Monetary Policy in an Islamic Framework

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  • MPRAMunich Personal RePEc Archive

    Monetary Policy in an IslamicFramework

    Mabid Al-Jarhi

    2000

    Online at https://mpra.ub.uni-muenchen.de/67547/MPRA Paper No. 67547, posted 1. November 2015 12:24 UTC

    http://mpra.ub.uni-muenchen.de/https://mpra.ub.uni-muenchen.de/67547/

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    1 .......................................................................................................................

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    () :

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    . ) Friedman, 1969 (

    . 1 .

    2. . ( ) 3

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    Gottschalk, Amant, 1996; -St (4 :) 2001

    = ( ) +

    1 Nominal rate of interest 2 fiat money 3 Real monetary balances, or real balances. . 4 real rate of interest

  • 31/10/2015 4 . 4

    5

    ). Friedman, 1969 . ( .6

    .7

    Wilson, 1979; Cole and (Kocherlakota, 1998 .(

    . 8

    ). Ireland, 2000 (

    9

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    } Khan, King, and Wolman 2000; Uhlig, 2000{ .

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    111 NR

    ii Ni Ri

    RRN . : iii . . .

    6 Rate of time preference. 7 General equilibrium models with cash-in-advance constraint. 8 Asymptotic behavior 9 Liquidity Trap.

  • 31/10/2015 5 . 5

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    ). 1981 (

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    ):Al-Jarhi, 2001 (

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    13 14.

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    .11 Commodity finance

    12 . 13 Ordinary Debt Contract. 14 State-Contingent Contract.

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    ).Gale and Hellwig, 1985 (

    15 . 17 16 .

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    )Terlizzese, 1989.(

    .

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    . ) Stiglitz, 1974 (

    . .

    18 : 19 .

    ( ) .

    . .

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    21 20 .

    15 Ex ante information asymmetry

    16Adverse Selection

    17Moral Hazard .2000 18 . 19

    20

    Commercial or Transactional banks.

    21 Investment Banks.

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    22

    23 .

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    24

    ) Bhattacharya, Sudipto and Thakor, 1993. ( .

    25 .

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    . 26 .

    .

    22

    Banques Daffaires, Relationship Banks.

    23

    Universal Banking , All Finanz.

    24Banking Theory

    25 .

    26Monitoring

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    27 : 29 28

    ,Aoki ( 1994.(

    .

    ). Seward., 1990( .

    . .

    .

    .

    . .

    .

    30 :

    ). Dewenter and Hess, 1998 ( 31 .

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    27Ex Ante Monitoring

    28Ex Post Monitoring

    29Interim Monitoring 30 risk coefficients 31 significance

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    32

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    34( )

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    32

    Division of labor

    33 .

    34 Total reserves, as opposed to fractional reserves.

    35

    Automatic Tellers Card.

    36

    Debit Cards.

    37 Credit cards.

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    .38

    38Syndicated Finance

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    39

    40 . .

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    ( .)1981

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    41 " " .

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    39Monetary Base, Reserve Money, High-Powered Money

    40Derivative deposits.

    41Central Deposits.

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    42

    .

    .

    . .

    42Benchmark.

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    :

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    43 )1(

    . 2000)( )( 43 . 1999

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    26.3 4.1 1.0 17.9 3.8 0.9 15.2 3.6 0.8 13.7 3.5 0.8

    8.7 3.2 0.8 8.3 2.8 0.7 8.1 2.4 0.6 7.6 2.3 0.6 7.0 1.9 0.5 6.9 1.8 0.5 5.9 1.6 0.3 5.1 1.5 0.2

    1.2 0.2 1.2

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    . (1)

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    26