ECONOMIC-JURIDICAL ANALYSIS ON THE LEGITIMACY OF COMPENSATION OF DEVALUATION IN PURCHASING POWER OF MONEY

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MOHAMMADI MEHDI; MAHDAVI GHADIR

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Journal: Iranian Journal of Economic Research Year:2013 | Volume:18 | Issue:55 Page(s): 119-139

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Title

ECONOMIC-JURIDICAL ANALYSIS ON THE LEGITIMACY OF COMPENSATION OF DEVALUATION IN PURCHASING POWER OF MONEY

Author(s)

MOHAMMADI MEHDI | MAHDAVI GHADIR | Issue Writer Certificate

Keywords

FIAT MONEYQ2

PURCHASING POWERQ2

NOMINAL VALUE OF MONEYQ2

JUSTICEQ2

Abstract

We assess the definition and functions of money in modern economic thought in order to clarify the problems arising in Islamic Economics regarding lawfulness of compensation of devaluation in PURCHASING POWER of money. Our focus is on the fact that money in current economic activities is Fiat and its value is derived from government regulation and the promise of central bank and there is neither direct convertibility nor any intrinsic value for money. We also focus on the principle of JUSTICE in Imam Ali (a.s) viewpoint, Quran verses and economic theories to challenge the theory of NOMINAL VALUE OF MONEY. This paper concludes that money in current economic systems functions as the means of payment and consequently its devaluation should be compensated for clearance from obligation of lender and settling loans. Our main conclusion is the fact that this compensation is not considered as usury.

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APA: Copy

MOHAMMADI, MEHDI, & MAHDAVI, GHADIR. (2013). ECONOMIC-JURIDICAL ANALYSIS ON THE LEGITIMACY OF COMPENSATION OF DEVALUATION IN PURCHASING POWER OF MONEY. IRANIAN ECONOMIC RESEARCH, 18(55), 119-139. SID. https://sid.ir/paper/2635/en

Vancouver: Copy

MOHAMMADI MEHDI, MAHDAVI GHADIR. ECONOMIC-JURIDICAL ANALYSIS ON THE LEGITIMACY OF COMPENSATION OF DEVALUATION IN PURCHASING POWER OF MONEY. IRANIAN ECONOMIC RESEARCH[Internet]. 2013;18(55):119-139. Available from: https://sid.ir/paper/2635/en

IEEE: Copy

MEHDI MOHAMMADI, and GHADIR MAHDAVI, “ECONOMIC-JURIDICAL ANALYSIS ON THE LEGITIMACY OF COMPENSATION OF DEVALUATION IN PURCHASING POWER OF MONEY,” IRANIAN ECONOMIC RESEARCH, vol. 18, no. 55, pp. 119–139, 2013, [Online]. Available: https://sid.ir/paper/2635/en

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