Askari and Krichene provide a comprehensive background for recent
international financial crises rapid expansion of interest-bearing
debt and monetary expansion though the fractional reserve banking
system. In this context, the authors provide an analysis of the
experience and issues associated with international payments
systems the various forms of the gold standard, the Bretton Woods
system and the present system of flexible exchange rates. The
authors go on to examine the case for fixed exchange rates (gold
standard and other interesting variations) anchored in Islamic
finance. The message of this book is that the gold standard could
provide a solution for addressing international financial
instability if and only if it is anchored in 100% reserve banking,
which is an essential pillar of Islamic finance.
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