134

,943

5,99

166

,218

TL

Sha

res

59,1

1835

,211

-2,8

26-2

,838

12-7

,728

-5,3

85-2

,442

9934

,460

5,99

165

,109

FX

Sha

res

1,10

972

9-1

030

-104

148

21,

109

Insu

ranc

e Te

chni

cal R

eser

ves

1,85

71,

097

759

1,85

7O

ther

Lia

bilit

ies

and

Rec

eiva

bles

35,3

912,

827

11,8

4611

,609

237

20,7

185,

975

41,3

66T

rade

Cre

dits

18,5

8218

,582

5,97

524

,557

TL

16,2

5616

,256

16,2

56F

X2,

326

2,32

65,

975

8,30

1O

ther

Ite

ms

16,8

092,

827

11,8

4611

,609

237

2,13

716

,809

Oth

er C

omm

erci

al L

iabi

litie

s3,

602

3,60

23,

602

Liab

ilitie

s to

Sha

reho

lder

s an

d E

mpl

oyee

s1,

361

2,82

7-1

,46

51

,361

Liab

ilitie

s to

Soc

ial S

ecur

ity I

nstit

utio

ns23

723

723

723

7Li

abili

ties

to G

over

nmen

t11

,609

11,6

0911

,609

11,6

09TO

TAL

226,

133

74,6

3012

,811

9,92

22,

889

61,7

30-2

,850

58,7

714,

164

1,64

676

,178

782

28,3

0725

4,44

0

Tabl

e A1

7. T

otal

Acq

uisi

tion

of A

sset

s of

Inst

itutio

nal S

ecto

rs -

2004

63

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Sources

2004

2004

2004

2004

2004

2004

2004

2004

2004

2004

2004

2004

2004

2004

NL/

B-1

1,59

449

,361

-38,

114

-31,

228

-6,8

86-2

,707

-2,7

694,

264

-1,1

46-3

,056

-19,

551

-583

11,5

94M

onet

ary

Gol

d an

d SD

RC

ash

and

Dep

osits

42,6

3742

,637

6,15

136

,486

13,4

9556

,132

Cas

h2,

790

2,79

02,

790

-206

2,58

4T

L2,

790

2,79

02,

790

2,79

0F

X-2

06-2

06D

epos

its39

,847

39,8

473,

361

36,4

8613

,701

53,5

48T

L D

epos

its30

,244

30,2

442,

336

27,9

0830

,244

FX

Dep

osits

9,84

79,

847

1,33

08,

517

13,7

0123

,547

RE

PO

-243

-243

-305

62-2

43B

onds

45

,346

1,91

341

,757

41,7

57-4

-41,

680

-18

45,3

27T

L B

onds

41

,971

1,91

338

,377

38,3

771,

680

41,9

71F

X B

onds

3,

375

3,37

93,

379

-4-4

-18

3,35

7Lo

ans

43,7

3814

,852

26-6

0763

33,

702

-6,2

788,

268

1,73

5-2

323

,792

1,36

5-1

9843

,540

TL

Loan

s39

,655

14,7

7398

698

631

220

210

29

22,3

721,

211

39,6

55F

X L

oans

4,08

379

-960

-607

-353

3,39

0-6

,278

8,06

61,

634

-32

1,42

015

3-1

983,

885

Shar

es65

,109

16,2

4646

9,75

71,

718

4,72

448

,863

1,10

966

,218

TL

Sha

res

65,1

0916

,246

469,

757

1,71

84,

724

48,8

6365

,109

FX

Sha

res

1,10

91,

109

Insu

ranc

e Te

chni

cal R

eser

ves

1,85

71,

857

1,85

71,

857

Oth

er L

iabi

litie

s an

d R

ecei

vabl

es39

,041

8,50

59,

142

9,14

221

,393

2,32

641

,366

Tra

de C

redi

ts22

,231

8,44

113

,791

2,32

624

,557

TL

16,2

568,

441

7,81

516

,256

FX

5,97

55,

975

2,32

68,

301

Oth

er It

ems

16,8

0964

9,14

29,

142

7,60

316

,809

Oth

er C

omm

erci

al L

iabi

litie

s3,

602

3,60

23,

602

Liab

ilitie

s to

Sha

reho

lder

s an

d E

mpl

oyee

s1,

361

641,

297

1,36

1Li

abili

ties

to S

ocia

l Sec

urity

Inst

itutio

ns23

723

723

7Li

abili

ties

to G

over

nmen

t11

,609

9,14

29,

142

2,46

711

,609

TOTA

L22

6,13

374

,630

12,8

119,

922

2,88

961

,730

-2,8

5058

,771

4,16

41,

646

76,1

7878

228

,307

254,

440

Tabl

e A1

8. T

otal

Incu

rren

ce o

f Lia

bilit

ies

of In

stitu

tiona

l Sec

tors

- 20

04

64

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Usage

2005

2005

2005

2005

2005

2005

2005

2005

2005

2005

2005

2005

2005

2005

NL/

BM

onet

ary

Gol

d an

d SD

R12

612

612

6-1

26C

ash

and

Dep

osits

92,2

9640

,550

13,8

401

0,73

93,

101

24,2

554,

143

17,4

582,

545

108

10,7

952,

856

301

92,5

97C

ash

6,00

55,

252

555

-108

679

-15

198

6,00

5T

L6,

147

5,25

260

56

28-2

228

96,

147

FX

-142

-50

-108

517

-92

-142

Dep

osits

86,2

9135

,298

13,8

401

0,73

93,

101

23,6

994,

252

16,7

792,

560

108

10,5

972,

856

301

86,5

92T

L D

epos

its50

,271

26,1

764,

239

3,12

31,

117

7,9

81-2

6,4

201,

686

-12

39,

021

2,85

482

751

,098

FX

Dep

osits

30,6

729,

212

9,60

07,

616

1,98

59

,845

3,22

86,

211

874

-46

92,

013

2-5

2630

,146

RE

PO

5,34

7-9

05

,874

1,02

54,

148

701

-437

5,34

7B

onds

54

,967

-6,8

442,

146

2,14

648

,058

23,4

1519

,458

959

4,22

711

,607

13,2

8168

,248

TL

Bon

ds

29,7

55-6

,261

1,97

41,

974

22,1

901,

046

15,9

3698

54,

224

11,8

5110

,179

39,9

34F

X B

onds

25

,212

-583

171

171

25,8

6822

,369

3,5

22-2

53

-245

3,10

228

,314

Loan

s48

,786

48,7

86-3

0944

,794

4,3

0122

,446

71,2

33T

L Lo

ans

43,9

6443

,964

-309

41,0

753,

198

43,9

64F

X L

oans

4,82

34

,823

3,7

201,

103

22,4

4627

,269

Shar

es54

,865

13,9

163,

075

3,08

1-7

12,5

25-1

9,9

992,

545

-18

25,3

4921

,050

75,9

15T

L S

hare

s53

,438

13,9

143,

075

3,08

1-7

12,2

979,

768

2,5

45-1

624

,152

21,0

5074

,488

FX

Sha

res

1,42

72

228

-12

31-2

1,19

71,

427

Insu

ranc

e Te

chni

cal R

eser

ves

2,12

51,

232

893

2,12

5O

ther

Lia

bilit

ies

and

Rec

eiva

bles

51,6

882,

182

3,67

12,

765

906

45,8

344,

122

55,8

09T

rade

Cre

dits

22,8

0922

,809

4,12

226

,931

TL

22,2

5522

,255

22,2

55F

X55

455

44,

122

4,67

5O

ther

Item

s28

,878

2,18

23,

671

2,76

590

623

,025

28,8

78O

ther

Com

mer

cial

Lia

bilit

ies

22,1

8722

,187

22,1

87Li

abili

ties

to S

hare

hold

ers

and

Em

ploy

ees

3,02

02,

182

838

3,02

0Li

abili

ties

to S

ocia

l Sec

urity

Inst

itutio

ns90

690

690

690

6Li

abili

ties

to G

over

nmen

t2,

765

2,76

52,

765

2,76

5TO

TAL

304,

852

51,0

3622

,731

16,

585

6,14

613

3,7

5127

,375

91,7

0910

,350

4,31

694

,478

2,85

661

,075

365,

927

Tabl

e A1

9. T

otal

Acq

uisi

tion

of A

sset

s of

Inst

itutio

nal S

ecto

rs -

2005

65

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Sources

2005

2005

2005

2005

2005

2005

2005

2005

2005

2005

2005

2005

2005

2005

NL/

B-2

3,0

55

19

,28

8-1

2,4

95

-17

,879

5,3

8324

,836

7,9

08

15,

98

11

,70

2-7

55

-56

,070

1,3

862

3,0

55

Mon

etar

y G

old

and

SDR

Cas

h an

d D

epos

its8

1,2

69

81,2

692

3,3

30

57,

93

81

1,3

28

92,

59

7C

ash

6,1

47

6,1

47

6,1

47

-14

26,

00

5T

L6,

14

76

,14

76,

14

76,

14

7F

X-1

42

-14

2D

epo

sits

75,

12

275

,122

17,

18

35

7,9

38

11,

47

08

6,5

92

TL

De

po

sits

51,

09

851

,098

6,2

97

44,

80

25

1,0

98

FX

De

pos

its1

8,6

76

18,6

761

1,0

15

7,6

61

11,

47

03

0,1

46

RE

PO

5,3

47

5,3

47

-12

85

,47

55,

34

7B

onds

4

2,7

39

4,0

69

34

,46

93

4,4

69-4

68

-46

84

,669

25,

50

96

8,2

48

TL

Bo

nds

39,

93

44

,06

93

1,1

97

31

,197

4,6

693

9,9

34

FX

Bon

ds

2,8

05

3,2

72

3,2

72

-46

8-4

68

25,

50

92

8,3

14

Loan

s7

2,0

31

24

,54

8-4

1-6

-36

9,5

40

-3,8

63

11,

60

81

,78

11

33

6,5

141

,470

-79

87

1,2

33

TL

Lo

ans

43,

96

42

4,4

99

238

238

-20

7-4

01

21

8,1

221

,124

43,

96

4F

X L

oan

s2

8,0

68

49

-28

0-6

-274

9,5

60

-3,8

63

11,

60

11

,82

11

18

,392

346

-79

82

7,2

69

Shar

es7

4,4

88

16,4

496

,64

94

,74

25

,05

85

8,0

391

,42

77

5,9

15

TL

Sh

ares

74,

48

816

,449

6,6

49

4,7

42

5,0

58

58

,039

74,

48

8F

X S

hare

s1

,42

71,

42

7In

sura

nce

Tech

nica

l Res

erve

s2,

12

52

,12

52

,12

52,

12

5O

ther

Lia

bilit

ies

and

Rec

eiva

bles

55,

25

53

,13

179

97

995

1,3

265

54

55,

80

9T

rad

e C

red

its2

6,3

77

3,0

69

23

,308

55

42

6,9

31

TL

22,

25

53

,06

91

9,1

862

2,2

55

FX

4,1

22

4,1

225

54

4,6

75

Oth

er It

em

s2

8,8

78

62

799

799

28

,018

28,

87

8O

ther

Co

mm

erc

ial L

iab

ilitie

s2

2,1

87

22

,187

22,

18

7Li

abi

litie

s to

Sh

areh

old

ers

an

d E

mpl

oyee

s3,

02

06

22

,958

3,0

20

Lia

bilit

ies

to S

oci

al S

ecu

rity

Inst

itutio

ns

90

69

069

06

Lia

bilit

ies

to G

over

nme

nt

2,7

65

799

799

1,9

662,

76

5TO

TAL

30

4,8

52

51

,03

62

2,7

31

16

,585

6,1

461

33,7

51

27,

37

59

1,7

09

10

,35

04

,31

69

4,4

782

,856

61,

07

53

65,

92

7

Tota

l Inc

urre

nce

of L

iabi

litie

s of

Inst

itutio

nal S

ecto

rs -

2005

66

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Usage

2006

2006

2006

2006

2006

2006

2006

2006

2006

2006

2006

2006

2006

2006

NL/

BM

onet

ary

Gol

d an

d SD

R-5

3-5

3-5

353

Cas

h an

d D

epos

its88

,933

55,9

403,

304

4,02

5-7

2112

,652

2,60

515

,763

-2,8

38-2

,879

25,0

50-8

,013

568

89,5

01C

ash

8,6

623,

038

1,3

2842

1,29

6-9

4,2

96

8,6

62

TL

7,20

33,

038

1,10

31,

102

13,

061

7,20

3F

X1,

460

225

4219

4-1

01,

235

1,46

0D

epos

its8

0,2

705

2,9

023,

304

4,0

25-7

211

1,3

242,

564

14

,467

-2,8

29-2

,879

20

,75

4-8

,01

35

68

80

,83

9T

L D

epos

its2

2,8

533

0,0

46-2

1742

-259

775

02,

093

-90

8-4

10

25

8-8

,00

92

,15

92

5,0

12

FX

Dep

osits

47,0

3920

,336

3,52

03,

982

-462

14,5

1489

16,3

88-1

,921

-42

8,67

3-4

-1,5

9145

,448

RE

PO

10,3

782,

520

-3,9

652,

475

-4,0

13-2

,427

11,8

2310

,378

Bon

ds

22,6

55-5

,349

1,46

21,

462

14,3

0912

,656

13,7

6910

9-1

2,22

612

,233

17,1

2339

,779

TL

Bon

ds

8,81

4-4

,798

1,48

81,

488

-279

1,81

59,

608

516

-12,

218

12,4

039,

388

18,2

02F

X B

onds

13

,842

-551

-25

-25

14,5

8810

,841

4,16

1-4

08-7

-170

7,73

521

,577

Loan

s45

,927

45,9

27-1

49,7

18-3

,790

32,0

6677

,993

TL

Loan

s48

,618

48,6

18-1

51,7

24-3

,106

48,6

18F

X L

oans

-2,6

90-2

,690

-2,0

06-6

8532

,066

29,3

76Sh

ares

62,3

2028

,951

7,40

47,

455

-51

-6,7

27-2

1-6

,098

-453

-155

32,6

9231

,662

93,9

82T

L S

hare

s60

,998

27,4

257,

404

7,45

5-5

1-6

,436

-5,8

28-4

53-1

5532

,605

31,6

6292

,660

FX

Sha

res

1,32

21,

527

-291

-21

-270

871,

322

Insu

ranc

e Te

chni

cal R

eser

ves

1,49

51,

633

-138

1,49

5O

ther

Lia

bilit

ies

and

Rec

eiva

bles

-2,3

6330

3-4

5,18

1-4

5,58

440

342

,515

965

-1,3

98T

rade

Cre

dits

36,8

0836

,808

965

37,7

72T

L33

,346

33,3

4633

,346

FX

3,46

23,

462

965

4,42

6O

ther

Ite

ms

-39,

171

303

-45,

181

-45,

584

403

5,70

7-3

9,17

1O

the

r C

omm

erci

al L

iab

ilitie

s3

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3,77

43,

774

Liab

ilitie

s to

Sha

reho

lder

s an

d E

mpl

oyee

s2,

236

303

1,93

32,

236

Liab

ilitie

s to

Soc

ial S

ecur

ity In

stitu

tions

403

403

403

403

Liab

ilitie

s to

Gov

ernm

ent

-45,

584

-45,

584

-45,

584

-45,

584

TOTA

L21

8,91

581

,479

-33,

011

-34,

103

1,09

366

,108

15,1

8773

,153

-6,9

73-1

5,25

911

2,35

2-8

,013

82,4

3730

1,35

2

Tabl

e A2

1. T

otal

Acq

uisi

tion

of A

sset

s of

Inst

itutio

nal S

ecto

rs -

2006

67

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Sources

2006

2006

2006

2006

2006

2006

2006

2006

2006

2006

2006

2006

2006

2006

NL/

B-3

6,25

938

,495

6,66

4-4

6,71

453

,378

-4,6

442,

704

14,3

96-1

4,29

6-7

,448

-67,

738

-9,0

3536

,258

Mon

etar

y G

old

and

SDR

Cas

h an

d D

epos

its62

,365

62,3

6512

,482

49,8

8327

,137

89,5

01C

ash

7,20

37,

203

7,20

31,

460

8,66

3T

L7,

203

7,20

37,

203

7,20

3F

X1,

460

1,46

0D

epos

its55

,162

55,1

625,

279

49,8

8325

,677

80,8

39T

L D

epos

its25

,012

25,0

122,

246

22,7

6625

,012

FX

Dep

osits

19,7

7119

,771

3,03

116

,740

25,6

7745

,448

RE

PO

10,3

7810

,378

210

,376

10,3

78B

onds

25

,632

5,07

418

,720

18,7

201,

839

14,1

4739

,779

TL

Bon

ds

18,2

025,

074

11,2

8911

,289

1,83

918

,202

FX

Bon

ds

7,43

07,

430

7,43

014

,147

21,5

77Lo

ans

77,8

8332

,080

-8,8

69-6

,109

-2,7

609,

399

5,33

24,

063

444

,251

1,02

211

177

,993

TC

MB

-1-1

-1-1

FX

Loa

ns29

,265

384

-7,2

62-6

,109

-1,1

5310

,530

6,44

14,

085

425

,679

-66

111

29,3

76Sh

ares

92,6

60-2

,507

3,54

21,

765

-7,8

1595

,167

1,32

293

,982

TL

Sha

res

92,6

60-2

,507

3,54

21,

765

-7,8

1595

,167

92,6

60F

X S

hare

s1,

322

1,32

2In

sura

nce

Tech

nica

l Res

erve

s1,

495

1,49

51,

495

1,49

5O

ther

Lia

bilit

ies

and

Rec

eiva

bles

-4,8

605,

831

-49,

525

-49,

525

38,8

343,

462

-1,3

98T

rade

Cre

dits

34,3

115,

727

28,5

843,

462

37,7

72T

L33

,346

5,72

727

,619

33,3

46F

X96

596

53,

462

4,42

6O

ther

Item

s-3

9,17

110

4-4

9,52

5-4

9,52

510

,250

-39,

171

Oth

er C

omm

erci

al L

iabi

litie

s3,

774

3,77

43,

774

Liab

ilitie

s to

Sha

reho

lder

s an

d E

mpl

oyee

s2,

236

104

2,13

22,

236

Liab

ilitie

s to

Soc

ial S

ecur

ity In

stitu

tions

403

403

403

Liab

ilitie

s to

Gov

ernm

ent

-45,

584

-49,

525

-49,

525

3,94

1-4

5,58

4TO

TAL

218,

915

81,4

79-3

3,01

1-3

4,10

31,

093

66,1

0815

,187

73,1

53-6

,973

-15,

259

112,

352

-8,0

1382

,437

301,

352

Tabl

e A2

2. T

otal

Incu

rren

ce o

f Lia

bilit

ies

of In

stitu

tiona

l Sec

tors

- 20

06

68

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Usage

2007

2007

2007

2007

2007

2007

2007

2007

2007

2007

2007

2007

2007

2007

NL/

BM

onet

ary

Gol

d an

d SD

R2

182

182

18-2

18C

ash

and

Dep

osits

82,

501

51,

140

683

-2,2

812,

965

22,

860

1,0

311

0,5

681,

018

10,

244

7,7

2294

-2,3

668

0,13

5C

ash

2,0

945

897

926

788

-27

132,

094

TL

614

589

131

137

-6-1

066

14F

X1,

480

661

66

513

819

1,48

0D

epos

its8

0,4

075

0,5

516

83-2

,281

2,9

652

2,0

681,

024

9,7

791,

021

10,

244

7,0

1094

-2,3

667

8,04

1T

L D

epos

its5

1,2

973

3,5

617,

289

3,7

443,

545

3,7

070

2,1

227

877

996,

654

86-1

,230

50,

067

FX

De

posi

ts2

7,5

211

8,3

75-6

,605

-6,0

25-5

809,

302

4,5

244,

545

234

-26,

441

8-1

,136

26,

385

RE

PO

1,5

89-1

,385

9,0

59-3

,500

3,1

129,

447

-6,0

851,

589

Bon

ds

27,

010

-8,0

242,

899

2,8

991

8,6

222,

572

12,

541

1,9

351,

574

13,

513

1,2

482

8,25

8T

L B

ond

s 1

8,3

39-7

,382

1,7

401,

740

10,

432

-5,5

211

2,5

011,

878

1,5

741

3,5

493,

047

21,

386

FX

Bo

nds

8,6

70-6

421,

159

1,1

598,

190

8,0

9240

57-3

6-1

,799

6,87

2Lo

ans

61,

494

61,

494

05

5,3

456,

150

37,

090

98,

584

TL

Loa

ns4

7,2

924

7,2

920

45,

429

1,8

634

7,29

2F

X L

oan

s1

4,2

021

4,2

029,

916

4,2

863

7,0

905

1,29

2Sh

ares

87,

389

43,

644

9,8

739,

873

1,1

782,

665

-1,4

81-6

32,

693

35,

380

122,

769

TL

Sh

ares

84,

648

42,

532

9,8

739,

873

1,3

472,

834

-1,4

81-6

30,

895

35,

380

120,

028

FX

Sh

ares

2,7

411,

112

-169

-169

1,7

972,

741

Insu

ranc

e Te

chni

cal R

eser

ves

2,7

631,

995

768

2,76

3O

ther

Lia

bilit

ies

and

Rec

eiva

bles

40,

680

-328

4,1

884,

487

-299

36,

820

5,5

074

6,18

6T

rad

e C

redi

ts2

2,8

972

2,8

975,

507

28,

404

TL

20,

989

20,

989

20,

989

FX

1,9

081,

908

5,5

077,

415

Oth

er

Item

s1

7,7

82-3

284,

188

4,4

87-2

991

3,9

231

7,78

2O

the

r C

om

me

rcia

l Lia

bilit

ies

12,

333

12,

333

12,

333

Liab

ilitie

s to

Sh

areh

olde

rs a

nd E

mpl

oyee

s1,

262

-328

1,5

901,

262

Liab

ilitie

s to

So

cial

Sec

urity

Ins

titut

ion

s-2

99-2

99-2

99-2

99

Liab

ilitie

s to

Gov

ernm

ent

4,4

874,

487

4,4

874,

487

TOTA

L30

2,0

548

8,4

271

7,6

441

2,0

795,

564

104,

372

3,8

208

1,1

187,

622

11,

812

91,

517

947

6,6

4137

8,69

5

Tabl

e A2

3. T

otal

Acq

uisi

tion

of A

sset

s of

Inst

itutio

nal S

ecto

rs -

2007

69

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Sources

2007

2007

2007

2007

2007

2007

2007

2007

2007

2007

2007

2007

2007

2007

NL/

B-5

1,4

515

1,36

68

,494

3,6

37

4,8

58

-2,4

183,

525

-6,6

25-6

,69

27

,375

-11

2,8

073

,91

451

,451

Mon

etar

y G

old

and

SDR

Cas

h an

d D

epos

its67

,078

67,

078

296

66,7

8313

,057

80,

135

Ca

sh6

146

1461

41

,480

2,09

4T

L6

146

1461

461

4F

X1

,480

1,48

0D

epo

sits

66,4

646

6,4

64-3

19

66,7

8311

,577

78,

041

TL

De

pos

its50

,067

50,

067

6,18

043

,887

50,

067

FX

Dep

osits

14,8

081

4,8

08-6

,49

721

,305

11,5

772

6,38

5R

EP

O1

,589

1,5

89-2

1,5

911,

589

Bon

ds

21,3

451,

891

16,3

811

6,3

813,

073

6,9

132

8,25

8T

L B

onds

21

,386

1,89

116

,422

16,

422

3,0

732

1,38

6F

X B

ond

s -4

2-4

2-4

26

,913

6,87

2Lo

ans

98,0

132

8,74

3-7

,231

-7,9

3870

71

3,7

146

,034

7,61

367

66,

607

-3,8

19

571

98,

584

TL

Lo

ans

47,2

922

8,55

02

4324

34

900

480

102

1,0

91-3

,08

34

7,29

2F

X L

oans

50,7

2119

3-7

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3846

31

3,2

246

,034

7,13

357

45,

515

-73

65

715

1,29

2Sh

ares

120

,028

23,

234

14,9

263,

938

4,3

709

6,7

942

,741

122,

769

TL

Sha

res

120

,028

23,

234

14,9

263,

938

4,3

709

6,7

9412

0,02

8F

X S

hare

s2

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2,74

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sura

nce

Tech

nica

l Res

erve

s2

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2,7

632,

763

2,76

3O

ther

Lia

bilit

ies

and

Rec

eiva

bles

44,2

786,

427

37,

851

1,9

084

6,18

6T

rade

Cre

dits

26,4

966,

408

20,

088

1,9

082

8,40

4T

L20

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6,40

81

4,5

812

0,98

9F

X5

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5,5

071

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7,41

5O

ther

Ite

ms

17,7

821

91

7,7

631

7,78

2O

ther

Com

mer

cial

Lia

bilit

ies

12,3

331

2,3

331

2,33

3Li

abili

ties

to S

hare

hol

der

s a

nd E

mpl

oye

es1

,262

19

1,2

431,

262

Liab

ilitie

s to

Soc

ial S

ecu

rity

Ins

titu

tion

s-2

99-2

99-2

99

Liab

ilitie

s to

Go

vern

men

t4

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4,4

874,

487

TOTA

L3

02,0

548

8,42

717

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12,

079

5,5

64

104,

372

3,82

081

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7,62

211

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91,

517

94

76,6

4137

8,69

5

Tabl

e A2

4. T

otal

Incu

rren

ce o

f Lia

bilit

ies

of In

stitu

tiona

l Sec

tors

- 20

07

70

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Usage

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

NL/

BM

onet

ary

Gol

d an

d SD

R1

818

18-1

8C

ash

and

Dep

osits

87,3

61

47,

530

-1,7

95-4

,938

3,14

334

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21,

235

12,1

912,

270

-89

98,

403

-1,5

7318

487

,54

6C

ash

2,9

74

6,8

885

3513

540

8-8

-4,4

492,

974

TL

4,3

14

6,8

881

1411

9-5

-2,6

884,

314

FX

-1,3

40

421

135

289

-3-1

,762

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40

Dep

osits

84,3

88

40,

643

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95-4

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3,14

334

,262

21,

100

11,7

822,

278

-89

91

2,8

52-1

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184

84,5

72

TL

Dep

osi

ts59

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34

6,7

38-2

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-3,9

2898

87

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854,

332

2,27

678

09,

992

-1,5

7166

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6F

X D

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2,15

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1,01

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24,

446

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1-3

3215

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20,

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13,1

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ds

37,0

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6,85

16,

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24,1

275,

321

17,6

7364

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6,96

734

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9,01

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633

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6,8

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39,7

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FX

Bo

nds

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54-1

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46,0

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2T

L L

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41,4

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41,4

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41,8

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4,73

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6,2

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4,92

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418

24,5

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L S

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58

16,

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370

Oth

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21,0

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2,02

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and

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4,8

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s to

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116

116

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116

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797

13,

729

3,61

910

,11

086

,258

26,

574

59,1

9084

5-3

51

76,

012

-1,5

7348

,909

277,

131

Tabl

e A2

5. T

otal

Acq

uisi

tion

of A

sset

s of

Inst

itutio

nal S

ecto

rs -

2008

71

Domestic Economy

Households

General Government

Central Government

Other Public Sector


Central Bank




Firms

NPOSHH

ROW

Total Sources

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

2008

NL/

B-3

5,69

923

,139

-13,

162

-21,

027

7,86

6-2

,876

24,3

86-2

2,94

0-6

,470

2,14

8-4

0,99

9-1

,801

35,6

98M

onet

ary

Gol

d an

d SD

RC

ash

and

Dep

osits

72,0

2572

,025

2,1

8869

,838

15,5

2087

,546

Cas

h4,

314

4,31

44,

314

-1,3

402,

974

TL

4,31

44,

314

4,3

144,

314

FX

-1,3

40-1

,340

Dep

osits

67,7

1167

,711

-2,1

2669

,838

16,8

6184

,572

TL

De

posi

ts60

,356

60,3

561,

734

58,6

2360

,356

FX

Dep

osits

-5,7

86-5

,786

-3,8

60-1

,926

16,8

6111

,075

RE

PO

13,1

4113

,141

13,1

4113

,141

Bon

ds

32,3

02-1

,845

31,0

4031

,040

3,10

7-3

,484

28,8

18T

L B

onds

39

,746

-1,8

4538

,484

38,4

843,

107

39,7

46F

X B

onds

-7

,444

-7,4

44-7

,444

-3,4

84-1

0,92

8Lo

ans

76,3

3625

,108

-4,1

49-6

,393

2,24

44,

347

3,40

01

,043

-96

50,8

0322

710

676

,442

TL

Loa

ns41

,474

25,6

0192

892

8-1

800

-155

-25

14,9

6016

641

,474

FX

Loa

ns34

,862

-492

-5,0

77-6

,393

1,31

64,

527

3,40

01

,198

-71

35,8

4461

106

34,9

68Sh

ares

27,4

959,

392

8,89

22

,902

-2,4

0318

,103

3,29

630

,790

TL

Sha

res

27,4

959,

392

8,89

22

,902

-2,4

0318

,103

27,4

95F

X S

hare

s3,

296

3,29

6In

sura

nce

Tech

nica

l Res

erve

s3,

370

3,37

03

,370

3,37

0O

ther

Lia

bilit

ies

and

Rec

eiva

bles

52,3

937,

395

44,9

98-2

,228

50,1

65T

rade

Cre

dits

25,3

067,

374

17,9

32-2

,228

23,0

79T

L23

,283

7,37

415

,909

23,2

83F

X2,

023

2,02

3-2

,228

-204

Oth

er It

ems

27,0

8621

27,0

6627

,086

Oth

er C

omm

erci

al L

iabi

litie

s18

,470

18,4

7018

,470

Liab

ilitie

s to

Sha

reh

olde

rs a

nd E

mpl

oyee

s4,

868

214,

848

4,86

8Li

abili

ties

to S

ocia

l Sec

urity

Inst

itutio

ns11

611

611

6Li

abili

ties

to G

over

nmen

t3,

632

3,63

23,

632

TOTA

L22

8,22

253

,797

13,7

293,

619

10,1

10

86,2

5826

,574

59,1

9084

5-3

5176

,012

-1,5

7348

,909

277,

131

Tabl

e A2

6. T

otal

Incu

rren

ce o

f Lia

bilit

ies

of In

stitu

tiona

l Sec

tors

- 20

08

72

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