Financialization of Municipalities: Türkiye
SIYASAL-JOURNAL OF POLITICAL SCIENCES, cilt.35, sa.1, ss.149-169, 2026 (ESCI, TRDizin)
- Yayın Türü: Makale / Tam Makale
- Cilt numarası: 35 Sayı: 1
- Basım Tarihi: 2026
- Doi Numarası: 10.26650/siyasal.2025.34.1555908
- Dergi Adı: SIYASAL-JOURNAL OF POLITICAL SCIENCES
- Derginin Tarandığı İndeksler: Emerging Sources Citation Index (ESCI), TR DİZİN (ULAKBİM)
- Sayfa Sayıları: ss.149-169
- İstanbul Üniversitesi Adresli: Evet
Özet
This article aims to reveal how and to what extent financialization has occurred in T & uuml;rkiye at the local level. Municipalities have become more entrepreneurial and reliant upon global capital. Municipal indebtedness, which is an indicator of local government financialization, has also increased in T & uuml;rkiye as a result of municipalities' participation in credit markets. However, there is no effective municipal bond market in T & uuml;rkiye, and municipalities are not yet active users of the new financial instruments. For this reason, I focus on the transformation of the Bank of Provinces and borrowing policies and its reflections on municipal budgets to analyze municipal indebtedness in T & uuml;rkiye in more depth and reveal the variegated financialization. I highlight interest payments, which are a direct transfer of resources to financial capital, as an indicator of financialization. Therefore, aggregated debt and interest payments data were used in the study. Findings reveal that the financialization process has significantly increased municipalities' indebtedness in T & uuml;rkiye. Despite this, the characteristics of T & uuml;rkiye resulting from the distinctive central state-led nature have left the financialization of municipalities in T & uuml;rkiye "partial" compared to the North.