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    Electronic money: Its future and place in the international financial system
    (Peter Lang AG, 2019) Daver, Gizay; Yucesan, Mesut
    Although it has changed its form and shape, nowadays, money has three basic functions which are being accepted as a measure of value, being a means of payment, and being considered as a means of value storage. The developments in information and communication technology, the new world order and changed dimensions of trade, has revealed the concept of electronic money. This study evaluates virtual currency in line with the attitude of the European Central Bank. An integrated approach to discuss it in terms of energy management, risk management, and technology in real and financial sector transactions is chosen. An overview of attitudes of world countries towards virtual currency shows that it is not possible to make a standard classification yet. It can be deduced that an increase in income level and human development level draws societies away from repressive mindset against virtual money. Increase in electricity usage per capita is parallel with these and as for the relationship between virtual currency transactions and electricity usage, there is a more liberal attitude towards virtual currency in more technological societies. From the perspective of Turkey, electronic money is defined in Article 3 of Law No 6493 on Payment and Security Settlement Systems, Payment Services and Electronic Money Institutions. In Turkey, electronic money and all associated electronic money transactions are subject to regulation. This study examines the electronic money that has not yet been fully integrated to the world financial system and Turkish financial system. As in the example of bitcoin, the concept of electronic money is discussed in terms of adaptation to provide basic functions of money. Within this framework, electronic money and electronic money derivatives are evaluated with examples from the world within the scope of the effects of the derivative and option markets on the uncertainty and predictability. It also evaluates the innovations that can be brought to payment systems if the electronic money provides the basic functions of money. © Peter Lang GmbH Internationaler Verlag der Wissenschaften Berlin 2019. All rights reserved.
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    Relationship Between Migration and Unemployment: Panel Data Analysis for Selected OECD Countries
    (Economic Laboratory Transition Research Podgorica-Elit, 2019) Kilic, Cuneyt; Yucesan, Mesut; Ozekicioglu, Halil
    In this study, impacts of migration on labor market are studied. As changes experienced in the labor market of migration receiving and sending countries impact unemployment figures directly, the study is based on the determining the relationship between migration and unemployment. Literature investigating the relationship between migration and unemployment mainly focuses on the impacts of migration on labor markets. There is no generally accepted opinion on the direction and degree of impact of internal migration and international migration on unemployment. While some of the studies argue that migration has negative impact on unemployment, some argue just the opposite and even some express that there is no significant relationship between migration and unemployment. We investigate this direction and size of the relationship between migration and unemployment in 23 selected OECD countries. In panel data model we found that migration and economic growth have a negative and statistically significant effect on unemployment whereas; the consumer price index and average wages have a positive but statistically meaningless effect. It is observed that results obtained in this study are in parallel with the results of studies in the literature conducted by Kulkolkarn and Potipiti (2007), Heid and Larch (2011), Fromentin (2013) and Latif (2015).