Yıl 2015, Cilt 1, Sayı 2, Sayfalar 87 - 111 2015-07-01

The Chicago Plan from the Lenses of Islamic Finance: Implications for Financial Stability and Indebtedness

Tarık AKIN [1] , Muhammed Habib DOLGUN [2]

112 260

As a response to the Great Depression of 1930s, some prominent US economists came up with the “Chicago Plan”, which proposed full reserve banking backed by government-issued money and separation of the monetary and credit functions of the banking system as important pre-conditions for financial stability. The idea behind the Chicago Plan can be confidently claimed as a conventional version of the Islamic precepts of risk-sharing, deposits for safe-keeping and prohibition of debt financing. What makes the Chicago Plan relevant and important for today is that the latest Global Crisis once more underlined the simple fact that “this time is not different” so policy-making needs fresh and even radical reconsideration of the theory and policies. The Chicago Plan is indeed such a radical look into the gist of the problem. Moreover, the Chicago Plan and the discussions around it provide an invaluable benchmark to understand the great potential of the Islamic finance on financial stability. This paper examines theoretical underpinnings of the Chicago Plan; its relevance to Islamic finance and financial stability. Following the theoretical part, the modus operandi of the Chicago Plan is illustrated by using sectoral balance sheets of the main sectors
The Chicago Plan, 100% reserve banking, Islamic finance
Konular
Diğer ID JA83DM75NY
Dergi Bölümü Makaleler
Yazarlar

Yazar: Tarık AKIN

Yazar: Muhammed Habib DOLGUN

Bibtex @ { ijisef313861, journal = {International Journal of Islamic Economics and Finance Studies}, issn = {2149-8393}, eissn = {2149-8407}, address = {Politik Ekonomik ve Sosyal Araştırmalar Merkezi}, year = {2015}, volume = {1}, pages = {87 - 111}, doi = {}, title = {The Chicago Plan from the Lenses of Islamic Finance: Implications for Financial Stability and Indebtedness}, key = {cite}, author = {AKIN, Tarık and DOLGUN, Muhammed Habib} }
APA AKIN, T , DOLGUN, M . (2015). The Chicago Plan from the Lenses of Islamic Finance: Implications for Financial Stability and Indebtedness. International Journal of Islamic Economics and Finance Studies, 1 (2), 87-111. Retrieved from http://dergipark.gov.tr/ijisef/issue/29333/313861
MLA AKIN, T , DOLGUN, M . "The Chicago Plan from the Lenses of Islamic Finance: Implications for Financial Stability and Indebtedness". International Journal of Islamic Economics and Finance Studies 1 (2015): 87-111 <http://dergipark.gov.tr/ijisef/issue/29333/313861>
Chicago AKIN, T , DOLGUN, M . "The Chicago Plan from the Lenses of Islamic Finance: Implications for Financial Stability and Indebtedness". International Journal of Islamic Economics and Finance Studies 1 (2015): 87-111
RIS TY - JOUR T1 - The Chicago Plan from the Lenses of Islamic Finance: Implications for Financial Stability and Indebtedness AU - Tarık AKIN , Muhammed Habib DOLGUN Y1 - 2015 PY - 2015 N1 - DO - T2 - International Journal of Islamic Economics and Finance Studies JF - Journal JO - JOR SP - 87 EP - 111 VL - 1 IS - 2 SN - 2149-8393-2149-8407 M3 - UR - Y2 - 2019 ER -
EndNote %0 Uluslararası İslam Ekonomisi ve Finansı Araştırmaları Dergisi The Chicago Plan from the Lenses of Islamic Finance: Implications for Financial Stability and Indebtedness %A Tarık AKIN , Muhammed Habib DOLGUN %T The Chicago Plan from the Lenses of Islamic Finance: Implications for Financial Stability and Indebtedness %D 2015 %J International Journal of Islamic Economics and Finance Studies %P 2149-8393-2149-8407 %V 1 %N 2 %R %U
ISNAD AKIN, Tarık , DOLGUN, Muhammed Habib . "The Chicago Plan from the Lenses of Islamic Finance: Implications for Financial Stability and Indebtedness". International Journal of Islamic Economics and Finance Studies 1 / 2 (Temmuz 2015): 87-111.