My perspective of China's economic reform is in the context of a so-called transitional socialist economy, i.e., a centrally planned economy moving to a market-based economy. Extensive literature on this covers theories on the big-bang approach as opposed to the gradualist approach, etc. But the...

International financial integration has accelerated at an unprecedented pace in recent years. External holdings of financial assets and liabilities for both industrial and emerging countries have grown rapidly since the mid-1990s, many times exceeding their respective national income, and...

[eng] Demutualization is a response of stock exchanges to face increasing competition from globalization and innovation. In theory, with greater competition and incentive to raise efficiency and innovate, demutualized exchanges should be more market focused and produce important innovations. So...

This study is a sequel to the 2012 Sheng and Singh article that identified and explained the significance of the two central tenets of Islamic finance: namely, its underpinning by a strong ethical system, and the absolute prohibition of the use of interest rates. That study also argued that the...

From its humble beginnings in the 1990s, Islamic finance has become a trillion US dollar industry. The market consensus is that Islamic finance has a bright future due to favourable demographics and rising incomes in the Muslim community. Moreover, despite voices sceptical of an accommodation...

Monetary History, Exchange Rates and Financial Markets is an impressive collection of original papers in honour of Charles Goodhart's outstanding contribution to monetary economics and policy. Charles Goodhart has written extensively on many of these topics and has become synonymous with his...

Conventional development economics has focused mainly on generating economic growth by mobilizing savings and allocating them wisely among investment opportunities. Savings (external and domestic) were to be mobilized through tax incentives, income, and interest rate policies. Their allocation...

[fre] La démutualisation est une réponse des Bourses à la mondialisation et l’innovation. Sous l’effet d’une plus grande concurrence et d’une incitation à accroître son efficacité et à innover, les Bourses démutualisées devraient être plus attentives aux marchés et plus...