Monetary Policy Literature in the History of Islamic Economic Thinking

Published on Aug 17, 2021in International Journal of Research
· DOI :10.52403/IJRR.20210848
Sources
Abstract
One of the Government's strategies is to promote the welfare aspect of the community's economic life. Economic development can be carried out with various strategies. One of them is empowering the wealth of natural resources that have been created by God. The government can open mines of gold, silver, coal, kerosene, gas, tin, etc. that are stored in the bowels of the earth as a form of natural empowerment. From another dimension, to maximize the ability of the economy, the government can make monetary and fiscal policies. In this paper, the author will explain how the government's monetary and fiscal policies in economic empowerment. Broadly speaking, the Islamic version of monetary policy is different from the non-Islamic version of monetary policy. This article focuses on the discussion of monetary policy in the history of Islamic economic thought, which will discuss how monetary policy was carried out in the early days of Islamic rule, starting from the time of the Prophet, his companions, to classical and contemporary economic thinkers. The explanations and descriptions that will be presented in this article can provide benefits both theoretically and practically regarding monetary policy in classical civilization, and its suitability for the present. The method used in writing this article uses a literature review approach, is used to collect relevant information related to monetary policy in the history of Islamic economic thought, secondary data in this article is collected from various research reports in order to obtain an explanation. more comprehensive. The impact of monetary policy on the economy at the beginning of the Islamic Government was seen by the increasing demand for Aggregate Demand from the community after moving to Medina by bringing together muhajirin and ansar. With this brotherhood, each ansar is responsible for the muhajirin so that the distribution of income from ansar to muhajirin increases and has an impact on increasing the total demand of the community and resulting in an increase in resources, labor, land and capital.
References4
Newest
The aim from this research is to analyze the effect of total financing in Islamic banking (PEM), Sharia Certificate of Bank Indonesia (SBIS) and export contribution to economic growth in Indonesia. The method that used in this study is error correction model (ECM). The result showed that in short-run SBIS gave a negative impact to economic growth, otherwise the total financing and export contribution didn’t have an impact to economic growth. In the long-run, total financing, SBIS, and export con...
2 CitationsSource
#1Nurul HudaH-Index: 7
view all 4 authors...
Buku ini adalah sebuah usaha kontruktif merespons perkembangan kontribusi terhadap pengembangan konsep dan teori ekonomi bernuansa islam, khususnya dalam bidang makroekonomi. karenanya tiga isu utama ekonomi makro pertumbuhan ekonomi, inflasi dan pengangguran akan menjadi fokus utama buku ini dan diuraikan dalam sembilan bab komorehensif
15 Citations
3 Citations
#2Budi SetyantoH-Index: 1
#3Budi SetyantoH-Index: 1
Last. Muhammad Arief MufraeniH-Index: 1
view all 2 authors...
Buku Pengenalan Eksklusif Ekonomi Islam ini mengulas serba-serbi ekonomi islam yang pembahasannya dibagi dalam 12 bab yaitu : 1. islam dan ekonomi; 2. sistem ekonomi islam; 3. kelangkaan dan pilihan; 4. permintaan dan penawaran dalam islam; 5. teori produksi; 6. distribusi pendapatan; 7. mekanisme pasar islam; 8. pendapatan nasional dalam perspektif islam; 9. kebijakan fiskal dalam ekonomi islam; 10. teori tentang uang; 11. kebijakan moneter dalam ekonomi islam; 12. lembaga keuangan islam di Ind...
16 Citations
Cited By0
Newest