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Macroeconomic Relations in the Islamic Economy: Experimental Case Study of Malaysia, 1970–85

In: The Principles of Islamic Political Economy

Author

Listed:
  • Masudul Alam Choudhury

    (University College of Cape Breton)

Abstract

In Chapter 6, the system of equations (6.18)–(6.25) and (6.26)–(6.28) showed the general forms of relations among critical macroeconomic variables in the Islamic economy. These forms were then shown to result in the expenditure sector equation and the monetary sector equation. It was indicated also that these general forms of equations could be modified by adding or dropping some variables, and by building in different time-lag structures to the variables. The equations could be expressed in alternative linear forms, such as the log-linear form. The expected signs of the regression coefficients were indicated. These signs are important in showing the direction of change between selected variables. In all these, the central objective was to note the influence that the rate of profit (replacing the rate of interest) and zakah expenditure, as macroeconomic variables, would have on the other variables of the model system. We now turn to an empirical examination of these relationships.

Suggested Citation

  • Masudul Alam Choudhury, 1992. "Macroeconomic Relations in the Islamic Economy: Experimental Case Study of Malaysia, 1970–85," Palgrave Macmillan Books, in: The Principles of Islamic Political Economy, chapter 7, pages 191-235, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-22439-5_8
    DOI: 10.1007/978-1-349-22439-5_8
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