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Investigating the long-term effects of compound risk and economic complexity on sukuk market development in Iran (Nonlinear Autoregressive Distributed Lag Model Approach)
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Bahman Khanalizadeh1   , Ashkan Rahimzadeh 2, Mohammad Dalmanpour3 , Majid Afshari Rad4 |
1- Economics Department, Islamic Azad University, Zanjan Branch, Zanjan, Iran
2- Assistant Professor Economics Department, Islamic Azad University, Zanjan Branch, Zanjan, Iran , ashkan.rahimzadeh@iauz.ac.ir
3- Assistant Professor Economics Department, Islamic Azad University, Zanjan Branch, Zanjan, Iran
4- Associate Professor Department of Economics, Kharazmi University, Tehran, Iran. |
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Abstract: (66 Views) |
The main purpose of this research is to investigate the effects of compound risk shocks and its components (political, economic and financial risk) along with economic complexity on the development of Sukuk market in Iran. The data required to conduct this research is based on the variables of the proposed model related to the time period of 2010-2022 and seasonally, using the Central Asset Management Company of the Iranian Capital Market, the International Country Risk Guide Database (ICRG) and the MIT University website. has been The results of model estimation using the Wald test and Nonlinear Autoregressive Distributed Lag Model Approach (NARDL) indicate that the unexpected positive and negative shocks of the compound risk and its components have asymmetric effects on the development of the sukuk market. Among the components of composite risk, the negative shock of political risk has the most negative effect and the positive shock of financial and economic risk has the most positive effect on the development of the Iranian sukuk market in the long term. Also, the effect of economic complexity on the development of the sukuk market in the long term is positive in every equation proposed in this research |
Article number: 17 |
| Keywords: Sukuk, compound risk, Economic Complexity, Iran, NARDL |
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Full-Text [PDF 1144 kb]
(35 Downloads)
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Article type: Research |
Subject:
Special
Received: 2024/03/4 | Accepted: 2024/05/8 | Published: 2024/07/31
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