The Necessity of Improving Iran's Central Bank Independency in an Islamic Perspective: Focusing on Inflation control
Author(s):
Abstract:
A significant part of inflation is rooted in monetary policies which are managed by central banks, particularly in countries, like Iran, with chronic structural inflation. However, demand push, speculative behaviors, seasonal fluctuations and etc can be effective in this regard too. The most obvious consequence of inflation is reducing the purchasing power of national currency as part of the people assets.
This phenomenon in an Islamic perspective can be interpreted as "flaw in other's properties" that have been repeated in the Quran verses and the traditions of the Ahlul Bayt (as) and people and the Islamic state have been obliged to avoid it. So it seems that, in an Islamic country (including Iran), the government would be responsible for flaw in citizen properties caused by its irresponsible (inefficient monetary) policies and must compensate it as well. Quantifying the exact amount of this loss can be difficult. Meanwhile it seems that (deviation from) Core Inflation could be a proper criterion for estimating liability volume of government.
This article discussed that, in an Islamic context, in order to minimize this liability, as a basic ethical role, improving the Irans central bank independency and extracting monetary policies from fiscal and budget policies of government is a necessity.
This phenomenon in an Islamic perspective can be interpreted as "flaw in other's properties" that have been repeated in the Quran verses and the traditions of the Ahlul Bayt (as) and people and the Islamic state have been obliged to avoid it. So it seems that, in an Islamic country (including Iran), the government would be responsible for flaw in citizen properties caused by its irresponsible (inefficient monetary) policies and must compensate it as well. Quantifying the exact amount of this loss can be difficult. Meanwhile it seems that (deviation from) Core Inflation could be a proper criterion for estimating liability volume of government.
This article discussed that, in an Islamic context, in order to minimize this liability, as a basic ethical role, improving the Irans central bank independency and extracting monetary policies from fiscal and budget policies of government is a necessity.
Keywords:
Language:
Persian
Published:
Islamic Economics & Banking, Volume:5 Issue: 16, 2017
Pages:
135 to 146
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