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Economic Forces and the Sukuk Market

The 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 (IRE), the results indicate that sukuk Granger-cau...

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Bibliographic Details
Main Authors: Nursilah, Ahmad,, Siti Nurazira, Mohd Daud,, Zurina, Kefeli,
Format: Conference Paper
Language:en_US
Published: Elsevier Science Bv 2015
Subjects:
VAR;
Sukuk;
Granger-causality
variance decomposition
macroeconomic variables
Online Access:http://ddms.usim.edu.my/handle/123456789/8933
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spelling my.usim-89332015-08-05T02:05:17Z Economic Forces and the Sukuk Market Nursilah, Ahmad, Siti Nurazira, Mohd Daud, Zurina, Kefeli, VAR; Sukuk; Granger-causality variance decomposition macroeconomic variables The 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 (IRE), 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. (C) 2012 Published by Elsevier Ltd. 2015-08-05T02:05:17Z 2015-08-05T02:05:17Z 2012 Conference Paper 1877-0428 http://ddms.usim.edu.my/handle/123456789/8933 en_US Elsevier Science Bv
institution Universiti Sains Islam Malaysia
building USIM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universit Sains Islam i Malaysia
content_source USIM Institutional Repository
url_provider http://ddms.usim.edu.my/
language en_US
topic VAR;
Sukuk;
Granger-causality
variance decomposition
macroeconomic variables
spellingShingle VAR;
Sukuk;
Granger-causality
variance decomposition
macroeconomic variables
Nursilah, Ahmad,
Siti Nurazira, Mohd Daud,
Zurina, Kefeli,
Economic Forces and the Sukuk Market
description The 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 (IRE), 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. (C) 2012 Published by Elsevier Ltd.
format Conference Paper
author Nursilah, Ahmad,
Siti Nurazira, Mohd Daud,
Zurina, Kefeli,
author_facet Nursilah, Ahmad,
Siti Nurazira, Mohd Daud,
Zurina, Kefeli,
author_sort Nursilah, Ahmad,
title Economic Forces and the Sukuk Market
title_short Economic Forces and the Sukuk Market
title_full Economic Forces and the Sukuk Market
title_fullStr Economic Forces and the Sukuk Market
title_full_unstemmed Economic Forces and the Sukuk Market
title_sort economic forces and the sukuk market
publisher Elsevier Science Bv
publishDate 2015
url http://ddms.usim.edu.my/handle/123456789/8933
_version_ 1645152503643242496
score 13.222552

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