Abstract
Abstract. In this study, we classify the unconventional monetary views found in the modern Middle East economic literature into five main categories. These five categories include 1) Full reserve-like approach to the banking system, 2) Commodity/Asset-backed monetary systems or Currency board-like frameworks, 3) Interest-free approach to the banking system, 4) Bank-free approach to the banking industry, and finally 5) Public money or monetary guidance approach to the monetary system. Additionally, we identify a collection of ideas as hybrids or combinations, some of which are in their developmental stage and are receiving significant attention and support. Our review of these approaches summarizes their theoretical foundations, historical and current advocates, and relevant policy recommendations. Keywords. Monetary economics, Unconventional theories, Middle Eastern schools. JEL. F21, F68, O53, K23 .
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