کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5057512 | 1476602 | 2017 | 4 صفحه PDF | دانلود رایگان |
- We study the relationship between financial development and Sukuk issuance.
- The banking system competes with Sukuk issuance.
- The bond market complements Sukuk issuance.
- The financial crisis has been a catalyst to Sukuk issuance.
Using the system GMM estimation technique, we study the effects of the financial development on Sukuk markets using a panel dataset of 11 countries from 1995 to 2015. First, we find that Sukuk and bank financing are substitutes. Economies where banks play a key role in providing private credit issue less Sukuk. Second, the evidence shows that Sukuk are complements to bonds and stocks. More Sukuk are issued in market-oriented economies. Finally, we show that the 2008 global financial crisis has a positive effect on Sukuk markets development.
Journal: Economics Letters - Volume 161, December 2017, Pages 62-65