THE RELATIVE STABILITY OF THE ISLAMIC MONETARY SYSTEM: SOME EVIDENCE FROM SUDAN
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Abstract
Proses Islamisasi yang dimulai di banyak negara Islam beberapa tahun yang lalu kini telah menjadi kenyataan, meskipun masih diperlukan pembukitan secara empirik. Dengan menggunakan data Sudan mencoha menguji hipotesis Darrat’s bahwa sistem moneter Islam lebih stabil tanpa aset yang mengandung bunga.
Dalam kaitan ini empat krireria operasional utama diuji dengan menggunakan integrasi dan kointegrasi dan model ECM. Kriteria-kriteria itu adalah system moneter Islam yang secara structural menstabilkan hubungan permintaan uang; ia menunjukkan supply uang yang bisa dikontrol, juga memeiliki jalur yang mandiri dengan tujuan kebijakan akhir
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