Does Sukuk market development promote economic growth?

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dc.authorscopusid56844793300
dc.authorscopusid56127310200
dc.authorscopusid57743982600
dc.contributor.authorYıldırım, Seda
dc.contributor.authorYıldırım, Durmuş Çağrı
dc.contributor.authorDibooğlu, Pelin
dc.date.accessioned2023-05-06T17:19:32Z
dc.date.available2023-05-06T17:19:32Z
dc.date.issued2020
dc.departmentFakülteler, İktisadi ve İdari Bilimler Fakültesi, İşletme Bölümü
dc.departmentFakülteler, İktisadi ve İdari Bilimler Fakültesi, İktisat Bölümü
dc.description.abstractPurpose: This paper aims to explain the relationship between sukuk market and economic growth. In this context, the study investigates the impact of sukuk market development on economic growth for nine countries (Brunei, Indonesia, Jordan, Kuwait, Malaysia, Nigeria, Saudi Arabia, Pakistan and Turkey) which have Islamic finance and banking system. Design/methodology/approach: The study analyzed the data of nine countries as Brunei, Indonesia, Jordan, Kuwait, Malaysia, Nigeria, Saudi Arabia, Pakistan and Turkey for periods between 2014Q1 and 2017Q4. As a part of gross domestic product, total sukuk export measured by the sukuk market and the sukuk density which was considered as annual sukuk export per country were used to determine sukuk market development. Inflation, trade deficit and financial stress series were used as control variables. Findings: It was determined that there was a long-term cointegrated relationship between sukuk market development and economic growth. Sukuk volume and sukuk density had a positive effect on growth in the long run. One unit increase in sukuk volume increased growth by 0.5%, while increase in sukuk density increased growth by 1.7%. According to short-term relationships, it was seen that sukuk variables did not have an effect on growth. However, sukuk exports contributed positively to growth rates in the long run. Research limitations/implications: The findings of this study are limited with nine countries (Brunei, Indonesia, Jordan, Kuwait, Malaysia, Nigeria, Saudi Arabia, Pakistan and Turkey). Also, the accessible data of sukuk market was used and the periods of 2014Q1–2017Q4 was analyzed in a study. Accordingly, future studies can find different results for different countries which has Islamic finance and banking system for different periods in the global market. Originality/value: This study provides empirical findings to the related literature, and it proves that sukuk market development contributes positively to the economic growth of countries including Islamic finance and banking system in the long run. © 2020, Seda Yıldırım, Durmus Cagrı Yıldırım and Pelin Diboglu.
dc.description.sponsorshipThis study was presented in ISEFE’19 (International Congress of Islamic Economy, Finance and ethics), April 27–28, 2019 in Istanbul/Turkey.
dc.identifier.doi10.1108/PRR-03-2020-0011
dc.identifier.endpage218
dc.identifier.issn2399-1747
dc.identifier.issue3en_US
dc.identifier.scopus2-s2.0-85103135029
dc.identifier.scopusqualityN/A
dc.identifier.startpage209
dc.identifier.urihttps://doi.org/10.1108/PRR-03-2020-0011
dc.identifier.urihttps://hdl.handle.net/20.500.11776/11836
dc.identifier.volume4
dc.indekslendigikaynakScopus
dc.institutionauthorYıldırım, Seda
dc.institutionauthorYıldırım, Durmuş Çağrı
dc.institutionauthorDibooğlu, Pelin
dc.language.isoen
dc.publisherEmerald Group Holdings Ltd.
dc.relation.ispartofPSU Research Review
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectEconomic growth
dc.subjectIslamic finance
dc.subjectPanel cointegration analysis
dc.subjectSukuk
dc.subjectSukuk market
dc.titleDoes Sukuk market development promote economic growth?
dc.typeArticle

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