Araştırma Makalesi
Yıl 2022,
Cilt: 17 Sayı: 57, 1 - 20, 30.01.2022
Öz
This study aims to fill an important gap in the literature by evaluating cryptocurrencies as an application of free banking theory, which is a very radical theory in the economics literature. Free banking theory was tried in the 1990s with electronic money (e-money) with the opportunities provided by technology. However, the crypto money system is a healthier and more up-to-date application of free banking theory than e-money. Cryptocurrencies perform the functions of money better than e-moneys. In order to understand the theory of free banking within the scope of the study, the intervention forms and results of central monetary authorities in money markets were evaluated. Accordingly, the intervention of the central authorities in the fund markets with low interest and cheap loans is not different from the intervention in any sector. One of the biggest obstacles to the use of cryptocurrencies is legal uncertainties. Cryptocurrencies still have not become a currency that can compete with central monetary authorities. In order for cryptocurrencies and national currencies to compete, it is a necessary condition for the cryptocurrencies to be successful as well as the failure of the central monetary authorities. Within the scope of the study, the past, present, and future of cryptocurrencies were interpreted from the perspective of free banking theory.
Anahtar Kelimeler
Cryptocurrencies Free Banking Theory Private Bank Money E-Money
Kaynakça
- Aggarwal, R., & Rao, R. P. (1990). Institutional Ownership and Distribution of Equity Returns. Financial Review, 25(2), 211–229. https://doi.org/https://doi.org/10.1111/j.1540-6288.1990.tb00793.x
- Akgündüz, Y. E., Neef, H. Ö. D., Hacıhasanoğlu, Y. S., & Yılmaz, F. (2021). Cost of Credit and House Prices (No. 2106; Working Papers).
- Ay, İ. C. (2010). Basel Kriterleri Çerçevesinde Türk Finans ve Bankacılık Sektörünün Yeniden Düzenlenmesi. https://www.proquest.com/openview/b7ee36cd2e2f54a4aae84fe67070bd6c/1?pq-origsite=gscholar&cbl=2026366&diss=y
- Ay, İ. C. (2014). Dünya Bankası’nın Önerdiği Yapısal Uyum Programlarının Azgelişmiş Ülkelere Etkilerinin Ülke Örnekleriyle İncelenmesi. İstanbul Gelişim Üniversitesi Yayınları.
- Ay, İ. C. (2021). COVID-19 Pandemisinin Türkiye’nin İhracatı Üzerine Etkileri İçin Bir Analiz. JOEEP: Journal of Emerging Economies and Policy, 6(1), 272–283. https://dergipark.org.tr/en/pub/joeep/issue/60112/892068
- Badrinath, S. G., Gay, G. D., & Kale, J. R. (1989). Patterns of Institutional Investment, Prudence, and the Managerial “Safety-Net” Hypothesis. The Journal of Risk and Insurance, 56(4), 605–629. https://doi.org/10.2307/253449
- Bit Info Charts. (2021). Bitcoin Rich List. https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
- Buchanan, J. M. (1987). The Constitutionalization of Money. The American Economic Review, 77(3), 243–250. https://www.jstor.org/stable/1804093
- Callen, J. L., & Fang, X. (2013). Institutional investor stability and crash risk: Monitoring versus short-termism? Journal of Banking & Finance, 37(8), 3047–3063. https://doi.org/https://doi.org/10.1016/j.jbankfin.2013.02.018
- Cohen, B. J. (2001). Electronic Money: New Day or False Dawn? Review of International Political Economy, 8(2), 197–225. http://www.jstor.org/stable/4177382
- Coin Market Cap. (2021). https://coinmarketcap.com/
- Cooper, R. N. (1984). A Monetary System for the Future. Foreign Affairs, 63(1), 166–184. https://doi.org/10.2307/20042091
- Daşdemir, E. (2020). Bank Credits and Rent-Price Relation: An Interpretation on The Roles of Credits in Economy and Time Series Analysis with Structural Break. Journal of Economics Finance and Accounting, 7(3), 214–222. https://doi.org/https://doi.org/10.17261/Pressacademia.2020.1289
- Daşdemir, E. N. (2017). The Effects of Debt on Debtors and The Economy: An Observational Test on Consumer Credit and Wages. İktisat Politikası Araştırmaları Dergisi, 5(1), 58–72. https://dergipark.org.tr/tr/pub/iuipad/371179
- Dowd, K. (1990). The Case for Free Banking. Economic Affairs, 10(6), 24–28. https://doi.org/https://doi.org/10.1111/j.1468-0270.1990.tb00741.x
- Fırat, S., & Daşdemir, E. (2021). Kripto Paralarda Miktar Teorisi Uygulaması: Bitcoin Örneği ve Covid-19 Salgının Etkisi. İstanbul İktisat Dergisi, 71(1), 81–102.
- Furst, K., Lang, W., & Nolle, D. E. (1998). Technological Innovation in Banking and Payments: Industry Trends and Implications for Banks. PROD: Empirical (Product) (Topic).
- Hayek, F. A. (1974). Denationalization of Money. The Institute of Economic Affairs.
- Hayek, F. A. (1976). Choice in Currency: A Way to Stop Inflation. The Institute of Economic Affairs.
- Hong, Z. (2009). The Impact of E-money on the Economy. 2009 WRI World Congress on Computer Science and Information Engineering, 3, 126–130. https://doi.org/10.1109/CSIE.2009.194
- Issing, O. (1999). Hayek, Currency Competition and European Monetary Union. Annual Hayek Memorial Lecture, 9–37. http://www.iea.org.uk/sites/default/files/publications/files/upldbook19pdf.pdf
- Jonnelle Marte. (2021, July 14). Powell says a Fed digital currency could undercut need for cryptocurrencies. Reuters. https://www.reuters.com/business/feds-powell-says-stablecoins-need-appropriate-regulatory-framework-2021-07-14/
- Kearney, C. (1998). The Causes of Volatility in A Small, Internationally Integrated Stock Market: Ireland, July 1975–June 1994. Journal of Financial Research, 21(1), 85–104. https://doi.org/https://doi.org/10.1111/j.1475-6803.1998.tb00271.x
- Kothare, M., & Laux, P. A. (1995). Trading Costs and the Trading Systems for Nasdaq Stocks. Financial Analysts Journal, 51(2), 42–53. http://www.jstor.org/stable/4479830
- Lucey, B. M., Vigne, S. A., Yarovaya, L., & Wang, Y. (2021). The cryptocurrency uncertainty index. Finance Research Letters, 102147. https://doi.org/https://doi.org/10.1016/j.frl.2021.102147
- Momtaz, P. P. (2021). The Pricing and Performance of Cryptocurrency. The European Journal of Finance, 27(4–5), 367–380. https://doi.org/10.1080/1351847X.2019.1647259
- Özdemir, O. (2015). The Reflections of Heterodox Economics on The Current Financial Crisis. İktisat Politikası Araştırmaları Dergisi, 2(2), 62–94.
- Rantala, L. (1980). Money Without the State. The Journal of the Libertarian Alliance, 1(4), 1–3. http://la-articles.org.uk/FL-1-4-5.pdf
- Rothbard, M. N. (1963). What Has Government Done to Our Money? Ludwig von Mises Institute. https://mises.org/library/what-has-government-done-our-money
- Sechrest, L. J. (1993). Free Banking: Theory, History, and A Laissez-Faire Model. Free banking: theory, history, and a laissez-faire model.
- Selgin, G. (1994). Free Banking and Monetary Control. The Economic Journal, 104(427), 1449–1459. https://doi.org/10.2307/2235463
- Selgin, G. (2000). Should We Let Banks Create Money? The Independent Review, 5(1), 93–100. http://www.jstor.org/stable/24562397
- Statista. (2021). Number of Blockchain wallet users worldwide from November 2011 to July 11, 2021. https://www.statista.com/statistics/647374/worldwide-blockchain-wallet-users/
Yıl 2022,
Cilt: 17 Sayı: 57, 1 - 20, 30.01.2022
Öz
Bu çalışma kripto para birimlerini, iktisat literatüründe çok radikal bir teori olan serbest bankacılık teorisinin bir uygulaması olarak değerlendirerek literatürde önemli bir boşluğu doldurmayı amaçlamıştır. Serbest bankacılık teorisi, yine teknolojinin sağladığı olanaklarla elektronik paralar (e-paralar) ile 1990’lı yıllarda denenmiştir. Ancak kripto para sistemi, e-paralara göre serbest bankacılık teorisinin daha sağlıklı ve güncel bir uygulamasıdır. Kripto paralar, e-paralara göre, paranın fonksiyonlarını daha iyi bir biçimde yerine getirmektedir. Çalışma kapsamında serbest bankacılık teorisini anlamak adına merkezi para otoritelerinin para piyasalarına müdahale şekilleri ve sonuçları değerlendirilmiştir. Buna göre merkezi otoritelerin düşük faiz ve ucuz krediler ile fon piyasalarına müdahale etmesi herhangi bir sektöre yapılan müdahaleden farksız değildir. Kripto para birimlerinin kullanımında en büyük engellerden birini yasal belirsizlikler oluşturmaktadır. Kripto para birimleri hala merkezi para otoriteleri ile rekabet edebilecek bir para birimi konumuna gelmemiştir. Kripto para birimleri ile ulusal paraların rekabet edebilmesi için kripto para birimlerinin başarılı olmasının yanında merkezi para otoritelerinin başarısız olması da gerekli bir koşuldur. Çalışma kapsamında serbest bankacılık teorisi perspektifinden kripto paraların dünü, bugünü ve geleceği yorumlanmıştır.
Anahtar Kelimeler
Kripto Para Birimleri Serbest Bankacılık Teorisi Özel Banka Parası E-Para
Kaynakça
- Aggarwal, R., & Rao, R. P. (1990). Institutional Ownership and Distribution of Equity Returns. Financial Review, 25(2), 211–229. https://doi.org/https://doi.org/10.1111/j.1540-6288.1990.tb00793.x
- Akgündüz, Y. E., Neef, H. Ö. D., Hacıhasanoğlu, Y. S., & Yılmaz, F. (2021). Cost of Credit and House Prices (No. 2106; Working Papers).
- Ay, İ. C. (2010). Basel Kriterleri Çerçevesinde Türk Finans ve Bankacılık Sektörünün Yeniden Düzenlenmesi. https://www.proquest.com/openview/b7ee36cd2e2f54a4aae84fe67070bd6c/1?pq-origsite=gscholar&cbl=2026366&diss=y
- Ay, İ. C. (2014). Dünya Bankası’nın Önerdiği Yapısal Uyum Programlarının Azgelişmiş Ülkelere Etkilerinin Ülke Örnekleriyle İncelenmesi. İstanbul Gelişim Üniversitesi Yayınları.
- Ay, İ. C. (2021). COVID-19 Pandemisinin Türkiye’nin İhracatı Üzerine Etkileri İçin Bir Analiz. JOEEP: Journal of Emerging Economies and Policy, 6(1), 272–283. https://dergipark.org.tr/en/pub/joeep/issue/60112/892068
- Badrinath, S. G., Gay, G. D., & Kale, J. R. (1989). Patterns of Institutional Investment, Prudence, and the Managerial “Safety-Net” Hypothesis. The Journal of Risk and Insurance, 56(4), 605–629. https://doi.org/10.2307/253449
- Bit Info Charts. (2021). Bitcoin Rich List. https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
- Buchanan, J. M. (1987). The Constitutionalization of Money. The American Economic Review, 77(3), 243–250. https://www.jstor.org/stable/1804093
- Callen, J. L., & Fang, X. (2013). Institutional investor stability and crash risk: Monitoring versus short-termism? Journal of Banking & Finance, 37(8), 3047–3063. https://doi.org/https://doi.org/10.1016/j.jbankfin.2013.02.018
- Cohen, B. J. (2001). Electronic Money: New Day or False Dawn? Review of International Political Economy, 8(2), 197–225. http://www.jstor.org/stable/4177382
- Coin Market Cap. (2021). https://coinmarketcap.com/
- Cooper, R. N. (1984). A Monetary System for the Future. Foreign Affairs, 63(1), 166–184. https://doi.org/10.2307/20042091
- Daşdemir, E. (2020). Bank Credits and Rent-Price Relation: An Interpretation on The Roles of Credits in Economy and Time Series Analysis with Structural Break. Journal of Economics Finance and Accounting, 7(3), 214–222. https://doi.org/https://doi.org/10.17261/Pressacademia.2020.1289
- Daşdemir, E. N. (2017). The Effects of Debt on Debtors and The Economy: An Observational Test on Consumer Credit and Wages. İktisat Politikası Araştırmaları Dergisi, 5(1), 58–72. https://dergipark.org.tr/tr/pub/iuipad/371179
- Dowd, K. (1990). The Case for Free Banking. Economic Affairs, 10(6), 24–28. https://doi.org/https://doi.org/10.1111/j.1468-0270.1990.tb00741.x
- Fırat, S., & Daşdemir, E. (2021). Kripto Paralarda Miktar Teorisi Uygulaması: Bitcoin Örneği ve Covid-19 Salgının Etkisi. İstanbul İktisat Dergisi, 71(1), 81–102.
- Furst, K., Lang, W., & Nolle, D. E. (1998). Technological Innovation in Banking and Payments: Industry Trends and Implications for Banks. PROD: Empirical (Product) (Topic).
- Hayek, F. A. (1974). Denationalization of Money. The Institute of Economic Affairs.
- Hayek, F. A. (1976). Choice in Currency: A Way to Stop Inflation. The Institute of Economic Affairs.
- Hong, Z. (2009). The Impact of E-money on the Economy. 2009 WRI World Congress on Computer Science and Information Engineering, 3, 126–130. https://doi.org/10.1109/CSIE.2009.194
- Issing, O. (1999). Hayek, Currency Competition and European Monetary Union. Annual Hayek Memorial Lecture, 9–37. http://www.iea.org.uk/sites/default/files/publications/files/upldbook19pdf.pdf
- Jonnelle Marte. (2021, July 14). Powell says a Fed digital currency could undercut need for cryptocurrencies. Reuters. https://www.reuters.com/business/feds-powell-says-stablecoins-need-appropriate-regulatory-framework-2021-07-14/
- Kearney, C. (1998). The Causes of Volatility in A Small, Internationally Integrated Stock Market: Ireland, July 1975–June 1994. Journal of Financial Research, 21(1), 85–104. https://doi.org/https://doi.org/10.1111/j.1475-6803.1998.tb00271.x
- Kothare, M., & Laux, P. A. (1995). Trading Costs and the Trading Systems for Nasdaq Stocks. Financial Analysts Journal, 51(2), 42–53. http://www.jstor.org/stable/4479830
- Lucey, B. M., Vigne, S. A., Yarovaya, L., & Wang, Y. (2021). The cryptocurrency uncertainty index. Finance Research Letters, 102147. https://doi.org/https://doi.org/10.1016/j.frl.2021.102147
- Momtaz, P. P. (2021). The Pricing and Performance of Cryptocurrency. The European Journal of Finance, 27(4–5), 367–380. https://doi.org/10.1080/1351847X.2019.1647259
- Özdemir, O. (2015). The Reflections of Heterodox Economics on The Current Financial Crisis. İktisat Politikası Araştırmaları Dergisi, 2(2), 62–94.
- Rantala, L. (1980). Money Without the State. The Journal of the Libertarian Alliance, 1(4), 1–3. http://la-articles.org.uk/FL-1-4-5.pdf
- Rothbard, M. N. (1963). What Has Government Done to Our Money? Ludwig von Mises Institute. https://mises.org/library/what-has-government-done-our-money
- Sechrest, L. J. (1993). Free Banking: Theory, History, and A Laissez-Faire Model. Free banking: theory, history, and a laissez-faire model.
- Selgin, G. (1994). Free Banking and Monetary Control. The Economic Journal, 104(427), 1449–1459. https://doi.org/10.2307/2235463
- Selgin, G. (2000). Should We Let Banks Create Money? The Independent Review, 5(1), 93–100. http://www.jstor.org/stable/24562397
- Statista. (2021). Number of Blockchain wallet users worldwide from November 2011 to July 11, 2021. https://www.statista.com/statistics/647374/worldwide-blockchain-wallet-users/
Toplam 33 adet kaynakça vardır.
Ayrıntılar
| Birincil Dil | Türkçe |
|---|---|
| Bölüm | Makale Başvuru |
| Yazarlar | |
| Erken Görünüm Tarihi | 28 Ocak 2022 |
| Yayımlanma Tarihi | 30 Ocak 2022 |
| Yayımlandığı Sayı | Yıl 2022 Cilt: 17 Sayı: 57 |
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