فصلنامه اقتصاد اسلامی
پیاپی 61 (بهار 1395)

One of the religion’s impacts on the economic behavior is its impact on goods consumption. In this research, we have tried to assess the religious capital’s impact on the necessary and luxury goods consumption. Consumption data for the research have been obtained from the results of the surveys made on urban households’ income and spending, collected on a yearly basis by the Iranian Census Bureau. The research models have been assessed by the panel data econometric method for the country’s provinces for the period 1382-1391. The results show that the religious capital can have an effect on households’ consumption of and their budget allocation on luxury and necessary goods.

The economic system’s optimum functionality in the society requires efficient, complementary and powerful real and financial sectors. The efficient financial sector’s role is to optimally allocate the economy’s scare resources among different sectors. Each of these two sectors’ inadequate activity will adversely affect the other’s function as well. Symmetric information - honesty - shared between economic agents is a requirement for financial markets to be efficient. The present article’s main objective is to examine the effect of honesty in financial markets on investment and production.
The sample examined in this research consists of a representative of developed countries (G8) and a representative of developing countries for the period 1993-2012 and the method adopted is panel data. The article is presented in two theoretical and empirical parts. The theoretical part’s findings show that as honesty increases, the costs of financial intermediaries, price and the capital rent rate will decrease, and, in a stable environment, investment, capital accumulation and production will increase and so will lead to an increase in the public prosperity and consumption. The empirical model’s findings confirm those of the theoretical part and show that in both groups of countries, as honesty in the financial market increases, production and economic growth will increase as well.

In the Islamic (Riba-free) banking system, resources allocation is done via Islamic contracts. By these contracts, the banks provide the customers with the facilities they need in the framework of Islamic contracts. Our main goal, here, is to examine Islamic contracts’ impact on the unemployment rate in the Iranian economy. Thus, applying the bounds testing and autoregressive distributed lag modeling (ARDL) approaches, we have used season data for the years 1379-1392. The results show that among the Islamic contracts, only the growth rate of exchange contracts’ reserve has a negative effect on the unemployment rate. In other words, as the exchange contracts increase, the unemployment rate in the Iranian economy decreases, while the growth rate of Musharakah and Qard-ul-hasanah contracts’ reserve have a positive effect. The model’s estimated error correction coefficient shows that 36 percent of the imbalance of the unemployment rate will be adjusted in the next period.

In this article, we try to comparatively examine the mechanisms and channels of monetary policy’s effects being transferred to the real sector, in the framework of neoclassical and Islamic banking systems. The question the present article seeks to answer is what the differences and similarities there are between Islamic and Neoclassical economics in terms of their mechanisms for transferring this effect.
Our hypothesis is that, besides there being some differences in terms of the kind of parameters and the quality of monetary policy’s effects, the Islamic attitude’s mechanisms for transferring the monetary policy’s effects are in direct interaction and correspondence with the reality and are directed toward reaching the monetary policy’s goals in Islamic economy. Our findings show that in the framework of Islamic economy, the basis for the policy’s effectiveness is the realization of the monetary policy’s main goal, that is, stabilizing and controlling the economy’s monetary fluctuations, and that any monetary policy ought to be performed paying attention to their effects on the economy’s real sectors. Moreover, we found that the main differences in consumption, investment and foreign trade spheres are due to the effecting parameters and there is no essential and fundamental difference with respect to the mechanisms, but rather the difference between these two attitudes is mainly rooted in the mode of effecting and making changes in the real sector.

In the conventional financial system the credit cooperatives are widely exploited to decrease poverty and satisfy the households’ minor needs. These cooperatives are active in the Iranian economy as well, but they are confronted with some shortcomings as regards different aspects, some of which are the existence of free cooperatives, lack of proper regulations regarding credit cooperatives, unconventional rates for deposits and loans, lack of proper managerial structure and lack of clear jurisprudential basis.
The present article tries to resolve these problems and, in order to do so, besides taking advantage of the experience of Iran and other countries, designs a desired model for Iranian credit cooperatives, consistent with Imamiah jurisprudence, using the method of interviewing the experts and analyzing the results. In this model, credit cooperatives are formed according to company contract, using the capital of members having one feature in common, and in order for the new members to be able to join them the multiple common link can be exploited. In this model the credit cooperatives, besides utilizing membership fees, use the members’ deposits as a supplementary resource, and through the contracts of Qard-ul-Hasanah, Murabahah, Istisna, Ijarah Bittamlik and Dain purchasing, offer loans and are regulated by the central bank, a national and professional institution. On the basis of our findings, credit cooperatives, while offering loans with rates lower than those of banks, accept deposits with fair rates.

The issue of debt creation in the conventional banking system is a major problem which has drawn much attention after 2008 crisis. One of the main issues in Islamic banking is credit creation, as well. The economists have different viewpoints in this regard. In the viewpoint of Martyr Sadr, credit creation, if in compliance with jurisprudential standards, is possible in Islamic banking. However, is credit creation model based on his thoughts the same as the model in the conventional banking system?
In this research, adopting the analytical method and using a conceptual model of credit creation process, we have introduced the jurisprudential standards, in compliance with Martyr Sadr’s thoughts, about credit creation in Islamic banking, and in the framework of money multiplier in the context of Shariah’s effect, we have offered a model of credit creation in Islamic banking on the basis of his thoughts. The hypothesis, here, is that there is a difference between credit creation process in the viewpoint of Martyr Sadr and that of the conventional banking system. The results suggest that Shariah's effects, including credit applicant’s being debtor, the commitment to fulfill Qabz provision, bank’s trust in the information provided by the loan applicant, and Qarz contract’s being allowed and obligatory, affect the money multiplier and are the difference between credit creation model in the viewpoint of Martyr Sadr and that of the conventional banking system.