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  • 标题:Economic Forces and the Sukuk Market
  • 本地全文:下载
  • 作者:Nursilah Ahmad ; Nursilah Ahmad ; Siti Nurazira Mohd Daud
  • 期刊名称:Procedia - Social and Behavioral Sciences
  • 印刷版ISSN:1877-0428
  • 出版年度:2012
  • 卷号:65
  • 页码:127-133
  • DOI:10.1016/j.sbspro.2012.11.101
  • 语种:English
  • 出版社:Elsevier
  • 摘要:AbstractThe aim of this study is to investigate macroeconomic influences on sukuk issuance in Malaysia for the period 1996-2011 at the aggregate level. Based on vector autoregressive models (VARs), variance decomposition (VDC) and impulse response functions (IRF), the results indicate that sukuk Granger- cause GDP while GDP Granger-causes both PPI and CPI. Sukuk are also driven by their own dynamics in the short horizon. The results have important policy implications to the decision-makers. Since sukuk issuance Granger-causes GDP, policy makers should design new policies to modernize the functional aspects of Islamic capital market. A further implication for international institutional investors is that sukuk have the competitive advantage since it targets a segment of the global markets that has not been penetrated by other rivals.
  • 关键词:Sukuk;VAR;Granger-causality;Variance decomposition;Macroeconomic variables
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