IDEAS home Printed from https://ideas.repec.org/a/taf/sehrxx/v67y2019i2p154-170.html
   My bibliography  Save this article

The Ottoman dissolution and the İstanbul bourse between war and peace: a foreign exchange market perspective on the Great War

Author

Listed:
  • Avni Önder Hanedar
  • Hatice Gaye Gencer
  • Sercan Demiralay
  • İsmail Altay

Abstract

The participation of the Ottoman Empire in the First World War caused economic disruptions, huge budget deficits, surmounted inflation rates and excessive depreciation of Lira, the Ottoman currency. Based on the value of Lira against the currencies of Switzerland, Netherlands, Sweden that were not in the war, we focus on the effects of news about the war on the foreign exchange rates at the İstanbul bourse from 1918 to 1919. Our results signify some dates, which match the announcements of the armistices and peace meetings, heralding continuous depreciation of Lira. Thus, the findings support the presence of an expectation on the dissolution of the Ottoman Empire with the peace, marked by the escalation of the loss in trust for the Lira and the power of the state in foreign exchange interventions.

Suggested Citation

  • Avni Önder Hanedar & Hatice Gaye Gencer & Sercan Demiralay & İsmail Altay, 2019. "The Ottoman dissolution and the İstanbul bourse between war and peace: a foreign exchange market perspective on the Great War," Scandinavian Economic History Review, Taylor & Francis Journals, vol. 67(2), pages 154-170, May.
    • Handle: RePEc:taf:sehrxx:v:67:y:2019:i:2:p:154-170
    DOI: 10.1080/03585522.2018.1546615
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/03585522.2018.1546615
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/03585522.2018.1546615?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:sehrxx:v:67:y:2019:i:2:p:154-170. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/sehr20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.