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All Journal Gadjah Mada International Journal of Business International Journal of Islamic Business and Economics (IJIBEC) Journal of Islamic Monetary Economics and Finance
Abdul Ghafar Ismail
International Islamic University Malaysia (IIUM)
Economics, Econometrics & Finance

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ISLAMIC ENDOGENOUS MONEY: EVIDENCE FROM THE ISLAMIC BANKING SYSTEM IN INDONESIA AND MALAYSIA Umam, Khoirul; Ismail, Abdul Ghafar; Tohirin, Achmad; Sriyana, Jaka
Journal of Islamic Monetary Economics and Finance Vol. 7 No. 3 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i3.1351

Abstract

This paper proposes a theoretical model of endogenous Islamic money and empirically analyses the endogeneity of Islamic money supply under fiat and fractional reserve systems. The causal relations between Islamic money and macro and financial variables are assessed using the autoregressive distributed lag (ARDL) model and error-correction modelling (ECM). The results suggest that the greater the maturity and the larger the asset share in the Islamic financial system, the better the endogeneity of money. They also reveal that the profit and loss sharing system can connect the economy to money, minimise the exogenous potential of the fractional reserve requirement system, and eliminate the exogenous feature of the fiat money system. Accordingly, the study argues that an Islamic endogenous money system can be developed in fiat and fractional reserve banking systems.
Co-Authors Agus Munandar, Agus Ahmad, Zuriyati Alma’amun, Suhaili Fachrunnisa, Olivia Ismadi Ismail Ismail, Mohd Adib Jaka Sriyana Khoirul Umam Mislan Cokrohadisumarto, Widiyanto bin Mohammad Soleh Nurzaman Mohd. Shafiai, Muhammad Hakimi Nur Azura Sanusi Putri Bintusy Syathi, Putri Bintusy Rosilawati Amiruddin Sari, Yuli Indah Shahimi, Shahida Shaikh, Salman Ahmed Siswantoro, Dodik Sri Nurhayati Tohirin, Achmad Zahari, Siti Aisyah Zakaria Bahari