Abstract
Article data in English (انگلیسی)
The Interaction Between the Rate
of Interest and Economic Growth
Rahim Delali Esfahani / Associate Professor of Economics, Esfahan University dallali@ase.ui.ac.ir
Esmae’il Mohammadi / Instructor of Almahdi University, Isfahan es.mohammady@yahoo.com
Received: 2014/06/17- Accepted: 2014/11/27
Abstract
In the history of economic thought, the issues related to the rate of interest, have been among the most disputable economic issues. The economists have offered different views in this field, meanwhile, the investigation of the interaction between the rate of interest and economic growth is of a special position. The paper's hypothesis is that, there is a negative relationship between the rate of time preference and the rate of economic growth and consequently between interest rate and growth rate. To test this theory, first we offer a mathematical model for evaluating the relationship between these two variables. To continue, we investigate the relationship between the interest and growth rates in Iran's economy during 1351-1386 using Lisrel (linear structural relations) software. In this survey, facilities rate of profit has been considered as a substitute of interest rate between 1362-1368 years. Meanwhile confirming the research’s theory, the findings of the research show that, the rate of time preference and consequently, the rare of interest, during the investigated period has a negative effect on the economic growth.
Key words: Interest Rate, Economic Growth, Human Capital, The Rate of Time preference, Lisrel.
JEL: P4, E43, O42.
The Position of Inflation Tax in Islamic Economics
Nasrullah Khalili Tirtashi/ Assistant Professor of Islamic Azad University, Naragh
Received: 2014/10/23 - Accepted: 2015/03/12 vvffrreeddcc@gmail.com
Abstract
One way to acquire income for securing public expenditures in conventional economics is to increase non-financed currency and circulate banknotes by the governments. The increase of the volume of surplus money on economic growth causes to shift the shopping power of people to the government, the increase of total demand and boosting the rate of inflation; a phenomenon which is known as “tax inflation”. Although now tax inflation is used as a current way for budget deficit’s financing, an exact analysis of its legitimacy in Islamic economics has not been presented yet. This paper deals with a study on the legitimacy of tax inflation in Islamic economics. Based on research’s findings, tax inflation considering its opposition with economic aims of Sharia; that is upbringing of justice and equity, eliminating poverty and decentralizing wealth in the hands of the rich and its disagreeing with the principle of payment capability, the verse on “commerce” and the verse on “trifling price” Islam and Muslims interests, the rule on “Important and most Important ” and the necessity of fulfilling contracts, has no position in Islamic economics and cannot be considered as a sources for acquiring revenues in Islamic government.
Key words: Tax Inflation, Islamic Economics, Budget Deficit, Issue Money, Monetary Policy.
JEL: E58، P24، E59، P49
The Role of Securities’ Bourse
in Achieving the General Policies of Resistive Economy
Mohammad Naghi Nazarpor/ Associate professor of economics department, Mufid University
@ Yahya Lotfiniya/ MA student of Islamic Economics, Mufid University Yaya.lotfinia@yahoo.com
Received: 2014/08/17 - Accepted: 2015/01/31
Abstract
In recent years, the debate of resistive economy entered the literature of our country by the Supreme Leader to confront with the economic pressures and threats of World Arrogance against our country. The aim of propounding this issue is to achieve economic targets of our country’s 20 year perspective in conditions which it is encountered with the kinds of pressures and sanctions, in the manner the economy would continuously experience its endogenous, stable growth and wouldn’t get involved in stagnation. Achieving such growth needs to increase the rate of saving, rate of investment and optimum control of liquidity towards the productive economic activities. In this field, the Stock markets have an important role in helping the real sector of economy to achieve its targets. To offer the effective methods for implementation of the general policies of resistive economy, this paper investigates the role of securities’ bourse in achieving the policies of resistive economy. Based on the research’s findings, the securities’ bourse by financing in knowledge-based companies, transfers of state firms in the form of stock supply to support production, to supply the strategic goods in specialized bourse of goods and being internationalized performs an effective role in achieving the general policies of resistive economy.
Key words: resistive economy, securities’ bourse, specialized bourse of goods, financing, stock supply to production.
JEL: G00, O16, P49
The Islamic Banking Index
Mohammad Javad Tavakoli/ Assistance professor, IKI tavakoli@iki.ac.ir
Abdulkhalegh Karimi/ Phd student of the Qur’an and Economics, Jama’a Almostafa Ala’lamiyeh
Received: 2014/07/16 - Accepted: 2014/12/25 abkarimi58@gmail.com
Abstract
In recent decades, an Islamic banking development has doubled the necessity for the codification of the indexes on evaluating the level of realization of their causes. The main question of this paper is that, how can we evaluate the Islamic banking position. Using analytic method the findings of this paper show that observing fiqhi principles of Islam and realization of the Sharia causes form two pivotal aspects of Islamic banking. The components of first aspect are; the elimination of usury, ignorance, corruption and observance of contracts’ fiqh , and the components of second aspect are; efficiency, the convergence of bank and real sectors, justice, performance of social responsibility, dignifying the customer and promotion of Qard al-hasanah loan. In this paper, to evaluate the level of observance of fiqhi’s standards we have introduced the indicators of real contracts, Islamic banking data, knowing the overall meaning of contract, security of banking, allocation in the field of contract and non-delayed claims. To evaluate the realization of the sharia causes we have propounded the indicators such as; efficiency, the banking interests margin, the equality of opportunities, non-rental facilities, giving a chance to the insolvent, regional balance of facilities, justly commission, allocation of duty facilities, providing pure finances, timely payment of facilities and allocation of Qard al-hasanah loan. The offered index of Islamic banking is the simple average of the indicators of fiqhi’s standards and realization of the sharia causes.
Key words: Islamic banking, Islamic bank, index, indicator, sharia causes.
JEL: E59، C43، P4
Martyr Sadr’s Methodology for Islamic Economics; A Different View Point
Abdul Hamid Marefi Mohammadi/ Assistant professor of Isfahan University . ahmhamid@yahoo.com
Received: 2014/08/29 - Accepted: 2015/02/21
Abstract
Despite the importance of martyr Sadr’s methodology for developing Islamic economics, there has been a paucity of research on the nature and essence of it.
Using an analytical method, this paper explains the logic of reasoning in his methodology. According to the hypothesis of the paper, martyr Sadr sought to use a different logic for reasoning. This logic is different from the logic of traditional jurists' predecessors. This logic has been the basis for introducing the method of discovery and separation between Islamic Doctorine and Islamic economics. The research results show that Sadr’s approach is very similar to Kant's methodology in using transcendental syllogisms for meeting the conditions for the possibility of experience and the systemic unification of science. In this regard, martyr Sadr reconstructs the school of Islamic economics as a unified system, a set of propositions and as a condition for the possibility of Islamic economics. In this reconstruction, he applies a combination of jurisprudential decrees as data so that through hypothesizing the veracity of these data in a recursive method called "transcendental syllogism", he can reach ideological principles and tenets in whose framework Islamic economics is possible.
Key words: martyr Sadr, methodology, transcendental approach, Islamic economics.
JEL: P4, B41, H73.
An Analysis of Prophet’s Governmental Laws in the Agricultural Economics
Sayyed Ali Husseini/ assistant professor of Imam Sadegh University sa_h114@yahoo.com
Received: 2014/10/31 - Accepted: 2015/03/07
Abstract
Governmental laws are decisions taken by the leader of an Islamic state, within the framework of religious rulings and in accordance with the expedience and justice, for the material and spiritual development of an Islamic society. Since the messenger of God took the political and governmental leadership of the Islamic society as well, he issued governmental decrees for Managing the community constructively. These decrees emanated from his governmental leadership and management. In that period, agriculture was one of the most important aspects of Islamic society and had a significant position in prophet's divine government. In this area, the prophet issued numerous and diverse governmental laws. Along with governmental laws related to land, water, animals and plants, he transferred them to people in different ways. He determined conditions such as faith, development and prosperity for transferring them to people. This policy making led to generating successful businesses, raising employment level, reducing poverty, improving efficiency and efficient allocation of resources and, therefore, development of agriculture and economic prosperity.
Key words: governmental laws, agriculture, Messenger of Allah, infeudation (Iqta‘).
JEL: P4, Q18, P32, J43
