As far as the author’s knowledge, the paper is the first attempt dedicated to understanding the risk and volatility of constituents of the young and rapidly growing Islamic mutual funds’ industry. The novelty of our approach lies in the usage of wavelet tools to high-frequency financial...

The purpose of this paper is to test the growing converging views regarding the destabilizing and growthhalting impact of interest-based debt financial system. The views are as advocated by the followers of Keynes and Hyman Minsky and those of Islam. Islam discourages interest rate based debt...

Since its debut into the islamic capital markets landscape in 2005, islamic Real Estate Investment Trusts (REITs) have not shown significant progress in attracting foreign investment, limiting their potential as the ideal asset class for the Shariah compliant investor. It was suggested that a...

This paper discusses current housing finance practices in three emerging economies such as, Malaysia, Thailand and Singapore, as well as the impact of those practices on financial stability. National authorities and policymakers may find this analysis helpful as they reassess the structure and...

The existence of causation linkage between stock prices and exchange rates is one of the popular debate especially since the beginning of 1990s. The aim of this paper is to investigate the nature of the causal transmission mechanism between foreign exchange and stock markets in 9 transition...

We propose a new family of easy-to-implement realized volatility based forecasting models. The models exploit the asymptotic theory for high-frequency realized volatility estimation to improve the accuracy of the forecasts. By allowing the parameters of the models to vary explicitly with the...

We introduce two multivariate constant conditional correlation tests that require little knowledge of the functional relationship determining the conditional correlations. The first test is based on artificial neural networks and the second one is based on a Taylor expansion of each unknown...

MIMIC model and two versions of the Randomized Response (RR) Technique are employed to estimate the size of the underground economy (UE) in Turkey. The RR estimate for 1998 is 28% of ‘measured’ GDP. Over the period from 1970 to 1998, the size of the UE is found to vary between 10% and 45%....

We extend the class of M-tests for a unit root analyzed by Perron and Ng (1996) and Ng and Perron (1997) to the case where a change in the trend function is allowed to occur at an unknown time. These tests M(GLS) adopt the GLS detrending approach of Dufour and King (1991) and Elliott, Rothenberg...

This paper provides an empirical analysis of the adjustment process that exists in the foreign exchange market, especially, between spot exchange rates and forward exchange rates. This paper uses monthly observations of Canadian and U.S. dollar exchange rates for the period of 1973-1994....