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Organic global cryptocurrency: towards a stable international monetary system that is closer to Maqāṣid Sharīʿah

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  • Abdurrahman Arum Rahman

Abstract

Purpose - The most prominent and persistent problems of our global monetary system are instability and imbalances. We propose an international monetary model to solve these problems while at the same time move the model closer to Maqāṣid Sharīʿah (objectives of Sharīʿah). We name this an organic global monetary model or abbreviated as OGM. OGM is an international monetary model directly built on the national monetary system of each member country so that the two can co-exist. Design/methodology/approach - Model design, theory and literature. Findings - The model can eliminate interest rates at the central bank level, create non-tradable international money, and make a more stable international monetary system. Originality/value - Original.

Suggested Citation

  • Abdurrahman Arum Rahman, 2020. "Organic global cryptocurrency: towards a stable international monetary system that is closer to Maqāṣid Sharīʿah," Islamic Economic Studies, Emerald Group Publishing Limited, vol. 28(1), pages 63-82, August.
    • Handle: RePEc:eme:iespps:ies-10-2019-0032
    DOI: 10.1108/IES-10-2019-0032
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    More about this item

    Keywords

    Global currency; Zero interest rate; Non-tradable money; E40; E50; F40; Q0; U0;
    All these keywords.

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
    • Q0 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General

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