Publication:
What factors explain stock market retardation in Islamic countries
| DC Field | Value | |
|---|---|---|
| dc.contributor.author | Ginanjar Dewandaru | |
| dc.contributor.author | Syed Aun Raza Rizvi | |
| dc.contributor.author | Abul Mansur Mohammed Masih | |
| dc.contributor.author | Obiyathulla Ismath Bacha | |
| dc.date.accessioned | 2016-06-06 | |
| dc.date.accessioned | 2016-07-25T20:05:44Z | |
| dc.date.available | 2016-06-06 | |
| dc.date.available | 2016-07-25T20:05:44Z | |
| dc.date.disclosure | 2016-06-10 | |
| dc.date.issued | 2014 | |
| dc.description.abstract | Stock markets have been recognized in literature as a source of financial development and economic growth. Notwithstanding the recent trend of the stock market development in emerging countries, some argue that Islamic countries' stock exchanges are still infantile. The central aim of this research, therefore, is to investigate factors impeding stock market development (SMD) in Islamic countries. We explore a panel annual data of 11 main Islamic countries vis-à-vis the developed countries for the period of 1996–2011. The findings show that all of our concerned macroeconomic determinants play a major role in the developed countries. On the other hand, financial openness has substantially less contribution in Islamic countries, while the financial intermediary development plays a major role. The results are also indicative of the need for the Islamic countries to improve their legal environment and economic freedom. Lastly, we also attempt to measure the integration level, where the findings tend to indicate a relatively lower and unstable pattern of integration for the Islamic countries, suggesting the impact of volatile inflows. | |
| dc.identifier.citation | Dewandaru, G., Rizvi, S. A. R., Bacha, O. I., & Mohammed Masih, A. M. (2014). What factors explain stock market retardation in Islamic countries. Emerging Markets Review, 19, pp. 106–127. | |
| dc.identifier.doi | http://dx.doi.org/10.1016/j.ememar.2014.04.006 | |
| dc.identifier.uri | https://ikr.inceif.edu.my/handle/INCEIF/1396 | |
| dc.language | English | |
| dc.language.iso | eng | |
| dc.publisher | Elsevier B.V. | |
| dc.rights | 2014. Elsevier B.V. | |
| dc.source | CRP | |
| dc.subject | Stock market development | |
| dc.subject | Emerging Muslim countries | |
| dc.subject | Market integration | |
| dc.title | What factors explain stock market retardation in Islamic countries | |
| dc.type | Journal Article | |
| dlc.maintopic | Islamic capital markets | |
| dlc.subtopic | Shariah compliant foreign exchange markets | |
| dspace.entity.type | Publication | |
| ikr.doctype | Scholarly Works | |
| ikr.topic.maintopic | Islamic capital markets | |
| ikr.topic.subtopic | Islamic capital markets | |
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