Expansionary monetary policy in key industrial countries and a rapidly depreciating US dollar sent commodity prices soaring at unprecedented rates during 2003-2007. In contrast, consumer price indices in major OECD countries, a leading indicator for monetary policy, showed almost no inflation....

The United States maintains a broad spectrum of economic sanctions against China ranging from export controls to prohibitions on certain imports. Our study finds that, although from a macroeconomic perspective, US sanctions have had no significant adverse effect on China's overall economic...

In this paper, the foundational rules governing human, economic and financial development in Islam, as understood from the Qur'ān and from the life and traditions of the Prophet Muhammad (pbuh), are summarized. These rules pave the path to development as the basis of institutional structure,...

The organization of the paper is simple. We start by examining the real effects of anticipated inflation in an economy that has fully adapted to inflation. In particular, in this economy: (i) public institutions are fully attuned to inflation (or inflation proof), (ii) the same is true of...

We argue that in an unreliable enforcement regime, transactions tend to become intermediated through institutions or concentrated among agents bound by some form of private enforcement. Provision of funding shifts from risk capital to debt, and from markets to institutions with long term...

There are more than one billion Muslims in the world and they account for roughly 5 per cent of the world's GNP. Some people estimate that Islamic banking will be responsible for managing up to 50 per cent of savings in the Islamic world within the next five to ten years. Recent developments in...

There are more than one billion Muslims in the world and they account for roughly 5 per cent of the world's GNP. Some people estimate that Islamic banking will be responsible for managing up to 50 per cent of savings in the Islamic world within the next five to ten years. Recent developments in...

While financial crises during the 1990s have started a lively debate on IMF policies toward member countries, reform of the Fund's organisational structure and operations have been largely ignored. Improved organisation and operations would increase IMF efficiency and membership participation,...