Determinants Of Financial Inclusion In Bangladesh: Dynamic Gmm & Quantile Regression Approach
In: The journal of developing areas, Band 51, Heft 2, S. 221-237
ISSN: 1548-2278
12 Ergebnisse
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In: The journal of developing areas, Band 51, Heft 2, S. 221-237
ISSN: 1548-2278
In: Emerging markets, finance and trade: EMFT, Band 53, Heft 7, S. 1519-1534
ISSN: 1558-0938
SSRN
In: INTFIN-D-23-00576
SSRN
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 46, Heft 1, S. 39-59
ISSN: 0161-8938
In: Economic change & restructuring, Band 56, Heft 6, S. 4253-4283
ISSN: 1574-0277
In: International journal of trade and global markets, Band 1, Heft 1, S. 1
ISSN: 1742-755X
In: International journal of trade and global markets, Band 18, Heft 4, S. 315-338
ISSN: 1742-755X
In: Environmental science and pollution research: ESPR, Band 28, Heft 12, S. 14372-14385
ISSN: 1614-7499
In: IREF-D-23-00935
SSRN
In: FINANA-D-22-01024
SSRN
In: Review of financial economics: RFE, Band 36, Heft 2, S. 117-132
ISSN: 1873-5924
AbstractSukuk is a highly appealing alternative instrument of conventional bond in the financial market over the last two decades. To a certain extent, the market players assume sukuk as the same as bond. However, sukuk has its own fundamental asset backed principles, whereas bond is backed by debt. The objective of the study is to examine the Granger‐causality and lead–lag relationship between sukuk and bond by using the data of the Malaysian Government securities return for both conventional and Islamic instruments. The data for every working day of 7 years covering the period from January 31, 2007 to December 31, 2013 were collected from Bloomberg database. The yield returns of both securities have been plotted for each six months of a year. This study applied both Granger‐causality and dynamic co‐movement techniques such as, continuous wavelet transforms (CWT) coherence for analyzing the temporal evolution of the frequency content of both securities by decomposing each period into different time scales. The empirical findings of the paper reveal that with a bit of exception, there is a causal relationship between sukuk securities and conventional bonds for a given period of time. For robustness, this study applied the wavelet coherence approach and found that bond is led by sukuk in the long term investment horizon rather than in the short term. Our findings relating to the lead‐lag relationship between sukuk and bonds have important implications in terms of policy regulations and investment management. Future research and market practices could reinvestigate the differences between these two securities across different markets and types.