Non-interest Finance and Macroeconomic Stability

Paul S. Mills and John R. Presley
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Paul S. Mills: HM Treasury
John R. Presley: University of Loughborough

Chapter 6 in Islamic Finance: Theory and Practice, 1999, pp 58-72 from Palgrave Macmillan

Abstract: Abstract The most frequently posited advantage of profit-and-loss sharing (PLS) is its contribution to the stability of the non-interest economy. Whereas conventional finance supposedly amplifies the business cycle, PLS finance is predicted to dampen it. The case will be examined by setting out the supportive ‘monetary’ and financial theories of the cycle and the ways in which non-interest banking would alter matters.

Keywords: Asset Price; Price Level; Money Supply; Real Interest Rate; Nominal Interest Rate (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-28847-8_6

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DOI: 10.1057/9780230288478_6

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