THE DESIGN OF INSTRUMENTS FOR GOVERNMENT FINANCE IN AN ISLAMIC ECONOMY
This paper attempts to present a viable approach for the design of an instrument of government finance (and monetary management) in an Islamic economy where conventional transactions based on an ex-ante promise of a risk-free rate of return are forbidden. Resources to finance government infrastructural and development projects can be mobilized through the issuance of a national participation paper (NPP) and this instrument can also serve as an instrument of monetary management. Various conceptional issues underpinning the introduction of such an instrument and methods of calculating a corresponding rate of return are discussed In principle, this approach has been accepted in Iran.
Year of publication: |
1999
|
---|---|
Authors: | UL HAQUE, NADEEM ; MIRAKHOR, ABBAS |
Published in: |
Journal of Islamic Economic Studies. - Islamic Research and Training Institute (IRTI). - Vol. 6-2.1999, p. 27-43
|
Publisher: |
Islamic Research and Training Institute (IRTI) |
Saved in:
freely available
Saved in favorites
Similar items by person
-
Saving behavior in an economy without fixed interest
Haque, Nadeem Ul, (1986)
-
The design of instruments for government finance in an Islamic economy
Haque, Nadeem Ul, (1998)
-
Optimal Profit-Sharing Contracts and Investment in an Interest-Free Islamic Economy
Ul Haque, Nadeem, (2006)
- More ...