Interest rates have moved closely together internationally in recent years, despite business cycles often being at different stages across countries. We investigate whether international monetary spillovers drove this co-movement, ie whether interest rates in core advanced economies drove...

Purpose - The most prominent and persistent problems of our global monetary system are instability and imbalances. We propose an international monetary model to solve these problems while at the same time move the model closer to Maqāṣid Sharīʿah (objectives of Sharīʿah). We name this an...