A New Approach to Money Creation Studies; based on Ownership as a "Package of Rights" Looking at Islamic economics

Adel Peyghami/ Associate Professor, Economics, Imam Sadegh (AS) University     paighami@yahoo.com
Seyed Hadi Arabi/ Associate Professor, Qom University     hadiarabi@gmail.com
Mohammad Ne'mati/ Assistant Professor, Imam Sadegh (AS) University    nematy@isu.ac.ir
* Husain Zandi/ PhD Student in Economics, Imam Sadegh (AS) University    hosein.isu85@gmail.com
Received: 2021/03/02 - Accepted: 2021/07/04

Abstract
The property rights play an important role in organizing the economic system; to the extent that some consider economics to be the science of studying the property rights Property rights determine how individuals benefit or suffer in economic interactions and the framework for resolving conflicts of interest. In the course of the evolution of this concept, the meaning of ownership has changed from an absolute right - that is in the possession of the owner - to the concept of a package of rights. Accordingly, in the ownership of an asset, there is a set of rights and the right owner. Each right is related to a set of rules that determine how that right is applied for the right holder and other obligors. This perception of ownership provides an analytical system for organizing all kinds of assets, charities and gifts, which its application in the analysis of private goods and common resources has precedent. Using an analytical application method, this paper uses this approach in the case of money and specifically in the case of money creation. To organize the issue of money creation, the result of this approach provides a matrix of rights and rules that any monetary school, including in Islamic economics, should be able to complete the blocks of this matrix.

Keywords: Ownership, Property rights, Rights package, Money, Money creation.
JEL Classification: G3, E51.