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Surety Bonds and Application in Turkish Financial System and Potential Effects

Author

Listed:
  • Mehmet Yeşilyaprak

    (Türk Eximbank)

  • Ali Polat

    (Yıldırım Beyazıt University)

Abstract

Surety insurance is one of the contracts by which a guarantee is provided to cover the contractual, legal or regulatory obligations of the principal. In addition to its usage in numerous fields, it is also used in project financing in a similar way to guarantee letters. Legal base for surety bond has been made suitable and the types of bonds have been defined in Turkey. Such developments will have possible effects for Turkish financial system. The assessment of this new instrument which is going to affect banks and other stake holders is a part of this paper. The main objective of this study is to reveal and discuss positive and negative aspects of surety bonds for Turkish financial system as a new product and to compare surety bonds with other rival, supplementary or alternative products.

Suggested Citation

  • Mehmet Yeşilyaprak & Ali Polat, 2018. "Surety Bonds and Application in Turkish Financial System and Potential Effects," Journal of Finance Letters (Maliye ve Finans Yazıları), Maliye ve Finans Yazıları Yayıncılık Ltd. Şti., vol. 33(110), pages 135-160, October.
    • Handle: RePEc:acc:malfin:v:33:y:2018:i:110:p:135-160
    DOI: https://doi.org/10.33203/mfy.384741
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    More about this item

    Keywords

    Surety Bond; Surety; Insurance; Eximbank; Guarantee;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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