Monetary systems, sustainable growth and inclusive economic development
AbstractThe main objective of this study is to review the literature on monetary issues and discuss how money and monetary systems contribute to the achievement of sustainable growth and inclusive economic development. The paper is based on an extensive review of literature that deals with monetary issues with the objective of building a case that the achievement of sustainable growth and inclusive economic development requires the right monetary system to be put in place which supports those objectives. The review of literature and theoretical reasoning assert that in order to achieve the stated economic objectives there is a need to develop and implement a different concept of money than the existing one. This study shows that the current monetary system does not provide a platform to achieve the desired economic objectives, irrespective of whether conventional or Islamic banking is the major banking and financial services provider. Theoretical models are outlined which can provide the foundation for healthy economic environment for sustainable growth and development. This including the discussion on a return to metallic moneys in form of the Islamic Gold Dinar system, a fiat monetary system based on the concept of Free-Money and a monetary model which is built on a commodity-based information system that can be easily implemented using today’s existing information and communication technology.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 44559.
Date of creation: 29 Jan 2013
Date of revision:
Economic growth; economic development; monetary systems;
Find related papers by JEL classification:
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-03-30 (All new papers)
- NEP-ARA-2013-03-30 (MENA - Middle East & North Africa)
- NEP-HPE-2013-03-30 (History & Philosophy of Economics)
- NEP-MAC-2013-03-30 (Macroeconomics)
- NEP-MON-2013-03-30 (Monetary Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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University of Western Ontario, Economic Policy Research Institute Working Papers
20054, University of Western Ontario, Economic Policy Research Institute.
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