Prospek Penggunaan Dinar Emas Sebagai Mata Wang: Analisis BerdasarkanTeori Monetari (Prospects of Gold Dinar as a Currency: An Analysis Based on Monetary Theory)

Salmy Edawati Yaacob, Sanep Ahmad

Abstract


ABSTRAK

Kajian ini menganalisis prospek penggunaan dinar emas sebagai mata wang berdasarkan kesesuaiannya dengan ekonomi semasa iaitu sama ada dalam bentuk fizikal yang dikenali sebagai sistem Fizikal Dinar Emas (FDE) atau sandaran nilai melalui sistem Sandaran Nilai Dinar Emas (SDE). Isu kajian ini dianalisis berdasarkan penilaian empat teori monetari iaitu teori mata wang, teori penawaran dan permintaan wang, teori Hukum Gresham “wang buruk mengusir wang baik” dan teori wilayah mata wang optimum (optimum currency area, OCA). Kajian ini menunjukkan bahawa penggunaan fizikal dinar emas sebagai mata wang adalah tidak praktikal dalam ekonomi semasa kerana bercanggah dengan hampir kesemua teori monetari. Manakala, penggunaan dinar emas sebagai sandaran nilai pula lebih sesuai kerana ia memenuhi hampir kesemua teori monetari iaitu teori mata wang, teori Hukum Gresham dan teori OCA. Justeru, kajian ini menyarankan bahawa prospek dinar emas untuk dilaksanakan dalam ekonomi semasa adalah lebih baik jika ia berfungsi dalam bentuk sandaran nilai berbanding dengan fizikal dinar emas.

ABSTRACT

This study analyses the prospect of gold dinar to be adopted as a currency based on its suitability with the current economy, that is either in the form of physical gold dinar (gold coins) (FDE) or gold-backed currency (SDE). The issue raised in this study is analysed based on the assessment of four monetary theories, namely currency theory, money supply and demand theory, Greshams’s law of “bad money drives out good money”, and theory of optimal currency area (OCA). The results show that the use of physical gold dinar as a currency is not practical for the current economy because it contradicts with most of the monetary theories. Meanwhile, the adoption of gold-backed currency is more practical because it is consistent with most monetary theories in particular the currency theory, the theory of Gresham's law and the OCA theory. Thus, this study suggests that the prospect of gold dinar as a currency for the current economy is better if t is to be implemented in the form of gold-backed currency rather than the physical gold dinar. 


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