بررسی اثر مالیات بر پول بر متغیرهای کلان اقتصادی در یک اقتصاد بسته با استفاده از مدل تعادل عمومی عامل محور

Purpose

One of the most important Islamic taxes is zakat, and among the items of zakat is "zakat on cash". Some contemporary jurists believe that what is meant by "Naqdein" in Islamic taxes is the common currency. Therefore, zakat also includes fiat money. This article, with the premise that “zakat on fiat money” and “prohibition of usury” are two important indicators of the Islamic monetary system, presented a monetary system to replace the current monetary system. The economic consequences of this system are analyzed in a general equilibrium model. In this system, a tax is collected from the monetary balances of individuals in each period and distributed among the lower classes of the society. This tax plays the role of interest rate in the current monetary systems and motivates the owners of cash to lend their surplus money. Therefore, in the proposed monetary system, financing of companies is done by banks based on interest-free loans. It is also assumed that by imposing regulatory taxes, the government will prevent people's excess money from flowing into the asset market for speculation.

Methodology

Due to the lack of documented experience of implementing the proposed system, the only way to investigate the economic effects of the proposed system is to use economic models. The model used in this article is an agent-based model (ABM) that simulates a closed economy. In these types of models, by providing a computer simulation model of a real economy, experiments are designed and implemented to understand the behavior of the system or to evaluate various strategies related to the system. This model is implemented in netlogo software. By running the model in 2000 periods and reaching a stable state in the current monetary system, the model has changed and operates based on the institutional relations of the proposed monetary system, and in this case it will continue for 3000 periods. The output of the model is graphs related to macroeconomic variables such as GDP, total consumption, investment, Gini coefficient, welfare, etc., which shows the change process of these variables in the two states of the conventional monetary system and the proposed monetary system.

Finding and discussion

The model outputs show:

1) The level of production increased and unemployment decreased; 2) The price of capital goods increased significantly. 3) Income inequality and wealth inequality decreased. 4) Economic welfare improved based on Sen’s welfare function. 5) Poverty in the lower classes of society disappeared. 6) A prosperous class emerged in the society. 7) Economic stability improved and the range of economic fluctuations decreased. 8) The speed of money circulation increased and the need for liquidity decreased. 9) The number of bankrupt companies decreased in each period and companies experience more stability. 10) Due to the increase in the stability of the companies, the resources allocation in the companies is more optimally, then the need for investment decreased.

Analysis of these results shows:

1) The redistributive effects of the money tax act as an automatic demand-stimulating mechanism and lead to an increase in the level of production, reduction of unemployment and elimination of poverty. 2) This redistribution system also acts as a self-regulating stabilization mechanism and by transferring money from the producer side to the consumer side in recession conditions, it will stimulate demand and lead to economic prosperity. 3) Due to the decrease in the cost of investment (interest-free loans) and on the other hand, the increase in the income of the companies due to more production, the profits of the companies have increased, which has led to the creation of a prosperous class of capitalists.

Conclusions and Policy Implications

The results of the model show that taxing on money balances and redistributing it among the lower classes of society can be proposed as one of the alternative ideas of the current monetary system. This monetary system is more compatible with Islamic principles and has higher economic efficiency; Also, due to the fact that most of the money in the current economy is in the form of bank credit, tax collection and distribution costs very little and can be implemented easily. On the other hand, it seems that the realization of Islamic banking based on interest-free loans is possible only on the condition of changing the monetary system in the above way.