ANALYSIS OF RUPIAH REDENOMINATION ON INFLATION, ANTI-CORRUPTION, AND ITS RELEVANCE FROM THE PERSPECTIVE OF MAQASHID SHARIAH
DOI:
https://doi.org/10.54783/mp89gg25Keywords:
Redenomination, Inflation, Anti-Corruption Governance, Islamic Economics, Maqaṣid al- Shari'ahAbstract
Redenomination is a monetary policy that aims simplify the nominal value of the currency without change its real value, but its effectiveness is greatly influenced by stability price, expectations inflation, and conditions institutional a country. In perspective Islamic economics, monetary policy No can separated from moral values, principles justice, and purpose maqaṣid al- syari'ah, especially hifz al-mal (protection property). Research This analyze relatedness between redenomination, dynamics inflation, and governance anti-corruption through study literature conceptual that combines theory classical and contemporary Islamic economics as well as international empirical findings. Research results show that success redenomination is highly dependent on stability monetary and lowlevel corruption, because corruption weaken credibility authority monetary and worsen expectation inflation. In addition, redenomination only in line with maqaṣid al- shari'ah if implemented in a way transparent, accountable, and capable avoid public from gharar (ambiguity) and potential speculation price. This study give contribution theoretical with offer framework monetary policy evaluation based maqaṣid al- syari'ah which integrates dimensions ethical, institutional, and monetary.
References
1. Alesina , A., & Barro, R. (2002). Currency unions. Quarterly Journal of Economics, 117 (2), 409–436.
2. Askari, H., Iqbal, Z., & Mirakhor, A. (2015). Introduction to Islamic institutions and the Islamicity Index. Wiley.
3. Barro, R. J. (1991). Economic growth in a cross section of countries. Quarterly Journal of Economics, 106 (2), 407-443.
4. Beck, T., Degryse, H., & Kneer, C. (2018). The real effects of redenomination. Journal of Money, Credit and Banking. https://doi.org/10.1111/jmcb.12522
5. Chapra, M.U. (1992). Islam and the economic challenge. The Islamic Foundation.
6. Chapra, M.U. (1996). The future of economics: An Islamic perspective. The Islamic Foundation.
7. Chapra, M.U. (2000). The Islamic vision of development in the light of maqasid al-Shariah. Islamic Research Institute.
8. De Fiore, F., Ottaviano, G., & Vesely, J. (2019). Credibility and currency reform. European Central Bank Working Paper Series. https://doi.org/10.2866/56468
9. Ibn Khaldun. (2005). The Muqaddimah: An introduction to history (F. Rosenthal, Trans.). Princeton University Press.
10. Ibn Taymiyyah. (2004). Majmu ' al- Fatawa (Vol. 29). Dar al-Wathan.
11. Iqbal, Z., & Mirakhor, A. (2011). An introduction to Islamic finance: Theory and practice. Wiley.
12. Kahf, M. (2003). The Islamic economy: Analytical perspective of the functioning of the Islamic economic system. Islamic Research and Training Institute (IRTI).
13. Khan, M. S., & Ssnhadji, A. (2019). Inflation in developing economies. IMF Occasional Paper.
14. Krugman, P. R., & Obstfeld, M. (2018). International economics: Theory and policy (11th ed.). Pearson.
15. Lledó, V., & Yackovlev, I. (2017). Redenomination experiences and lessons. IMF Fiscal Affairs Department Report.
16. Mankiw, NG (2021). Principles of macroeconomics (9th ed.). Cengage Learning.
17. Mosley, P. (2010). Fiscal policy and the determinants of governance. World Development, 38 (12), 1678–
1694.
18. OECD. (2005). Turkey: Maintaining growth in a challenging environment. https://www.oecd.org/turkey/34987393.pdf
19. Rother, P. (2005). Why has inflation in Turkey been so persistent? IMF Working Paper 05/24.
20. Rose-Ackerman, S., & Palifka, B. (2016). Corruption and government: Causes, consequences, and reform. Cambridge University Press.
21. Siddiqi, MN (1996). Role of the state in the economy: An Islamic perspective. The Islamic Foundation.
22. Transparency International. (2022). Corruption Perceptions Index 2022.
https://www.transparency.org/en/cpi/2022
23. Zaman, A. (2009). Islamic economics: A survey of recent literature. Journal of Economic Literature, 47 (4), 1065–1095.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Iqtishaduna : International Conference Proceeding
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
1.png)
