Theoretical framework of money supply (Comparative Comparison of Conventional Economics and Economics with Islamic Approach)

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EISAVI MAHMOUD; Mojahedi Moakhar Mohamad Mahdi; KHADEM ALIZADEH AMIR; AGHAJANI MASOUMEH

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Journal: ECONOMIC STRATEGY Year:2019 | Volume:8 | Issue:28 Page(s): 175-204

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Title

Theoretical framework of money supply (Comparative Comparison of Conventional Economics and Economics with Islamic Approach)

Author(s)

EISAVI MAHMOUD | Mojahedi Moakhar Mohamad Mahdi | KHADEM ALIZADEH AMIR | AGHAJANI MASOUMEH | Issue Writer Certificate

Keywords

Islamic economicsQ2

monetary economicsQ1

money supplyQ2

money creationQ2

endogenous money supplyQ1

Abstract

Money is one of the most controversial economic issues; So that Understanding the concepts of money is therefore essential to a proper understanding of the functioning of the economy and the interaction of its components. The purpose of this study is to investigate and critique money supply in microfoundation level in conventional economics and economics with an Islamic approach in a Descriptive-analytical method and it answers these questions: Is it possible money creation in Islamic economics? Is the money supply endogenous or exogenous? What variables do the money supply in an economics with Islamic approach? The findings of the study show that the flaws in money creation in Islamic economics are: economic instability, lack of social justice, declining economic growth, failure of banks to repay deposits. Therefore, the creation of money from nothing by the banks is not legitimized in the Islamic approach to economics. Within the framework of Islamic teachings, it is only possible for the government (the central bank) to issue money commensurate with real production, since the Islamic State is interested in the public interest and therefore the benefits of the money will be returned to the people themselves. Commercial banks are a financial intermediary that cannot create money and bank deposits are not money. In Islamic economics, the supply of money is considered endogenous, given the Accommodationism view and by limiting interest rates Within the framework of Islamic teachings. In the end, the effective factors for money supply are: real production, inflation, the degree of public confidence in the monetary system.

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APA: Copy

EISAVI, MAHMOUD, Mojahedi Moakhar, Mohamad Mahdi, KHADEM ALIZADEH, AMIR, & AGHAJANI, MASOUMEH. (2019). Theoretical framework of money supply (Comparative Comparison of Conventional Economics and Economics with Islamic Approach). ECONOMIC STRATEGY, 8(28 ), 175-204. SID. https://sid.ir/paper/233821/en

Vancouver: Copy

EISAVI MAHMOUD, Mojahedi Moakhar Mohamad Mahdi, KHADEM ALIZADEH AMIR, AGHAJANI MASOUMEH. Theoretical framework of money supply (Comparative Comparison of Conventional Economics and Economics with Islamic Approach). ECONOMIC STRATEGY[Internet]. 2019;8(28 ):175-204. Available from: https://sid.ir/paper/233821/en

IEEE: Copy

MAHMOUD EISAVI, Mohamad Mahdi Mojahedi Moakhar, AMIR KHADEM ALIZADEH, and MASOUMEH AGHAJANI, “Theoretical framework of money supply (Comparative Comparison of Conventional Economics and Economics with Islamic Approach),” ECONOMIC STRATEGY, vol. 8, no. 28 , pp. 175–204, 2019, [Online]. Available: https://sid.ir/paper/233821/en

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