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Equilibrium in a Non-Interest Open Economy التوازن في اقتصاد مفتوح خال من الربا

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  • ABBAS MIRAKHOR

    (Research Department, International Monetary Fund)

Abstract

This paper analyzes an economy in which there are no interest-bearing assets, only equity shares. Equilibrium conditions are derived for the case of a closed economy, an open economy with trade in goods only, and finally one with trade in both goods and equity shares. It is shown that the rate of return to capital equilibrates savings and investment, that the differential between the domestic and foreign rates of return to equity determines the direction of capital flows, and that under a fixed exchange rate system, adjustments induced by exchange rate changes are channeled through the asset accounts. في هذا البحث تحليل لاقتصاد لا توجد فيه أصول ربوية بل فيه فقط أسهم ملكية. واستنبطنا في البحث الشروط اللازمة للتوازن بالنسبة لاقتصاد مغلق ، ثم بالنسبة لاقتصاد مفتوح للتجارة الخارجية في السلع فقط . وأخيراً بالنسبة لاقتصاد مفتوح للتجارة الخارجية في السلع والأسهم معا . ويظهر أن عائد رأس المال هو الذي يحقق التوازن بين الادخار والاستثمار وأن الفرق بين العائد الداخلي والعائد الخارجي للأسهم هو الذي يوجه حركة رؤوس الأموال. كما يظهر أنه في ظل نظام أسعار صرف ثابتة، فإن التعديلات الناشئة عن تغير سعر الصرف الخارجي تعمل من خلال حسابات الأصول.

Suggested Citation

  • Abbas Mirakhor, 1993. "Equilibrium in a Non-Interest Open Economy التوازن في اقتصاد مفتوح خال من الربا," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 5(1), pages 3-23, January.
    • Handle: RePEc:abd:kauiea:v:5:y:1993:i:1:no:1:p:3-23
    DOI: 10.4197/islec.5-1.1
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    References listed on IDEAS

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    Cited by:

    1. Al-Jarhi, Mabid Ali M. M., 2016. "An Economic Theory of Islamic Finance Regulation," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 24, pages 1-44.
    2. Hossein Askari & Noureddine Krichene & Abbas Mirakhor, 2014. "On the Stability of an Islamic Financial System," PSL Quarterly Review, Economia civile, vol. 67(269), pages 131-167.
    3. Mirakhor, Abbas, 2009. "Islamic Economics and Finance: An Institutional Perspective," MPRA Paper 56017, University Library of Munich, Germany.
    4. Mirakhor, Abbas, 2012. "Islamic Finance, Risk Sharing and Macroeconomic Policies," MPRA Paper 56338, University Library of Munich, Germany.
    5. Hossein Askari & Noureddine Krichene, 2014. "Islamic finance: an alternative financial system for stability, equity, and growth," PSL Quarterly Review, Economia civile, vol. 67(268), pages 9-54.
    6. Hossein Askari & Abbas Mirakhor, 2014. "Risk sharing, public policy and the contribution of Islamic finance," PSL Quarterly Review, Economia civile, vol. 67(271), pages 345-379.
    7. Mirakhor, Abbas & Krichene, Noureddine, 2009. "The Recent Crisis: Lessons for Islamic Finance," MPRA Paper 56022, University Library of Munich, Germany.
    8. Mirakhor, Abbas, 2010. "Whither Islamic Finance? Risk Sharing in An Age of Crises," MPRA Paper 56341, University Library of Munich, Germany.

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