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FINANCIAL SERVICES WITHOUT INTERMEDIARIES: BENEFITS AND EFFECTS OF CENTRAL BANKS DOING BUSINESS DIRECTLY WITH CORPORATES

Year 2016, Volume: 3 Issue: 1, 59 - 72, 01.04.2016
https://doi.org/10.17261/Pressacademia.2016116545

Abstract

The costs of finance for SMEs and access to financial services by unbanked individuals are often discussed in the academic and professional world. Credit crunch, financial inclusion, SME loans, venture capital, business angels, protection of financial consumers and its rights became more important after 2008 global financial crisis. Ensuring prosperity with economic recovery and sustainable growth has become a priority for all countries. However, central banks’ policy interest rates at zero level which caused “Liquidity Trap”, has not affected and made any impact on economic growth and the lending facilities. Despite these monetary policies of central banks, inflation and GDP growth cannot be realized because of the “Neurality of Money Theory”. High transaction and lending costs of financial intermediaries create a negative impact on companies’ profitability and operating costs increase. In this study, nonbank financial institutions, alternative finance without banks and lending without financial intermediaries, as well as direct lending from and doing transactions with central banks for a global economic recovery, for GDP growth and markets efficiencies are analyzed theoretically and conceptually for future academic and professional works.

References

  • Artigas, J.C. (2010). Linking Global Money Supply to Gold and to Future Inflation. Gold Report. World Gold Council. http://www.exchangetradedgold.com/media/ETG/file/money_supply_paper_jan10.pdf(ErişimTarihi: 04.02.2016)
  • Boulden, J. (January 29, 2016: 10:07 AM ET). Currency Wars: Will Europe Return Japanese Fire? CNN International Haber Sitesi, CNN Money, Markets, @CNNMoneyInvest. http://money.cnn.com/2016/01/29/investing/japan-negative-rates- europe-currency-war/ (ErişimTarihi: 09.02.2016)
  • BDDK. 2015. Türk Bankacılık Sektörü Temel Göstergerler Raporu. Veri ve Sistem Yönetimi Daire Başkanlığı, Bankacılık Düzenleme ve Denetleme Kurumu. http://www.bddk.org.tr/WebSitesi/turkce/Raporlar /TBSGG/14650tbs_temel_gostergeler_raporu_eylul_2015.pdf, (Erişim Tarihi: 24.01.2016)
  • Curdia, V. and Woodford, M. (2011). The Central-Bank Balance Sheet as an Instrument of Monetarypolicy. Journal of Monetary Economics, Volume 58, Issue 1, January 2011, pp. 54–79. Carnegie-Rochester Conference Series on Public Policy: The Future of Central Banking April 16-17, 2010. http://www.sciencedirect.com /science/article/pii/S0304393210001224
  • Demir M. ve Eken, M. (2015). 2008 Küresel Krizinin Türk Bankacılık Sektörüne Etkileri Ve Anket Çalışması Ile Analizi. Maliye ve Finans Yazıları Dergisi. S.104:54-81
  • Fawley, B. W., & Neely, C. J. (2013). Four Stories of Quantitative Easing. Federal Reserve Bank of St. Louis Review, 95(1), 51-88.
  • Fischer, S. (March 27, 2015). The Importance of the Nonbank Financial Sector. "Debt and Financial Stability--Regulatory Challenges" Conference, The Bundesbank and The German Ministry of Finance, Frankfurt, Germany. http://www.federalreserve.gov/newsevents/speech/fischer20150327a.htm (ErişimTarihi: 14.02.2016)
  • Gatarek, D. and Jabłecki, J. (2014). Estimating The Risk of Joint Defaults: An Application to Central Bank Collateralized Lending Operations. NBP Working Paper No. 181. Economic Institute Warsaw. https://www.nbp.pl/publikacje/materialy_i_studia/181_en.pdf (ErişimTarihi: 09.02.2016)
  • Haltom, R and Lacker, J.M. (2014). Economic Should the Fed Do Emergency Lending? Federal Reserve Bank of Richmond Brief EB14-07 - https://www.richmondfed.org/~/media/richmondfedorg/publications/research /economic_brief/2014/pdf/eb_14-07.pdf (ErişimTarihi: 16.02.2016)
  • Hercei J.A. and Hernández, P. (November 2014). Non-Bank Finance in Spain: A Growing Alternative in Response to Tougher Bank Funding Channels. SEFO - Spanish Economic and Financial Outlook Vol. 3, N.º 6 https://www.afi.es/webAfi/descargas/1431023/1413285/sefospanish-economic-and-financial-outlook-funcas-non-bank-finance-in-spain-a-growing-alternative-in-response-to-tougher-bank-fundingchannels-jose-a-herce-and-pablo-hernandez.pdf (ErişimTarihi: 08.02.2016)
  • International Monetary Fund. (April 2013). Do Central Bank Policies since the Crisis Carry Risks to Financial Stability? https://www.imf.org/External/Pubs/FT/GFSR/2013/01/pdf/c3.pdf (ErişimTarihi: 14.02.2016)
  • J.P. Morgan Treasury Services Global Marketing. Understanding SWIFT for Corporates Best Practices. https://www.jpmorgan.com/tss/DocumentForEmail/SwiftforCorp/1314041001246 (ErişimTarihi: 14.02.2016)
  • Joyce, M., Lasaosa, A., Stevens, I., & Tong, M. (2011). The Financial Market Impact of Quantitative Easing in The United Kingdom. International Journal of Central Banking, 7(3), 113-161.
  • Lepro, S. & Sposito S. (2011). New Wal-Mart Kiosks Present Threat to Banks. The American Banker Web Sitesi. http://www.americanbanker.com/issues/176_112/wal-mart-kiosks-present-threat-banks-1038783-1.html
  • Mankiw, N. G. (2009). It May Be Time for The FED to Go Negative. New York Times, 18, 2009.
  • Jácome, L., Townsend, S.B., Matamoros-Indorf, M. and Sharma, M. (January 2012). Credit to the Government: What Can We Learn from International Practices? IMF Working Paper No. NO.12/16. Available at SSRN: http://ssrn.com/abstract=1997729
  • M&G Investments. (2013). Borrowing Without Banks How Companies Raise Finance Now. http://www.mandg.co.uk/- /media/Literature/UK/Institutional/Borrowing-without-banks.pdf (ErişimTarihi: 04.02.2016)
  • Michel, N.J. (August 20, 2014). The Fed’s Failure as A Lender of Last Resort: What to Do About It. http://www.heritage.org/research/reports/2014/08/the-feds-failure-as-a-lender-of-last-resort-what-to-do-about-it (ErişimTarihi: 16.02.2016)
  • Mizen, P. (2008). The Credit Crunch of 2007-2008: A Discussion of The Background, Market Reactions, And Policy Responses. Federal Reserve Bank of St. Louis Review, 90(5), 531-567.
  • Ostroukh, A. (Dec. 24, 2014 8:39 a.m. ET). Russia’s Central Bank Acts to Stabilize Financial Sector, Bank of Russia Will Help Companies Cover Foreign Debt Affected by Western Sanctions. The Wall Street Journal Gazetesi Web Sitesi. http://www.wsj.com/articles/ruble-volatileafter-s-p-hints-at-downgrade-1419407826 (ErişimTarihi: 16.02.2016)
  • Peek, J., Rosengren, E.S. and Tootell, G.M.B. (May, 1999). Is Bank Supervision Central to Central Banking? The Quarterly Journal of Economics. Vol. 114, No. 2 (May, 1999), pp. 629-653. Published by: Oxford University Press, URL: http://www.jstor.org/stable/2587019 (Erişim Tarihi: 14.02.2016)
  • Pettinge, T. (May 7, 2012). Central Bank Lending. Economics Help Web Sitesi. http://www.economicshelp.org/blog/5249/economics/central-bank-lending/ (ErişimTarihi: 04.02.2016)
  • Petroff, A. (February 15, 2016) “Jim Rogers, Central Bankers Don't Have a Clue” CNN Money Haber Sitesi http://money.cnn.com/2016/02/15/investing/jim-rogers-central-banks-stock-markets/index.html?sr=fbmoney 021516jim-rogers-centralbanks-stock-markets0225PMVODtopLink&linkId=21277327 (ErişimTarihi: 16.02.2016)
  • Polleit, T. (September 19, 2011). Central Banks Can Increase the Money Supply, Even If Banks Do Not Lend https://mises.org/library/central-banks-can-increase-money-supply-even-if-banks-do-not-lend (ErişimTarihi: 16.02.2016)
  • Southwood, B. (Wednesday, July 16th, 2014). Should Central Banks Do Emergency Lending? Adam Smith Institute. http://www.adamsmith.org/blog/money-banking/should-central-banks-do-emergency-lending/ (ErişimTarihi: 16.02.2016)
  • Telegraph staff and agencies. (3:30PM BST 11 Jun 2012). Central Banks Should Buy Assets Other Than Government Bonds, Says Bank of England's Adam Posen. The Telegraph Gazetesi, Web Sitesi, Home»Finance»Economics, http://www.telegraph.co.uk/finance/economics/9324565/Central-banks-should-buy-assets-other-than-government-bonds-says-Bank-ofEnglands-Adam-Posen.html (ErişimTarihi: 09.02.2016)
  • The Federal Reserve System’s Payments System Policy Advisory Committee (PSPAC). (March 27, 2007). A Summary of the Roundtable Discussion On Retail Payments Fraud. Federal Reserve Bank of Minneapolis. http://www.federalreserve.gov/paymentsystems/retailpmtfraud/retailpmtfraud.pdf (ErişimTarihi: 09.02.2016)
  • Turner, A. (Wednesday 10 February 2016). Will Japan's Negative Interest Rates Boost Inflation? World Economic Forum Web Sitesi, Regional Agenda, Banking And Capital Markets, Japan. http://www.weforum.org/agenda /2016/02/will-japan-s-negative-interest-ratesboost-inflation (ErişimTarihi: 09.02.2016)
  • Türkiye Katılım Bankaları Birliği. 2015. Türk Finans Sisteminde Katılım Bankaları Sunumu. http://tkbb.org.tr/arastirma-ve-yayinlar-sunumlargenel-sunum. (Erişim Tarihi: 24.01.2016)
  • Ugai, H. (2007). Effects of The Quantitative Easing Policy: A Survey of Empirical Analyses. Monetary and Economic Studies-Bank of Japan, 25(1), 1.
  • Uludağ İ. ve Erişah A. 1999. Finansal Hizmetler Ekonomisi, İstanbul, Beta Yayım
  • UKCF. Crowdfunding and NonBank Finance, Brief Overview of the UK Market. http://www.ukbusinessangelsassociation.org.uk/sites/default/files/media/files/julia_groves__online_platforms__uk_market.pdf (ErişimTarihi: 12.02.2016)
  • Wilmarth, A.E. Jr. (2007). Wal-Mart and the Separation of Banking and Commerce. George Washington University Law School. http://scholarship.law.gwu.edu/cgi/viewcontent.cgi?article=2166&context= faculty_publications (Erişim Tarihi: 24.01.2016)
  • Yılmaz, H. (2011). Menkul Kıymetleştirme Şirketleri Fannie Mae ve Freddie Mac Nasıl Kurtarılabilir? Muhasebe ve Finansman Dergisi, Temmuz/2011. http://journal.mufad.org/attachments/article/623/3.pdf (ErişimTarihi: 04.02.2016)

ARACISIZ FİNANSAL HİZMETLER: MERKEZ BANKALARININ ŞİRKETLER İLE DOĞRUDAN İŞLEM YAPMASININ FAYDALARI VE ETKİLERİ

Year 2016, Volume: 3 Issue: 1, 59 - 72, 01.04.2016
https://doi.org/10.17261/Pressacademia.2016116545

Abstract

Finansal tüketicilerin ve başta KOBİ’lerin yüksek maliyetlerle finansman imkânlarına ve finansal hizmetlere erişimi ve bankasız kesimler
akademik ve profesyonel dünyada sıkça gündemde yerini bulmaktadır. Kredi sıkışması, finansal tabana yayılma, KOBİ kredileri, girişim
sermayesi, melek yatırımcılık, finansal tüketicinin ve haklarının korunması gibi başlıklar 2008 global finansal krizinden sonra daha fazla
gündeme gelmiştir. Ekonomik toparlanma ve sürdürülebilir büyüme ile refahın sağlanması tüm ülkelerin önceliği olmuştur. Ancak, “Likidite
Tuzağı”na neden olan merkez bankalarının sıfır seviyelerindeki politika faiz oranlarının, kredi kanalı ile ekonomik büyümeye herhangi bir
etkisi olmamıştır. Bu para politikalarına rağmen enflasyon ve GSYİH’da büyüme “Paranın Yansızlığı” kuramı nedeni ile
gerçekleşememektedir. Büyük şirketlerin finansal aracılarla çalışma nedeni ile katlandığı maliyetler karlılıkları ve işletme maliyetleri
üzerinde olumsuz etki yaratmaktadır. Bu nedenler ile bu çalışmada, fon arz edenler ve talep edenlerin finansal aracısız buluşmaları,
alternatif finansman teknikleri, banka olmayan finansal aracılar, ekonomik canlanma ve piyasa etkinliği için merkez bankalarının doğrudan
şirketler ile işlem yapması yeni bir yaklaşım olarak kavramsal ve kuramsal olarak analiz edilmekte ve ilerideki akademik ve profesyonel
uygulamalara yönelik farklı bir bakış açısı ve yaklaşım sunulması hedeflenmektedir.

References

  • Artigas, J.C. (2010). Linking Global Money Supply to Gold and to Future Inflation. Gold Report. World Gold Council. http://www.exchangetradedgold.com/media/ETG/file/money_supply_paper_jan10.pdf(ErişimTarihi: 04.02.2016)
  • Boulden, J. (January 29, 2016: 10:07 AM ET). Currency Wars: Will Europe Return Japanese Fire? CNN International Haber Sitesi, CNN Money, Markets, @CNNMoneyInvest. http://money.cnn.com/2016/01/29/investing/japan-negative-rates- europe-currency-war/ (ErişimTarihi: 09.02.2016)
  • BDDK. 2015. Türk Bankacılık Sektörü Temel Göstergerler Raporu. Veri ve Sistem Yönetimi Daire Başkanlığı, Bankacılık Düzenleme ve Denetleme Kurumu. http://www.bddk.org.tr/WebSitesi/turkce/Raporlar /TBSGG/14650tbs_temel_gostergeler_raporu_eylul_2015.pdf, (Erişim Tarihi: 24.01.2016)
  • Curdia, V. and Woodford, M. (2011). The Central-Bank Balance Sheet as an Instrument of Monetarypolicy. Journal of Monetary Economics, Volume 58, Issue 1, January 2011, pp. 54–79. Carnegie-Rochester Conference Series on Public Policy: The Future of Central Banking April 16-17, 2010. http://www.sciencedirect.com /science/article/pii/S0304393210001224
  • Demir M. ve Eken, M. (2015). 2008 Küresel Krizinin Türk Bankacılık Sektörüne Etkileri Ve Anket Çalışması Ile Analizi. Maliye ve Finans Yazıları Dergisi. S.104:54-81
  • Fawley, B. W., & Neely, C. J. (2013). Four Stories of Quantitative Easing. Federal Reserve Bank of St. Louis Review, 95(1), 51-88.
  • Fischer, S. (March 27, 2015). The Importance of the Nonbank Financial Sector. "Debt and Financial Stability--Regulatory Challenges" Conference, The Bundesbank and The German Ministry of Finance, Frankfurt, Germany. http://www.federalreserve.gov/newsevents/speech/fischer20150327a.htm (ErişimTarihi: 14.02.2016)
  • Gatarek, D. and Jabłecki, J. (2014). Estimating The Risk of Joint Defaults: An Application to Central Bank Collateralized Lending Operations. NBP Working Paper No. 181. Economic Institute Warsaw. https://www.nbp.pl/publikacje/materialy_i_studia/181_en.pdf (ErişimTarihi: 09.02.2016)
  • Haltom, R and Lacker, J.M. (2014). Economic Should the Fed Do Emergency Lending? Federal Reserve Bank of Richmond Brief EB14-07 - https://www.richmondfed.org/~/media/richmondfedorg/publications/research /economic_brief/2014/pdf/eb_14-07.pdf (ErişimTarihi: 16.02.2016)
  • Hercei J.A. and Hernández, P. (November 2014). Non-Bank Finance in Spain: A Growing Alternative in Response to Tougher Bank Funding Channels. SEFO - Spanish Economic and Financial Outlook Vol. 3, N.º 6 https://www.afi.es/webAfi/descargas/1431023/1413285/sefospanish-economic-and-financial-outlook-funcas-non-bank-finance-in-spain-a-growing-alternative-in-response-to-tougher-bank-fundingchannels-jose-a-herce-and-pablo-hernandez.pdf (ErişimTarihi: 08.02.2016)
  • International Monetary Fund. (April 2013). Do Central Bank Policies since the Crisis Carry Risks to Financial Stability? https://www.imf.org/External/Pubs/FT/GFSR/2013/01/pdf/c3.pdf (ErişimTarihi: 14.02.2016)
  • J.P. Morgan Treasury Services Global Marketing. Understanding SWIFT for Corporates Best Practices. https://www.jpmorgan.com/tss/DocumentForEmail/SwiftforCorp/1314041001246 (ErişimTarihi: 14.02.2016)
  • Joyce, M., Lasaosa, A., Stevens, I., & Tong, M. (2011). The Financial Market Impact of Quantitative Easing in The United Kingdom. International Journal of Central Banking, 7(3), 113-161.
  • Lepro, S. & Sposito S. (2011). New Wal-Mart Kiosks Present Threat to Banks. The American Banker Web Sitesi. http://www.americanbanker.com/issues/176_112/wal-mart-kiosks-present-threat-banks-1038783-1.html
  • Mankiw, N. G. (2009). It May Be Time for The FED to Go Negative. New York Times, 18, 2009.
  • Jácome, L., Townsend, S.B., Matamoros-Indorf, M. and Sharma, M. (January 2012). Credit to the Government: What Can We Learn from International Practices? IMF Working Paper No. NO.12/16. Available at SSRN: http://ssrn.com/abstract=1997729
  • M&G Investments. (2013). Borrowing Without Banks How Companies Raise Finance Now. http://www.mandg.co.uk/- /media/Literature/UK/Institutional/Borrowing-without-banks.pdf (ErişimTarihi: 04.02.2016)
  • Michel, N.J. (August 20, 2014). The Fed’s Failure as A Lender of Last Resort: What to Do About It. http://www.heritage.org/research/reports/2014/08/the-feds-failure-as-a-lender-of-last-resort-what-to-do-about-it (ErişimTarihi: 16.02.2016)
  • Mizen, P. (2008). The Credit Crunch of 2007-2008: A Discussion of The Background, Market Reactions, And Policy Responses. Federal Reserve Bank of St. Louis Review, 90(5), 531-567.
  • Ostroukh, A. (Dec. 24, 2014 8:39 a.m. ET). Russia’s Central Bank Acts to Stabilize Financial Sector, Bank of Russia Will Help Companies Cover Foreign Debt Affected by Western Sanctions. The Wall Street Journal Gazetesi Web Sitesi. http://www.wsj.com/articles/ruble-volatileafter-s-p-hints-at-downgrade-1419407826 (ErişimTarihi: 16.02.2016)
  • Peek, J., Rosengren, E.S. and Tootell, G.M.B. (May, 1999). Is Bank Supervision Central to Central Banking? The Quarterly Journal of Economics. Vol. 114, No. 2 (May, 1999), pp. 629-653. Published by: Oxford University Press, URL: http://www.jstor.org/stable/2587019 (Erişim Tarihi: 14.02.2016)
  • Pettinge, T. (May 7, 2012). Central Bank Lending. Economics Help Web Sitesi. http://www.economicshelp.org/blog/5249/economics/central-bank-lending/ (ErişimTarihi: 04.02.2016)
  • Petroff, A. (February 15, 2016) “Jim Rogers, Central Bankers Don't Have a Clue” CNN Money Haber Sitesi http://money.cnn.com/2016/02/15/investing/jim-rogers-central-banks-stock-markets/index.html?sr=fbmoney 021516jim-rogers-centralbanks-stock-markets0225PMVODtopLink&linkId=21277327 (ErişimTarihi: 16.02.2016)
  • Polleit, T. (September 19, 2011). Central Banks Can Increase the Money Supply, Even If Banks Do Not Lend https://mises.org/library/central-banks-can-increase-money-supply-even-if-banks-do-not-lend (ErişimTarihi: 16.02.2016)
  • Southwood, B. (Wednesday, July 16th, 2014). Should Central Banks Do Emergency Lending? Adam Smith Institute. http://www.adamsmith.org/blog/money-banking/should-central-banks-do-emergency-lending/ (ErişimTarihi: 16.02.2016)
  • Telegraph staff and agencies. (3:30PM BST 11 Jun 2012). Central Banks Should Buy Assets Other Than Government Bonds, Says Bank of England's Adam Posen. The Telegraph Gazetesi, Web Sitesi, Home»Finance»Economics, http://www.telegraph.co.uk/finance/economics/9324565/Central-banks-should-buy-assets-other-than-government-bonds-says-Bank-ofEnglands-Adam-Posen.html (ErişimTarihi: 09.02.2016)
  • The Federal Reserve System’s Payments System Policy Advisory Committee (PSPAC). (March 27, 2007). A Summary of the Roundtable Discussion On Retail Payments Fraud. Federal Reserve Bank of Minneapolis. http://www.federalreserve.gov/paymentsystems/retailpmtfraud/retailpmtfraud.pdf (ErişimTarihi: 09.02.2016)
  • Turner, A. (Wednesday 10 February 2016). Will Japan's Negative Interest Rates Boost Inflation? World Economic Forum Web Sitesi, Regional Agenda, Banking And Capital Markets, Japan. http://www.weforum.org/agenda /2016/02/will-japan-s-negative-interest-ratesboost-inflation (ErişimTarihi: 09.02.2016)
  • Türkiye Katılım Bankaları Birliği. 2015. Türk Finans Sisteminde Katılım Bankaları Sunumu. http://tkbb.org.tr/arastirma-ve-yayinlar-sunumlargenel-sunum. (Erişim Tarihi: 24.01.2016)
  • Ugai, H. (2007). Effects of The Quantitative Easing Policy: A Survey of Empirical Analyses. Monetary and Economic Studies-Bank of Japan, 25(1), 1.
  • Uludağ İ. ve Erişah A. 1999. Finansal Hizmetler Ekonomisi, İstanbul, Beta Yayım
  • UKCF. Crowdfunding and NonBank Finance, Brief Overview of the UK Market. http://www.ukbusinessangelsassociation.org.uk/sites/default/files/media/files/julia_groves__online_platforms__uk_market.pdf (ErişimTarihi: 12.02.2016)
  • Wilmarth, A.E. Jr. (2007). Wal-Mart and the Separation of Banking and Commerce. George Washington University Law School. http://scholarship.law.gwu.edu/cgi/viewcontent.cgi?article=2166&context= faculty_publications (Erişim Tarihi: 24.01.2016)
  • Yılmaz, H. (2011). Menkul Kıymetleştirme Şirketleri Fannie Mae ve Freddie Mac Nasıl Kurtarılabilir? Muhasebe ve Finansman Dergisi, Temmuz/2011. http://journal.mufad.org/attachments/article/623/3.pdf (ErişimTarihi: 04.02.2016)
There are 34 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section Articles
Authors

Cuneyt Dirican

Publication Date April 1, 2016
Published in Issue Year 2016 Volume: 3 Issue: 1

Cite

APA Dirican, C. (2016). ARACISIZ FİNANSAL HİZMETLER: MERKEZ BANKALARININ ŞİRKETLER İLE DOĞRUDAN İŞLEM YAPMASININ FAYDALARI VE ETKİLERİ. Research Journal of Business and Management, 3(1), 59-72. https://doi.org/10.17261/Pressacademia.2016116545
AMA Dirican C. ARACISIZ FİNANSAL HİZMETLER: MERKEZ BANKALARININ ŞİRKETLER İLE DOĞRUDAN İŞLEM YAPMASININ FAYDALARI VE ETKİLERİ. RJBM. April 2016;3(1):59-72. doi:10.17261/Pressacademia.2016116545
Chicago Dirican, Cuneyt. “ARACISIZ FİNANSAL HİZMETLER: MERKEZ BANKALARININ ŞİRKETLER İLE DOĞRUDAN İŞLEM YAPMASININ FAYDALARI VE ETKİLERİ”. Research Journal of Business and Management 3, no. 1 (April 2016): 59-72. https://doi.org/10.17261/Pressacademia.2016116545.
EndNote Dirican C (April 1, 2016) ARACISIZ FİNANSAL HİZMETLER: MERKEZ BANKALARININ ŞİRKETLER İLE DOĞRUDAN İŞLEM YAPMASININ FAYDALARI VE ETKİLERİ. Research Journal of Business and Management 3 1 59–72.
IEEE C. Dirican, “ARACISIZ FİNANSAL HİZMETLER: MERKEZ BANKALARININ ŞİRKETLER İLE DOĞRUDAN İŞLEM YAPMASININ FAYDALARI VE ETKİLERİ”, RJBM, vol. 3, no. 1, pp. 59–72, 2016, doi: 10.17261/Pressacademia.2016116545.
ISNAD Dirican, Cuneyt. “ARACISIZ FİNANSAL HİZMETLER: MERKEZ BANKALARININ ŞİRKETLER İLE DOĞRUDAN İŞLEM YAPMASININ FAYDALARI VE ETKİLERİ”. Research Journal of Business and Management 3/1 (April 2016), 59-72. https://doi.org/10.17261/Pressacademia.2016116545.
JAMA Dirican C. ARACISIZ FİNANSAL HİZMETLER: MERKEZ BANKALARININ ŞİRKETLER İLE DOĞRUDAN İŞLEM YAPMASININ FAYDALARI VE ETKİLERİ. RJBM. 2016;3:59–72.
MLA Dirican, Cuneyt. “ARACISIZ FİNANSAL HİZMETLER: MERKEZ BANKALARININ ŞİRKETLER İLE DOĞRUDAN İŞLEM YAPMASININ FAYDALARI VE ETKİLERİ”. Research Journal of Business and Management, vol. 3, no. 1, 2016, pp. 59-72, doi:10.17261/Pressacademia.2016116545.
Vancouver Dirican C. ARACISIZ FİNANSAL HİZMETLER: MERKEZ BANKALARININ ŞİRKETLER İLE DOĞRUDAN İŞLEM YAPMASININ FAYDALARI VE ETKİLERİ. RJBM. 2016;3(1):59-72.

Research Journal of Business and Management (RJBM) is a scientific, academic, double blind peer-reviewed, quarterly and open-access online journal. The journal publishes four issues a year. The issuing months are March, June, September and December. The publication languages of the Journal are English and Turkish. RJBM aims to provide a research source for all practitioners, policy makers, professionals and researchers working in all related areas of business, management and organizations. The editor in chief of RJBM invites all manuscripts that cover theoretical and/or applied researches on topics related to the interest areas of the Journal. RJBM publishes academic research studies only. RJBM charges no submission or publication fee.

Ethics Policy - RJBM applies the standards of Committee on Publication Ethics (COPE). RJBM is committed to the academic community ensuring ethics and quality of manuscripts in publications. Plagiarism is strictly forbidden and the manuscripts found to be plagiarized will not be accepted or if published will be removed from the publication. Authors must certify that their manuscripts are their original work. Plagiarism, duplicate, data fabrication and redundant publications are forbidden. The manuscripts are subject to plagiarism check by iThenticate or similar. All manuscript submissions must provide a similarity report (up to 15% excluding quotes, bibliography, abstract, method).

Open Access - All research articles published in PressAcademia Journals are fully open access; immediately freely available to read, download and share. Articles are published under the terms of a Creative Commons license which permits use, distribution and reproduction in any medium, provided the original work is properly cited. Open access is a property of individual works, not necessarily journals or publishers. Community standards, rather than copyright law, will continue to provide the mechanism for enforcement of proper attribution and responsible use of the published work, as they do now.