ارزیابی نحوه مواجهه با بی ثباتی ذاتی بانکداری ذخیره جزئی در بانکداری اسلامی

نوع مقاله : مقاله پژوهشی

نویسنده

استادیار دانشکده اقتصاد دانشگاه تهران، تهران، ایران.

10.30497/ies.2025.246845.2242

چکیده

ثبات مالی به عنوان یکی از اهداف بانک­های مرکزی پس از بحران مالی 2008 اهمیت بیشتری یافته است. تنظیم­گری بر بانک­ها مهمترین راهبرد مقام ناظر در راستای تامین ثبات مالی تلقی می­گردد و متناسب با افزایش اهمیت ثبات مالی که پس از هر بحران مالی فراگیر، تکرار می­شود، اصلاحاتی نیز در چارچوب تنظیم­گری شبکه بانکی اتفاق می­افتد. تکرار وقوع بحران­های مالی نشان­ داده است تنظیم­گری علی­رغم اصلاحاتی که به خود دیده، نتوانسته از وقوع مجدد بحران بانکی جلوگیری نماید. این مقاله با روش تحلیلی توصیفی، نشان می­دهد که ریسک ذاتی نقدینگی به عنوان عامل اصلی بی­ثباتی بانک­ها، ریشه در ریسک نقدینگی ذاتی موجود در زندگی آحاد اقتصادی و شوک­های انفرادی بیمه ناپذیر آن­ها داشته و در نظام بانکداری ذخیره جزئی صرفا به بانک منتقل شده است. اما بسیاری از اقتصاددانان مسلمان در مواجهه با این بی ثباتی ذاتی نظام پولی اسلامی را در چهارچوب نظام بانکداری با ذخایر کامل تعریف کرده­اند اما در این مقاله سعی شده است با شفاف ساختن وجوه مغفول نزد آن متفکران، چهارچوب تصمیم­گیری جامع­تری تعریف شود که در ضمن آن علاوه بر مقوله ثبات مالی به ثبات قیمتی و تامین مالی رشد اقتصادی نیز توجه شده باشد. از آنجایی­که رشد اقتصادی و ارتقاء سطح زندگی مردم در اقتصاد اسلامی محوریت داشته و به تعبیر شهید صدر (ره) از جمله نقاط اشتراک اقتصاد اسلامی با اقتصاد سرمایه­داری است و از سوی دیگر این معیار با معیار ثبات مالی تزاحم دارد، به نظر می­رسد جمع بندی غیر مشروط و مطلق مبنی بر اینکه نظام پولی اسلامی در چهارچوب نظام بانکداری ذخیره کامل است جمع­بندی دقیقی نباشد.

کلیدواژه‌ها

عنوان مقاله [English]

An Assessment of How Islamic Banking Addresses the Inherent Instability of Fractional Reserve Banking

نویسنده [English]

  • meysam khosravi

Assistant Professor, Economics Faculty, University Of Tehran, Tehran, Iran.

چکیده [English]

Financial stability has gained significant importance as a central goal for central banks following the 2008 financial crisis. Bank regulation is widely regarded as the primary strategy for supervisory authorities to ensure financial stability. However, despite repeated reforms in the regulatory framework of the banking sector after each major financial crisis, these measures have proven insufficient in preventing the recurrence of banking crises. This article employs a descriptive-analytical approach to argue that the inherent liquidity risk, a key driver of bank instability, stems from the uninsurable individual shocks faced by economic entities and the liquidity risks embedded in their lives. In the banking system, fractional reserve practices have merely transferred these risks to banks. In response to this inherent instability, many Muslim economists have proposed an Islamic monetary system based on a full-reserve banking framework. However, this article highlights critical oversights in these proposals and seeks to develop a more comprehensive decision-making framework. This framework not only addresses financial stability but also emphasizes price stability and the financing of economic growth. Given that economic growth and improving living standards are central to Islamic economics—and, as noted by Martyr Sadr, represent common ground between Islamic and capitalist economies—the article argues that an unconditional endorsement of a full-reserve banking system as the sole model for an Islamic monetary system is inadequate. Such a model fails to reconcile the potential conflict between financial stability and the imperative of fostering economic growth. Therefore, this article calls for a more nuanced approach that balances these competing objectives within the Islamic economic framework.

کلیدواژه‌ها [English]

  • Financial Crisis
  • Financial Stability
  • Fractional Reserve Banking
  • Islamic Banking
آیت الله شهید مرتضی مطهری،(1364)، مساله ربا و بانک، انتشارات صدرا، تهران.
حسینی دولت آبادی, سید مهدی (1395)ترتیبات خلق پول از منظر اقتصاد متعارف و اقتصاد اسلامی. با تأکید بر نرخ ذخیره قانونی. رساله دکتری علوم اقتصادی. دانشگاه تهران، تهران.
خسروی، میثم؛ ندری، کامران. (1399). نقدی بر نظریه بهره بانکی در مطالعات بانکداری اسلامی با تکیه بر تأثیر خلق پول در تعیین نرخ بهره. مطالعات اقتصاد اسلامی 12(2)، 1-34.
 خسروی، میثم؛ سبحانی، حسن. (1403). بی ثباتی نظام بانکی متعارف و دلالت­های آن برای نظام مالی اسلامی. اقتصاد اسلامی، 24(95)، 25-45.
راغب اصفهانی، حسین بن محمد (1370). مفردات ألفاظ القرآن،؛ صفوان عدنان داوودی، بیروت، دار الشامیة.
صدر سید محمدباقر ؛ (1403). گزیده آثار، مهدی زندیه،5، سوم، قم،‌ دارالصدر.
طباطبایی، محمد حسین. (۱۳۵۲–۱۳۵۱). المیزان فی تفسیر القرآن (ج ۱–۲۰). بیروت - لبنان: مؤسسة الأعلمی للمطبوعات.
ندری، کامران؛ قلیچ، وهاب؛ میسمی، حسین (1392): نقش نظام بانکداری اسلامی در کاهش زمینه‌های ایجاد بحران‌های مالی. دو فصلنامه جستارهای اقتصادی ایران 10 (19)، صص. 9–40.
نوروزی، پیام؛ باف، مسعود زینلی دستمال; حسینی، سیده محبوبه (1394): ویژگی‌های بانکداری اسلامی در کاهش بحران‌های مالی نسبت به بانکداری متعارف. مجله اقتصاد و بانکداری اسلامی 4 (13)، pp. 109–130.
کمیجانی، اکبر ؛ ابریشمی، حمید و سیدعلی روحانی، (۱۳۹۷). ماهیت بانک و فرایند خلق پول بانکی؛ نقد دیدگاه‌های رایج و دلالت ها، دو فصلنامه جستارهای اقتصادی ایران، ۱۵،(29)، ۹-۳۸. magiran.com/p1844710
 
Baeriswyl, Romain (2014): Intertemporal discoordination in the 100 percent reserve banking system. Working Paper.
Basel Committee on Banking Supervision (2010): Basel III: A global regulatory framework for more resilient banks and banking systems, revised 2011.
Basel Committee on Banking Supervision (2013): Basel III: The Liquidity Coverage Ratio and liquidity risk monitoring tools.
Basel Committee on Banking Supervision (2017): finalising basel III.
Becker, Gary S. (1983): A theory of competition among pressure groups for political influence. In The Quarterly Journal of Economics 98 (3), pp. 371–400.
Berger, Allen N.; Klapper, Leora F.; Turk-Ariss, Rima (2008): Bank Competition and Financial Stability. In journal of financial services research 35 (2), pp. 99–118. DOI: 10.1007/S10693-008-0050-7.
Blum, Jürg (1999): Do capital adequacy requirements reduce risks in banking? In Journal of Banking & Finance 23 (5), pp. 755–771.
Cecchetti, Stephen G., Marion Kohler, and Christian Upper. Financial crises and economic activity. No. w15379. National Bureau of Economic Research, 2009.
Cochrane, John H. (2014): Toward a run-free financial system. In Across the great divide: New perspectives on the financial crisis 13.
Darrat, Ali F. (1988): The Islamic interest-free banking system: some empirical evidence. In Applied Economics 20 (3), pp. 417–425.
Demeulemeester, Samuel (2015): The 100% money proposal and its implications for banking: The Currie-Fisher approach versus the Chicago Plan approach. In Université Paris.
Diamond, Douglas W.; Dybvig, Philip H. (1983): Bank runs, deposit insurance, and liquidity. In Journal of political economy 91 (3), pp. 401–419.
Diamond, Douglas W.; Rajan, Raghuram G. (2001): Liquidity risk, liquidity creation, and financial fragility: A theory of banking. In Journal of political economy 109 (2), pp. 287–327.
Djelic, M. L., & Bothello, J. (2013). Limited liability and its moral hazard implications: The systemic inscription of instability in contemporary capitalism. Theory and society42, 589-615.
Etzrodt, Christian (2018): Modern Sovereign Money—Part I. The Moral Hazard of Fractional Reserve Banking. In JSS 06 (09), pp. 101–115. DOI: 10.4236/jss.2018.69007.
Fisher, Irving (1936): 100% money and the public debt, pp. 406–420.
Friedman, Milton (1959): A Program for Monetary Stability. New York: Fordham University Press.
Friedman, Milton (1963): A monetary history of the United States 1867-1960. Princeton: Princeton University Press (Studies in Business Cycles-National Bureau of Economic Research, 12).
Fukao, Mitsuhiro (2007): Financial crisis and the lost decade. In Asian Economic Policy Review 2 (2), pp. 273–297.
Hayashi, Fumio; Prescott, Edward C. (2002): The 1990s in Japan: A lost decade. In Review of Economic Dynamics 5 (1), pp. 206–235.
Hayek, Friedrich von (1976), Denationalisation of Money, the institute of Economic affair, Great Britain.
Hellmann, Thomas F.; Murdock, Kevin C.; Stiglitz, Joseph E. (2000): Liberalization, moral hazard in banking, and prudential regulation: Are capital requirements enough? In American economic review 90 (1), pp. 147–165.
Hosseini Dowlatabadi, Seyyed Mahdi (1395). Money Creation Arrangements from the Perspective of Conventional Economics and Islamic Economics, With an Emphasis on the Legal Reserve Rate. PhD Thesis in Economic Sciences. University of Tehran, Tehran.
Kareken, John H.; Wallace, Neil (1978): Deposit insurance and bank regulation: A partial-equilibrium exposition. In Journal of Business, pp. 413–438.
Khosravi, Meysam; Naderi, Kamran. (1399). A Critique of the Theory of Bank Interest in Islamic Banking Studies, Focusing on the Effect of Money Creation in Determining the Interest RateIslamic Economics Studies 12(2), 1-34.
Khosravi, Meysam; Sobhani, Hassan. (1403). Instability of the Conventional Banking System and Its Implications for the Islamic Financial SystemIslamic Economics, 24(95), 25-45.
Kim, Daesik; Santomero, Anthony M. (1988): Risk in banking and capital regulation. In The Journal of Finance 43 (5), pp. 1219–1233.
Koehn, Michael; Santomero, Anthony M. (1980): Regulation of bank capital and portfolio risk. In The Journal of Finance 35 (5), pp. 1235–1244.
Komeijani, Akbar; Ebrishimi, Hamid; Rouhani, SeyyedAli (1397). The Nature of the Bank and the Process of Bank Money Creation; Critique of Popular Views and ImplicationsIranian Journal of Economic Research, 15 (29), 9-38
Laffont, Jean-Jacques; Tirole, Jean (1991): The Politics of Government Decision-Making: A Theory of Regulatory Capture. In quarterly journal of economics 106 (4), pp. 1089–1127. DOI: 10.2307/2937958.
Linda Alchin (2014): Relief, Recovery and Reform. Available online at http://www.american-historama.org/1929-1945-depression-ww2-era/relief-recovery-reform.htm.
Llewellyn, David (1999): Occasional Paper Series 1: The Economic Rationale for Financial Regulation. In financial service authority, pp. 1–60.
Mas-Colell, Andreu; Green, Jerry R.; Hara, Chiaki; Segal, Ilya; Tadelis, Steve; Whinston, Michael D. (1995): Microeconomic theory. Oxford: Oxford University Press.
McLeay, Michael; Radia, Amar; Thomas, Ryland (2014): Money creation in the modern economy. In Bank of England Quarterly Bulletin, Q1.
Mishkin, Frederic S. (2004): The economics of money, banking, and financial markets. 7th ed. Boston: Pearson (The Addison-Wesley series in economics).
Mishkin, Frederic S.; Eakins, Stanley G. (2012): Financial markets and institutions. 7th ed. Boston: Prentice Hall (The Prentice Hall series in finance
Motahhari, Morteza (1364). The Issue of Usury (Riba) and Banking, Sadra Publications, Tehran.
Naderi, Kamran; Gholich, Vahab; Meysami, Hossein (1392). The Role of the Islamic Banking System in Reducing the Grounds for Financial CrisesIranian Journal of Economic Research 10 (19), pp. 9–40.
Norouzi, Payam; Baf, Masoud Zeynli Dastmal; Hosseini, Seyyedeh Mahboobeh (1394). Characteristics of Islamic Banking in Reducing Financial Crises Compared to Conventional BankingJournal of Islamic Economics and Banking 4 (13), pp. 109–130.
Osinski, Jacek; Seal, Katharine; Hoogduin, Lex (2013): Macroprudential and microprudential policies: toward cohabitation: International Monetary Fund.
Peltzman, Sam (1976): Toward a More General Theory of Regulation. In The Journal of Law and Economics 19 (2), pp. 211–240. DOI: 10.1086/466865.
Philippon, T., & Reshef, A. (2012). Wages and human capital in the US finance industry: 1909–2006. The Quarterly Journal of Economics127(4), 1551-1609.
Ragheb Esfahani, Hossein ibn Mohammad (1412–1992). Vocabulary of Quranic Words (Mofradat Alfaz al-Quran); Safwan Adnan Davudi, Beirut, Dar al-Shamiyah.
Rajan, Raghuram G.; Diamond, Douglas W. (1999): Liquidity Risk, Liquidity Creation and Financial Fragility: A Theory of Banking: National Bureau of Economic Research.
Rashid, Abdul; Yousaf, Saba; Khaleequzzaman, Muhammad (2017): Does Islamic banking really strengthen financial stability? Empirical evidence from Pakistan. In International Journal of Islamic and Middle Eastern Finance and Management.
Sadr, Mohammad Baqir (1403). Selected Works (Gozideh-ye Asar), Mehdi Zandieh, Vol. 5, 3rd Ed., Qom, Dar al-Sadr.
Schumpeter, Joseph A. (1983): The theory of economic development. An inquiry into profits, capital, credit, interest and the business cycle. New Brunswick: Transaction Publishers.
Snowdon, Brian; Vane, Howard R. (2005): Modern macroeconomics. Its origins, development and current state. Cheltenham: Edward Elgar.
Stigler, George J. (1971): The theory of economic regulation. In The Bell journal of economics and management science, pp. 3–21.
Stigler, George J.; Friedland, Claire (1962): What can regulators regulate? The case of electricity. In The Journal of Law and Economics 5, pp. 1–16.
Stiglitz, Joseph E.; Rosengard, Jay K. (2015): Economics of the public sector. Fourth edition. New York: W.W. Norton & Company, Inc.
Tabataba'i, Mohammad Hossein (1352–1351). *Al-Mizan fi Tafsir al-Quran (Vol. 1-20)*, Beirut - Lebanon: Al-A'lami Foundation for Publications (Mo'asseseh al-A'lami lil-Matbu'at).
Timberg, Thomas A.; Aiyar, C. V. (1984): Informal Credit Markets in India. In Economic Development and Cultural Change 33 (1), pp. 43–59.
Tobin (1985): Financial innovation and deregulation in perspective. In Cowles Foundation Papers no 635.
Wicksell, Knut (1898). Interest and Prices: A Study of the Causes Regulating the Value of Money. Unites states of America.
Wicksell, Knut. (1907). The Influence of the Rate of Interest on Prices: The Economic Journal 17(66). 213.
Woodford, Michael (2001): The Taylor rule and optimal monetary policy. In American Economic Review 91 (2), pp. 232–237.