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The Design of Instruments for Government Finance in an Islamic Economy
International Monetary Fund - 1998
This paper presents perhaps the most viable approach for the design of an instrument of government finance (and monetary management) in an Islamic economy where conventional transactions based on an ex-ante promise of a risk-free rate of return are forbidden. Resources to finance government...
Persistent link: https://www.econbiz.de/10014400833
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Stabilization and Growth in an Open Islamic Economy
International Monetary Fund - 1988
Islam proposes the replacement of an interest-based financial system with one which operates on the basis of risk and …
Persistent link: https://www.econbiz.de/10014396001
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Asset Prices and Time-Varying Risk
International Monetary Fund - 1988
Observers have often characterized asset markets as being subject to periods of tranquility and periods of turbulence. Until recently, however, researchers were unable to produce closed-form asset pricing formulas in a model environment of time-varying risk. Some work by Abel provided us with...
Persistent link: https://www.econbiz.de/10014396175
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Stock Prices, Real Exchange Rates, and Optimal Capital Accumulation
International Monetary Fund - 1988
This paper analyzes the dynamics of the real exchange rate and the price of equity for a small open economy using an optimizing model in which the process of capital accumulation entails adjustment costs. The analysis demonstrates that along an adjustment path toward long-run equilibrium,...
Persistent link: https://www.econbiz.de/10014396304
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Regulatory Frameworks for Hawala and Other Remittance Systems
International Monetary Fund - 2005
Hawala and other remittance systems have gained attention in recent years with the substantial growth of remittance flows from countries with large migrant labor forces and with increased focus on combating money laundering and the financing of terrorism. The IMF and the World Bank have been...
Persistent link: https://www.econbiz.de/10014401909
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Monetary Operations and Government Debt Management Under Islamic Banking
International Monetary Fund - 1998
This paper outlines the recent progress in developing Islamic financial instruments for the management of monetary policy and public borrowing requirements and provides details on new instruments currently being developed in the Islamic Republic of Iran and Sudan. The paper also touches on the...
Persistent link: https://www.econbiz.de/10014403418
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The Core Principles for Islamic Finance Regulations and Assessment Methodology
International Monetary Fund - 2018
This paper provides a proposal to incorporate the Core Principles for Islamic Finance Regulation (Banking Sector) (CPIFR) issued by the Islamic Financial Services Board (IFSB), as part of the standards used in assessing the banking regulatory and supervisory regimes of relevant member...
Persistent link: https://www.econbiz.de/10014408441
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Ensuring Financial Stability in Countries with Islamic Banking
International Monetary Fund - 2017
This paper discusses the need for ensuring financial stability in countries with Islamic Banking (IB). IB continues to grow rapidly, in size and complexity, posing a challenge to supervisory authorities and central banks. The legal environment within which IBs operate can be complex and...
Persistent link: https://www.econbiz.de/10014408737
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Islamic Banking : Experiences in the Islamic Republic of Iran and Pakistan
International Monetary Fund - 1989
such a system. The developments in these countries are evaluated against the theory underlying the Islamic banking, and …
Persistent link: https://www.econbiz.de/10014396453
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Fat Tails and their (Un)Happy Endings : Correlation Bias and its Implications for Systemic Risk and Prudential Regulation
International Monetary Fund - 2011
The correlation bias refers to the fact that claim subordination in the capital structure of the firm influences claim … holders’ preferred degree of asset correlation in portfolios held by the firm. Using the copula capital structure model, it is … shown that the correlation bias shifts shareholder preferences towards highly correlated assets, making financial …
Persistent link: https://www.econbiz.de/10014401318