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Central Banking and Monetary Policy in Muslim-Majority Countries
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Central Banking and Monetary Policy in Muslim-Majority Countries

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  • Akhand Akhtar Hossain

Abstract

This book reviews key aspects of central banking and monetary policy in selected Muslim-majority countries. While reviewing country-specific experiences and issues in inflation and monetary policy, and analysing them from an historical context, emphasis is given to the evolution of Islamic banking and finance and the consequent institutional developments for maintaining price stability. One recurring theme is that, although Islamic banking and finance may have created some complexities, it remains consistent with Classical monetary theory and has created opportunities for improving the infrastructure of central banks and monetary policy to maintain both price and economic stability. The introduction of Islamic banking and finance strengthens the argument for low and stable inflation and rule-based monetary policy. Monetary policy frameworks in these countries include exchange-rate pegging, monetary targeting and inflation targeting under varied restrictions on capital flows. Macroeconomic problems under these regimes are also highlighted and their policy implications drawn.

Individual chapters are listed in the "Chapters" tab

Suggested Citation

  • Akhand Akhtar Hossain, 2015. "Central Banking and Monetary Policy in Muslim-Majority Countries," Books, Edward Elgar Publishing, number 14612.
    • Handle: RePEc:elg:eebook:14612
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    References listed on IDEAS

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    1. A. Hakan Kara, 2012. "Monetary Policy in Turkey After the Global Crisis," Working Papers 1217, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    2. K. Azim Ozdemir & Paul Turner, 2005. "The Demand for Base Money in Turkey : Implications for Inflation and Seigniorage," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 5(1), pages 1-8.
    3. Mohsen Bahmani-Oskooee & Muge Karacal, 2006. "The demand for money in Turkey and currency substitution," Applied Economics Letters, Taylor & Francis Journals, vol. 13(10), pages 635-642.
    4. Chaido Dritsaki & Melina Dritsaki, 2012. "The Stability of Money Demand: Some Evidence from Turkey," The IUP Journal of Bank Management, IUP Publications, vol. 0(4), pages 7-28, November.
    5. Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 39(3), pages 106-135.
    6. Akhand Akhtar Hossain, 2009. "Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 12777.
    7. A. Hakan Kara, 2008. "Turkish Experience With Implicit Inflation Targeting," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 8(1), pages 1-16.
    8. Mathieu Dufour & Ozgur Orhangazi, 2009. "The 2000-2001 Financial Crisis in Turkey: A Crisis for Whom?," Review of Political Economy, Taylor & Francis Journals, vol. 21(1), pages 101-122.
    9. Irfan Civcir, 2003. "Money demand, financial liberalization and currency substitution in Turkey," Journal of Economic Studies, Emerald Group Publishing, vol. 30(5), pages 514-534, October.
    10. TF. Nas & MJ. Perry, 2000. "Inflation, inflation uncertainty, and monetary policy in Turkey: 1960–1998," Contemporary Economic Policy, Western Economic Association International, vol. 18(2), pages 170-180, April.
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    Cited by:

    1. Hemantha K.J. Ekanayake, 2017. "The Evolution of Central Banking and Monetary Policy in the Asia-Pacific by Akhand Akhtar Hossain Edward Elgar Publishing Limited, UK, 2015 Pp. 636. ISBN: 978 0 85793 780 3," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 31(2), pages 159-160, November.
    2. Ghlamallah, Ezzedine & Alexakis, Christos & Dowling, Michael & Piepenbrink, Anke, 2021. "The topics of Islamic economics and finance research," International Review of Economics & Finance, Elsevier, vol. 75(C), pages 145-160.
    3. Akhand Akhtar Hossain & Popkarn Arwatchanakarn, 2016. "Inflation and inflation volatility in Thailand," Applied Economics, Taylor & Francis Journals, vol. 48(30), pages 2792-2806, June.
    4. Hossain, Akhand Akhtar, 2016. "Inflationary shocks and real output growth in nine Muslim-majority countries: Implications for Islamic banking and finance," Journal of Asian Economics, Elsevier, vol. 45(C), pages 56-73.
    5. Akhand Akhtar Hossain, 2015. "The Evolution of Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 14611.

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    Keywords

    Asian Studies; Economics and Finance;

    JEL classification:

    • F5 - International Economics - - International Relations, National Security, and International Political Economy

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