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This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper studies the implications of foreign currency deposits (FCDs) for international liquidity shortages in Pakistan. The analysis focuses on how the large volume of FCDs and the specific institutional characteristics of those deposits have made the Pakistan economy highly vulnerable to exogenous shocks. The analysis shows that FCDs created another channel for government borrowing, and fiscal sustainability in a "closed" system may be very different from sustainability in a more "open" system. There is a need to think of these issues in terms of total balance sheet vulnerability, and we recommend measures that would make domestic-currency-denominated assets attractive to investors. JEL Classification Numbers: E52; F41 Keywords: Capital Account Liberalization, Financial Development, Dollarization

A unique primer on quantitative methods as applied to Islamic finance Introductory Mathematics and Statistics for Islamic Finance + Website is a comprehensive guide to quantitative methods, specifically as applied within the realm of Islamic finance. With applications based on research, the book provides readers with the working knowledge of math and statistics required to understand Islamic finance theory and practice. The numerous worked examples give students with various backgrounds a uniform set of common tools for studying Islamic finance. The in-depth study of finance requires a strong

Abstract. The book is a major contribution to Islamic economic history and to Islamic economics in the English language. It presents a comprehensive yet concise economic hermeneutic of policies implemented by the Messenger (saas) in Medinah. It is an authoritative presentation based on the Qur'an, the Traditions of the Messenger, earliest writings of Muslim historians and jurists. Within the context of contemporary economic universe of discourse, the book discusses implications of policies of the Messenger with regards to allocation of resources, production, exchange, growth, development, environment, efficiency and justice. For those who think that zakat, prohibition against interest, waqf and the like are the only elements that distinguish an Islamic economy from other systems, the depth and the breadth of the book would provide a transformative experience. This Review argues that the appearance of the book is particularly timely given the distorted, dis-embedded, and fictitious model of an Islamic economy manufactured by Orientalists. The book will go a long way in correcting these distortions.Keywords. History of economic thought, Macroeconomy, Macroeconomic policy, Economic policy, Economic history, Economic systems, Political economy.JEL. B10, E40, E60, N10, P40, P48.

This book examines the application of risk-sharing finance as a national economic policy in history and how it stimulated economic recovery during a short period in Germany between 1933 and 1935. Economic history indicates that risk-sharing instruments have promoted socio-economic development in many parts of the world while risk-shifting methods have imposed huge socio-economic costs on many nations, leading to debt slavery on individual members. This book highlights lessons to be learned from history and argues that risk-sharing is a powerful tool for generating rapid economic recovery and resumption of growth.

« This book explains a perspective on the system of justice that emerges in Islam if rules are followed and how the Islamic system is differentiated from the conventional thinking on justice. It examines conceptions of justice from the Enlightenment to Bentham to Rawls to contemporary philosophers including Sen, Cohen, Nussbaum, and Pogge. The authors present the views of twentieth century Muslim thinkers on justice who see Muslims upholding rituals but not living according to Qur'anic rules. It provides empirical surveys of the current state of justice in Muslim countries analyzing the economic, social, and political state of affairs. The authors conclude by assessing the state of justice-injustice in Muslim countries and highlighting areas in need of attention for justice to prevail. « (Verlagsbeschreibung)

1. Chapter 1: Introduction -- 2. Chapter 2: Conception of Justice—Pre-Axial Age -- 3. Chapter 3: Conception of Justice—Pre-Axial India -- 4. Chapter 4: Conception of Justice—Pre-Axial Mesopotamia -- 5. Chapter 5: Conception of Justice—Pre-Axial—Noah, Abraham, Moses -- 6. Chapter 6: Conception of Justice—Axial Age India, China, Greece -- 7. Chapter 7: Conception of Justice—Post-Axial Age Christianity -- 8. Chapter 8: Islam and the Conception of Justice -- 9. Chapter 9: Earlier Muslim Scholars and Philosophers on Justice -- 10. Chapter 10: Conclusion

Accessibility to finance -- Alternative financial systems -- Fragility of debt -- Religion and economics -- The inconsistencies of financial modeling -- Fragility of statistics -- Mandelbrot's fat tails -- Thinking fast (and slow) with Kahneman -- Taleb's black swan -- Risk-sharing -- Introduction to antifragility -- The antifragility triad -- The (ab) normal Gaussian -- A new(er) toolkit -- The disorder family -- Black and grey swans -- From mediocristan to extremistan -- Triad - deep dive -- Antifragilty and redundancy -- Antifragility and convexity bias -- Antifragility and time series forecasting -- Antifragility and risk management -- Antifragilty and prospect theory -- Antifragility and dragon kings -- Tail wagging the kangaroo -- Debt and destruction -- Introduction to debt -- History of debt -- Debt and religion -- Post-great recession debate on debt and inequality -- Subtleties of debt -- Risk and reward -- Managing risks via (mis) calculations -- Risk-sharing, risk transfer and risk shifting -- The risk transfer and risk shifting workflow -- The risk sharing workflow -- A tale of two bubbles -- Main street, wall street and sand hill road -- Mansions in the seas -- Debt, equity and systemic risk -- Musharaka Mutanaqisah -- Epistemological foundation of RSIF -- Epistemology of finance -- Arrow-Debreu economy -- Al-Ghunm-bi-al-Ghurm skin-in-the-game -- Risk-sharing Islamic bank structure -- Asset and liability contracts -- Elimination of FRS and the Chicago plan -- RSIF and the Chicago plan -- Possible structures for an Islamic bank -- Risk management for risk-sharing -- Credit risk -- Liquidity risk -- Market risk -- Operational risk -- Systemic risk -- The Islamic finance antifragility framework -- Skin-in-the-game -- Complex systems -- Naïve interventionism -- The agency problem -- Fundamental asymmetry -- Nonpredictive approach -- Conflation of event and exposure -- Ludic fallacy -- Rational optionality -- Non-linearities -- Creative destruction -- Heuristics -- Options -- Via negativa and RIBA -- RIBA as a precautionary principle -- Regulating (for) the black swan -- Social sciences or social studies -- Starting from regulatory standards -- Captains of the ship(s) -- Antifragility - the regulatory solution -- The risk-sharing regulatory approach -- Of Ptolemy and alchemy -- The great (debt) humiliation -- Our debt to society