Can Islamic Finance Constitute A Solution to Crisis?

Hatem Derbel, Taoufik Bouraoui and Neila Dammak
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Hatem Derbel: EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique
Taoufik Bouraoui: EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique, ESC Rennes School of Business - ESC [Rennes] - ESC Rennes School of Business
Neila Dammak: IRG - Institut de Recherche en Gestion - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel

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Abstract: The aim of this paper is to show that the Islamic finance is more stable than the conventional finance constituting, thus, a means to reduce the impact of financial crises. Using a VAR model for the financial indexes of France, United States, Indonesia and Saudi Arabia, we show that the effect of a shock on the American market during the period of crisis is negatively transmitted on all other markets, but with a small extent on the market using the method of Islamic financing.

Date: 2011-08-04
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Published in International Journal of Economics and Finance, 2011, 3 (3), ⟨10.5539/ijef.v3n3p75⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04013037

DOI: 10.5539/ijef.v3n3p75

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