伊斯兰融资对经济稳定性的非线性影响:以股权融资和债务融资为例

Sadaf Shaheen, Rukhsana Kalim, Noman Arshed
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引用次数: 1

摘要

本研究的主要目的是区分伊斯兰银行两大类融资对所选国家经济稳定的影响。本研究确定了伊斯兰银行股权融资和债务融资的非线性效应,以评估如何实现经济稳定。本研究从伊斯兰金融服务委员会(IFSB)获得国家层面的伊斯兰银行产品融资数据,并从选定国家的国际金融统计中选择工业生产指数数据。样本量包括IFSB所包括的所有国家。数据范围为2014Q1 - 2019Q4。采用GARCH波动率法估计经济稳定性,并采用非线性ARDL模型确定伊斯兰银行产品明智融资的因果关系。本研究明确了伊斯兰银行股权融资与债务融资之间的实证关系,以及宏观经济稳定性在融资边际效应上是线性还是二次的,有助于政策制定者制定扩大伊斯兰银行融资规模的策略。结果表明,股权融资类型对产出不稳定性的影响呈倒u型。同时,这两种融资方式都不会造成价格不稳定。这些成果是央行优化伊斯兰银行融资结构的工具,以实现经济稳定的产品融资目标。
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Nonlinear effect of Islamic financing on economic stability: A Case of equity and debt financing
The main purpose of this study is to differentiate between the effects of two major categories of financing of Islamic banks on the economic stability of the selected countries. This study determines the nonlinear effect of equity-based and debt-based financing of Islamic banks to assess how the stability of the economy can be achieved. This study acquires the data on Islamic banking product-wise financing at a national level from the Islamic Financial Service Board (IFSB), and the data on industrial production index is selected from International Financial Statistics for selected countries. The sample size comprises of all the countries included in the IFSB. The data ranges from 2014Q1 to 2019Q4. The economic stability is estimated using the GARCH volatility approach, and the nonlinear ARDL model is used to determine the causal effect of Islamic banking product wise financing. This study clarifies the empirical relationship between Islamic banking equity-based financing and debt-based financing and whether macroeconomic stability is linear or quadratic in terms of the marginal effect of financing, which helps policymakers to constitute strategies for expanding the size of Islamic banking financing. The results identified the inverted U-shaped effect of equity-based financing types on output instability. At the same time, both financing types are not causing price instability. The outcomes are instruments for the central bank to optimize the Islamic banking financing structure to achieve the goal of product-wise financing of economic stability.
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