عنوان مقاله [English]
In this article, we try to comparatively examine the mechanisms and channels of monetary policy’s effects being transferred to the real sector, in the framework of neoclassical and Islamic banking systems. The question the present article seeks to answer is what the differences and similarities there are between Islamic and Neoclassical economics in terms of their mechanisms for transferring this effect.
Our hypothesis is that, besides there being some differences in terms of the kind of parameters and the quality of monetary policy’s effects, the Islamic attitude’s mechanisms for transferring the monetary policy’s effects are in direct interaction and correspondence with the reality and are directed toward reaching the monetary policy’s goals in Islamic economy. Our findings show that in the framework of Islamic economy, the basis for the policy’s effectiveness is the realization of the monetary policy’s main goal, that is, stabilizing and controlling the economy’s monetary fluctuations, and that any monetary policy ought to be performed paying attention to their effects on the economy’s real sectors. Moreover, we found that the main differences in consumption, investment and foreign trade spheres are due to the effecting parameters and there is no essential and fundamental difference with respect to the mechanisms, but rather the difference between these two attitudes is mainly rooted in the mode of effecting and making changes in the real sector.