First borrowing period at Ottoman Empire (1854-1876): Budget policies and consequences

Seda Ozekicioglu and Halil Ozekicioglu

Business and Economic Horizons (BEH), 2010, vol. 03, issue 3, 19

Abstract: The financial troubles of Ottoman Empire which started in 16th century reached its ultimate point in 19th century. The Ottoman Empire searching to get rid of these troubles directed towards making some reform activities during the Tanzimat Era. Some of the money needed for these reform activities was met via the external borrowings which the Ottoman Empire had applied reluctantly and then could not preclude. During the period of 1854-1876 which was included in the Tanzimat Era and called as the first borrowing period, the Ottoman Empire signed 15 external borrowing agreements totally. However, the loans received as a result of these agreements were not used properly and then the budget deficit could not be settled. At the end of these developments, a financial bankruptcy was experienced in the Ottoman Empire in 1876.

Keywords: Financial Economics; International Development (search for similar items in EconPapers)
Date: 2010
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://ageconsearch.umn.edu/record/128673/files/0 ... Ozekicioglu_d_ac.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ags:pdcbeh:128673

DOI: 10.22004/ag.econ.128673

Access Statistics for this article

More articles in Business and Economic Horizons (BEH) from Prague Development Center (PRADEC) Contact information at EDIRC.
Bibliographic data for series maintained by AgEcon Search ().