کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
10437891 912441 2005 23 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
On the pareto-optimality of futures contracts over Islamic forward contracts: implications for the emerging Muslim economies
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
On the pareto-optimality of futures contracts over Islamic forward contracts: implications for the emerging Muslim economies
چکیده انگلیسی
A general equilibrium approach is used to demonstrate that: (i) futures contracting (on Islamically permissible commodities) is pareto-optimal over the Islamic forward contract of Bai' Salam; and (ii) both forms of contracting constitute a quasi-equity claim instead of debt (dayn) as construed by the majority of Islamic jurists. These results are of import as they: (i) remove a major hurdle against futures contracting by the Islamic jurists thereby enabling the renovation of the financial intermediation system of emerging Muslim economies; and (ii) demonstrate that the arbitrage principle needs to be re-examined under non-linear asset pricing.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Behavior & Organization - Volume 56, Issue 2, February 2005, Pages 273-295
نویسندگان
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