IDEAS home Printed from https://ideas.repec.org/p/erg/wpaper/9936.html
   My bibliography  Save this paper

The 1997-98 East Asian Financial Crises: an Islamic Perspective

Author

Listed:
  • Adam B. Elhiraika

    (Economic and Social Policy Division, United Nations Economic Commission for Africa)

Abstract

This paper examines the causes and policy implications of the 1997-98 financial crises in East Asia from an Islamic perspective. The paper suggests that the crises may be better understood as consequences of internal contradictions in the interest-based financial system as regards risk and return sharing between financiers and entrepreneurs. The analysis challenges orthodox policy prescriptions and concludes that the Islamic principle of partnership in finance, which calls for profit and loss sharing and emphasizes the need for project finance, seems to provide the ingredients for the long-sought solutions.

Suggested Citation

  • Adam B. Elhiraika, 1999. "The 1997-98 East Asian Financial Crises: an Islamic Perspective," Working Papers 9936, Economic Research Forum, revised Nov 1999.
    • Handle: RePEc:erg:wpaper:9936
    as

    Download full text from publisher

    File URL: http://www.erf.org.eg/CMS/getFile.php?id=15
    Download Restriction: no
    File URL: http://www.erf.org.eg/cms.php?id=NEW_publication_details_working_papers&publication_id=137
    Download Restriction: no
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:erg:wpaper:9936. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sherine Ghoneim (email available below). General contact details of provider: https://edirc.repec.org/data/erfaceg.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.