文章基本信息

标题：Economic Forces and the Sukuk Market
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作者：Nursilah Ahmad ; Nursilah Ahmad ; Siti Nurazira Mohd Daud 等
期刊名称：Procedia - Social and Behavioral Sciences
印刷版ISSN：1877-0428
出版年度：2012
卷号：65
页码：127-133
DOI：10.1016/j.sbspro.2012.11.101
语种：English
出版社：Elsevier
摘要：AbstractThe 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 (IRF), 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.
关键词：Sukuk;VAR;Granger-causality;Variance decomposition;Macroeconomic variables