In order to discuss the structural weaknesses of the European Monetary Union (EMU) since the intr... more In order to discuss the structural weaknesses of the European Monetary Union (EMU) since the introduction of the Euro, we will first elaborate the underlying theoretical con-cept of an Optimum Currency Area (OCA) developed by Mundell (1961). According to Mundell (1961) and Eichengreen (1991, p.2) “an OCA, is an economic unit composed of regions or countries, affected symmetrically by disturbances, and be-tween which labour and other factors of production flow freely.” From this definition one can derive several preconditions, which have to be met by a region, in order to in-troduce a common currency for multiple countries, such as the now 17 member-states of the EMU. First, an OCA demands a high degree of labour and capital mobility within the area be-yond national boundaries, as well as common employment conditions and policies (Mundell, 1961, p.661). This requires integrated financial and labour markets throughout the region, in order to reach optimal capital allocation (Kotil et al., 2009, p.31). Second, member-states should have relatively synchronized business cycles, with similar economic structures and conditions (Frankel and Rose, 1998, p.1011; Mundell, 1961, p.660). Third, a status of balanced trading among the member-states should be main-tained, since intra-regional trade deficits cannot be adjusted for by changes in relative currency values. Hence, this would lead to instability of the currency (Mundell, 1961, p.660). Last, a multi-national OCA requires the transfer of monetary and fiscal authority from the individual countries to a supra-national currency area-level (Mundell, 1961, p.664). Overall, a single currency is beneficial for states with homogenous economic conditions and equal levels of mutual trading activities, since transaction and uncer-tainty costs are reduced (Frankel and Rose, 1998, p.1009).
While all this development in the discipline of Islamic Economics is promising, it has not come w... more While all this development in the discipline of Islamic Economics is promising, it has not come without challenges. Despite newer researches, a considerable gap still exists in certain dimensions of the field and the newer ideas have helped to create diametrically opposing opinions within the field instead of bringing existing ones closer. Resultantly, a unified definition of the discipline of Islamic Economics is yet to appear and a new learner gets trapped in the labyrinths of contending opinions before getting an idea of what Islamic Economics is. It must hence be worthwhile to present before the readers an overview of contemporary perspectives in Islamic Economics in order for them to have a general understanding of the discipline of Islamic Economics.
The pace of progress of research in Islamic economics and finance in the last few years has been ... more The pace of progress of research in Islamic economics and finance in the last few years has been astounding. Thousands of new works have been authored, academic programs in universities have started and research centres have been set up. A multi-billion dollar Islamic finance market has emerged across the globe reconstituting the architecture of the world’s financial market. This too has emanated from the classical works of adroit Islamic economists and scholars whose contributions through academic articles, books, training sessions and conferences have constituted a corpus for this discipline. This report is an attempt to investigate the volume of research that has surfaced in Islamic Economics and Finance discipline specifically in the last few decades with special focus on the academic journals that have emerged and the research centres and publishing houses that have been set up. This probably is the first comprehensive attempt to encapsulate details about all journals that are being published from Islamic economics, banking and finance. This inquest estimated the number of journals publishing in this discipline to be around 73 in total, a number considerably greater than the ones reported in all earlier investigations. We also have attempted to detail the languages of publication, the year of origin and the frequency of publication for each of listed journals. The spatial distribution and indexing of these journals would also be of interest to readers. We expect this report to be equally beneficial for general public, novice researchers and adroit gurus of this discipline since it is both an information pack for general readers as well as a nifty guide for researchers to find the appropriate journals for getting their prospective research published.
In order to discuss the structural weaknesses of the European Monetary Union (EMU) since the intr... more In order to discuss the structural weaknesses of the European Monetary Union (EMU) since the introduction of the Euro, we will first elaborate the underlying theoretical con-cept of an Optimum Currency Area (OCA) developed by Mundell (1961). According to Mundell (1961) and Eichengreen (1991, p.2) “an OCA, is an economic unit composed of regions or countries, affected symmetrically by disturbances, and be-tween which labour and other factors of production flow freely.” From this definition one can derive several preconditions, which have to be met by a region, in order to in-troduce a common currency for multiple countries, such as the now 17 member-states of the EMU. First, an OCA demands a high degree of labour and capital mobility within the area be-yond national boundaries, as well as common employment conditions and policies (Mundell, 1961, p.661). This requires integrated financial and labour markets throughout the region, in order to reach optimal capital allocation (Kotil et al., 2009, p.31). Second, member-states should have relatively synchronized business cycles, with similar economic structures and conditions (Frankel and Rose, 1998, p.1011; Mundell, 1961, p.660). Third, a status of balanced trading among the member-states should be main-tained, since intra-regional trade deficits cannot be adjusted for by changes in relative currency values. Hence, this would lead to instability of the currency (Mundell, 1961, p.660). Last, a multi-national OCA requires the transfer of monetary and fiscal authority from the individual countries to a supra-national currency area-level (Mundell, 1961, p.664). Overall, a single currency is beneficial for states with homogenous economic conditions and equal levels of mutual trading activities, since transaction and uncer-tainty costs are reduced (Frankel and Rose, 1998, p.1009).
Intuition suggests that preference pattern of immigrants in outwardly migrating may well be studi... more Intuition suggests that preference pattern of immigrants in outwardly migrating may well be studied in the underlying factors among which lingual proximities stand extrusive. Our work interestingly found that developed countries are likely to get 4-5 times greater skilled workforce from countries which share a language with them at national, official or academic level. Increased openness causes Economic growth heightens human capital flight further however at higher levels of income growth this evidence is inconclusive. Moreover, countries with relatively larger area exhibit higher emigration rates of skilled workforce nevertheless farther destinations and stretched distances deject skilled workers from emigrating.
Turkish Journal of Islamic Economics (TUJISE), 2020
The clash of the assumptions and methodology of the mainstream economics with the classical metho... more The clash of the assumptions and methodology of the mainstream economics with the classical methodology of Islamic sciences in various forms has been at the heart of the discussions of methodology. Overcoming this and creating a consistent, applicable, and functioning methodology is one of the most important existential challenges for Islamic economics today. For this, a methodology using both Mus-lim heritage of science and techniques used by contemporary economics needs to be developed. Interestingly, digging true methodological foundations for this field has widened the research on one hand however has puzzled the academia especially young scholars on the other. The issue is more complex and abstruse than it may apparently seem. Whilst one faction refutes any axiomatic foundations for this discipline the other is strictly critical of superfluous affixing of Islamic prefix with each theory, tool and instrument of conventional economics without adequately changing its form. Yet there are others who call for setting clear demarcation lines between Islamic Economics on one hand and Islamic fiqh on the other. The title, published by famous Britain based publishing house, Routledge, contains works presented at Research Center for Islamic Economics (IKAM’s) 6th Islamic Economics Workshop and has been edited by a senior faculty member from Istanbul University, Necmettin Kizilkaya. The work is comprised of four sections and fourteen chapters, each of which is written by a separate author, all adroit experts of their peculiar fields. Each of the chapters brings to light a separate dimension of the methodology yet all of them are coherently connected and together help elucidate misconceptions related to methodological conundrum in Islamic economics.
Yaşadığımız günler İslam İktisadı çalışmaları için bir dönüm noktası olma potansiyelini bünyesind... more Yaşadığımız günler İslam İktisadı çalışmaları için bir dönüm noktası olma potansiyelini bünyesinde barındırıyor. Dünyanın durmadan yaşadığı iktisadi krizler yeni model ve sistemlere olan ihtiyacı açığa çıkarmış durumda. İslam İktisadı tüm dünyaya yeni bir bakış ve felsefe oluşturabilir. Bunun için önceki birikimlerin iyi değerlendirilmesi ve yenilikçi perspektifleri benimsemekten vazgeçilmemelidir. Bu raporda, 2019 yılı itibarıyla bu alanda yaşanan gelişmeler son yirmi yılın perspektifiyle değerlendirilmektedir. Raporda iktisadi düşünceden, finansal kurumlara, araştırmalardan yayınlara kadar 2019 yılı içerisinde alanda yaşanan önemli gelişmeler değerlendirilmiştir. Yaşanan tecrübelerin değerlendirilip geleceğe yönelik bir bakış üreten bu rapor yıllık olarak yayımlanacaktır.
In order to discuss the structural weaknesses of the European Monetary Union (EMU) since the intr... more In order to discuss the structural weaknesses of the European Monetary Union (EMU) since the introduction of the Euro, we will first elaborate the underlying theoretical con-cept of an Optimum Currency Area (OCA) developed by Mundell (1961). According to Mundell (1961) and Eichengreen (1991, p.2) “an OCA, is an economic unit composed of regions or countries, affected symmetrically by disturbances, and be-tween which labour and other factors of production flow freely.” From this definition one can derive several preconditions, which have to be met by a region, in order to in-troduce a common currency for multiple countries, such as the now 17 member-states of the EMU. First, an OCA demands a high degree of labour and capital mobility within the area be-yond national boundaries, as well as common employment conditions and policies (Mundell, 1961, p.661). This requires integrated financial and labour markets throughout the region, in order to reach optimal capital allocation (Kotil et al., 2009, p.31). Second, member-states should have relatively synchronized business cycles, with similar economic structures and conditions (Frankel and Rose, 1998, p.1011; Mundell, 1961, p.660). Third, a status of balanced trading among the member-states should be main-tained, since intra-regional trade deficits cannot be adjusted for by changes in relative currency values. Hence, this would lead to instability of the currency (Mundell, 1961, p.660). Last, a multi-national OCA requires the transfer of monetary and fiscal authority from the individual countries to a supra-national currency area-level (Mundell, 1961, p.664). Overall, a single currency is beneficial for states with homogenous economic conditions and equal levels of mutual trading activities, since transaction and uncer-tainty costs are reduced (Frankel and Rose, 1998, p.1009).
While all this development in the discipline of Islamic Economics is promising, it has not come w... more While all this development in the discipline of Islamic Economics is promising, it has not come without challenges. Despite newer researches, a considerable gap still exists in certain dimensions of the field and the newer ideas have helped to create diametrically opposing opinions within the field instead of bringing existing ones closer. Resultantly, a unified definition of the discipline of Islamic Economics is yet to appear and a new learner gets trapped in the labyrinths of contending opinions before getting an idea of what Islamic Economics is. It must hence be worthwhile to present before the readers an overview of contemporary perspectives in Islamic Economics in order for them to have a general understanding of the discipline of Islamic Economics.
The pace of progress of research in Islamic economics and finance in the last few years has been ... more The pace of progress of research in Islamic economics and finance in the last few years has been astounding. Thousands of new works have been authored, academic programs in universities have started and research centres have been set up. A multi-billion dollar Islamic finance market has emerged across the globe reconstituting the architecture of the world’s financial market. This too has emanated from the classical works of adroit Islamic economists and scholars whose contributions through academic articles, books, training sessions and conferences have constituted a corpus for this discipline. This report is an attempt to investigate the volume of research that has surfaced in Islamic Economics and Finance discipline specifically in the last few decades with special focus on the academic journals that have emerged and the research centres and publishing houses that have been set up. This probably is the first comprehensive attempt to encapsulate details about all journals that are being published from Islamic economics, banking and finance. This inquest estimated the number of journals publishing in this discipline to be around 73 in total, a number considerably greater than the ones reported in all earlier investigations. We also have attempted to detail the languages of publication, the year of origin and the frequency of publication for each of listed journals. The spatial distribution and indexing of these journals would also be of interest to readers. We expect this report to be equally beneficial for general public, novice researchers and adroit gurus of this discipline since it is both an information pack for general readers as well as a nifty guide for researchers to find the appropriate journals for getting their prospective research published.
In order to discuss the structural weaknesses of the European Monetary Union (EMU) since the intr... more In order to discuss the structural weaknesses of the European Monetary Union (EMU) since the introduction of the Euro, we will first elaborate the underlying theoretical con-cept of an Optimum Currency Area (OCA) developed by Mundell (1961). According to Mundell (1961) and Eichengreen (1991, p.2) “an OCA, is an economic unit composed of regions or countries, affected symmetrically by disturbances, and be-tween which labour and other factors of production flow freely.” From this definition one can derive several preconditions, which have to be met by a region, in order to in-troduce a common currency for multiple countries, such as the now 17 member-states of the EMU. First, an OCA demands a high degree of labour and capital mobility within the area be-yond national boundaries, as well as common employment conditions and policies (Mundell, 1961, p.661). This requires integrated financial and labour markets throughout the region, in order to reach optimal capital allocation (Kotil et al., 2009, p.31). Second, member-states should have relatively synchronized business cycles, with similar economic structures and conditions (Frankel and Rose, 1998, p.1011; Mundell, 1961, p.660). Third, a status of balanced trading among the member-states should be main-tained, since intra-regional trade deficits cannot be adjusted for by changes in relative currency values. Hence, this would lead to instability of the currency (Mundell, 1961, p.660). Last, a multi-national OCA requires the transfer of monetary and fiscal authority from the individual countries to a supra-national currency area-level (Mundell, 1961, p.664). Overall, a single currency is beneficial for states with homogenous economic conditions and equal levels of mutual trading activities, since transaction and uncer-tainty costs are reduced (Frankel and Rose, 1998, p.1009).
Intuition suggests that preference pattern of immigrants in outwardly migrating may well be studi... more Intuition suggests that preference pattern of immigrants in outwardly migrating may well be studied in the underlying factors among which lingual proximities stand extrusive. Our work interestingly found that developed countries are likely to get 4-5 times greater skilled workforce from countries which share a language with them at national, official or academic level. Increased openness causes Economic growth heightens human capital flight further however at higher levels of income growth this evidence is inconclusive. Moreover, countries with relatively larger area exhibit higher emigration rates of skilled workforce nevertheless farther destinations and stretched distances deject skilled workers from emigrating.
Turkish Journal of Islamic Economics (TUJISE), 2020
The clash of the assumptions and methodology of the mainstream economics with the classical metho... more The clash of the assumptions and methodology of the mainstream economics with the classical methodology of Islamic sciences in various forms has been at the heart of the discussions of methodology. Overcoming this and creating a consistent, applicable, and functioning methodology is one of the most important existential challenges for Islamic economics today. For this, a methodology using both Mus-lim heritage of science and techniques used by contemporary economics needs to be developed. Interestingly, digging true methodological foundations for this field has widened the research on one hand however has puzzled the academia especially young scholars on the other. The issue is more complex and abstruse than it may apparently seem. Whilst one faction refutes any axiomatic foundations for this discipline the other is strictly critical of superfluous affixing of Islamic prefix with each theory, tool and instrument of conventional economics without adequately changing its form. Yet there are others who call for setting clear demarcation lines between Islamic Economics on one hand and Islamic fiqh on the other. The title, published by famous Britain based publishing house, Routledge, contains works presented at Research Center for Islamic Economics (IKAM’s) 6th Islamic Economics Workshop and has been edited by a senior faculty member from Istanbul University, Necmettin Kizilkaya. The work is comprised of four sections and fourteen chapters, each of which is written by a separate author, all adroit experts of their peculiar fields. Each of the chapters brings to light a separate dimension of the methodology yet all of them are coherently connected and together help elucidate misconceptions related to methodological conundrum in Islamic economics.
Yaşadığımız günler İslam İktisadı çalışmaları için bir dönüm noktası olma potansiyelini bünyesind... more Yaşadığımız günler İslam İktisadı çalışmaları için bir dönüm noktası olma potansiyelini bünyesinde barındırıyor. Dünyanın durmadan yaşadığı iktisadi krizler yeni model ve sistemlere olan ihtiyacı açığa çıkarmış durumda. İslam İktisadı tüm dünyaya yeni bir bakış ve felsefe oluşturabilir. Bunun için önceki birikimlerin iyi değerlendirilmesi ve yenilikçi perspektifleri benimsemekten vazgeçilmemelidir. Bu raporda, 2019 yılı itibarıyla bu alanda yaşanan gelişmeler son yirmi yılın perspektifiyle değerlendirilmektedir. Raporda iktisadi düşünceden, finansal kurumlara, araştırmalardan yayınlara kadar 2019 yılı içerisinde alanda yaşanan önemli gelişmeler değerlendirilmiştir. Yaşanan tecrübelerin değerlendirilip geleceğe yönelik bir bakış üreten bu rapor yıllık olarak yayımlanacaktır.
Uploads
According to Mundell (1961) and Eichengreen (1991, p.2) “an OCA, is an economic unit composed of regions or countries, affected symmetrically by disturbances, and be-tween which labour and other factors of production flow freely.” From this definition one can derive several preconditions, which have to be met by a region, in order to in-troduce a common currency for multiple countries, such as the now 17 member-states of the EMU.
First, an OCA demands a high degree of labour and capital mobility within the area be-yond national boundaries, as well as common employment conditions and policies (Mundell, 1961, p.661). This requires integrated financial and labour markets throughout the region, in order to reach optimal capital allocation (Kotil et al., 2009, p.31). Second, member-states should have relatively synchronized business cycles, with similar economic structures and conditions (Frankel and Rose, 1998, p.1011; Mundell, 1961, p.660). Third, a status of balanced trading among the member-states should be main-tained, since intra-regional trade deficits cannot be adjusted for by changes in relative currency values. Hence, this would lead to instability of the currency (Mundell, 1961, p.660). Last, a multi-national OCA requires the transfer of monetary and fiscal authority from the individual countries to a supra-national currency area-level (Mundell, 1961, p.664). Overall, a single currency is beneficial for states with homogenous economic conditions and equal levels of mutual trading activities, since transaction and uncer-tainty costs are reduced (Frankel and Rose, 1998, p.1009).
The title, published by famous Britain based publishing house, Routledge, contains works presented at Research Center for Islamic Economics (IKAM’s) 6th Islamic Economics Workshop and has been
edited by a senior faculty member from Istanbul University, Necmettin Kizilkaya. The work is comprised of four sections and fourteen chapters, each of which is written by a separate author, all adroit experts of their peculiar fields. Each of the chapters brings to light a separate dimension of the methodology yet all of them are coherently connected and together help elucidate misconceptions related to methodological conundrum in Islamic economics.
According to Mundell (1961) and Eichengreen (1991, p.2) “an OCA, is an economic unit composed of regions or countries, affected symmetrically by disturbances, and be-tween which labour and other factors of production flow freely.” From this definition one can derive several preconditions, which have to be met by a region, in order to in-troduce a common currency for multiple countries, such as the now 17 member-states of the EMU.
First, an OCA demands a high degree of labour and capital mobility within the area be-yond national boundaries, as well as common employment conditions and policies (Mundell, 1961, p.661). This requires integrated financial and labour markets throughout the region, in order to reach optimal capital allocation (Kotil et al., 2009, p.31). Second, member-states should have relatively synchronized business cycles, with similar economic structures and conditions (Frankel and Rose, 1998, p.1011; Mundell, 1961, p.660). Third, a status of balanced trading among the member-states should be main-tained, since intra-regional trade deficits cannot be adjusted for by changes in relative currency values. Hence, this would lead to instability of the currency (Mundell, 1961, p.660). Last, a multi-national OCA requires the transfer of monetary and fiscal authority from the individual countries to a supra-national currency area-level (Mundell, 1961, p.664). Overall, a single currency is beneficial for states with homogenous economic conditions and equal levels of mutual trading activities, since transaction and uncer-tainty costs are reduced (Frankel and Rose, 1998, p.1009).
The title, published by famous Britain based publishing house, Routledge, contains works presented at Research Center for Islamic Economics (IKAM’s) 6th Islamic Economics Workshop and has been
edited by a senior faculty member from Istanbul University, Necmettin Kizilkaya. The work is comprised of four sections and fourteen chapters, each of which is written by a separate author, all adroit experts of their peculiar fields. Each of the chapters brings to light a separate dimension of the methodology yet all of them are coherently connected and together help elucidate misconceptions related to methodological conundrum in Islamic economics.