Financial services in Europe have undergone dramatic changes in recent years. Much of this is due to developments in information and communication technologies, the arrival of European Monetary Union and the ageing population. These will continue to be important drivers of change as the industry...

Purpose – The purpose of this paper is to provide logical and empirical explanations as to why monetary policy is ineffective with respect to affecting mortgage rates, and thus investment and aggregate demand. Design/methodology/approach – Logical and empirical evidence is provided in...

Purpose – The purpose of this paper is to examine how firms respond to adverse supply shocks. Design/methodology/approach – This paper examines a supply shock within the framework of Mankiw's Menu Cost Model. Findings – The analysis in this paper illustrates that the type of adverse shock...

Purpose – The purpose of this paper is to study the process of price determination by the market in the existing variable fiat money regime and its consequences. Design/methodology/approach – Scientific knowledge pertaining to units and measurement has been applied to study the issue of...

Purpose The purpose of this research is to present an Islamic monetary theory of value by analyzing real prices and real money in terms of gold and silver in Egypt from 696 to 1517, a period of 821 years from the Umayyads to the Abbasids. Design/methodology/approach This paper adopts a...

Purpose – The purpose of this paper is to consider the difference in the development of the central bank in two states in transition from communism to capitalism and from being parts of the Soviet Union to being independent states. Design/methodology/approach – Data and theoretical analysis...