جستجوی مقالات مرتبط با کلیدواژه « پول » در نشریات گروه « اقتصاد »

The decline in the share of bank credit to non-financial firms since the 1990s, relative to credit for real estate and financial asset markets, has raised concerns over economic growth and financial stability and sparked renewed interest in credit policies, instruments and institutions. We examine their theoretical case and post-war use, and trace their demise during the wider market-oriented policy reconfiguration from the 1980s. Notably, this included home ownership polices favoring mortgage markets. We then examine the empirical relationship between credit policy and credit allocation in 1973-2005 for 17 advanced economies. Taking account of co-integration, we present evidence that the decline of credit policies is significantly associated with a lower share of lending to nonfinancial firms. It may be worth revisiting the potential of credit policies to support adequate financing for goals such as innovation, industrial development and the transition to a low-carbon economy

In recent years, with the definition and development of a new phenomenon called cryptocurrencies, we have witnessed challenging and scientific discussions about the origin of the value of these currencies. The evolution of cyberspace and the effects of blockchain and the emergence of virtual currencies have overshadowed the theories put forward in response to questions about money, including the value of money, and presented a new structure. It seems that the expansion of cyberspace will have fundamental effects and changes on scientific and knowledge issues, and this assumption can be seen in virtual currencies. Meanwhile, with the expansion and general popularity of the people of the country to buy and sell virtual currencies, determining the appropriate position and answering religious and Islamic issues in the field of various cryptocurrencies, including their value in the Islamic economic system has become necessary and inevitable. Therefore, first, the views of monetary schools on the value of money and virtual currencies are analyzed using basic and descriptive methods, and then, using valid jurisprudential methods, the Islamic view on the value of money is explained. Finally, operational suggestions and a suitable model for designing national cryptocurrencies based on Islamic values are presented. The results based on the research hypotheses show that first, credit matters such as cryptocurrencies in Islam will be valuable and acceptable when they have a valuable value in the real world to be recognized as valid, and credit without value is not acceptable in Islam. Second, cryptographic protocols can be designed in a way that is based on Islamic values, and in designing Islamic cryptocurrencies, these protocols must be considered.

Two theories have prevailed in the economic literature about the origins of money. According to the commodity theory of money, money has spontaneously emerged from the barter economy. In credit theory of money, since money is defined as an abstract unit of measurement, the origin of money coincides with the origin of writing. Credit money theory shows that the first standardized money of account emerged from ancient Egypt, Mesopotamia, and Greece due to the need for accounting records of payments and receipts of the central institution (government-temple). Once the general unit of account is established, credits and liabilities can be called in monetary units, thus we can reach the historical origins of money. This paper uses analytical-descriptive and documentary research methods to explain the incorrect reasons of the commodity theory of money. Eventually, the origin of money is expressed from the point of view of the credit theory of money.

Economic societies have always experienced and will continue to experience deepening inequalities in the wake of repeated financial and banking crises. The specific question of the present study is which factors cause the metric of value to be dislocated during crises, and then, in what process, the value metric is re-established in the economic environment. To answer the above question, the library and documentary method has been used and to explain the concept of value metric, Allamah Tabatabaee's views have been referred to. The result of the research is that the flexible creation of credit by the bank, on the one hand, and the self-referentiality of speculation, on the other hand, lead to the occasional occurrence of monetary crises. Following each monetary crisis, we can only say that the initial and common understanding of the actors of metric has disappeared and in fact, there has been a revolution in the actors' understanding of the metric, so that the possibility to show the overall change in the metric through a definite, detectable, and measurable quantity is essentially eliminated. Under these circumstances, the metric, which was previously an objective being, now becomes a subjective being. Following the dislocation of the metric and the disappearance of the common understanding of the actors, self-reinforcing mechanisms will immediately start working and the inevitable result of which are: 1. Intrinsic increase of inequalities 2. Increasing dominance of the financial sector over the real sector of the economy.

The issue of money creation is one of the most important monetary and economic issues and has a decisive effect on macroeconomic variables. Usually, the process of money creation in commercial banks is well explained in economics textbooks and is accepted as a normal matter, and after that only the issue of money supply and liquidity volume and their impact on macroeconomic variables is considered. is placed However, the economic effects of money creation are rarely investigated. Some economists have paid attention to the great influence of the banking system on the flow of money creation as well as its economic effects and have put forward various suggestions to prevent its negative effects. What has been discussed in this article is: an overview of the different viewpoints of economists about the creation of money, an overview of its economic effects, an examination of the nature of credit money and banks, and finally a jurisprudential examination of the phenomenon of money creation by banks. and the government with ijtihad and analytical method. The innovation of this article is a relatively comprehensive jurisprudential review of money creation and also presenting some suggested rules to avoid the negative effects of money creation.

According to jurisprudence, real property is one of the conditions for the contract validity(credibility)The agreed concept of different definitions of real value is that the exchanges have a transaction value so that the expenditure of property in return is correct. This trade is not possible unless the transaction fee has an interest that is exchanged to obtain it. Now, this trade value is either determined based on a reality (or is validated on a certain subject and has no reality in the real world. Therefore, considering the involvement of the real property issue with trade in societies, the dfferene of norms, and the elite choice in an economic system is significant.  These days, with the proliferation of virtual encrypted currencies and assets (cryptocurrencies), the question has arisen as to how the real property on this phenomenon, as a virtual phenomenon, is determined and how the confrontation of the holy Sharia and the Islamic government should look like.In this research, an attempt has been made to explain the position of custom and Islamic government in determining and verifying the propertyness of objects, assets and money in a coherent structure by reviewing existing studies in order to provide a suitable answer to the question, based on valid jurisprudential methods, including fiqh al-ma'alamat and fiqh nizam based on the framework of Islamic economics. Then, the types of cryptocurrencies have been categorized based on the existing classifications, including asset and capital nature, as well as monetary nature, in a new classification, and finally, the propertyness of the types of cryptocurrencies has been examined. The results of the research show that first of all, the Holy Sharia has considered a special place for the people and common sense in the monetary and financial system and for determining the propertyness of assets and objects in exchanges, but it has mandated the Islamic government to supervise and control the approval and signing of the taxation of money and assets and other terms of transactions. Secondly, in addition to customary criteria, the Holy Sharia has considered other criteria for propertyness, and sometimes the Sharia has abolished the effects of propertyness on some objects that are rationally treated as wealth (such as wine). Thirdly, based on Islamic rules in individual jurisprudence, all cryptocurrencies, especially extractable cryptocurrencies such as Bitcoin, have the conditions of propertyness in Islam, but according to the conditions of the Islamic country, they may not comply with the terms and conditions of transactions in the government jurisprudence, but this does not lead to the loss of their propertyness, rather, the law can cancel the effects of its propertyness.

Among the modern phenomena in the field of economy, banking and its belongings are one of the oldest things that Islamic thinkers have discussed. However, due to the complexity of the discussion and the rapid changes of these phenomena, these discussions are still alive and are not considered finished. The nature of demand deposits can be examined from the two perspectives of the customer's relationship with the bank and their relationship with society. The relationship between the customer and the bank, which is the subject of discussion in this research, is one of the topics on which various viewpoints have been raised The main problem of these opinions is that they went straight to solving the problem without examining these demand deposits from the perspective of their relationship with the society, which does not seem to have taken the right path; Therefore, in this article, first by explaining the nature of demand deposits from the perspective of the relationship between these accounts and the society, we are looking for an answer to this problem and solving its jurisprudential and legal complexities.

This study aims to investigate the behavior of inflation in relation to money in developed and developing countries, and then by comparing the differences between these two categories, the reasons and documentation necessary for the effect of money on inflation in two groups of developed countries and provide non-developed. 

Based on the model presented in this research, the dependent variable interval is present as an explanatory variable in the model, which causes endogeneity in the model. In order to solve the endogeneity problem, the method of estimating generalized moments is used to estimate model parameters. The econometric estimation method that is used in most economic studies to solve the endogeneity problem is to use the two-stage least squares method 2SLS. The necessary condition for using this method is to find a suitable instrumental variable to solve the endogeneity problem; But using this method faces difficulties. The first problem in using this method is the difficulty of finding a suitable instrumental variable and even the limited nature of this type of variable. Also, using this method cannot solve the problem of correlation between explanatory variables and reduce or completely eliminate co-linearity in the model. To solve the problems mentioned in the economic literature, the method of generalized moments of GMM is used. The necessary condition for using the dynamic panel data approach should be the number of sections or cross-sectional units of the research period or time (N>T). Considering the point that in the current research, the time period studied is small compared to the number of countries, so it is appropriate to use the dynamic panel data approach.In the estimation process with the method of generalized moments, after the estimation stage, the validity of the instrumental variables and the over-specificity of the equation should be checked. In this regard, the Sargan test is used. In addition, the self-regression order of the disturbance sentences should be tested. In this regard, first-order differentiation to eliminate fixed effects will be a suitable method if the order of autocorrelation of disturbance sentences is not of the second order. In order to check the order of autocorrelation of disturbance sentences, Arland and Band have proposed the following statistic which has a normal distribution for free. In order to avoid false regression, first the unit root test of function variables is calculated. Before estimating the model, it is necessary to determine the type of data (composite or cross-sectional). In this regard, Limer's F test has been used in economic literature. 

The estimation results for the two groups of countries under investigation show that the type of inflation in the two groups is different from the others, so that in oil-developing countries, the most important variable affecting inflation is inflation expectations, so that for each unit of increase in Inflation expectations in oil developing countries, the rate of inflation increases by 0.55 units, while in developed countries, this rate is 0.13 and does not have a statistically significant effect on the rate of inflation. The analysis of inflation in developed countries indicates that the most important variable affecting it is the interest rate, so that for each unit increase in the interest rate, the inflation rate increases by 1.22 units, while the effect of this variable on the inflation of oil developing countries It is equal to 0.31 units. Investigating the behavior of liquidity in relation to inflation of both investigated groups indicates a significant positive effect on inflation, and the only thing worth mentioning about the effects of liquidity is that the amount of this variable on inflation is greater in oil developing countries than in developed countries, so that For each unit of liquidity growth in oil countries, the rate of inflation increases by 0.10, while for developed countries this rate is 0.04. 

Economic growth is a very important factor in reducing inflation in oil-developing countries and developed countries, and since developed countries pay a lot of attention to economic growth, it is necessary for oil-developing countries to also pay attention to this issue and factors such as the use of effective workforce that will increase economic growth, and also avoid over-reliance on oil income and by increasing the export of other domestic products, have a diverse export portfolio in case of a decrease in income Nafti prevented the expectations of inflation and budget deficit and brought price stability to the economy.The growth of liquidity in both groups of countries causes an increase in inflation, and since in developed countries liquidity is accompanied by high production; It does not lead to an increase in inflation, but in oil developing economies, the growth of oil income causes the economic growth of oil. increase If the government reacts to the increase in inflation by using imports, in the long term it can cause a decrease in economic growth, and if the oil income decreases, it will intensify inflation through liquidity and low economic growth. This study recommends that oil developing countries strictly prevent the application of fixed currency regimes so that oil income does not lead to liquidity changes in the country.The most effective factor on inflation in oil developing countries is inflationary expectations, which should be prevented from applying policies that cause inflationary expectations to increase. In this regard, it is recommended that the government and the central bank identify the factors affecting inflation expectations, such as increasing liquidity, increasing the exchange rate, and make other economic adjustments at appropriate times.: The main purpose of this study is to compare the effects of money supply growth on inflation in oil developing countries and developed countries.

The property rights play an important role in organizing the economic system; to the extent that some consider economics to be the science of studying the property rights Property rights determine how individuals benefit or suffer in economic interactions and the framework for resolving conflicts of interest. In the course of the evolution of this concept, the meaning of ownership has changed from an absolute right - that is in the possession of the owner - to the concept of a package of rights. Accordingly, in the ownership of an asset, there is a set of rights and the right owner. Each right is related to a set of rules that determine how that right is applied for the right holder and other obligors. This perception of ownership provides an analytical system for organizing all kinds of assets, charities and gifts, which its application in the analysis of private goods and common resources has precedent. Using an analytical application method, this paper uses this approach in the case of money and specifically in the case of money creation. To organize the issue of money creation, the result of this approach provides a matrix of rights and rules that any monetary school, including in Islamic economics, should be able to complete the blocks of this matrix.

Proper circulation of money in the economy causes the dynamism of the economy and the prosperity of production and employment. For proper money circulation, it is necessary to formulate a favorable monetary system.Examining and understanding the rules of money helps to design appropriate monetary arrangements. Money rules are examined at two levels. The first level of rulings in cases where money is a personal asset, should khums be paid? 2. What is the ruling on the treasury and the demand for money motivated by business? Should Zakat be paid?The second level is the review of the trading order, which is about money. What is the ruling on borrowing money? What is the ruling on buying and selling money? What is the ruling on renting money?The results of this research, which is obtained by observing the opinions of lawyers and analysis, show. 1. Khums money must be paid. 2. At the discretion of the Islamic ruler, money can be subject to zakat tax on money. First, its obligations must be met, and second, it must not disturb the economic system. 4. Money rent is not allowed.With a comprehensive approach to the laws of money, two principles are achieved for the monetary system: First, it is not desirable to keep money and get out of the trading circuit. Second, "Money should not have an independent market (from the real sector)." These two principles can have good implications for designing a monetary system. Two of the most important of these concepts are: 1. The development of the use of debt reduction contracts (where the real sector is related to the monetary sector). 2. Imposition of heavy taxes on treasures and withdrawal of money from the trading circuit.

Double-digit inflation has been one of the problems of Iranchr('39')s economy in recent decades that policymakers have not been able to solve. The continuation of high inflation has raised the issue of reforming the national currency. The experiences of countries that have reformed their currencies show that this policy alone has little effect and its success requires other measures. In this paper, eight effective variables in controlling inflation are introduced as economic reforms and using sequential probit model, the effect of changes in these variables on inflation is measured. The sample used in the study includes 61 currency modifications by 48 countries in the period 1980-2018. The results of these estimates show that out of the eight proposed modifications used in the model, five of them have significant effects on inflation. In other words, countries that have implemented these five economic reforms before eliminating zero from their currency have been successful in implementing this policy. Another important consequence is the cessation of the effectiveness of these reforms in controlling inflation. The proposed package of articles obtained from the results of the estimates includes the independence of the central bank, the reduction of the government budget deficit, the reduction of market exchange rate fluctuations, the increase of the GDP growth rate, and the reduction of the net government debt to the banking system.

One of the most ongoing issues for thinkers is discussion of the essence of money and extensive literature has been formed in this field because of the complexity of monetary systems. This study examines the selected theories of classical economists and Muslim thinkers who have researched in this field seeks to investigate the cause of the value for money and its relationship to monetary interest for using a comparative-reasoning method. It is not possible to cash yield for money according to the concepts of cash and non-cash yields to assets. Positive or negative non-cash returns are also generated if the nominal and real value of money, which the issuer is obliged to maintain, are not equal and become a real commodity. Also, first non-cash yields are not certain and continuous because of the essence of money, second, it belongs to who has money. a person has money is borrower based on debt agreement, no legal-economic justification for interest can be considered because of the yield to cash and Interest in its monetary system disrupts the criterion of counting values and deviates the function of money from the philosophy of its origin.

The debate between supporters of the “Bank’s Credit Creation Theory” and the “Money Base Multiplier Theory” on banks money creation began in the 1920s and before the 2007-2008 financial crisis, which ended with the prevailing of the Money Base Multiplier Theory. But after the financial crisis, many central banks, international financial institutions, and prominent economists acknowledged that the story of the Money Base Multiplier Theory in the intermediary of each bank and the way banking system creates money is wrong. Because of misunderstanding of the banking nature and the process of banking money creation, the financial crisis of the last decade has shown that it was not only a crisis in the economy, but it was also a crisis for economics. The fact that each bank can and does create money (the Credit Creation Theory of Banking) reverses some macroeconomic theories. This paper uses the analytical-descriptive method and the accounting analysis to explain the incorrect reasons of the money base multiplier theory. Eventually, some main macroeconomic implications of credit creation theory of banking such as interest rate, saving and investment are expressed.

The lag between legislation and technological advances is known as one of the key factors of economic and social crises. Technological advances have sometimes occurred so quickly that it has not been possible to be monitored and legislated and this has led to social conflicts. Because it is impossible to prevent technological advance, legislators need to have a comprehensive understanding of the nature of technological changes and also provide the possibility of innovation as well as preventing abuses. One of these technological advances is related to cryptocurrencies, which are in fact new generation of common currencies. They have helped economic exchanges to be done electronically using peer-to-peer technology, without any central intermediary. These currencies have been in the center of attention due to its many attractive aspects. All the activities such as issuing, processing and verification are done within a network and there is no intermediary or central authority to control it. This characteristic has made the central banks and regulatory institutions unable to monitor these currencies. Legislation in this area requires economic and jurisprudential analysis of these instruments. As financial and monetary markets in Iran are based on Islamic regulation and require jurisprudential approval for their legitimacy, the jurisprudential aspect is important. Findings of this study imply that using cryptocurrencies needs some requirements which included the minimum level of laws to prevent creating money in the process of cryptocurrencies issuance, providing the necessary guarantee for these currencies, developing a mechanism to prevent the price fluctuations, adopting laws for acquisition, transition and receiving cash in exchange for cryptocurrencies to prevent the expanding of shadow economy and also providing the possibility of exchanging them for common currencies.