This paper investigates the Granger-causal relationship between Dow Jones Islamic Market (DJIM), Dow Jones Industrial Average (DJIA), exchange rate, money supply, and CPI. The US is taken as a case study. The standard time series techniques are used for the analysis. The findings tend to...

I study how monetary policy affects firms' external financing decisions. More precisely, I study the transmission mechanism of monetary policy to credit costs in a general equilibrium macroeconomic model where firms issue corporate bonds or obtain bank loans, and corporate bonds are not just...

This paper makes an attempt to discern the determinants of the Islamic banks’ investment account rates (IBIA). Malaysia is used as a case study. The standard time series techniques are employed for the analysis. The findings tend to indicate that the IBIA is the most endogenous (dependent) of...

I develop a measure of global financial shocks based on observed 'flights-to-safety', where large shocks are defined as joint tail realizations of returns across major risky and safe assets. Flights-to-safety map to unexpected tail events, inform future changes in world prices and interest...

This paper studies episodes in which aggregate bank credit contracts alongside expanding economic activity—credit reversals. Using data for 179 countries during 1960‒2017, the paper finds that reversals are a relatively common phenomenon--on average, they occur every five years. By...

The contribution of this paper to the literature is three-fold: (1) it empirically uncovers the directionality and persistence of systemic risk surrounding "the great recession"; (2) it quantifies the reaction of the macro-economy to financial (banking) system shocks; and (3) it unearths...

This paper assesses the relationship among energy consumption, financial development, economic growth, industrialization and urbanization in Tunisia from 1971-2008. The autoregressive distributed lag bounds testing approach to cointegration and Granger causality tests are employed for the...

The present paper reviews the causes that led to the financial crisis. Unlike other interpretations, this paper does not place main significance on a single source or on a set of causes. I consider all major standpoints highlighted by research and media prior, during and after the financial...

The present paper reviews the causes that led to the financial crisis. Unlike other interpretations, this paper does not place main significance on a single source or on a set of causes. I consider all major standpoints highlighted by research and media prior, during and after the financial...

The unconventional monetary policy actions of the Federal Reserve during the recent Global Financial Crisis often involve implicit subsidies to banks. This paper offers a theory of the non-neutrality of money associated with capital injection into banks via nominal transfers, in an environment...