Monetary economics

[2] This branch also examines the effects of monetary systems, including regulation of money and associated financial institutions[3] and international aspects.

[8] At around the same time in the medieval Islamic world, a vigorous monetary economy was created during the 7th–12th centuries on the basis of the expanding levels of circulation of a stable high-value currency (the dinar).

Innovations introduced by Muslim economists, traders and merchants include the earliest uses of credit,[9] cheques, promissory notes,[10] savings accounts, transactional accounts, loaning, trusts, exchange rates, the transfer of credit and debt,[11] and banking institutions for loans and deposits.

[11] In the Indian subcontinent, Sher Shah Suri (1540–1545), introduced a silver coin called a rupiya, weighing 178 grams.

Ancient India was one of the earliest issuers of coins in the world,[13] along with the Lydian staters, several other Middle Eastern coinages and the Chinese wen.

[15] The imperial taka was officially introduced by the monetary reforms of Muhammad bin Tughluq, the emperor of the Delhi Sultanate, in 1329.

[citation needed] Della Moneta, was published by Ferdinando Galiani in 1751, and is arguably the first modern text on economic theory.