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On the stability of an Islamic financial system

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dc.contributor.authorHossein Askari
dc.contributor.authorNoureddine Krichene
dc.contributor.authorAbbas Mirakhor
dc.date.accessioned2016-06-06
dc.date.accessioned2016-07-25T20:05:41Z
dc.date.available2016-06-06
dc.date.available2016-07-25T20:05:41Z
dc.date.disclosure2016-06-10
dc.date.issued2014
dc.description.abstractIn an Islamic economy, the financial sector functions to support the real sector. There are no interest rate based debt instruments. Financial assets are based on risk and return sharing and are contingent claims. Real as well as monetary forces determine the rate of return. As in traditional general equilibrium theory, there is a price system comprised of a real rate of return to capital and a price level of commodities that simultaneously clears asset and commodity markets. An Islamic financial system is shown to be stable, namely the economy evolves from short-term equilibrium to a stable long-term equilibrium.
dc.identifier.citationAskari, H., Krichene, N., & Mirakhor, A. (2014). On the stability of an Islamic financial system. PSL Quarterly Review, 67(269), pp. 131-167.
dc.identifier.urihttps://ikr.inceif.org/handle/INCEIF/1372
dc.languageEnglish
dc.language.isoeng
dc.publisherUniversita di Roma
dc.rights2014. Universita di Roma
dc.sourceCRP
dc.subjectIslamic finance
dc.subjectFinancial stability
dc.subjectEquilibrium
dc.subjectChicago Plan
dc.titleOn the stability of an Islamic financial system
dc.typeJournal Article
dlc.maintopicIslamic finance
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.topic.maintopicIslamic finance
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