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Macro Market Application

In: Public Finance and Islamic Capital Markets

Author

Listed:
  • Syed Aun R. Rizvi

    (Lahore University of Management Sciences)

  • Obiyathulla I. Bacha

    (International Centre for Education in Islamic Finance (INCEIF))

  • Abbas Mirakhor

    (International Centre for Education in Islamic Finance (INCEIF))

Abstract

A vicious cycle of interest rates and debt have stunted the growth of developing nations, and this chapter explores the alternatives that Islamic finance and risk sharing have to offer at a sovereign level. While not only focusing on the how, this chapter delves into proposing a macro risk sharing instrument which brings to the forefront the concept of an equitable in nature GDP-linked paper, which allows for enhanced risk sharing based sovereign financing. While the chapter delves into the conceptual merits of this kind of risk sharing instrument, it also presents an empirical inquiry on the performance of this proposed instrument for a wide array of developing nations.

Suggested Citation

  • Syed Aun R. Rizvi & Obiyathulla I. Bacha & Abbas Mirakhor, 2016. "Macro Market Application," Palgrave Studies in Islamic Banking, Finance and Economics, in: Public Finance and Islamic Capital Markets, chapter 0, pages 131-155, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-1-137-55342-3_7
    DOI: 10.1057/978-1-137-55342-3_7
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