This paper reviews limited, but precious academic literature on central banking and monetary management in Islamic finance. It discusses the building blocks of an Islamic monetary system. It discusses how savings would feature despite discontinuation of interest, how inflation will be checked...

This article describes the argumentative structure of Hayek on the relationship between tax policy and redistribution. It is observed throughout its work giving special attention to two of his works: The Constitution of Liberty (1959) and Law, Legislation and Liberty, Vol. 3, The Political Order...

Despite the Economic closeness of overall concept, Sukukization (Islamic Securitization) is not equal to “Securitization” as it is known in its conventional sense. Securitization, generally relates to the converting of loans of various sorts into marketable securities by packaging the loans...

In his Inquiry into the Nature and Causes of the Wealth of Nations Adam Smith (1776) considered the phenomenon of division of labor so enormously significant for the creation of a nation’s wealth that he devoted the first three chapters of his book to an investigation of this process. This is...

Despite the Economic closeness of overall concept, Sukukization (Islamic Securitization) is not equal to “Securitization” as it is known in its conventional sense. Securitization, generally relates to the converting of loans of various sorts into marketable securities by packaging the loans...

Despite the Economic closeness of overall concept, Sukukization (Islamic Securitization) is not equal to “Securitization” as it is known in its conventional sense. Securitization, generally relates to the converting of loans of various sorts into marketable securities by packaging the loans...

In this paper, we analyze implications of corruption on growth. We extend existing growth models by incorporating ubiquitous corruption as a by-product of the public sector. Corruption affects both taxation and public good provision, and therefore causes income redistribution and inefficiencies...

This paper empirically analyzes the size of the underground economy in Japan. The results show that (i) the size of the underground GDP peaked in the early 1990s but has been declining since; (ii) the underground economy reached its peak in around 1992, approximating 25% of nominal GDP; and (iii)...

This paper considers the implications of education and environment policy for growth in a model where the interactions between health, education, and the environment are taken into account. With respect to previous works, in which one of these three dimensions is omitted, we consider their...

Overall, this paper presents a white swan that seems to confirm the hypothesis of Alesina / Tabellini / Campante (2008). Fiscal policy in many developing countries is procyclical. Specifically, the former may explain monetary policy failures associated with problems of political agency. And in...