Browse by Author "Sadr, Seyed Kazem"
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- PublicationThe economic system of the early Islamic period: institutions and policiesSadr, Seyed Kazem (Palgrave Macmillan, 2016)
This book provides an economic analysis of the earliest Islamic society, focusing on the policies of the Messenger of Islam (Sawa) and his successors during the first four formative decades of Islam. The author uses historical economic data, facts, and evidences that are reported from the period, both prior to and after establishment of the Islamic State, to explore the economic relations, policies, and models that were in practice and applied at that time.
- PublicationEstimation of capital stock in agricultural sub-sectors and the process of capital formation in Iran’s development plansHabibollah, Salami; Syabani, Zohreh; Sadr, Seyed Kazem (Tarbiat Modarres University, 2010)
The lack of statistics has hampered attempts to estimate fixed capital for the agricultural sub-sectors of Iran. Giving a non anonymous agreement on the depreciation rate of capital in machineries and constructions, an indirect method of estimation is employed using capital consumption statistics in different sub-sectors of input-output tables. In this study, capital stock is estimated in agricultural sub-sectors of Iran using the perpetual inventory method. According to the results of this paper, the capital stock in 2006 is estimated to be 53374.9 billion rials in cropping and horticulture, 24334.6 billion rials in animal husbandry, 4982 billion rials in forestry and rangelands and 16374.2 billion rials in fishery sub-sectors at constant 1997 prices, respectively. The findings based on the five year development plans of the country revealed that over the third development plan, the total agricultural capital stock, both in machinery and equipment and constructions, experienced the highest growth while during the second development plan, the machinery and equipment capital stock experienced the lowest growth. Moreover, during the first development plan and over the eight year war, the construction capital stock experienced the lowest growth.
- PublicationMoney demand in an interest free economyEsmaeili, Fatemeh; Sadr, Seyed Kazem; Noferesti, Mohammad (University of Tehran, 2012)
The objective of this study is to derive a money demand function compatible with the Islamic Economic Rules, i.e., Prohibition of Reba. This rule, evidently eliminates the loan market from the economy.Therefore, we propose that the Islamic financial markets could link the real and nominal sectors of the economy and provide the information needed by both the financial intermediaries and the Central Bank authorities to allocate financial and liquid assets, respectively. Meanwhile, the nature of speculative activities are discussed. and conditions that facilitate harmful speculative activities are identified and the policies that are required to eliminate those conditions are proposed. Based on this financial market model, both demand for and supply of financial resources as well as demand for money balances are derived. This demand for money balance is formulated as a function of rate of return of shares exchanged in the stock market, real GDP, and inflation rate. The estimation result of this function using the cointegrated maximum likelihood Johanson-Josilious method shows that the demand for money is a stable and significant function of the above mentioned variables. Specifically, the logarithm of the money demanded (m1) is a significant and negative function of dividend's rate of return, but positive and significant function of real GDP and inflation rate.
- PublicationThe role of Islamic legal institutions in transforming the structure of financial marketsSadr, Seyed Kazem (Monetary and Banking Research Institute, 2013)
This article aims to demonstrate the impact of legal institutions and Islamic principles on structure and performance of financial markets. The main impacts include the ban on asset creation based on debt and its prescription according to real value. As a result, money market is omitted from the structure of financial markets and usury including bonds and their derivatives are made forbidden. On the contrary, asset market and capital expand and financial institutions such as banks, stock market, and central bank manage the financial policies instead of creating money and implementing monetary policies.
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