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Ekonomide tasarruf sorunu; tasarruf oranlarının düşük olması, mevcut tasarrufların yatırımlara etkin biçimde aktarılamaması veya tasarruf oranlarının yatırım oranlarının üstünde olması şeklinde tanımlanabilir. Türkiye'deki tasarruf sorunu ise yurtiçi tasarruf oranlarının sabit sermaye yatırımlarının altında kalması, yastıkaltı tasarruf büyüklüğü ve mevcut tasarrufların etkin kullanılmaması olarak ifade edilebilir. Türkiye'de tasarruf sorunu cari açık ve sürdürülebilir büyümeyi etkilemekte ve ekonominin gizilgücünü zayıflatmaktadır. Çözüm için yurtiçi tasarrufları etkileyen değişkenlerin belirlenerek, üretilen politikaların bu değişkenler üzerinde yoğunlaşması sağlanmalıdır.Toplumsal tasarruf davranışı ile tasarrufu belirleyen değişkenler ülkeden ülkeye farklılık göstermektedir; ancak tasarruf sorununun altında yatan bazı ortak noktalar aranabilir. Bu noktaların başında ise fon arzında ve talebinde bulunanların karşılaştığı piyasa olan mali düzen gelmektedir. Mali düzen taşıdığı özellikler açısından tasarrufları yatırım ya da tüketim gibi kanallara aktararak fonların etkinliğini sağlamaktadır. Bu bağlamda mali düzenin gelişimi ve sunduğu hizmetler, tasarrufların toplanması ve kullanımı açısından önemlidir. Mali düzeninin gelişimi ise `mali derinlik` ve ekonomilerin büyük bir çoğunluğunda mali düzenin temel yapı taşlarından biri olan `faiz` kavramı ile yakın ilişkilidir. McKinnon-Shaw Varsayımı'nın öncülük ettiği `Mali Baskıcı Yaklaşım` tarafından savunulan, mali serbestleşme ve faiz tavanlarının kaldırılması yoluyla tasarruf artışının yaşanacağı savından hareketle: mali derinleşme ve reel faiz oranları Türkiye'de tasarrufu etkileyen değişkenler olarak seçilmiştir.Bu çalışmanın amaçlarından biri Türkiye'deki tasarruf sorununu tanımlayarak bu sorun çerçevesinde gerek Türkiye'de gerekse de seçilmiş ülke örneklerinde uygulanan politikaların başarısını tartışmaktır. Diğer amaç ise Türkiye'deki tasarruf sorununun çözümü için mali derinleşmenin artırılması ve faiz sınırlamalarının gevşetilmesi yoluyla tasarruf artışı sağlanacağının kuramsal ve görgül çalışmayla sınanmasıdır. Bu amaç doğrultusunda yurtiçi tasarrufların oluştuğu piyasa olan mali düzenin derinliği ve reel faiz oranının yurtiçi tasarruf ile uzun dönemli ilişkisini açıklamak ve bu ilişkinin yönünü ve anlamlılığını sınamak için ekonometrik çözümleme yapılmıştır. Çalışmanın sonucunda 1980-2015 dönemi için mali derinlik göstergesi olarak kullanılan `M3/GSYH` ve `reel mevduat faiz oranı`nın yurtiçi tasarruflar üzerinde pozitif ve istatistiksel olarak anlamlı bir etkiye sahip olduğu saptanmıştır. Bu kapsamda Türkiye'de tasarruf sorununun çözümü için; mali araç ve kurum sayısının arttırılarak toplumun her kesimini kapsayan bir mali düzenin oluşturulması gerekliliği belirtilmiştir. Bu düzenin sürdürülebilir yapıda kalması için mali okuryazarlık konusunda yeni politikalar geliştirilerek toplumsal tabanda bu eğitimin yaygınlaştırılması da sağlanabilir.Anahtar Sözcükler: Tasarruf Sorunu, Mali Düzen, Mali Derinlik, Faiz, Tasarruf Politikaları. The savings problem in the economy can be defined as low savings rates, inability to transfer existing savings to investments effectively or savings rates above investment rates. The saving problem in Turkey can be defined as remaining of domestic savings rates below fixed capital investment, the size of under the mattress saving and the inefficient use of existing savings. The saving problem in Turkey affects current account deficit and sustainable growth and weakens the potential of the economy. For the solution, the variables affecting the domestic savings should be determined and the policies produced should be focused on these variables.Social saving behavior and the variables that determine savings vary from country to country. However, some common points can be searched for. At the beginning of these points is the financial system, which is the market for the fund supply and the demanders. The financial system provides the efficiency of the funds by transferring the savings to channels such as investment or consumption in terms of the characteristics it carries. In this context, the development of the financial system and its services are important in terms of collecting and using savings. The development of the financial system is closely related to the `financial depth` and the `interest`concept, which is one of the fundamental building blocks of the financial system in the majority of economies. McKinnon-Shaw hypothesis which pioneered the `Financial repressive approach` by the defense, moving the argument that experienced the increase in savings by removing the financial liberalization and interest rate ceilings, financial deepening and real interest rates were selected as variables affecting savings in Turkey.One purpose of this study is to frame this issue by defining the problem of saving in Turkey and discusses the success of the policies implemented in selected countries in both examples in Turkey. Other objective is to test theoretical and empirical studies that the saving increase will be provided increasing by financial deepening and loosening of interest restrictions for the saving solution in Turkey. In line with this aim, econometric analysis was made to explain the depth of the financial order and the long-term relationship between the domestic savings and the direction and significance of this relationship. As a result of the study, M3 / GSYH and real deposit interest rate were found to have a positive and statistically significant effect on domestic savings for the period of 1980-2015. In this context, in order to for the solution of saving problems in Turkey, it was stated that the number of financial instruments and institutions should be increased and a financial system covering all segments of the society should be established. In order to keep this order in a sustainable manner, new policies on financial literacy can be developed and the social base can be expanded.Keywords: Saving Problem, Financial System, Financial Depth, Interest, Saving Policies. 180

Research background: The paper describes the comparison and subsequent analysis of products for housing finance in the Slovak Republic through the use of financial resources from banks and savings companies. The development and boom of the real estate market in Slovakia was mainly due to new forms of financing, such as mortgage loans. At present, there are various combinations of credit products on the market with favorable declining interest rates, but also support from the state in the form tax bonus on paid interests or state premium for contractual savings for housing. The development of housing loans also has a significant impact on the Slovak economy. Rising household indebtedness is a problem beyond the financial sector. Purpose of the article: Over-indebted households may have difficulty repaying loans in bad times or their consumption significantly reduce, which will exacerbate the process of resuming economic growth. The consequences of rising household indebtedness therefore need to be addressed from a wider perspective, including its economic-social impacts. The fundamental purpose of the article is to analyze the current possibilities of housing financing in the Slovak Republic and determine the most appropriate form. Methods: In order to fulfill our stated goal, we apply a method of comparison, analysis and synthesis. Findings & Value added: Finally, we formulate our own view of which form of financing housing is the most suitable based on the examined parameters.

Affordable housing will be instrumental to helping Vietnam achieve its goals for increasing productivity and inclusive urban growth. Since Doi Moi, the country has experienced impressive economic growth, averaged at 7.4 percent per annum from 1990 to 2008, lowering to an average of 6 percent per annum from 2007 to 2013. Strong economic growth has supported a substantial reduction in poverty, from 58 percent in 1993 to 17 percent in 20121. Yet, the country has remained largely rural, with more than half of its population working in the agricultural sector, which only contributed 17 percent of GDP in 20142. In some countries, urbanization has been used as a tool to accelerate economic growth and poverty reduction. As Vietnam aims to maintain a high growth rate, supporting urbanization, where cities contribute a growing share of jobs and GDP, will be an important measure. This structural shift will drive population growth and new demand for housing in cities, for which quality and affordable housing options in well-serviced and connected settlements will be needed. Areas of particular importance in the Law is support toward self-built housing, the active participation of the private sector, addressing the shortage of affordable rental housing as well as high demand for housing from low income groups, especially workers in industrial zones of large cities. This report, which includes a comprehensive assessment and roadmap for affordable housing in Vietnam, recommends the following key messages moving forward: increase investment, Prepare Three Flagship Initiatives under an umbrella National Affordable Housing Program, Institutional Strengthening, Land Tax Reform, and Create an Enabling Environment for Affordable Housing. Moving forward, design of the market-oriented measures described above will require intensive and careful consultation and engagement with all housing sector actors, particularly the private sector. Private sector will need to play an active role in the early preparation to ensure their participation and commitment that carries through to implementation of policy measures on the financing and supply side.

This engagement note provides a snapshot of financial development in the countries of the GulfCooperation Council (GCC), Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE), and identifies key areas of the financial sector reform agenda where the World Bank Group (WBG) through the Finance Markets Global Practice (FMGP) can provide its support, in particular through the provision of analytical services and advisory (ASA). A key challenge for GCC countries is to diversify their economic structures, increase the role of the private sector, improve the efficiency of the government and reform the educational system and the labor market. This is essential to create employment opportunities for a young and growing domestic population. In this context, the development of an efficient, stable and inclusive financial sector is a policy objective in itself and a necessary conduit to a more diversified and productive economic system. Against this backdrop, this engagement note suggests that improving the quality of financial intermediation in GCC economies is a balancing act between enhancing access and preserving stability. Accordingly, it detects and discusses several areas of engagement for WBG which are consistent with the financial sector reform agenda of the region. In particular, based on the expertise and delivery capacity of WBG, particularly of FMGP, this engagement note suggests that WBG target ASA in the following areas: (i) financial infrastructure, particularly insolvency regimes, creditor rights and payment and settlement systems; (ii) banking competition; (iii) government debt capital market development, including sukuk; (iv) credit guarantee schemes for SMEs; and (v) macro prudential supervision.

© The Author 2014. Published by Oxford University Press on behalf of the International Bank for Reconstruction and Development / THE WORLD BANK. All rights reserved. Private sugar processors in Andhra Pradesh, India use an unusual form of vertical coordination. They issue 'permits' to selected cane growers a few weeks before harvest. These permits specify the amount of cane to be delivered during a narrow time period. This article investigates why processors create uncertainty among farmers using ex post permits instead of ex ante production contracts. The theoretical model predicts that ex post permits are more profitable than ex ante contracts or the spot market under existing government regulations in the sugar sector, which include a binding price floor for cane and the designation of a reserve area for each processor wherein it has a legal monopsony for cane. The use of ex post permits creates competition among farmers to increase cane quality, which increases processor profits and farmer costs. Empirical analysis supports the hypothesis that farmers operating in private factory areas have higher unit production costs than do their counterparts who patronize cooperatives.

Life insurance has become an increasingly important part of the financial sector over the past 40 years, providing a range of financial services for consumers and becoming a major source of investment in the capital market. But what drives the large variation in life insurance consumption across countries remains unclear. Using a panel with data aggregated at different frequencies for 68 economies in 1961-2000, this article finds that economic indicators such as inflation, income per capita, and banking sector development and religious and institutional indicators are the most robust predictors of the use of life insurance. Education, life expectancy, the young dependency ratio, and the size of the social security system appear to have no robust association with life insurance consumption. The results highlight the importance of price stability and banking sector development in fully realizing the savings and investment functions of life insurance in an economy.

Owing primarily to extensive investment in new mining projects, Mongolia's economy is on a path of very rapid long-term growth. While financial intermediation in Mongolia has been growing fast, access to finance remains a critical constraint for enterprises, and especially for Small and Medium Enterprises (SMEs). Improving access to financial services will require strengthening the legal and regulatory framework and financial infrastructure, including the secured transactions framework, creditor rights and insolvency regime, credit information sharing system, platform for technology-based banking products, regulation and supervision of nonbank financial institutions, and consumer protection in financial services. To realize fully its economic potential, Mongolia needs to build a diversified, efficient and stable financial system, capable of intermediating both on a large scale and in specific market segments. Due to its focus on the development agenda, and specifically on access to finance for the SME sector, capital markets development, and housing finance market development, this report does not address financial sector stability issues. Financial intermediation in Mongolia has grown significantly in recent years; credit and deposit penetration are on par with the average in the East Asia and the Pacific (EAP) region. Access to finance is particularly constrained for SMEs, which are also more sensitive to an unstable macroeconomic environment, characterized by high inflation and exchange rate fluctuations.

Modern araçlarla yapılan akitler günümüzde hayatın her alanında karsımızaçıkmaktadır. Bu araçlarla kurulan akitler, Pek çok noktada kolaylıklar sağlamaklaberaber, pek çok noktada da riskler tasımaktadırlar. Bu risklerinin aza indirilmesiiçin bu akitlerin kurulusunun iyice bilinmesi gerekir. Modern araçlarla kurulanakitler, ?slam hukukunda sahih bir akdin tasıması gereken özellikleri tasıdıklarımüddetçe, sahih olarak kurulmus kabul edilir.Tasıması gereken hususlar kısaca; akit ehliyetine sahip olana tarafların - butaraflar bizzat asli kisiler olmak zorunda değildir. Asli tarafları temsil eden baskalarıveya da bu iki tarafı temsil edecek bir bilgisayar programı da olabilir- bulunması, butarafların icap ve kabullerinin bir birlerine sağlam bir sekilde ulasması ve butarafların üzerinde anlasma yapacakları sağlam bir konunun bulunup bu konunun?slam hukukunda belirtilen sartlara uygun olmasıdır. Bu hususlar gerçeklestiktensonra, akdin ne isimle veya ne sekilde kurulduğu, akit serbestisi çerçevesinde kabuledilir.Modern araçlarla akitlerin kuruluslarına baktığımızda, bu sartların yerinerahat bir sekilde getirilebileceğini görüyoruz. Öyleyse bu aletlerle akitlerkurulduğunda bu esaslara dikkat edilmeli ve akdi fasit eden kusurlardan kaçınmayadikkat edilmelidir. At the present time, the agreements made by with modern tools emerge inevery area of life against us. The agreements established by these tools providefacilities in other hand also carry risks in many points. Establishment of theseagreements must be known thoroughly for minimise these agreement risks. Theagreements established by modern tools accepted as a right established agreementstill they carries the propeties of right agreements in Islamic law.The properties that must be carry; it must be sides that have proficiency inagreement- this sides must not be substantives it can be the representatives ofsubstantives or a computer program that represant this two sides.- these sidesrequirements and acceptances must reach each other in a safety way and must be atopic that these sides will agree on and this topic must be convenient to conditionsspecified in Islamic law. After performing these issues what name or how toconclude it was established, is considered in the context of agreement freedom.When we look at the agreement of the establishment of modern tools, we see,these conditions can be brought in a comfortable way. So, when the agreements haveestablished by these tools,we would be aware of these principles and avoid defectsthat vicious the agreements. 103

This edtion of the Middle East and North Africa (MENA) economic developments and prospects reports highlights the recent key economic developments as well as the forces underlying the region's economic outcomes. It analyzes the region's medium term growth prospects given global forecasts, and charts the region?s progress with implementing comprehensive structural reforms needed for longer-term growth. For the third year in a row, MENA enjoyed a spectacular year of growth, buoyed by record high growth rates among the region's oil exporters. As oil prices continued their upward climb, the MENA region grew by an average of 6.0 percent over 2005, up from 5.6 percent over 2004, and compared with average growth of only 3.5 percent over the late 1990s. On an annual basis, MENA's average economic growth over the last three years, at 6.2 percent per year, has been the highest three-year growth period for the region since the late 1970s. MENA's regional growth upturn has not been universally shared, however, and resource poor economies are increasingly feeling the adverse impact of higher oil prices. Growth patterns among oil producers, on the other hand, have been increasingly harmonized, reflecting a trend toward common development strategies. Over the medium term, general conditions for maintaining a solid pace for growth appear promising. The oil shock MENA is experiencing has had important financial spillovers. Over the last few years, MENA has seen an upsurge in financial activity, as abundant liquidity has fed a rapid rise in credit growth, surging stock markets, and a booming real estate sector. A troubling aspect about MENA's financial markets is the seeming disconnect between the financial sector and the real private economy, despite the appearance of a relatively deep financial sector by macroeconomic indicators. Along with across the board policy reform, MENA economies continue to look to selective industrial policies designed to enhance specific sector competitiveness and growth to complement more broad-based structural reform. Although the views on industrial policy are changing, and a variety of economic justifications can be made for their use, MENA's own unsuccessful history with industrial policies (and the difficulty in transitioning out of them) should serve as a cautious reminder that the most effective policies for promoting growth rely on strategies to create a neutral and internationally competitive business environment.

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