期刊名称：Journal of Islamic Monetary Economics and Finance
印刷版ISSN：2460-6146
电子版ISSN：2460-6618
出版年度：2020
卷号：6
期号：2
页码：275-294
DOI：10.21098/jimf.v6i2.1104
语种：English
出版社：Bank Indonesia
摘要：This paper investigates the factors that determine governments’ decisions to employ sovereign Sukuk over conventional bonds;the research is based on a sample of 143 Sukuk and 602 conventional sovereign bonds issued in 16 OIC countries between 2000 and 2015. The results depict that the nations that have developed financial markets,higher credit quality,and strong economic/financial prospects,issue more sovereign Sukuk than sovereign conventional bonds. Through the introduction of newly-developed debt tools,dealing with Sukuk bonds can diversify and develop current debt markets. However,less economically developed nations and countries are generally issuing insurance for classic sovereign bonds. Our findings suggest that governments’ choice of sovereign debt is influenced mainly by national,financial,and macroeconomic indicators,as well as specific events. Countries with developed financial markets,strong economic indicators,high credit quality,and sustainable financial position are more likely to issue sovereign Sukuk than sovereign bonds as this strategy allows them to develop and diversify their financial markets through the promotion of new debt products.
关键词：Financial instruments;Islamic finance;Sukuk;Sovereign debt issuance;Emerging countries
