Risk sharing in finance: the Islamic finance alternative by Askari, Hossein

By Askari, Hossein

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Debt and its uncontrolled growth are invariably at the core of banking and financial crises. Policymakers are cheered by the short-lived success of expansionary monetary policy; however, they seem to be unaware of the chaos that is almost certain to follow. A bull market is cheered on by the media and policymakers and is considered a policy success. But when this is followed by attempts to restrain credit expansion, it is invariably met by strong opposition from politicians and financial markets.

This, we believe, is a major source of economic crisis and will be discussed in greater detail in Chapter 2 and throughout this book. VII. INTERNATIONAL FINANCIAL INSTABILITY Countries are linked through trade and capital flows. Instability in one country is transmitted to other countries via trade and capital flows, and sometimes through labor movements and remittances. The devastating effects of exchange rate instability during the Great Depression led to reform of the international payments system in 1944, which established the Bretton Woods fixed exchange rates system and created the International Monetary Fund.

RISK SHARING IN FINANCE economists who studied it. More recently, in 1948, Maurice Allais published a book in support of the Chicago Plan; and Milton Friedman endorsed the plan in various forums, including congressional testimony, in 1975. The plan would replace the fractional reserve banking system by a 100 percent (in announced step increases of reserves requirement) reserve system of banking on checking accounts, eliminating the ability of banks to create money through the money multiplier; instead, banks would be warehousing and transferring money and would charge a fee for their services.

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