Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/213454
Authors: 
Hanedar, Avni Önder
Çalışkan, Mustafa
Year of Publication: 
2018
Series/Report no.: 
Discussion Paper 2018/2
Abstract (Translated): 
This study asks how the Ottoman bondholders traded at the Paris stock exchange evaluated the outcomes of tax and constitutional reforms, based on the data for the most traded bond's price, i.e., the Turkish unified bond, at the Paris stock exchange from 1903 to 1909. The reforms aimed at higher tax income and decreasing arbitrary implications of the Ottoman state. The data are manually collected from The Times. The findings show that the constitutional reform was negatively related to perceived risk of the investors, since there was again a parliamentary system in the Ottoman Empire to blockage the arbitrary policies.
Subjects: 
Tax reform
Constitutional monarchy
the Ottoman debt management
Price fluctuations
the Turkish unified bond
JEL: 
G1
N25
N45
Document Type: 
Working Paper

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