Convergence in Islamic financial development: Evidence from Islamic countries using the Fourier panel KPSS stationarity test
Küçük Resim Yok
Tarih
2023
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Elsevier
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
This study investigates whether there is convergence among Islamic countries with respect to the relationship between growth in Islamic financial markets and economic growth in those countries as measured by Gross Domestic Product. We use data from 2013 to 2021 for the nine Islamic countries with the highest levels of activity in Islamic finance. We employ the Fourier Panel KPSS Stationarity Test to examine the convergence hypothesis for four indicators of Islamic financial markets activity: Islamic Financial Asset Volume (IFAV), Islamic Banking Asset Volume, Sukuk Outstanding Volume, and Takaful Contribution Volume. Our analysis reveals that only IFAV exhibits convergence, while the other indicators do not. We also evaluate country-specific convergences within each indicator and find different results. Our study provides essential guiding findings regarding the significance of Islamic finance growth for countries and their prospects.Copyright (c) 2023 Borsa Istanbul Anonim sirketi. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
Açıklama
Anahtar Kelimeler
Islamic Fi Nance, Financial Development, Fourier Panel Stationarity, Convergence
Kaynak
Borsa Istanbul Review
WoS Q Değeri
Scopus Q Değeri
Q1
Cilt
23
Sayı
6
