نموذج نظري إسلامي داخلي الزمن للحساب الجاري

This paper aims to develop an Islamic intertemporal model of the current account based on the prevailing theoretical and empirical literature of PVMCA (Obstfeld and Rogoff 1996, Cerrato et al. 2014). The proposed model is based on the budget constraint of the present and future consumption, which depend on the obligatory Zakat from the income and assets, the return rate on the owned assets, the inheritance linking previous to subsequent generation. Using logarithmic utility function, featured by an unitary elasticity of intertemporal substitution and an unitary coefficient of relative risk aversion, we show through Euler equation of consumption that there is an inverse relationship between consumption growth from the last age to first one and the Zakat rate on assets. The outcomes of this result are that the Zakat on assets disciplines the consumer to have more rationality in consumption, and allows additional marginal assets for future generations. By assuming an unitary subjective discount rate, we indicate that more the return rate on assets is high, more the consumption growth between today and tomorrow will be fast. Through the budget constraint, if Zakat rate on the Zakatable assets is greater than Zakat rate on income, this leads to a relative expansion in private consumption of the wealthy group. Besides, we point out that an increase in return rate on assets, can drive to increasing or decreasing current consumption, because the substitution and income effects work in opposite ways. يهدف البحث إلى صياغة إسلامية لنموذج داخلي الزمن للحساب الجاري انطلاقا من النموذج النظري داخلي الزمن السائد في أدبيات الاقتصاد التحليلي والتطبيقي (Obstfeld and Rogoff 1996, Cerrato et al. 2014). يعتمد النموذج المقترح على صياغة قيد الميزانية للإستهلاك الحاضر والمستقبلي وذلك على أساس فرضية الزكاة على الدخل والأصول وعائد التوظيف المالي للأصول الممتلكة وفرضية عدم ترك الذرية عالة على المجتمع لربط الجيل السابق بالجيل اللاحق. باستخدام دالة المنفعة اللوغاريتمية والتي تتسم بأحادية مرونة الاستبدال الداخلي الزمن في الاستهلاك وبأحادية ...