Selçuk Abaç
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Selçuk Abaç | |
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| Born | July 27, 1946 Istanbul, Turkey |
| Died | December 2, 2001 (aged 55) Istanbul, Turkey |
| Education | Galatasaray High School Istanbul Technical University (PhD) University of Lausanne |
| Occupation | Economist, Academic |
| Employer | Marmara University Central Bank of the Republic of Turkey |
| Known for | Vice Governor of the Central Bank of Turkey (1995–1998) Founding Turkey's first credit rating agency |
| Parent(s) | Sadi Abaç |
| Relatives | Nuri Abaç (cousin) |
| Awards | Türkiye İş Bankası Grand Economic Award (1980) |
Selçuk Abaç (27 July 1946 – 2 December 2001) was a prominent Turkish economist, academic, and senior central banker. He served as the Vice Governor of the Central Bank of the Republic of Turkey (1995–1998) and was a pioneer in the modernization of the Turkish financial sector, notably establishing the country's first credit rating agency.[1]
Early life and education
Selçuk Abaç was born on 27 July 1946 in Istanbul, Turkey. He was the son of Sadi Abaç (1912–1996), a prominent Turkish banker and senior executive who served as the Secretary General of Yapı Kredi.[2]
Abaç completed his secondary education at Galatasaray High School, graduating in 1965. He then pursued higher education in economics and engineering, joining Istanbul Technical University (ITU) as a research assistant in 1971. In 1976, he received his Ph.D. from ITU with a dissertation titled Bankacılık Sistemlerinde Mevduat ve Türkiye'deki Uygulama (Deposits in Banking Systems and Practice in Turkey). [3]
Academic career
In 1978, Abaç received a scholarship from the Council of Europe to conduct post-doctoral research at the University of Lausanne.[4] His work there, Para Teorisinde Faiz Oranları ve Türkiye'deki Uygulama (Interest Rates in Monetary Theory and Practice in Turkey), was published by the ITU Faculty of Management Engineering in 1980. This study was significant for addressing the interest paradox in economics and providing a critical analysis of the "guided interest regime" (güdümlü faiz rejimi) prevalent in Turkey prior to the 1980 economic liberalization reforms. It was awarded the Türkiye İş Bankası Grand Economic Award in 1980.[5]
Abaç became a full professor at Marmara University in 1987. During his tenure, he founded the Banking and Insurance Institute (Turkish: Bankacılık ve Sigortacılık Enstitüsü), serving as its inaugural director.[3]
Professional and public service
In 1985, Abaç led the technical group at the Central Bank of Turkey that developed the "Bank Surveillance and Early Warning System," a critical infrastructure project following the 1982 Turkish banking crisis.
He was appointed Vice Governor of the Central Bank of the Republic of Turkey in January 1995. During his three-year term, he was involved in navigating the aftermath of the 1994 economic crisis.
Notably, Abaç oversaw the issuance of the 5,000,000 TL banknote, which entered circulation on January 6, 1997, to address the liquidity crisis caused by high inflation of previous. This banknote introduced several security firsts for Turkey, including full bleed printing without white borders and the use of UV-reactive pink ink.
IBAR and Financial Publishing
In the private sector, Abaç co-founded IBAR (International Banking and Advisory Research). Through IBAR, he initiated the publication of The Survey of Turkey's Banks and Banking System. Published annually since 1985, this bilingual English-Turkish report provided the first detailed financial analysis of 42 Turkish banks using international criteria.[6]
In 1987, Abaç's firm partnered with the Istanbul Stock Exchange (İMKB) to launch the "Risk Assessment Center Project" (Risk Değerlendirme Merkezi), aiming to professionalize the bond market by utilising a proprietary "Risk Assessment Model" (RDM) to evaluate individual financial performance and relative sector positioning.[7]
By the late 1990s, serving as Vice Chairman of DCR (Duff & Phelps) Turkey, Abaç was a vocal advocate for "Local Rating" systems. He argued that Turkish companies should be graded on their domestic performance independent of the country's sovereign credit ceiling, eventually helping to found Turkey’s first independent credit rating agency in 1998.[8]
Selected publications
- Kurumlar Vergisi Üzerine Bir İnceleme An Investigation on Corporate Tax. Istanbul: TÜSİAD Publications, 1974.[9]
- Para Teorisinde Faiz Oranları ve Türkiye'deki Uygulama Interest Rates in Monetary Theory and Practice in Turkey. Istanbul: ITU Faculty of Management Engineering, 1980.
- Genel İktisat General Economics. Istanbul: IBAR Publications, 1990.
- The Survey of Turkey's Banks and Banking System (Annual Series). London/Istanbul: Euromoney Publications & IBAR, 1985–1993.[10]
References
- ↑ Abaç, Selçuk (2001-12-03). "Selçuk Abaç İstanbul'da vefat etti". Hürriyet (in Türkçe). Retrieved 2025-12-26.
- ↑ Abaç, Sadi (1999). Kazım Taşkent ve Yapı Kredi Bankası (in Türkçe). İstanbul: Yapı Kredi Yayınları.
- ↑ 3.0 3.1 "Selçuk Abaç - Yazar ve Kitapları" (in Türkçe). Oktay Aras Kitaplığı. Retrieved 2025-12-26.
- ↑ Abaç, Selçuk (1980). Para Teorisinde Faiz Oranları ve Türkiye'deki Uygulama. Istanbul: ITU Faculty of Management Engineering. p. v (Preface).
- ↑ "Vefat: Prof. Dr. Selçuk Abaç". Milliyet (in Türkçe). 2001-12-03. p. 10.
- ↑ Abaç, Selçuk (1986). The Survey of Turkey's Banks and Banking System. Euromoney Publications / IBAR.
- ↑ İMKB Risk Değerlendirme Merkezi Kurulması Projesi. Istanbul: IBAR Publications. 1987.
- ↑ Yeşiloğlu, Talat (December 1999). "Not Yükselir Mi: Prof. Dr. Selçuk Abaç ile Röportaj". Capital. pp. 104–106.
- ↑ "Kurumlar Vergisi Üzerine Bir İnceleme". TÜSİAD. Retrieved 2025-12-27.
- ↑ "Dr. Selçuk Abaç Kitapları". Nadir Kitap. Retrieved 2025-12-26.
External links
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