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Proving Al-Maqrizi’S Concept Of The Determinants Of Inflation: Cross Border Analysis

Author

Listed:
  • Nashr Akbar

    (Tazkia Islamic University College, Indonesia)

  • Abdul Wahid al Faizin

    (Airlangga University, Indonesia)

Abstract

This research discusses the determinants of inflation according to Al-Maqrizi, one of Ibnu Khaldun’s disciples. He argued that inflation is caused by natural and human error factors; the latter include government corruption and the excess supply of non-metal money. This study conducts a critical review of the work of al-Maqrizi, ighatsatul ummah bi kasyfil ghummah, supported by a panel data regression of cross-country data related to rates of inflation, rates of corruption and the number of natural disasters. The empirical data show that the rate of inflation is positively related to human error factors: corruption, tax and money supply. The results indicate the relevance of al-Maqirizi’s postulates to the modern day economy. However, natural disasters are not proven to be a significant factor for inflation at the country level. This paper contributes to the importance of the study of classical Muslim scholars’ thinking in order to understand current economic problems and ways of solving them.

Suggested Citation

  • Nashr Akbar & Abdul Wahid al Faizin, 2019. "Proving Al-Maqrizi’S Concept Of The Determinants Of Inflation: Cross Border Analysis," Journal of Islamic Monetary Economics and Finance, Bank Indonesia, vol. 5(4), pages 873-890, November.
    • Handle: RePEc:idn:jimfjn:v:5:y:2019:i:4i:p:873-890
    DOI: https://doi.org/10.21098/jimf.v5i4.1142
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    More about this item

    Keywords

    Corruption; Inflation; Al-Maqrizi; Natural Disaster; Money Supply;
    All these keywords.

    JEL classification:

    • B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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