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Exploring International Economic Integration through Sukuk Market Connectivity: A Network Perspective

Asutay, M.; Hakim, A.

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Authors

A. Hakim



Abstract

This paper aims to measure the degree of international financial and economic integration through sukuk markets among the eight sukuk issuing countries for the period of 2004–2014. In empirically modelling the study, the ‘standard perfect financial integration indicators’ (SPFII) developed by Arribas et al. (2011) are utilised. In doing so, the degree of financial openness of the sampled countries and the degree of the regularity of the financial connections between the sampled countries are measured. The results show that countries such as the UK, Saudi Arabia, Qatar, Bahrain, and the UAE seem to be more integrated in their individual measures, which were found to be more integrated in comparison to the other countries in the sample. However, the global indicators suggest that the entire economy of the sample is not in a state of stable integration, unlike as is suggested by the sukuk relationship.

Journal Article Type Article
Acceptance Date Oct 9, 2017
Online Publication Date Oct 27, 2017
Publication Date Dec 1, 2018
Deposit Date Oct 20, 2017
Publicly Available Date Apr 27, 2019
Journal Research in International Business and Finance
Print ISSN 0275-5319
Publisher Elsevier
Peer Reviewed Peer Reviewed
Volume 46
Pages 77-94
DOI https://doi.org/10.1016/j.ribaf.2017.10.003
Public URL https://durham-repository.worktribe.com/output/1342156

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