Economic Jurisprudence Review of Alternative Bond Instruments

One of the important roles of the banking system, and in its belief, is its most important role in controlling and directing the key variables of macroeconomics through the implementation of monetary policies. The experience of recent years has shown that countries with the wisdom of wisdom policies have paid the most attention to the supply of money, have had the least volatility in nominal income. Conversely, those who have paid the least attention to monetary policy have experienced the most fluctuations in nominal income. And on this basis, the Iranian banking law also refers to the responsibility of regulating the management and control of the circulation of money and credit as one of the functions of the banking system. Central banks to achieve monetary policy objectives (to achieve a sustainable growth and employment). Acceptance and fixing of the general level of prices and the creation of a balance in the balance of foreign payments have various tools that have undergone changes over time and evolved day by day. Some of them, such as: changing the reserve rate, changing the discount rate Re-open, open market operations, and quantitative and qualitative control of credits, in banker's literature They have opened up as standard tools and have been practiced in most countries of the world. After the victory of the Islamic Revolution, in line with the changes in the law on banking operations in Iran, monetary policy instruments also changed, and in this regard (open market operations), which today The most important tool is monetary policy, it faces a legal problem and goes out of hand. By the time of this transformation, money and banking experts and Muslim economists thought of designing new tools.