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Sukuk, Banking System, and Financial Markets: Rivals or Complements?
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Ehsan Mansouri   |
| Assistant Professor, Industrial Engineering Department, Engineering Faculty, Arak University |
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Abstract: (3784 Views) |
In this paper, used the system GMM estimation technique to study the effects of the financial development on Sukuk markets by using a panel dataset of 11 countries from 1995 to 2015. At the First, research findings shows 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, this paper shows that the 2008 global financial crisis has a positive effect on Sukuk markets development.
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| Keywords: Sukuk, Financial development, Crisis, Bank System |
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Full-Text [PDF 214 kb]
(936 Downloads)
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Article type: Research |
Subject:
Special
Received: 2020/05/6 | Accepted: 2020/06/20 | Published: 2020/06/23
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