انتقال پول از طریق کانال تامین مالی بدهی بانک های اسلامی
ترجمه نشده

انتقال پول از طریق کانال تامین مالی بدهی بانک های اسلامی

عنوان فارسی مقاله: انتقال پول از طریق کانال تامین مالی بدهی بانک های اسلامی: آیا PSIA نقش مهمی دارد؟
عنوان انگلیسی مقاله: Monetary transmission through the debt financing channel of Islamic banks: Does PSIA play a role?
مجله/کنفرانس: تحقیق در تجارت بین المللی و امور مالی – Research in International Business and Finance
رشته های تحصیلی مرتبط: اقتصاد، مدیریت
گرایش های تحصیلی مرتبط: بانکداری اسلامی، اقتصاد مالی، اقتصاد پول و بانکداری، مدیریت مالی
کلمات کلیدی فارسی: انتقال پول، نرخ بهره، بانک های اسلامی، تامین مالی بدهی، PSIA
کلمات کلیدی انگلیسی: monetary transmission, interest rate, Islamic banks, debt financing, PSIA
نوع نگارش مقاله: مقاله پژوهشی (Research Article)
نمایه: Scopus - Master Journal List - JCR
شناسه دیجیتال (DOI): https://doi.org/10.1016/j.ribaf.2017.09.004
دانشگاه: Islamic Economics Institute – King Abdulaziz University – Saudi Arabia
ناشر: الزویر - Elsevier
نوع ارائه مقاله: ژورنال
نوع مقاله: ISI
سال انتشار مقاله: 2018
ایمپکت فاکتور: 1.620 در سال 2018
شاخص H_index: 31 در سال 2019
شاخص SJR: 0.647 در سال 2018
شناسه ISSN: 0275-5319
شاخص Quartile (چارک): Q2 در سال 2018
فرمت مقاله انگلیسی: PDF
تعداد صفحات مقاله انگلیسی: 14
وضعیت ترجمه: ترجمه نشده است
قیمت مقاله انگلیسی: رایگان
آیا این مقاله بیس است: بله
کد محصول: E9322
فهرست انگلیسی مطالب

Abstract


1- Introduction


2- Background and literature review


3- Model specification and estimation method


4- Empirical study


5- Conclusion


References

نمونه متن انگلیسی مقاله

Abstract


This paper examines the monetary transmission mechanism through Islamic banks’ debt financing channel. Its purpose is to test if this channel effectively works and to verify whether the reaction of Islamic banks to interest rates depends on their specific characteristics. The research main focus is on the possible mitigating effect that profit sharing investment accounts (PSIA) could exert on the debt financing channel, since that this source of funding, specific to Islamic banks, is expected to be more stable than deposit accounts for conventional banks. The study uses a quite representative sample composed of 50 Islamic banks and the estimation of a dynamic panel model observed between 2005 and 2014 using the system GMM estimator. Empirical findings confirm the presence of a debt financing channel of monetary policy since that interest rates variation affects Islamic bank financing. PSIA growth, capitalization, assets liquidity and size are among major determinants of Islamic banks’ debt assets supply. Besides, using several robustness tests, we show that, in addition to asset liquidity and bank size, growth rate of PSIA significantly mitigate the negative effect of interest rates on debt financing growth, which highlights the importance of this specific category of deposits in monetary transmission especially for countries where Islamic and conventional banking systems coexist.


Introduction


he relationship between monetary policy and the real economy is identified through the influence of monetary transmission channels on macroeconomic variables especially economic growth, inflation and investment. The rule is simple, the more monetary policy affects the economy, the more effective it is. In other words, the effectiveness of monetary authorities’ decisions supposes the existence of a relationship between a set of monetary policy instruments, especially the policy rate, and macroeconomic performances through different transmission channels. Main channels through which monetary policy could impact economic activities are interest rate; money supply; bank credit; exchange rate; asset price and expectation channel (Bernanke and Gertler, 1995; Taylor, 1995, Mishkin, 1996Taylor, 1995, Mishkin, 1996). Recent studies have focused on some topics related to transmission channels like the effect of the financial crisis, unconventional monetary policy and capital inflows in emerging economies (Mishkin, 2009; Borio and Zhu, 2012; Cevik and Teksoz, 2012; Chandra and Unsal, 2012; Kohlscheen and Miyajima, 2015). Besides, after the development of Islamic finance in the 2000th, largely through the rapid expansion of Islamic banks, the effectiveness of monetary transmission mechanism (MTM) was challenged for the countries where Islamic banks are present. In these countries, in which a dual monetary system is emerging, a growing number of empirical studies examined the monetary transmission through Islamic bank channels (Zaheer et al., 2013; Ergeç and Arslan, 2013, Majid and Hasin, 2014; Akhatova et al., 2016; Zulkhibri and Sukmana, 2017).

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