تلخیص
This research was conducted to find out whether Islamic capital markets (ICMs)
have any effect on economic growth (EG). The study also made a comparison
between three countries including Pakistan, Malaysia and UAE in this regard.
Quantitative research technique was used in this study, where secondary and time
series data was collected on a quarterly basis for the period 2009-2017. The effect
of independent variables (IVs) on the dependent variable (DV) was examined.
Co-integration and ARDL test were applied in Eviews 9 and Microfit 5.0. A
growth model was developed for the selected countries separately in order to see
whether IVs had any effect on DV. GDP was the DV of study while IMCAP, TNI
and TNL were its IVs. It was found that in case of Pakistan and Malaysia, all the
IVs had a significant effect on EG in the short run, while in the long run only
IMCAP and TNI have a significant impact. In case of UAE, only two IVs
(IMCAP and TNL) had a significant effect on EG in the short run, while in long
run only one IV (IMCAP) has a significant impact. Further, it was found that IVs
jointly had a significant effect on EG of the selected countries. So, this study
concluded that ICMs do have a significant effect on EG of Pakistan, Malaysia and
UAE. Considering the importance of ICMs in EG, regulators and policy makers
are likely to benefit from the results of the current study which acts as a guide for
developing and reforming the ICMs of Pakistan, Malaysia and UAE
Dr. Mohammad Ayaz, Dr.Hassan Shakeel Shah, Dr. Talat Hussain, Majid Iqbal. (2019) Islamic Capital Markets and Economic Growth: A Comparative Study of Pakistan, Malaysia and UAE, Islamic Banking and Finance Review, Volume 6, Issue 1.
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