 Financial and Capital Market PoliciesHossein Askari (), Zamir Iqbal and Abbas Mirakhor Chapter Chapter 6 in Challenges in Economic and Financial Policy Formulation, 2014, pp 85-107 from Palgrave Macmillan Abstract: Abstract Capital markets in conventional finance can be broadly divided into three categories; (i) debt markets, (ii) equities or stock markets; and (iii) market for structured securities that are hybrids of either equity or debt securities. Debt markets dominate the conventional capital markets and debt is considered a major source of external funding for the corporate and public sectors. As a result of financial innovations and the application of financial engineering, large numbers of financial products have been developed for resource mobilization. Most of these innovations are variations of plain-vanilla debt or equity security with added optionality or customization. In comparison, Islamic capital markets would come under two major categories: (i) stock markets; and (ii) securitized “asset-linked” securities markets. Due to the prohibition on interest bearing debt financing and mandated risk sharing, stock markets become central to an Islamic economic system. Keywords: Social Capital; Stock Market; Monetary Policy; Total Factor Productivity; Equity Market (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:psibcp:978-1-137-38199-6_6 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Studies in Islamic Banking, Finance and Economics from Palgrave Macmillan |
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