The Nature of Money in Modern Economy – Implications and Consequences

Mabid Al-Jarhi

MPRA Paper from University Library of Munich, Germany

Abstract: Reforming the contemporary monetary and financial system has come under the limelight with the onset of the last international financial crisis. Zarlenga and Poteat focus on the elimination of credit money and the return of the exclusive right of issuing money to the government as a key to reforming the system. In this comment, I argue that they are right, but reform should be wider and more comprehensive. My arguments are inspired by Al-Jarhi’s model of an Islamic monetary system (1981)

Keywords: money; definition of money; monetary reform; Chicago Plan; Islamic economics; monetary policy; interest rate; seigniorage; Friedman's rule; information asymmetry; classical loan contract; Islamic finance (search for similar items in EconPapers)
JEL-codes: E0 E19 E40 E42 E50 E52 (search for similar items in EconPapers)
Date: 2016-05-10, Revised 2016-06-15
New Economics Papers: this item is included in nep-hpe, nep-mac and nep-mon
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Published in JKAU: Islamic Econ No. 2, pp: 75-79 (July 2016).29(2016): pp. 75-79

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