Conventional finance has long been plagued by crises that cause economic dislocations and impede sustained economic growth, with banks and non-bank financial institutions requiring periodic bailouts. Numerous developing countries have been unable to mobilise domestic and foreign financial...

n an Islamic economy, the financial sector functions to support the real sector. There are no interest rate based debt instruments. Financial assets are based on risk and return sharing and are contingent claims. Real as well as monetary forces determine the rate of return. As in traditional...

Expansionary monetary policy in key industrial countries and a rapidly depreciating US dollar sent commodity prices soaring at unprecedented rates during 2003–2007. In contrast, consumer price indices in major OECD countries, a leading indicator for monetary policy, showed almost no...

A major reason for the recurrent episodes of financial instability is the predominance of interest-based debt and leveraging. Financial stability is achievable through risk sharing finance instead of risk shifting that characterizes contemporary finance. A risk sharing system serves the true...

In this paper, we assess the implications of changes in bilateral diplomatic relations with the United States for economic relations. We identify countries whose relations with the US changed during two historic and significant milestones in the past three decades, and a third group of countries...

Relations of countries with the USA could be considered as helpful in their quest for enhanced economic performance. Does an improvement or deterioration in relations with the USA bring significant economic and financial benefits or costs, in areas such as, trade, capital flows, remittances,...