Sukuk, banking system, and financial markets: Rivals or complements?
Author | Smaoui, Houcem |
Author | Mimouni, Karim |
Author | Temimi, Akram |
Available date | 2020-08-27T12:05:51Z |
Publication Date | 2017 |
Publication Name | Economics Letters |
Resource | Scopus |
ISSN | 1651765 |
Abstract | 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. - 2017 Elsevier B.V. |
Language | en |
Publisher | Elsevier B.V. |
Subject | Crisis Financial development Sukuk |
Type | Article |
Pagination | 62-65 |
Volume Number | 161 |
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