Professional Documents
Culture Documents
A- Complete the following text with the appropriate words given in the box.
(1 x 5 = 5 points)
Now that a lot of buying and selling can be done over computer networks, (1)________
and traders do not need to be in one place, and (2)________ can make money dealing from a
computer in their living room. In New York, the area around Wall Street is traditionally home
to many (3) ________ institutions, such as the New York Stock Exchange. But many of them
have now moved some or all of their offices outside this expensive area. London is one of the
Europe’s most important financial centres: over 500 foreign banks have offices in London,
and its (4) ________ exchange is the largest in Europe. But more and more financial
institutions are not actually based in the traditional area of the City or Square Mile. As in New
York, they are moving to areas where (5) ________ is cheaper.
B- Match the terms with their definitions given on the right. (1 x 10 = 10)
C- Read the following text below and answer the questions. Give full answers.
1
(2 x 5 = 10 points)
The history of Turkish banking sector can be divided into several stages. First, there
was the pre-1847 period where moneychangers and the Galata bankers carried out all banking
activities. Second there was the 1847-1923 period of foreign banks and the creation of
national banks. The negative economic development caused by the Great Depression of 1929
forced the government to restructure the banking sector and to nationalize several banks
including foreign ones. On the other hand, the binding judgments of the Lausanne Treaty also
ended in 1929, allowing the government more freedom to implement its own fiscal policies.
As a result six state banks were established in the 1930s, including the Turkish Central Bank
in 1931. The next period covers the post -1980 era. The liberal economic policies adopted
after 1980 aimed to deregulate the banking system and establish a free market economy. In
this context, interest and foreign exchange rates were liberalized, new banks were permitted,
and foreign banks were encouraged to come to Turkey. These foreign banks bring stability to
the banking sector: they are less likely to close because they have a larger amount of capital.
In 1987, banks started to be audited by independent external auditors in accordance with
internationally accepted principles of accounting.
_________________________________________________________________ .
2- What did the Great Depression of 1929 force the government to do?
_________________________________________________________________ .
_________________________________________________________________ .
4- What did the liberal economic policies adopted after 1980 aim to do?
_________________________________________________________________ .
_________________________________________________________________ .
2
D- Fill in the blanks with the following words or phrases given in the box.
(1 x 5 = 5 points)
fiscal monetary transactions inflation target price stability