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Kredi sistemi; finansal enformasyon, kredi derecelendirme, kredi riski yönetimi, alacak ve kredi sigortası sistemleri, kredi türev piyasaları ve kredi garanti programlarından oluşan bütünleşik bir mimaridir. Kredi sisteminin ana amacı; bir ekonomik sistemde tüm kredi kanallarının işlerliğini sağlamak ve finansman ihtiyacı olan tüm gerçek ve tüzel kişilerin kredi kaynaklarına erişimini kolaylaştırmaktır. Kredi sisteminin önemli unsurlarından olan kredi garanti programları, geleneksel olarak, maruz kalınan kredi riskinin sabit bir yüzdesini karşılar. Bu çalışmada; bu sabit karşılama oranı yerine, beklenen zararın kredi fiyatına yansıtılması, kredi riskinden kaynaklanan beklenmeyen zararın ise kredi garanti programları tarafından karşılanması önerilmektedir. Credit system is an integrated architecture consisted of financial information, credit rating, credit risk management, receivables and credit insurance systems, credit derivative markets and credit guarantee programs. The main purpose of the credit system is to provide the functioning of all credit channels and to make it easy to access of credit sources demanded by all of real and legal persons in any economic system. Credit guarantee program, the one of prominent elements of the credit system, traditionally, covers a fixed percentage of credit risk exposure. In this study, it is proposed that the expected losses should be added up to credit price, instead of the fixed coverage ratio, and the unexpected losses should be covered by the credit guarantee programs.

Geçtiğimiz yüzyılın sonlarına doğru Sovyet Sosyalist Cumhuriyet Birliğinin dağılması ve dağılan birlikteki ülkelerin piyasa ekonomisine geçiş çalışmaları, bilim çevrelerinin ilgisini çekmiştir. Geçiş ekonomisi olarak adlandırılan bu ülkelerin geçiş dönemi süreleri birbirlerinden farklı olması, ülkelerin coğrafik durumları ve planlı ekonomi dönemi öncesi durumları ile ilgilidir. Geçiş ekonomileri ülkelerine yabancı bankaların ilgi göstermeleri, bu ülkelerin finansal piyasaları liberalleştirmelerinden sonra artış göstermektedir. Yabancı bankaların geçiş ekonomileri ülkelerindeki varlığının olumlu ve olumsuz yanları yapılan akademik çalışmalar ile ortaya konmaya çalışmışlardır.Bu çalışmada 1995-2008 döneminde geçiş ekonomilerindeki yabancı banka varlığı ile kredi tahsisi arasındaki ilişki incelenmiştir. Çalışmada panel veri yöntemi kullanılmıştır. Çalışma sonucundan yabancı banka varlığı ile özel sektöre verilen krediler arasındaki ilişkiler yorumlanmıştır. Geçiş ekonomilerinde yabancı banka varlığının kredilere erişimi makro boyutta olumlu etkilediği görülmektedir.Anahtar Kelimeler: Yabancı Bankacılık, Kredi Tahsisi, Geçiş Ekonomileri, Kredi Erişimi The Fall of Union of Soviet Socialist Republics towards the end of previous century and attempts of disrupted countries to pass to market economy, attracted the attention of scholars. That the transition times of these countries named transition economies vary, is due to the the geographies of these countries and their circumstances before the planned economy periods. The attention that foreign banks Show to these transition economies, increase after the liberalization of financial markets of these countries. Positive and negatif aspects of the presense of foreign banks in transition countries are tried to put forward in academic studies.In this study, the association between the presense of foreign banks and credit allocation in the period of 1995-2008 in transition countries is studied. In the study, panel data management method has been used. The relationships between the presense of foreign bank and, credites that are allocated to private sector are interpretted as a result of this study. It has been shown in transition economies that the presense of foreign bank contributes positively to the credits in macro dimensions.Keywords: Foreign Banking, Allocation of Credit, Transition Countries, Access to Credit 311

Tez (yüksek lisans) -- Ondokuz Mayıs Üniversitesi, 2007 Libra Kayıt No: 15287 The purposes of this research are to calculate efficiency measures of sample cattle fattening farms and to explore determinants of economic efficiency in Suluova district of Amasya province, Turkey. Randomly selected 54 farmers were interviewed to obtain farm level data in 2004-2005 production periods. Data Envelopment Analysis (DEA) was used to calculate efficiency measures of the cattle fattening farms in the region. Parameters belong the factors influencing the economic efficiency were estimated by using Tobit model. Research results revealed that large farms was more successful than others and small and medium farms faced with liquidity problems compared to large ones. In addition to them, it was fixed that carcass weight of European breed was more than cross breed and native breed, and the amount of supplied feed per kg meat production was 12 kg for cross and native breed while that of European breed was 11 kg. The results of the efficiency analysis showed that the average output of farmers in Suluova would increase 8% under prevailing technology. The main reason of this was operating smaller scale compared to optimum. Similarly, sample farms did not allocate their factors efficiently. In the research area, the variables of farm size, experience of farm operators and pasture use negatively affected the economic efficiency. However, schooling, family size, credit use, land allocated to feed crops, fattening period, feeding frequency, the ratio of European breed, keeping record and frequency of contact with extension service showed positive relationship with economic efficiency. Therefore, this study suggested strategies such as providing better extension services and farmers training program, raising educational level of farmers, providing farmers with greater access to credit and encouragement of farmers to keep record to enhance economic efficiency in cattle fattening farms.

AMASYA İLİ SULUOVA İLÇESİNDE SIĞIR BESİCİLİĞİYAPAN İŞLETMELERİN ETKİNLİK ANALİZİÖZETBu araştırmanın amacı, Amasya ili Suluova ilçesinde sığır besiciliği yapan işletmelerdeetkinlik ölçümlerini hesaplamak ve ekonomik etkinliği belirleyen faktörleri ortaya koymaktır.Araştırmada kullanılan veriler 2004-2005 üretim dönemine ait olup, tabakalı tesadüfi örneklemeyöntemi ile seçilmiş 54 işletmeden anket yoluyla elde edilmiştir. İşletme düzeyinde etkinlikölçümlerinin tahmininde veri zarflama yöntemi kullanılmıştır. Ekonomik etkinliği belirleyenfaktörler tobit modeli ile tahmin edilmiştir. Araştırma bulguları, büyük işletmelerin, diğerlerineoranla daha başarılı olduğunu, küçük ve orta ölçekteki işletmelerin daha fazla likidite problemiile karşılaştığını göstermiştir. Araştırmada ayrıca, kültür ırkı besi hayvanlarından sağlanan karkasrandımanının diğerlerinden daha yüksek olduğu ve bir kg canlı ağırlık artışı için; yerli vemelez ırklarda 12 kg, kültür ırklarında ise 11 kg yem yedirildiği saptanmıştır.Etkinlik analizi sonuçları, inceleme alanında teknik olarak etkin olmayan işletmelerin,üretimde hiçbir azalma olmaksızın girdilerini %8 oranında azaltabileceğini göstermiştir.İşletmelerin küçük olmaları, teknik yetersizliğin en önemli sebebi olarak belirlenmiştir.İşletmelerin üretim faktörlerini optimum kullandıkları da söylenemez. İnceleme alanında,ekonomik etkinlik üzerine işletme büyüklüğü, deneyim ve meraya çıkma durumudeğişkenlerinin negatif yönde; işletme sahibinin eğitim durumu, aile büyüklüğü, kredi kullanımı,yem bitkilerine ayrılan arazi büyüklüğü, besi süresi, yemleme sayısı, kültür ırkı hayvanlarınoranı, kayıt tutma durumu ve yayım servisleri ile bağlantı sıklığı değişkenlerinin pozitif yöndeetkiye sahip olduğu belirlenmiştir.İyi planlanmış yayım çalışmaları ile çiftçi eğitim programlarının uygulanması,çiftçilerin eğitim seviyesini yükseltecek ve çiftçilerin kredi kaynaklarına ulaşımınıkolaylaştıracak stratejilerin geliştirilmesinin, işletmelerde kayıt tutmanın yaygınlaştırılmasınıninceleme alanında ekonomik etkinliği artırılabilecektir.Anahtar Kelimeler : Sığır besiciliği, ekonomik analiz, etkinlik ölçümleri, veri zarflama analizi,tobit modeli EFFICIENCY ANALYSIS OF CATTLE FATTENING FARMS IN SULUOVADISTRICT OF AMASYA , TURKEYABSTRACTThe purposes of this research are to calculate efficiency measures of sample cattlefattening farms and to explore determinants of economic efficiency in Suluova district ofAmasya province, Turkey. Randomly selected 54 farmers were interviewed to obtain farm leveldata in 2004-2005 production periods. Data Envelopment Analysis (DEA) was used to calculateefficiency measures of the cattle fattening farms in the region. Parameters belong the factorsinfluencing the economic efficiency were estimated by using Tobit model. Research resultsrevealed that large farms was more successful than others and small and medium farms facedwith liquidity problems compared to large ones. In addition to them, it was fixed that carcassweight of European breed was more than cross breed and native breed, and the amount ofsupplied feed per kg meat production was 12 kg for cross and native breed while that ofEuropean breed was 11 kg.The results of the efficiency analysis showed that the average output of farmers in Suluovawould increase 8% under prevailing technology. The main reason of this was operating smallerscale compared to optimum. Similarly, sample farms did not allocate their factors efficiently. Inthe research area, the variables of farm size, experience of farm operators and pasture usenegatively affected the economic efficiency. However, schooling, family size, credit use, landallocated to feed crops, fattening period, feeding frequency, the ratio of European breed,keeping record and frequency of contact with extension service showed positive relationshipwith economic efficiency. Therefore, this study suggested strategies such as providing betterextension services and farmers training program, raising educational level of farmers, providingfarmers with greater access to credit and encouragement of farmers to keep record to enhanceeconomic efficiency in cattle fattening farms.Key words: Cattle fattening, economic analysis, efficiency measures, data envelopmentanalysis, tobit model 91

Tüm dünya ekonomilerinde olduğu gibi ülkemizde de ekonomik aktiviteninönemli aktörlerinden olan Küçük ve Orta Büyüklükteki İşletmeler (KOBİ), yatırım,üretim, istihdam, dış ticaret ve katma değer yaratma işlevleri ile ülkemizin büyüme vekalkınmasında önemli katkılar sağlamaktadırlar. KOBİ’in toplumsal denge ve ekonomikistikrar açısından taşıdıkları kritik rolleri nedeniyle, dünya genelinde ve ülkemizdefinansal ve mali politikalar ile desteklenmekte ve teşvik edilmektedir. Bu işletmelerin enönemli sorunları finansmana erişimde yaşadıkları kısıtlardır. KOBİ finansmana erişimdeen fazla kredi kanalını kullanmakta, ancak bankalar kredi risklerini düşürmek için teminattalep etmektedir. KOBİ’in istenilen nitelik ve miktarda teminata sahip olmamaları isekrediye erişimlerini kısıtlamaktadır. Bu sebeple, eko-politik karar alıcıların KOBİ’eyönelik destek ve teşviklerde odaklandığı en önemli nokta finansmana erişimdeki teminatsorununun çözülmesidir. Bu sorunun çözümü için de, hem gelişmiş hem de gelişmekteolan ülkelerde uzun zamandan beri çeşitli yapılarda kredi garanti sistemleriuygulanmaktadır. Ülkemizde de işletmelerin teminat sorunlarının çözümüne yönelikolarak geliştirilen ve finansmana erişimlerini kolaylaştıran kredi garanti sistemininuygulayıcısı konumundaki kurum Kredi Garanti Fonu (KGF)’dur.Bu çalışmada; kredi garanti sisteminin tarafları olan KOBİ, bankalar ve KGFdetaylı olarak incelenmiş ve KGF’nin işletmelerin finansman problemlerinin çözümüneetkileri analiz edilmiştir. Özellikle 2017 yılında KGF kefaletli kredilerdeki artışınsistemin paydaşları ve ekonomik aktörler açısından verimliliği ele alınmıştır. Ayrıcasistemin geliştirilmesine yönelik önerilerde bulunulmuştur.--------------------Small and Medium Enterprises (SMEs), which are important actors of economicactivity in our country as in all world economies, make important contributions to thegrowth and development of our country with their functions of investment, production,employment, foreign trade and creating function of added value. Due to the critical rolesof SMEs in terms of social balance and economic stability, it is supported and encouragedby financial and fiscal policies worldwide and in our country. The most importantproblems of these enterprises are the restrictions they have in accessing finance. SMEuses the most credit channels in accessing finance, but banks demand collateral to reducetheir credit risks. SME's lack of the required qualifications and amount of collateralrestricts their access to credit. For this reason, the most important point that eco-politicaldecision-makers focus on support and incentives for SMEs is to solve the collateralproblem in accessing finance. For the solution of this problem, credit guarantee systemsin various structures have been implemented for a long time in both developed anddeveloping countries. In our country, the institution that is the implementer of the creditguarantee system, developed for the solution of collateral problems and facilitating accessto finance, is the Credit Guarantee Fund (KGF).In this study; SMEs, banks and KGF, which are the parties to the credit guaranteesystem, were examined in detail and the effects of KGF on the solution of financialproblems of the enterprises were analyzed. Especially in 2017, the efficiency of theincrease in KGF guaranteed loans was addressed to the system's stakeholders andeconomic actors. In addition, suggestions were made for the development of the system.

ÖZET Tacir, ticari faaliyetini sürdürürken bazı durumlarda krediye ihtiyaç duyar. Kredi ise menkul ve gaynmenkullerin rehnedilmesiyle sağlanır. Gaynmenkul rehni, tapu siciline tescil ile doğar (MK 771/1). Menkul rehni ise, zilyedliğin devri (teslim) ile gerçekleşir (MK 853). Ancak, MK 853'ün istisnalan vardır. Yani bazı durumlarda menkul rehni teslim olmaksızın da gerçekleşir. İşte, Ticari İşletme Rehni bu istisnalardan biridir. Ticari İşletme Rehni, rehin konusunun teslimine gerek kalmadan kurulan bir menkul rehnidir. Ticari İşletme Rehni Kanunu ile, gayrimenkulu olmayan küçük çaplı işletmeler, nakliye firmaları ve fabrika gibi müesseseler, kredi alabilme imkanına kavuşmuşlardır. Ticari İşletme Rehni müessesesi 1971 yılında kanunlaştınlmış ve 1972 yılında çıkanlan tüzük ve yönetmelik ile ticari hayatımıza girmiştir. Bu çalışmamızda, küçük işletmeler ve gayrimenkulu olmayan gelişmiş firmalar açısından büyük önemi olan `Ticari İşletme Rehni` ni inceledik. Çalışmamızın ilk bölümünde, `Ticari İşletme ve Rehin Kavramı`; ikinci bölümde 'Ticari İşletme Rehni Kavramı`; üçüncü bölümde `Ticari İşletme Rehni Sözleşmesi` ve son bölümde ise `Ticari İşletme Rehni Sözleşmesinin Hükümleri ve Sona Ermesi` konulan ele alınmıştır. SUMMARY When the merchants are continuing their commercial activies they -sometimes- need credit. But, credit is supplied through mortgaging of movables and immovables. Mortgaging of immovable appears with the official registration to land register (CC 771/1). However, security of movable is realized by the delivery (CC 853). But, there are some exception of CC 853. In other words, sometimes mortgaging is realized without delivery too. So, The Security of Business Enterprise is one of these exception's. The Security of Business Enterprise is established without feeling necessary and it is a movable mortgage. With, The Security of Business Enterprise Code, institutions like transportation firms, factories and little business enterprises had the facility to have access to credit. The Security of Business Enterprise was codified in 1971 and later on -in 1972- with the statute and regulation it was introduced to our commercial life. In this paper we covered the The Security of Business Enterprise which is very important in terms of little business enterprises and long firms without immovables. In the first section we covered ` Business Enterprise and The Concept of Pledge`; in the following one we covered `The Concept of The Security of Business Enterprise` and in the third chapter we shad light upon `The Security of Business Enterprise Agreement`; in the last section we covered `The Judgments and Liquidation of Security Agreement`. 119

THE MARMARA UNIVERSITY INSTITUTE OF BANKING AND INSURANCE BANKING PROGRAMME CREDIT CARDS & PRACTICES IN TURKEY: THE PROBLEMS FACED AND SUGGESTIONS FOR SOLUTIONS PREPARED BY Bedi TÜRETKEN Istanbul- 1994CONTENTS INTRODUCTION 1 Part One HISTORICAL DEVELOPMENT OF CREDIT CARDS AND GENERAL INFORMATION RELATED TO THEM İ. HISTORICAL DEVELOPMENT OF CREDIT CARDS... 2 1. HISTORICAL DEVELOPMENT OF CREDIT CARDS IN THE WORLD 2 2. HISTORICAL DEVELOPMENT OF CREDIT CARDS IN TURKEY 3 II. GENERAL INFORMATION RELATED TO CREDIT CARD 3 1. DEFINITION OF CREDIT CARDS 3 2. HOUSES OF THE CREDIT SYSTEM 4 3. KINDS OF CREDIT CARDS 4 4. GLOBAL PAYMENT SYSTEMS BASED ON THE USAGE OF CARDS 5 A. American Express 5 B. Diners Chib 5 C. MasterCard and Partners 6D. Visa 6 E.Eurocheque 6 F. Postcheque 7 5. ADVANTAGES AND DISADVANTAGES OF CREDIT CARD 7 A. Advantages of Credit Cards 7 B. Disadvantages of Credit Cards 8 Part Two CREDIT CARD APPLICATIONS IN TURKEY I. A FOCUS CREDIT CARD APPLICATIONS IN TURKEY 9 1. THE PLACE OF THE CREDIT CARDS IN LEGISLATION 10 2. GENERAL DEVELOPMENT OF THE CREDIT CARD APPLICATIONS IN TURKEY 11 II. MAIN TYPES OF CREDIT CARDS IN TURKEY AND THEIR PROPERTIES 11 1. VISA CREDIT CARDS 12 2. MASTERCARD/EUROCARD 12 3. DINERS CLUB 12 4. AMERICAN EXPRESS 12 5. PRESTIGE CARD 13 III. THE APPLICATION OF ELECTRONIC FUND TRANSFER SYSTEM ON THE USAGE OF CARDS 13 IV. CREDIT CARD PRACTICES IN VARIOUS BANKS AND INSTITUTION THAT ISSUE THEM 14 1. PRACTICES IN YAPI KREDÎ BANK 15 2. PRACTICES IN ESBANK 163. PRACTICES IN ANATOLIA CREDIT CARDS COMPANY 16 V. FOUNDATION OF THE INTERBANK CARD CENTER AND THE INNOVATION IT BROUGHT TO THE SYSTEM 17 VI. THE ECONOMIC ANALYSIS OF CREDIT CARDS AND THEIR PLACE PLACE IN TURKISH 17 1. ECONOMIC FUNCTIONS OF CREDIT CARDS 17 2. THE PLACE OF CREDIT CARDS IN TURKISH ECONOMY AND THEIR PRODUCTIVITY FOR THE BANKS 19 Part Three PROBLEMS FACED IN TURKISH CREDIT CARD SYSTEM AND PROPOSALS FOR SOLUTION I. PROBLEMS FACED IN TURKISH CREDIT CARD SYSTEM 21 1. LEGAL PROBLEMS 21 2. PROBLEMS FACED IN PRACTICE 22 II. PROPOSALS FOR SOLUTION 24 1. PROPOSALS FOR LEGAL PROBLEMS 24 2. PROPOSALS FOR PROBLEMS ARISING FROM TECHNOLOGY 24 3. OTHER PROPOSALS 24 CONCLUSION 26INTRODUCTION The philosophy of `buy now, pay later` has deeply influenced the American life style. So the credit cards which originated from this idea, initially made the trade easier but today they have become the basic part of business, banking and individual money handling. Today credit cards as the quality of means of payment replace effectives and checks in consumer spendings. The reason why we have chosen credit cards as the subject matter of this study is that they carry great importance in modem banking. Taking into consideration that not yet enough academic study has been conducted on credit cards, it is hoped that this study will, though little, contribute to the subject. This study covers three parts. The first part has covered historical development (especially in America) of credit cards. General information related to credit cards has taken place at the and of this part. The second part includes general explanation on credit card applications in our country; especially kinds of credit cards used, applications in the banks and credit-card institutions that issue these cards. In the third part, problems faced in the credit card system and proposals of solution takes place.Part One HISTORICAL DEVELOPMENT OF CREDIT CARDS AND GENERAL INFORMATION RELATED TO THEM I. HISTORICAL DEVELOPMENT OF CREDIT CARDS 1. HISTORICAL DEVELOPMENT OF CREDIT CARDS IN THE WORLD Credit cards, which are an important means of payment, first began to be used in the U.S. First, Hotel Letter Company introduced a credit card. After this card, which found application only in tourism sector, Western Union Bank in 1914 issued a credit card that had a certain amount of credit-giving function. In 1924, General Petroleum Company introduced first petrol credit card and gave its customers buying gas at filing stations. In 1950, Diners Club started the application of first travellers and holiday card. Bank of America introduced in 1958 first international cards in the name of `Bank Americard`. In 1965, Bank of America began giving license to other banks for introducing Bank Americard. Again in 1966, 17 banks and financial institution in Eastern states of America set up a barter institution called Interbank as a competitor to Bank Americard. In 1974, International Bank Americard Corporation (IBANCO) was founded. Thename VISA was accepted in 1977 and later National Bank Americard Incorporated has become `VISA USA`, IBANCA VISA `VISA International` and Bank Americard `VISA`. Today four credit card institutions have found broad applications both in U.S. and in the world. These are: Diners Club, American Express Company, and Bank of America's Americard and MasterCard. 2. HISTORICAL DEVELOPMENT OF CREDIT CARDS IN TURKEY In Turkey, the first application of credit cards started in 1968 with `Le Diners Club`. After Diners Club, American Express card has found its application through Türk Ekspres Havacılık ve Turizm Ltd. Şti. The above two cards survived in the market together till 1975. Contrary to only domestic application of Diners Club, American Express continued giving cards applicable both domestically and internationally. In 1975, through Interbank Group MasterCard, Eurocard and Access were introduced into the Turkish market. Visa Card, which found its way in the Turkish market in 1981, was soon introduced into the market by several banks and the number of these banks has increased rapidly. As of 1993, it is said that there are 28 banks issuing credit cards and about 12.000 businesses accepting them. It has been observed that these businesses are mainly of travel agents, clothing companies, restaurants, hotels and touristic organizations. On the other hand the number of credit cards has reached to 1.438.000 and transaction volume to 16.500 billion Turkish Liras. IL GENERAL INFORMATION RELATED TO CREDIT CARDS 1. DEFINITION OF CREDIT CARDS Credit card is a means of payment that replace cash and cheque in consumer spendings. The card owner can meet his needs to a certain amount without carrying cash with him.2. HOUSES OF THE CREDIT CARD SYSTEM 1.Banks ör financial institutes that offer the credit cards. 2.Bearer of îhe credit card. 3.Stores that seli goods through credit card. To be able to get a credit card, individuals, apply to credit card institutions. The bearer of the credit card has the chance of shopping to a certain limit at the stores which work under this agreement. Separately the card bearer can draw cash advance from the bank that he ör she göt the credit card from. 3. KINDS OF CREDİT CARDS in the global payments system, credit cards compromise a great role. Among the credit cards which are being used now are bank credit cards, sîore cards, travel and entertainment cards, petrol cards, memory cards. Bank credit cards can provide credit and spending facilities to the bearers. it is possible to buy something ör to get out cash with meşe cards. Some of these cards can only be used for spending but not for getting out cash. Bank crediî cards have two kinds. The bearer of öne kind must pay for monîhîy spendings in next month. The other kind of credit cards can give opportunity of paying in monthly instaliments. Store cards are issued by stores via banks ör financial institutions. They are given to special customers for crediting spendings. These customers can pay their debts in instaliments. Petrol cards are issued only for buying petrol, paying later (next month). Travel and Entertainment Cards have commonly been issued by Diners Club and American Express. Later, Visa and MC/EC have begun take place in the market. This card is usually called `charge card`. Because it doesn't give credit opportunity. Company Cards are especially used by business men and other staff related to marketing. The Company of which provide cards has aliresponsibility f ör spendings. For some cards, the owner can be responsibility with given the company. 4. GLOBAL PAYMENT SYSTEMS BASED ON THE USAGE OF CARDS There are mainly six payment systems based on card and these consıst of two travel and entertainment cards (American Express and Diners Club), two bank credit card systems (MasterCard and Visa), and two international cheque systems (Eurocard and Postcheque). A.American Express Travellers cheques: Contrary to the other international organizations, American Express was first developed as traveller cheque transaction. American Express itself has more than 1400 service offices throughout the world. -Credit Cards: American Express was introduced in the U.S. in 1958 as travellers ör entertainment cards. in 1986 American Express cards were introduced which are dealt with thirty different currencies. Standard (green) American Express card is given only by the company itself. Unlike the standard card, `gold card` can only be obtained through banks. Most of the banks that give golden cards are in the U.S. B.Diners Club. Diners club was founded, in 1950. At the beginning, the members of the club were given only a small list of hotels and restauranî in and around New York that accept this card. Later this application was expanded to the whole world. Although Diners Club applications began eight years before American Express, its V.S. performance was not successful and could only survive by a couple of changes of the ovraership.C.MasterCard and Partners -Credit Cards: Unlike Visa, MasterCard is based on a single credit card system. in 1967, Interbank Card Association was founded with seven charter members. Among the main card system that share the partnership with MasterCard are Access (in U.K.), Eurocard (in Continental Europe), and Union, Diamond and Million (in Japan). As of 1993, there are 210.3 million Master Card Credit Cards in the world. Again the transaction volume has reached to 320.6 billion dollars. D. Visa -Credit Cards: Visa is the extension of Bank Americard which was issued by the Bank of America and the Bank of America authorized other countries to introduced this card with the some standard in blue, white, and gold colors. -Premier Cards: Visa has three kinds of cards. Premier is a gold card that allows ımlimited, automatic credit opportunity. Classic is an original bank card îhat permits the card owner the opportunity of paying on instalments. electron can only be used through electronic devices like ATM terminals and is normally debit account card. As of 1993, the mımber of Visa Crediî Cards reached to 333.1 million and transaction volume to 542.2 billion dollars. On the other hand, the mımber of ATM was reached to 164.200 by the same date. E,Eurocheque The idea of issuing Eurocheque belongs to Dr. Eckart Von Hooven f rom Deutsche Bank. it's first launched by 15 Eastern Europe counîries banks, in 1968 in order to use a standard cheque. Later, banks have begun to issue Eurocheque cards related to Eurocheques.F. Postcheque Postcheque is the system of postal cheque which competes the banks single-type eurocheque. 5. ADVANTAGES AND DISADVANTAGES OF CREDIT CARDS A.Advantages of Credit Cards a- For the person who uses it. 1.Öne of the most important advantages is that it eliminates the need of carrying money. 2.it renders prestige to the card owner. 3.Owner of international credit cards do not confront with the problem of being left without foreign exchange. 4.it allows the card owner to use interest-free credit. 5.it gives the opportunity of continuous access to credit facility. b- For the businesses that accept credit cards. 1.Businesses can enlarge their sales volume by making sales to those customers who at that moment do not have cash. 2.Institııtions that issue credit cards publish the list of member businesses at certain intervals. 3.Businesses can receive cash in a very short time for the sales they have realised through credit cards. 4.it can be said that the businesses that accept credit cards are more reliable. c-. For the Banks. 1.The bank receives a certain percentage of commission from the business that signed an agreement with the bank. 2.Credit risk is decreased by dividing it to many customers. 3.Card owner become good savings-account customers for the bank. 4.Through the cards which foreigners use in Turkey, banks obtain considerable amount of foreign exchange.B. Disadvantages of Credit Cards 1.it is argued that the credit card owner's tendency of spending will increase. 2.The businesses that accept credit cards might reflect commissions to the prices. As a result, they can even render loss to the customers who pay in cash. 3.it is said that the card owners have to pay membership fee is a disadvantage. 4.The card owner has to pay the total amount of money even if the good proves to be poor quality ör broken after the sale and can only use his rights only against that particular store.Part Two CREDIT CARD APPLICATIONS IN TURKEY I. A FOCUS ON CREDIT CARD APPLICATIONS IN TURKEY In recent years as a result of intensive pressures arising from important changes that have occurred in the banking system and especially the fact that the foreigners are realising their spendings through credit cards has urged our banks to the credit card applications. The introduction and the spreading of credit cards in our country have been started by specialized banks but today multi-branch banks that are engaged in mass banking naturally began to have domination in the sector. Credit cards have the popularity generally in hotels, restaurants, casinos, night clubs, bars, ready made clothing and shoe stores, perfume shops, souvenir shops, jewellery shops, and travel agents. The number of cards in our country, considering the population, is rather small. For instance, in England, which has nearly the same population, 15 million people have nearly 40 million cards. That is, England has been using a hundred times as many as the cards used in Turkey. Credit cards are a basic means of payment in Europe and America,10 have a broad validity than cash. Those people who do not have credit cards are considered having poor credibility. Turkish credit card market has not get reached to this level of consciousness. 1. THE PLACE OF THE CREDIT CARDS IN LEGISLATION Although, credit card has nearly been used for 100 hundred year. Legal regulations about it were quite new. Especially, in Turkey, legalization of this subject has not yet been completed. For example, there is still no answer for the question that asks what a credit card is in legislation. A. Credit Card in Point of View of The Law of Trade According to the Turkish Trade Law credit card is not a bill. It is only a plastic card with qualification that allows purchasing of goods and services. However credit card hasn't got a debtor. Separately there isn't any signature representing a debtor. The present signature on the card is for identification only. T.T.K. ARTICLE 558: According to the Turkish Trade Law, Article 558, the debtor of the commercial paper is responsible for payment only at the delivery of the bill. Where as a credit card hasn't got a debtor. For this reason, a credit card is not a commercial paper and is not negotiable. As a result, within the coverage of Turkish Trade Law there is no article in relation to the credit cards and payments with credit cards. B.The Position Of Credit Cards According to The Article 32 of the Law of Protecting the Value of Turkish Money For a citizen to be able to use an `International Credit Card`, he has to have a foreign exchange account in his own country. According to the decree, it is not attached on any condition whether or not people living in Turkey have foreign exchange on them. In short according to this decree,11 it is possible to open a foreign-exchange bank account with the whole of the foreign exchange obtained from unknown origin or unseen transactions, and with 30 % of the foreign exchange from export. People who have foreign exchange account in Turkish Banks are given international credit cards without obtaining any permission from any authority. C. Credit Card in Point of View of the Law of Banks According to the Article 45 of the Law of Banks, a credit card bears the quality of open credit. It is bound to the open credit conditions. That is, this credit can not be used without getting permission of certain authorities. 2. GENERAL DEVELOPMENT OF THE CREDIT CARD APPLICATIONS IN TURKEY At the end of 1980's, after completing technological infrastructure and several legal regulations. Turkish banks began to compete with each other. As a result of these development the number of credit cards has increased rapidly. The other reason had effected the growth was touristic needs. Credit cards are given to the individuals. Who was prestige and high standard of life, while they are given to almost all sections of society in Europe. Because of that the number of credit cards is rather low in Turkey comparing with Europe. On the other hand there is a big difference between usage rate of credit cards, either. Despite of all these differences, there has been a sharp increase in transaction volume of 1993, this figure reached to 5.744 billion Turkish Liras, as it was 802 billion Turkish Liras in 1990. II. MAIN TYPES OF CREDIT CARDS IN TURKEY AND THEIR PROPERTIES In Turkey; two types of credit card are used: these are Credit Cards and Bank Cards.12 1. VISA CREDIT CARDS Visa credit card is used in 163 countries, also 11 million business accept this card. 1. Visa Classic Domestic: (Valid only in Turkey). It brings ease in shopping. 2. Visa Classic International: (Valid in all countries). It can be obtained in the name of individuals and companies as well. 3. Visa Premier: (It gives unlimited spending authority all over the world. 2. MASTERCARD/EUROCARD It is the second most common card in Turkey. This kind of card covers: 1. MasterCard/Eurocard Domestic: (Valid only in Turkey) 2. MasterCard/Eurocard International:(Valid globally) 3. MasterCard/Eurocard Gold: (Provides unlimited purchasing opportunities) 4. MasterCard/Eurocard Company Card: (A special card obtained in the name of a company). 3. DINERS CLUB Diners Club cards have been issued since 1968 by Setur Diners Club İşletmeleri A.Ş., which is a company within Koç Holding A.Ş.. According to 1994 figures, this club has over 30,000 members. In order to be able to accept Diners Club cards, is compulsory that the businesses have a certain quality. 4. AMERICAN EXPRESS In our country, American Express cards are issued by Akbank, Dışbank, Egebank, t§ Bank, Koç American Bank and Turkish Economy Bank. Everybody with an annual income of $ 15.000 and who is able toget the banks positive approval can use these cards. Some aspects of shopping with Amex 1.in proportion to one's power of payment, öne can realise endless spending. 2.Ali spendings made by Amex are invoiced to the card holder in teraıs of U.S. Dollar, 3.Car rentals are possible ali över the world without paying any deposit. 4.Passengers are insured against accident up to U.S. $ 100.000 when they buy their travel tickets with Amex and up to U.S. $ 200.000 when they buy their tickets with Amex Gold Card. 5.PRESTIGECARD This card has been issued since 1986 by Pamukbank. it is the first domestic credit card in Turkey. Bank Cards These cards do not give credit facility, but only can be used to get cash out from ATM's. The number and usage of bank cards have gradually been increasing for 5 years. As of 1993,14 banks give bank cards to their customer. The number of bank cards increased to 12.6 million in 1993. it was 4 rnillion in 1990. III. THE APPLICATION OF ELECTRONIC FUND TRANSFER SYSTEMS ON THE USAGE OF CARDS. 1. AUTOMATED TELLER MACHINES First automated teller machines were introduced in 1960 and it was possible to get money from these machines only önce because the plastic cards used to draw money were retained in the machines and sent to the customers' address later. First used at bank branches working on `Off- line` system, ATMs could only be used to draw money but as a result of.technological development they are now used at bank branches working on `On-line` system. To make use of the services attaches to ATM functions, plastic cards are used. These cards are given to customers generally by the banks ör through the underwriting of the banks. 2.ELECTRONIC FUND TRANSFER POINTS OF SALE The meaning of the `point of sale` is that the sales data of the system is recorded on cassette ör in the computer at the point of sale. Since credit cards are commonly used, the fact that EFTPOS systems could also cover credit card transactions gained importance. EFTPOS cards, as in ATM, are an important element of the transfers being done systematically. 3.HOME AND OFFICE BANKING Home and offıce Banking is a connection of an electronic line to the bank's computer that allows bank customers an access to their accounts and to do direct transactions. The services which are offered by the banks in the name of `home and office banking` covers the information about the latest transactions, payment order, types of accounts, interest rates, foreign exchange rates and subjects of general economics. in our country, home and office banking services are given at different levels by Garanti Bank, Esbank, and several other banks. IV. CREDİT CARD PRACTICES İN VARIOUS BANKS AND INSTITUTION THAT ISSUE THEM Banks and Credits Card Institutions have begun to practice almost the same system with European banks, in the field of credit cards. Turkey was öne of 5 countries in Europe had begun to issue the new MC/EC bank card called Cirrus and Maestro. At the end of May-1994 there were 30 banks and l credit card institution that issue credit cards and bank cards in Turkey.15 12 of these banks and one credit card institution pay to their member stores for slips, but only 9 of 12 give POS terminals to the member stores. 1. PRACTICES IN YAPI KREDİ BANK At the moment this bank issues Visa and MasterCard/EuroCard with payments of credit. Those individuals who want to obtain a credit card are asked to open a bank account. Owner of instalment credit cards can pay the total amount arising from their buying without paying any interest and if they like, they can pay 15 % of it, and can convey the rest of the money to the following dates as credit. Kinds of the card given by Yapı Kredi Bank: World Card Visa Classic (International), World Card Visa Premier (International), World Card MasterCard/EuroCard (International), World Card MasterCard Gold (International), World Card Visa Business Card (International), World Card Master Card Business Card (International). Yapı Kredi Bank has a considerable share in the credit card market in Turkey. This bank was the first bank that give retail banking services professionally in Turkey. Yapı Kredi Bank gives other services with credit cards like SUPER ACCOUNT, SUPER CARD and SUPER CHEQUE. Super account can be used with a super card that provide shopping facility. That card is not a credit card but can be used with POS. So, It gives an opportunity for shopping without carrying money. Super cheque belongs to Super card. It has Yapı Kredi Banks guaranty for a certain amount with Super card. Yapı Kredi Bank charges member stores 9% on POS and 11.5% on slips (drafts) spendings when It pay for them.16 2. PRACTICES IN ESBANK ESBANK began to give MC/EC credit card with AKK (Anatolia Credit Cards Institution) licence, in 1987. After that, Esbank got It's own licence from MasterCard in 1991 and from Visa in 1993. Kind of the card given by Esbank. Visa Classic Domestic, Visa Classic International, Visa Premier Card, Visa Business Card, MasterCard/EuroCard Classic Domestic, MasterCard/EuroCard Standard (International), MasterCard/EuroCard Gold Card, MasterCard/EuroCard Company Card. Esbank gives credit cards to the customers have prestige. It is not possible to repay in instalments. It is compulsory to pay total monthly spendings in a certain day. Esbank doesn't make agreement with member stores that accept credit cards. So It doesn't give `Imprinter` or `POS` and not pay for drafts or via POS. 3. PRACTICES IN ANATOLIA CREDIT CARDS COMPANY (AKK) AKK is the first company had got licence from MasterCard in Turkey (in 1982). That situation has not changed for 5 years. This company is rater based on giving service to the banks. AKK has made agreements with Toprakbank, Bank Express, Demirbank and Turkish Bank Ltd. in order to give credit card service. It means issuing cards, sending summary of the account to customers and collecting that money from them. AKK gives POS and Imprinter to the member stores and pay for slips (drafts) or via POS. AKK has all connections between Its branches member stores' s POS and International Centers of VISA and MasterCard/EuroCard. This company has also a share in foreign cards transactions in Turkey, about17 45% and 4% of domestic cards transactions. AKK is the only company pays for JCB cards' s sales drafts in Turkey. V. FOUNDATION OF THE INTERBANK CARD CENTER AND THE INNOVATION IT BROUGHT TO THE SYSTEM Parallel to the fast growing credit card market, the potential problems that might occur urged the Turkish banks to cooperate. To be able to control the potential risks and to secure the healthy growth of business, BANKALARARASI KART MERKEZÎ A.Ş. (INTERBANK CARD CENTER) was founded. 27 banks and 1 private company are the members of this center. This center (BKM) was founded by the following banks: 1- AKBANKT.A.Ş. 2- İKTİSAT BANKASI T.A.Ş. 3- OSMANLI BANKASI A.Ş. 4- PAMUKBANK T.A.Ş. 5- TÜRK DIŞ TİCARET BANKASI A.Ş. 6- TÜRKİYE EMLAK BANKASI A.Ş. 7- TÜRKİYE GARANTİ BANKASI A.Ş. 8- TÜRKİYE HALK BANKASI A.Ş. 9- TÜRKİYE İŞ BANKASI A.Ş. 10- TÜRKİYE TÜTÜNCÜLER BANKASI A.Ş. 11- TÜRKİYE VAKIFLAR BANKASI T.A.O. 12- T.C. ZİRAAT BANKASI 13- YAPI VE KREDİ BANKASI A.Ş. Among the goals of INTERBANK CARD CENTER some are as follows: - In relation with the card-payment system, to practice domestic and international barter and provision transactions,-to organize training services, -to do some work to encourage and increase the usage of cards, -to do advertisement work, -to have precautions against fraud, -to publish waraing list, -to deteraıine security methods and to apply them INTERBANK CARD CENTER switch systcm: The Interbank on-line credit card authorization is a jointly-operated center that allows the credit card holders to use the banks' ATM and POS system networks both domesticaliy and internationally (Visa net, EPSS net) and allows domestic banks to handle barter and balancing transactions with the help of computer. Switch system was put into operation in 1993. The benefits this system offers can be stated as follows: Standard-in Credit Card Authorization ATM sharing for debit card POS sharing for debit card Gate ways to external networks in short, Interbank Credit Card Center has contributed a loî to the debit card payments. VI. THE ECONOMIC ANALYSIS OF CREDİT CARDS AND THEIR PLACE PLACE İN TURKISH 1. ECONOMIC FUNCTIONS OF CREDİT CARDS it is said that, money has three functions in classic theory. Those are; 1.Money is means of determining values of goods and services. 2.Money is means of change. 3.Finally, it is means of saving. in modern theory, it has also three different functions.As we consider îhat functions, it is possible to say that, credit cards are plastic money, either. Because, they can be used for shopping easily. in some countries, people are given prestige by means of credit cards. in these countries, it is possible to buy almost alî kinds of goods and services, using credit cards. Credit cards are more preferable than money because of being easy to carry and use. According to the Central Bank of The Republic of Turkey, money supply is defined as the total of money in circulation plus demand deposit (exempt public deposit). As credit cards are regarded as money, the Central Bank slıould use them in this definition. Because, they have power of buying and effect on effective demand more than demand deposit. 2. THE PLACE OF CREDİT CARDS İN TURKISH ECONOMY AND THEIR PRODUCTIVITY FOR THE BANKS Credit cards market had a considerable development in the last five years. But, it hasn't stili an important share in GNP (Gross National Product). As of 1993 It's share was under 1%. The technological level of Turkish Banks is enough for developing in this field. This factor has accelerated the development. it is said that this market will grow, for several years more, getting speed. Banks give credit to the holders of credit cards and collect commission for this service. Spendings are paid to the numbers (shops, hotel, ete. which accept credit cards) for an amount under the nominal value of sales draft (commission rate is generally between 9-12%). Then; banks coîlect this spendings from card holders for nominal value. The average of collecting periods is 20-25 days. But, banks collects commissions for a math. So it can be said, credit cards are productive for banks. But, this explanation has some conditions. For example, the banks which have no agreement with merchants can't give credit directly to the members, but give to other banks. it means, some banks, pay for sales drafts of thebanks which have no agreement with members then they collect these spending from those banks by means of Interbank Card Center. So, they share the commission which are between 9-12. Banks change their sales drafts ör spendings done via POS, in The Interbank Card Center. Barter commission is 7% f ör 1994. The other factor effects productivity of credit cards is number of credit cards. it is said that, it is not reasonable to make an agreement with members if the total number of credit cards is ımder 50,000. Because, it needs a minimum capital to have an organization and technological infrastructure. As a result, credit cards are productive for only banks which have more than 50,000 credit cards, agreements with members as more as possible and professional organization.Part Three PROBLEMS FACED İN TURKISH CREDIT CARD SYSTEM AND PROPOSALS FOR SOLUTION Âlthough a short time passed since the application of credit card system in Turkey, great increase has been observed in both the number of credit cards and transactions. Because of this f ast development there appeared many problems. I. PROBLEMS FACED İN TURKISH CREDİT CARD SYSTEM 1. LEGAL PROBLEMS The biggest problem at the level reached in credit card applications is mat there are some gaps in Turkish legislation. LEGAL QUALITY OF THE CREDİT CARD According to the Article 557 of the Turkish Trade Law, it is ımderstood that credit cards are not considered as `commercial paper` because to be accepted as commercial paper, there should be a promissory note and a debtor. Spending documents do not have any description in the Turkish Trade Law so it is argued that they are not commercial paper.22 2. PROBLEMS FACED IN PRACTICE A. Rejection of the Credit Cards by the Member Stores The number of businesses where a credit card can be used is limited. For the credit card to be used as a means of payment, it is compulsory that an agreement be signed between this business and the institution that issued this card. For the card holder to be able to demand the right of spending without paying any cash, he should have a kind of purchasing relation with the member business. This member business can openly reject the customer's demand of payment with card only in the following conditions: - If the card doesn't have the validity conditions. - If the card number appears on the stop list. - If there is no correlation between the signature on the card and the one put on the spending receipt. - Not being able to show an identity although it is asked. - In case when the card-issuing institution doesn't give authorization for the amounts exceeding the spending limit. B. Credit Card Being Lost or Stolen One of the most common problems confronted in application is the lost and stolen cards can be used in spendings. In case the credit card gets out of the owner's hand for reasons of loss or theft, it is advised that the card owner apply to the issuing institution soon. Otherwise, he or she can not charge any rights. Some banks get their cards insured. This insurance covers a few days from the day of loss to the day the institution is informed about it. C. Unqualified or Broken Products In practice it is confronted with this kind of problems. Charging that the product he has bought is broken, the card owner doesn't want to make payments to the issuing institution, but the institution asks for the payment saying that this situation has nothing to do with it.D. Risk Centralizatioiî for Credit Cards Risk Centralization Center is the most important source from which information about consumers and credit cards can be obtained. The fact that doing investigation about individual is forbidden by Article 83 of Law of Bank puts the personal banking system into a diffîcult situation. E.Problems Caused By the Machines Used for the Credit Card Payments in Turkey, member stores are given a certain provision limits. With the sales draft prepared up to these limits, there is no problem. But the only problem is that these limits can not be controlled and Üıe cards that have not yet appeared on the lost ör stolen list might escape the attention. F. Fraud faced in Credit Card System The most important öne faced in the credit card system is that false card can be produced and used in shopping. Although these false cards can not be recognized by the imprinters used in the stores, they can be recognized by the devices used in the POS system. So it can be said thaî problems arising from the usage of false cards can be prevented a great deal. Member stores without good intention can take the customer's card and make more then öne entrance ör can take a note of the card number and can take manuel provision entering the POS device after îhe customer leaves the store and can produce as many sales drafts as they like. it has been observed that more professional and organized crimes are committed to make use of this gap in the system. G.Problem of Showing Identification Card for Payments with Credit Cards The obligation of showing identity card with a photograph, creates the feeling in most customers that he was not trusted.II. PROPOSALS FOR SOLUTION 1.PROPOSALS FOR LEGAL PROBLEMS First of ali, the computer forms ör continuous paper that come up together with the technological developments have not been mentioned in any law and has been made the subject of arguments by law makers at conferences, symposiums and the meeting alike. Firstly credit cards, purchasing documents and the ATM receipts should be given identity. Some amendments should be made in Turkish Trade Law, Law of Debts, Court for Claims and Bankruptcy Law and Law of Banks. Separately, a law which is similar to Electronic Fund Transfer Laws, which are in effect in the U.S.A. and in some European countries, should be passed and put into effect. On the other hand, if the credits used by customers exceed certain limits, they should be notifîed to the Central Bank. But within the Central Bank a center should be set up to deal with credit cards and personal credit transactions and this center should transfer the information it collected to the data bank and should cooperate with Interbank Card Center especially on information concerning credit cards. 2.PROPOSALS FOR PROBLEMS ARISING FROM TECHNOLOGY The are many problems in Turkey arising from use of imprinter. Some of thern have been solved with the application of POS terminals. But this problem stili exists where imprinters are used. it is also possible to cheat out the customers by entering the device pressing buttons on the numerator and pretending that the customer purchased a product. For this reason, interviews should be held with firaıs having POS facilities and this problem should be eliminated. 3.OTHER PROPOSALS Several awards are offered to the stores exceeding a certain amount of turnover through credit cards to solve the problems of commission and25 not wanting to accept payments with credit cards at ON-SALE periods. Switching to the system of payment with card and thus bringing standardization to both drawing cash and payment times, POS and ATM sharing between bank would be easier. Another way of increasing the usage of credit cards is to increase the number of debit card that can be used at POS and ATM terminals. An article should be included in the law which is to be passed with intension to prevent fraud of credit cards. And the fraud in the credit card system should be considered as NSF (Not Sufficient Fund) check and be punished heavily.26 CONCLUSION In this study, the credit-card system was taken as general first and then the practices in Turkey were examined in detail. Transactions in credit card system occur among. - Banks or financial institutes that give credit cards. - Card bearer. - Stores selling with credit cards. The cards issued by credit-card institutes vary in their functions. These are bank credit cards, store cards, travel and entertainment cards and company cards. It shouldn't be forgotten that credit cards have some advantages but they also bring disadvantages. It has been known that credit cards showed a fast development and all sorts of cards are valid in Turkey. Beginning from 1988, with the effect of technological improvements, important developments occurred in the field of personal banking and credit cards and banks gave great importance to marketing credit cards. The goal aimed with the foundation of Interbank Card Center is to obtain standardization and cooperating the technical infrastructure so that the costs could be lowered.z/ After the above developments, between 1990 and 1993 100%-1000% increases were seen: Number of banks issuing cards reached to 28, Number of banks paying sales draft to 19, Number of banks offering POS to 9, Number of credits cards from 671,343 to 1,437,800, Number of bank cards from 3,998,908 to 12,668,313, Number of ATM from 1016 to 3993, Number of POS from 1048 to 10,668 Total number of transactions with credit cards from billion TL 1,232 to billion 16,505. in order to organize the credit-card system in Turkey and to obtain a healthy development by solving the current problems, it is necessary to levy an Electronic Fund Transfer Law. On the other hand, technological innovations in relation with the payment systems should be followed and problems arising practice should be eliminated. 25