Endogeneity of money in Islamic monetary and financial system: A comparative study with the Post-Keynesian approach on money

Authors

1 professor of econometrics, University of Tehran

2 Ph.D. candidate of economics, University of Tehran

Abstract

Money is one of the most challenging concepts in economics about which economists have always had serious disputes with each other. During the history of economics development, all different schools of thought have tried to explore the true meaning of money and its real origins. It seems that one of the most important causes of having different cognition about the true meaning of money refers to the concept of endogeneity of money. This issue is an important part of the post Keynesian approach to money. Because of the necessity of studying the theoretical aspect of monetary economy in the cortex of Islamic monetary and financial system, in this paper we are going to analyze the concept of the endogeneity of money by a comparative study with other school of thoughts significantly, post Keynesian and orthodox approach to money. Based on the result of this comparative study,  although, money in the Islamic approach follows the endogenous process of creation, but this process and analyzing the Islamic endogenous money is fundamentally different from the post Keynesian view.
Key words: Money, Endogeneity of money, Islamic economics, Post-Keynesian

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