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Journal articles on the topic 'Economics ; Finance and Banking'

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Published: 4 June 2021

Last updated: 12 February 2022

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1

Al-Zu'bi, Bashir. "Islamic Economics, Banking and Finance." American Journal of Islam and Society 15, no. 1 (April 1, 1998): 162–65. http://dx.doi.org/10.35632/ajis.v15i1.2210.

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The course was organized by the Islamic Development U.K., in cooperationwith the Islamic Development Bank, Jeddah, Saudi Arabia, andLoughborough University, Loughborough, U.K. More than 100 guestspeakers, organizers, and participants attended.The participants were very active in panel discussions. The topicsincluded Islamic banking and fm ance, Islamic economics, economicdevelopment from the Islamic perspective, the creation of money, therationale of prohibiting interest and its prohibition in western literature,debt, equity, Islamic fund management, the role of zakat in the eradicationof poverty, Islamic finance in the West, and the new halal investmentcompany in Europe. As a starting point, Dr. Umer Chapra presented a paper on the presentstate of Islamic economics. He emphasized the importance of economicsin explaining the fall of Muslim power. He also pointed out the effect ofIslamic values and institutions, including zakat and the abolition of interest.He added that now it is time to solve the practical problems that theMuslim countries are facing and also to show ways of realizing theIslamic vision of a society where development is taking place with justice.Dr. Monawar Iqbal talked about the rationale of Islamic banking andthe services that people are in need of, e.g., investment in the form ofmudarabah, musharakah, and murabah.Attention was juid to the following features of Islamic banking: risksharing, productivity as compared to credit worthiness, moral dimension,equity, efficiency, stability, and growth.The experience of Islamic banking in Pakistan, Iran, and Sudan wasdiscussed. In addition, there was a discussion on multinational entities(e.g., Islamic Development Bank). Dr. Iqbal emphasized the major problemsfacing Islamic banking such as lack of profit sharing on the assetside, adverse selection, moral hazard, lack of project appraisal machinery,lack of project monitering, defaulters and the issue of penalties,illogicality of the Islamic financial market, short-term asset structure,excess liquidity, short-term placement of funds, lack of a lender of lastresort, difficulties in issuing letters of guarantee, and taxation.Despite these problems, 192 Islamic banks were operating by the endof 1996. An analysis of 166 of these banks was made by Dr. SamirShaikh, who described their current profile and showed that their netprofit in 1996 was $1,683,648. On the suggestion of Dr. Tarigullah Khanthe principles of Islamic finance were grouped into the following categories:benevolence, sharing principle, deferred sale-principle, andsharing-cum-deferred sale ...

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Dinc, Yusuf. "Product development in Islamic finance and banking in secular economies." Journal of Islamic Accounting and Business Research 11, no. 9 (March 23, 2020): 1665–76. http://dx.doi.org/10.1108/jiabr-06-2019-0106.

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Purpose As the global paradigm in economics shifts, Islamic economics is attracting more attention as an alternative sector. The most common and most active institutional structure of Islamic economics is in the form of Islamic finance and banking. Islamic finance and banking have been the centre of innovation in many economies in recent years. In this regard, product development is a vital element in driving the success of Islamic financial institutions (IFIs). The product development of IFIs is one of the key elements of their overall economic performance. This study aims to fill the gap in the literature concerning the product development process of IFIs in secular economies. Design/methodology/approach Verily, product development is a complex process; it is likely that introducing specific models will be useful for expanding the activities of IFIs. In this study, contemporary source materials are used to develop this conceptual research. Findings It suggests two separate methodologies for the product development process of IFIs in secular economies to overhaul two criticised product-based problems. To the best of the author’s knowledge, it is the first attempt to model the product development process for IFIs in a secular economic setup. Originality/value Recently, this study is the first attempt for modelling product development in IFIs under secular economies. Advances in the field of Shari’ah-compliant product development is important for researchers and professional.

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Wilson, Rodney. "Financial Economics: Islamic Finance in Europe: Towards a Plural Financial System." Journal of Economic Literature 51, no. 4 (December 1, 2013): 1198–99. http://dx.doi.org/10.1257/jel.51.4.1183.r7.

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Rodney Wilson of Emeritus Professor, Durham University reviews, “Islamic Finance in Europe: Towards a Plural Financial System” by Valentino Cattelan. The Econlit abstract of this book begins: “Fifteen papers investigate Islamic finance in Europe as part of a plural financial system in the current age of globalization, through a multi- and interdisciplinary approach to law and economics. Papers discuss law as a kite—managing legal pluralism in the context of Islamic finance; a glimpse through the veil of Maya—Islamic finance and its truths on property rights; Islamic moral economy as the foundation of Islamic finance; financial stability and economic development—an Islamic perspective; Islamic banking contracts and the risk profile of Islamic banks; the economic impact of Islamic finance and the European Union; migrant banking in Europe—approaches, meanings, and perspectives; women's empowerment and Islam—open issues from the Arab world to Europe; Islamic banking in the EU legal framework; regulating Islamic financial institutions in the United Kingdom; Luxembourg—a leading domicile for Shari'ah compliant investments; managing Islamic finance vis-à-vis laïcité—the case of France; a critical view on Islamic finance in Germany; the development of Islamic banking in Turkey—regulation, performance, and political economy; and the move toward a plural financial system. Cattelan is Lecturer in Islamic Finance at the University of Rome ““Tor Vergata.””

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Iskandar, Azwar, Bayu Taufiq Possumah, and Arfan Arifuddin. "Rethinking Islamic Economic and Finance Practices in Indonesia: Some Critical Reviews." International Journal of Islamic Business and Economics (IJIBEC) 4, no. 2 (November 30, 2020): 81. http://dx.doi.org/10.28918/ijibec.v4i2.2751.

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This research aimed to review and highlight some issues related to Islamic economic and finance practices in Indonesia. This research used qualitative-descriptive approach with content analysis, library research and critical studies method. This research found some critical points on islamic economic and finance practices in Indonesia, such as (i) islamic banking in Indonesia shows inconsistencies and unwillingly implementation; (ii) the Islamic economics practices not going too far from around financial sector (iii) the practice of islamic finance in indonesia is mostly focused on the Islamic Commercial Finance (ICF) sector and less concerned with Islamic Social Finance (ISF); (iv) shariah financial institutions is more precisely than what is called ”shariah bank” (v) epistemological problems in the islamic economics curriculum need to be answered and resolved to avoid a contraproductive output from its fundamental purposes. It is necessary to conduct re-orientation of sharia banking in order to strengthen the vision of sharia banking. All involving parties should be able to corporate, among them are academics, practitioners, governments, and, moreover, the role of scholars and organizations. It is reorientation and synergy of these parties which shall solve the problem of half-hearted implementation of banking and answer all criticism directed to the sharia banking all this time

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5

Bossone, Biagio. "Circuit theory of banking and finance." Journal of Banking & Finance 25, no. 5 (May 2001): 857–90. http://dx.doi.org/10.1016/s0378-4266(00)00100-x.

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6

Greenwood, Robin, and David Scharfstein. "The Growth of Finance." Journal of Economic Perspectives 27, no. 2 (February 1, 2013): 3–28. http://dx.doi.org/10.1257/jep.27.2.3.

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The US financial services industry grew from 4.9 percent of GDP in 1980 to 7.9 percent of GDP in 2007. A sizeable portion of the growth can be explained by rising asset management fees, which in turn were driven by increases in the valuation of tradable assets, particularly equity. Another important factor was growth in fees associated with an expansion in household credit, particularly fees associated with residential mortgages. This expansion was fueled by the development of nonbank credit intermediation (or “shadow banking”). We offer a preliminary assessment of whether the growth of active asset management, household credit, and shadow banking—the main areas of growth in the financial sector—has been socially beneficial.

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7

Kuran, Timur. "Theoretical studies in islamic banking and finance." Journal of Comparative Economics 13, no. 3 (September 1989): 486–89. http://dx.doi.org/10.1016/0147-5967(89)90075-9.

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8

Fanta, Ashenafi Beyene. "The Finance-Growth Nexus: Evidence from Emerging Markets." Journal of Economics and Behavioral Studies 7, no. 6(J) (December 30, 2015): 13–23. http://dx.doi.org/10.22610/jebs.v7i6(j).614.

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The finance growth literature ignores the role of bond markets in financing private investments. Moreover, the impact of bank crisis on the finance growth link has been largely overlooked. This paper aims at casting light at the finance growth link in emerging economies by accounting for bond markets and controlling for banking sector crises. Data on economic growth and financial development indicators for 15 emerging economies (drawn from Africa, Asia, Latin America, and Europe) were analysed using a system generalized-method-of-moments (GMM) technique. It is observed that while banking sector development is related to economic growth (albeit negatively), no statistically significant relation is observed between stock markets and or bonds markets and economic growth. Moreover, a banking crisis is found to affect the finance growth link in such a manner that the link weakens when a banking crisis is introduced to the model. Our results are robust to omitted variable bias, simultaneity problem, heteroscedasticity and autocorrelation.

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9

Swanepoel, Ezelda, Ja’nel Esterhuysen, Gary van Vuuren, and Ronnie Lotriet. "Banking competition and misconduct: how dire economic conditions affect banking behavior." Banks and Bank Systems 11, no. 4 (December 9, 2016): 31–39. http://dx.doi.org/10.21511/bbs.11(4).2016.03.

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Increasingly, in the last decade, largely due to perceived greater shareholder pressures for more profitable performance, compensation maximization has taken center stage in some segments of the banking industry. Banks need to establish board governance committees with explicit responsibilities to monitor corporate ethics and culture. This paper aims to measure the correlation between dire economic conditions, competition, banking profitability, and misconduct. This is done by means of GDP comparisons to determine economic conditions, calculating z-scores to determine bank risk taking, and analysis of variance of return on assets, return on equity and z-scores, to determine profitability, and fines comparisons to determine misconduct. Analysis finds that dire economic conditions may lead to increased competition, increased competition may lead to increased risk taking, increased risk taking may have an impact on a bank’s financial performance, and decreased financial performance may lead to increase in misconduct. Keywords: banking competition, banking behavior, economic conditions. JEL Classification: C21, G01, G21, G32

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Khan, Muhammad Asif, Muhammad Waseem Shehzad, and Muhammad Atif Khan. "Contemporary Challenges Confronting Islamic Banking & Finance." International Letters of Social and Humanistic Sciences 55 (July 2015): 86–94. http://dx.doi.org/10.18052/www.scipress.com/ilshs.55.86.

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The philosophy of Islamic economics is “brining economics in consonance with Shariah”, guiding Islamic banking and finance to abolish interest from operations, has reported a monumental growth, envisaged the most lucrative and unsusceptible segment of the economy. Islamic finance is undoubtedly flourishing worldwide entails trajectory development but at other front it encounters a number of impediments in development since its inception. The emphasis of this study is to encapsulate in tabular form, the contemporary problems and challenges Islamic finance has encountered during the span of last 28-years from 1988 to 2015. The austere Shariah compliance; regulatory and prudential challenges; misconception among western society about Islamic banking philosophy; unavailability of money and capital market for scant Islamic financial instruments; piercing competition; privation of Islamic banking and finance awareness; absence of uniform reporting standards; complexities of regulatory and supervisory issues; lack of central supervisory body, governance and dearth of consensus among Shariah scholars been the precarious challenges among many others. A unified central regulatory and supervisory mechanism required in converging sprinkled Islamic finance practices and to foster a synchronized and standardized regulatory framework consensus need to be developed among all Shariah scholars

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Smolo, Edib, and Abbas Mirakhor. "Limited purpose banking (LPB) and Islamic finance." Humanomics 30, no. 2 (May 6, 2014): 122–35. http://dx.doi.org/10.1108/h-08-2013-0053.

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Purpose – This paper primarily aims to review and analyze a new model for Islamic finance based on Laurence J. Kotlikoff's idea of limited purpose banking (LPB). In addition, this paper aims to highlight, explain and discuss various aspects of LPB and how it suits the original aspirations of pioneer writers in Islamic finance. Design/methodology/approach – Based on an extensive literature review, this paper aims to highlight, explain and discuss the reform of the Islamic finance industry based on Kotlikoff's model of LPB. Findings – Based on a modified LPB model, Islamic financial institutions could be established to provide specific services with clear aims and objectives. These LPB Islamic financial institutions would operate in a similar way to LPB. Research limitations/implications – As there is no perfect plan, the proposal of this paper is far from being perfect and is open to discussions and improvements. The paper will, hopefully, spark off quite a discussion on the topic; may result in a better understanding of the model; and provide some alternative solutions to the current structurally ill financial system. Practical implications – The paper provides some practical ideas for a better implementation of Shari'ah principles in financial intermediation of the Islamic financial system. Originality/value – Kotlikoff's LPB proposal for reforming the financial system is new and has been directed to the conventional financial system. This paper represents the first attempt to apply his proposal to the Islamic finance industry.

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Bos, Jaap W. B., Klaas H. W. Knot, and Clemens J. M. Kool. "Banking and finance in an integrating Europe." Journal of Banking & Finance 30, no. 7 (July 2006): 1835–37. http://dx.doi.org/10.1016/j.jbankfin.2005.09.001.

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Szambelańczyk, Jan, and Monika Marcinkowska. "Should The Paradigms of Banking Theory be Redefined Based on Banking Practice? (Thoughts on The Polarity of Opinion Concerning The Polish Banking Sector)." e-Finanse 12, no. 3 (October 1, 2016): 1–26. http://dx.doi.org/10.1515/fiqf-2016-0145.

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Abstract In accordance with the principles of best academic practice, a research community is identified through an internalised paradigm comprising notions and theories that form the foundations of a given academic field or discipline. This paper aims to provide a selective overview of differing opinions with respect to solutions, phenomena or processes concerning the Polish banking sector, as an example of the degree of development of banking theory and practice.In view of the analysis a question arises as to whether finance and socio-economic practice holds a paradigm that would prove adequate in terms of the level of development of such practice, i.e. the so-called disciplinary matrix, involving symbolic generalisations, informational efficiency of financial markets hypothesis), methodological assumptions (reflecting the cognitive structure of the phenomena, processes or structures researched) or, finally, models for resolving scientific problems (handbooks, monographs, research reports) and practical experience (e.g. methods of arbitration valuation, estimating the risk premium). Or perhaps, as G. Kołodko would put it, the finance paradigm is really based on the fact that “things happen the way they do, because many things are happening all at once”. It cannot be ruled out that what finance needs is a change similar to the economics of complexity, defined by A. Wojtyna as the incorporation of a behavioral concept (reconstructing the homo oeconomicus concept) and challenging the traditional understanding of economic system equilibrium and dynamics.It is also worth considering whether the triad of finance categories (money, risk, time) is not lacking a fourth component, namely trust, essential for financial stability and the balance between finance capital and social capital, serving as the basis for efficient financial intermediation (including the development of an unselfish advisory function, especially with regard to financial products securing the customers’ day-to-day existence in the post-employment period).

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Mansor Haji Ibrahim, Mansor Haji Ibrahim. "Rethinking Islamic Economics." journal of king Abdulaziz University Islamic Economics 32, no. 2 (July 9, 2019): 119–24. http://dx.doi.org/10.4197/islec.32-2.9.

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The emergence of Islamic viewpoints on economic issues under the umbrella of Islamic economics has captivated much interest especially in its practical manifestation in Islamic banking and finance. In light of the failure of mainstream economics to address many pressing issues, and hence the need for alternative views, this paper offers assessments of Islamic economics whether (i) it is relevant to this need, (ii) it has progressed to the extent that it has been made to become relevant, and (iii) it is also in need of reform. While I argue that Islamic economics is relevant, it falls short of expectations on the second issue. The major reasons being: (a) the lack of progress in Islamic economics theory, (b) the similarity of Islamic economic practices in the forms of Islamic finance to conventional finance, and (c) its limited ability thus far to embrace multi-perspective views. On the basis of these, I conclude that Islamic economics is also in need of reform.

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OBAIDULLAH, MOHAMMED. "Islamic Banking and Finance: Theory and Practice." Journal of King Abdulaziz University-Islamic Economics 17, no. 1 (2004): 45–49. http://dx.doi.org/10.4197/islec.17-1.4.

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16

Khan, M. "Theoretical Studies in Islamic Banking and Finance." Journal of King Abdulaziz University-Islamic Economics 4, no. 1 (1992): 51–79. http://dx.doi.org/10.4197/islec.4-1.3.

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17

El-Gamal, Mahmoud. "General Economics and Teaching: What Is Wrong with Islamic Economics? Analysing the Present State and Future Agenda." Journal of Economic Literature 51, no. 4 (December 1, 2013): 1183–85. http://dx.doi.org/10.1257/jel.51.4.1183.r1.

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Mahmoud El-Gamal of Rice University reviews, “What Is Wrong with Islamic Economics? Analysing the Present State and Future Agenda” by Muhammad Akram Khan. The Econlit abstract of this book begins: “Explores the state of the art in Islamic economics and finance, analyzes reasons for perceived stagnation, and considers a way forward. Discusses Islamic economics—state of the art; the “why” of Islamic economics; what is Islamic economics?; methodology of Islamic economics; the move from Islamic theology to Islamic economics; expanding the frontiers of economics; an Islamic economic system or spiritual capitalism?; elimination of interest—from divine prohibition to human interpretation; prohibition of riba in the primary sources of Islam; the theory of riba—the orthodox interpretation; assessment of the orthodox interpretation; modernist thinking on riba; prohibition of riba—the continuing debate; unresolved issues in the orthodox interpretation of riba; practice of interest-based finance among Muslims; prohibition of riba—the way forward; the theoretical basis of Islamic banking; problems of profit–loss sharing; practice of Islamic banking and finance; a trajectory of legal tricks—hiyal; Islamic insurance takaful; and contemporary application of the law of zakah. Khan is former Deputy Auditor General of Pakistan and Chief Resident Auditor of United Nations Peacekeeping Missions.”

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Moshirian, Fariborz, and Qiongbing Wu. "Banking industry volatility and banking crises." Journal of International Financial Markets, Institutions and Money 19, no. 2 (April 2009): 351–70. http://dx.doi.org/10.1016/j.intfin.2008.02.002.

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19

Kotlikoff, Laurence. "Misreading the great recession and applying the wrong fix." Acta Oeconomica 68, s2 (December 2018): 21–43. http://dx.doi.org/10.1556/032.2018.68.s2.2.

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Most economists differ not on the causes of the Great Recession, but on their relative importance. They agree, however, that the core problem is human, not market failure. Their widely held assessment helps explain why the Dodd-Frank banking “reform” says so much and does so little. This study re-tries the usual suspects and finds none guilty. Instead, it points to multiple equilibria in banking and the overall economy. Whether it is Cooke and Company in 1873 or Lehman Brothers in 2008, leverage and opacity are the wicked brew that stokes bank runs. And bank runs prompt employer runs – laying off your employees (other firms’ customers) for fear that others are laying off their employees (your customers). The answer is fundamental, not cosmetic banking reform that fixes banking and the economy for good. The answer is replacing leveraged, trust-me banking with fully transparent, 100 percent equity-financed mutual fund banking. This reform, called Limited Purpose Banking, handles all aspects of finance, including lending, risk allocation and the payment system. It would permanently end the leveraging of taxpayers by banks and bring a permanent end to financial crises.

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Diamond, Douglas W., and Raghuram G. Rajan. "Money in a Theory of Banking." American Economic Review 96, no. 1 (February 1, 2006): 30–53. http://dx.doi.org/10.1257/000282806776157759.

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We examine the role of banks in the transmission of monetary policy. In economies where banks use real demand deposits to finance their lending, fluctuations in the timing of production can force banks to scramble for real liquidity, or even fail, which can greatly affect lending and aggregate output. The adverse effect on output can be reduced if banks finance with nominal deposits. Nominal deposits also open a “financial liquidity” channel for monetary policy to affect real activity. The banking system may be better off, however, issuing real deposits (e.g., foreign exchange denominated) under some circumstances.

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Cobham, David. "Finance for development and islamic banking." Intereconomics 27, no. 5 (September 1992): 241–44. http://dx.doi.org/10.1007/bf02928053.

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Ayub, Muhammad, and M. Fahim Khan. "EVOLVING MONETARY ECONOMICS IN ISLAMIC PERSPECTIVE." Journal of Islamic Monetary Economics and Finance 7, no. 2 (April 21, 2021): 317–40. http://dx.doi.org/10.21098/jimf.v7i2.1372.

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The challenges facing the Islamic banking and finance industry include, inter alia, resolving the issue of ‘form over substance’, adopting value-based social and ethical finance, and reinforcing public confidence that its business and services conform to the principles of Shari’ah in both letter and spirit. These challenges can be faced only if Islamic finance is based on the money and monetary perspective of Islamic economics. An important aspect for discussion in this context is the issue of money creation. This paper is based on an analysis of the literature on conventional and Islamic economics and Islamic finance. It comprises observational and narrative research mainly because monetary policy from an Islamic perspective has not been implemented in any jurisdiction in the modern world. Its objective is thus to suggest how monetary policy might evolve from the perspective of Islamic law of contracts. It discusses an economic model in which a new theory of monetary economics could become a basis for evolving Islamic finance in its value-based perspective. It also discusses monetary economics and monetary policy from an Islamic perspective in the context of contemporary Muslim economies. The Islamic financial system must be based on the Islamic system of money, monetary economics and exchange principles. Hence, economists and policymakers may first focus on evolving monetary economics and policy from an Islamic perspective, to serve as a basis for structural reforms.

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Caprio, Gerard, and Patrick Honohan. "Restoring Banking Stability: Beyond Supervised Capital Requirements." Journal of Economic Perspectives 13, no. 4 (November 1, 1999): 43–64. http://dx.doi.org/10.1257/jep.13.4.43.

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Emerging economies have been particularly prone to financial sector crises, reflecting marked information asymmetries and political interference, as well as the substantial volatility in underlying economic conditions, and the vulnerability of banking and finance when structural economic changes create a new and uncharted operating environment. The standard regulatory paradigm relies mainly on supervised capital adequacy, but it may not be enough. Other measures to improve the incentive structure for bankers, regulators, and other market participants could effectively increase the number of concerned, skilled and watchful eyes. Intermittent application of supplementary “blunt instruments” could also be useful.

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Boustanifar, Hamid. "Finance and employment: Evidence from U.S. banking reforms." Journal of Banking & Finance 46 (September 2014): 343–54. http://dx.doi.org/10.1016/j.jbankfin.2014.06.006.

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Duygun, Meryem, Mohamed Shaban, Pilar Soriano, and Emili Tortosa-Ausina. "Rethinking banking and finance: Money, markets and models." Journal of Banking & Finance 37, no. 12 (December 2013): 5160–62. http://dx.doi.org/10.1016/j.jbankfin.2013.08.026.

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Hall, S. "Banking Across Boundaries: Placing Finance in Capitalism." Journal of Economic Geography 14, no. 2 (November 5, 2013): 479–81. http://dx.doi.org/10.1093/jeg/lbt035.

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Jaffar, Syammon, Adam Abdullah, and Ahamed Kameel Mydin Meera. "Fiat money: from the current Islamic finance scholars’ perspective." Humanomics 33, no. 3 (August 14, 2017): 274–99. http://dx.doi.org/10.1108/h-01-2017-0013.

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Purpose This paper aims to discuss the opinions of current Shariah scholars on the concept of debt money in the present-day fiat money system. Design/methodology/approach Research design of this paper is a quantitative investigation of Shariah experts by distributing a questionnaire to them. As majority of Shariah scholars are also Shariah advisory of the current banking system, it is important to find out their level of knowledge on the issue of debt money created by the commercial banking system through the fractional-reserve banking (FRB) system. Findings Based on this investigation, most Shariah scholars are unaware of and confused about the mechanics underpinning the creation of money, especially with respect to FRB as it is practiced by the conventional and Islamic banking systems. Originality/value Based on this research, it is recommended that these scholars should improve their understanding of the operation of the fiat money system and its consequences. It is recommended that, in future, Shariah scholars should think “outside of the box” by creating Islamic financial instruments that do not resemble those of the conventional system.

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Guha Deb, Soumya, Sibanjan Mishra, and Pradip Banerjee. "Stock market, banking sector and economic growth." Studies in Economics and Finance 36, no. 3 (July 26, 2019): 348–64. http://dx.doi.org/10.1108/sef-02-2017-0046.

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Purpose The purpose of this paper is to examine the causal relationship between economic development and financial sector development for 28 countries at different stages of their development. The authors specifically focus on the nature of causality during economic boom and tranquil cycles. Design/methodology/approach The study uses quarterly time series panels of 17 developed and 11 emerging countries, during 1993Q1-2014Q4 with each having three sub-panels – full sample, a period of the economic uptrend (UP), and period of the economic downtrend. The authors use a univariate analysis for initial screening followed by panel unit root test, panel co-integration and causality test proposed by Toda–Yamamoto to examine the causal relationship. Findings The principal results suggest that for developed economies, there is a causal flow from financial sector to real sector in line with the “supply-leading” hypothesis, whereas for emerging economies, it is from real sector to financial sector, in line with the “demand-following” hypothesis. This overall relationship is strong for both emerging and developed economies during economic boom or UP cycles, but becomes weak during economic downturns or tranquil periods. Originality/value This study is different from previous studies on this issue and contributes to the existing literature in a number of ways. First, the focus of this paper revolves around identification of differential patterns in causal flows between real and financial sectors for different economies, across different economic cycles. Second, to present a robust representation of financial sector, the authors consider both banking sector and stock market parameters as the proxy for financial sector development. Third, the authors address the “stock-flow problem” in the measurement of financial variables a typical criticism of some of the previous studies. Finally, the authors use a rich sample size comprising of about 2,500 quarterly observations for each variable, with about 1,500 observations from developed and 1,000 from emerging economies.

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Chamley, Christophe, Laurence J. Kotlikoff, and Herakles Polemarchakis. "Limited-Purpose Banking—Moving from “Trust Me” to “Show Me” Banking." American Economic Review 102, no. 3 (May 1, 2012): 113–19. http://dx.doi.org/10.1257/aer.102.3.113.

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There are many alleged culprits for the bank runs of 2008 and their devastating economic fallout. But proprietary information and leverage top our list. Claims of proprietary information forced financial markets to operate on trust, while providing the perfect breeding ground for fraud. And leverage permitted creditors to run at the first whiff of fraud, leveling one financial giant after another. Limited Purpose Banking (LPB), presented here, is a financial reform that sharply curtails proprietary information and eliminates leverage and, thus, the possibility of financial collapse. LPB's adoption is supported by our simple model showing how fraud can destroy finance.

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Ajibade, Patrick, and Stephen M. Mutula. "Big data, 4IR and electronic banking and banking systems applications in South Africa and Nigeria." Banks and Bank Systems 15, no. 2 (June 24, 2020): 187–99. http://dx.doi.org/10.21511/bbs.15(2).2020.17.

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Efficient banking solutions are an integral part of the business integration of South African and Nigerian economies as the two largest economies in the continent. Security, effectiveness, and integration of banking systems are critical to the sustainable development of the African continent. Therefore, an empirical analysis of the production of research on banking services and systems was conducted. The aim of the study was to examine the robustness of the research findings on banking systems in terms of their importance for the economic sustainability of the continent in the era of the fourth industrial revolution. The study adopted a bibliometric analysis using software clusters to visualize the results. Due to higher visibility of outputs and likely citations, the results showed that the key terms from Google Scholar are ranked higher than outputs from Scopus. Main research interests were related to internet banking (f = 70), e-payment systems (f = 57), telephone banking (f = 56), automated teller machines (f = 54), and mobile banking (f = 40). The results also showed a very low research interest in the technical aspect of online banking services such as security (f = 19, TLS = 40), authentication (f = 17, TLS =33), network security (f =13, TLS = 33), computer crime (f = 16, TLS = 42), and online banking (f = 11, TLS =32). The study found there were insufficient outputs in the area of the fourth industrial revolution (4IR) and banking services in Africa. Future research trends should examine the impact of the 4IR and big data on the banking system, regional economic integration, and sustainable growth in the continent.

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31

Heblich, Stephan, and Alex Trew. "Banking and Industrialization." Journal of the European Economic Association 17, no. 6 (September 27, 2018): 1753–96. http://dx.doi.org/10.1093/jeea/jvy037.

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AbstractWe establish a causal role for banking access in the spread of the Industrial Revolution over the period 1817–1881 by exploiting unique employment data from 10,528 parishes across England and Wales and a novel instrument. We estimate that a one standard deviation increase in 1817 finance employment increases annualized industrial employment growth by 0.93 percentage points. We establish the role of structural transformation as an underlying growth mechanism and show that banking access: (i) increases the industrial employment share; (ii) stimulates urbanization; and (iii) fosters inter-industry transition to high TFP, intermediate and capital-intensive sub-sectors.

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32

Thakor, Anjan V. "Relationship Banking." Journal of Financial Intermediation 9, no. 1 (January 2000): 3–5. http://dx.doi.org/10.1006/jfin.2000.0283.

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GIEDEMAN, DANIEL C. "Branch Banking Restrictions and Finance Constraints in Early-Twentieth-Century America." Journal of Economic History 65, no. 1 (March 2005): 129–51. http://dx.doi.org/10.1017/s0022050705050059.

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This article studies the effects of branch banking restrictions on American firm investment and growth. Authors have suggested that the lack of widespread branching bank networks hindered the development of large-scale industrial firms. This article presents a model that implies that restrictions on branch banking cause the severity of external finance constraints to increase with firm size. This hypothesis is tested using a panel data set of over 250 firms for 1911–1922. Investment and growth sensitivities are significantly higher for large firms than for smaller firms, suggesting that branch banking restrictions hindered the expansion of large-scale firms.

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34

Moggridge, D. E., and Charles H. Feinstein. "Banking, Currency, and Finance in Europe Between the Wars." Economic Journal 106, no. 438 (September 1996): 1422. http://dx.doi.org/10.2307/2235535.

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35

Stojanović, Dragica. "Sustainable economic development through green innovative banking and financing." Economics of Sustainable Development 4, no. 2 (2020): 35–44. http://dx.doi.org/10.5937/esd2001035s.

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The essence of the paper is a new concept of finance, which is synchronized with the environmental processes of the planet development - green finance. Green finance is positioned between the financial industry, sustainable economic development, and environmental protection. Banks can play a relevant role in promoting environmental sustainability by financing environmentally and socially responsible projects. To fulfill this role, the banking sector in certain countries has adopted the concept of Green Banking which promotes environmentally responsible financing and sustainable internal processes. The paper aims to study the role of banks in sustainable economic development through green banking activities. Building on the theoretical concept of green finance and green banking activities, it is ultimately suggested that developing green banking products are is a proactive idea that might enable eco-friendly business practices for present and future generations.

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36

Gheeraert, Laurent. "Does Islamic finance spur banking sector development?" Journal of Economic Behavior & Organization 103 (July 2014): S4—S20. http://dx.doi.org/10.1016/j.jebo.2014.02.013.

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37

Niinimaki, J. P. "Evergreening in banking." Journal of Financial Stability 3, no. 4 (December 2007): 368–93. http://dx.doi.org/10.1016/j.jfs.2007.06.002.

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38

Zainur, Zainur. "Islamic Finance and Economic Development: The Impact of the Islamic Finance Sector on Indonesia’s Economic Development." Journal of Sharia Economics 3, no. 1 (June 25, 2021): 52–63. http://dx.doi.org/10.35896/jse.v3i1.170.

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The re-existence of Islamic economics on the surface of the earth makes a major contribution to the new economic system, with new models and innovations that are applied according to the conditions it goes through without reducing the values that must be implemented in the Islamic economic system. Although it can be understood that this Islamic economic system is not a new thing, but has experienced a new history in the modern era This research aimed to describe the models and applications of sharia-based financial models in the economy, Islamic finance models that are able to promote equitable development, and the impact of the Islamic finance sector on economic development. This was qualitative research with document analysis. The results were financial system in Islam has an impact on economic growth, especially in Indonesia, it can be felt the level of difference between conventional economics and Islamic economics. In addition to the investment factor made by investors, the contract model that is applied bears the risk for both parties, because with a contract like this the level of prudence that must be carried out is more selective compared to other contracts. In addition to Islamic banking, non-bank financial institutions also have a very significant role in increasing economic growth. Among non-bank financial institutions that have an influence on economic growth are zakat, baitul maal wattamwil, waqf and others.

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Rasheed, Rabia, Sulaman Hafeez Siddiqui, Iqbal Mahmood, and Sajjad Nawaz Khan. "Financial Inclusion for SMEs: Role of Digital Micro-financial Services." Review of Economics and Development Studies 5, no. 3 (July 30, 2019): 429–39. http://dx.doi.org/10.26710/reads.v5i3.686.

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SMEs paly major role in poverty reduction and employment generation, therefore experts considered this sector as engine of economic growth. However, access to finance in developing countries is one of major issue in development of SME sector as well as hurdle in economic growth. Financial institutions banking and non-banking shows reluctant behaviour in providing financing to SMEs and the issue is more severe in emerging economies. Bank financing has been found as main source of funds for SMEs in Pakistan, however, to obtain these funds not easy for small and medium firms. Recently digital micro financial services have been introduced by a number of micro finance banks. Current study examines the role of digital micro financial services in enhancing SMEs’ access to finance and thereby enabling a more inclusive financial market for SMEs especially in context of emerging and developing economies. By digging out the existing literature and secondary data, the study discusses that digital financial services have greatly helped owner managers of SMEs in smooth management of their transactions and finances. The study concludes that to strengthen SME sector for economic growth, it is important to further reduce the cost of using digital financial services and increase the financial product portfolio on digital platforms.

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40

Le Maux, Laurent. "The classical monetary theory on bank liquidity and finance." Oxford Economic Papers 72, no. 3 (August 14, 2019): 692–709. http://dx.doi.org/10.1093/oep/gpz051.

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Abstract This article investigates the classical monetary theory on bank liquidity and finance and especially the contribution of Thomas Tooke, John Stuart Mill and John Fullarton at the light of the debate on the Great Recession. These authors show how financial markets and banking system may collapse altogether after a rise of values in certain classes of securities or real estate markets. And they come to the view that competition between commercial banks creates the appearance of market discipline, while the expectation of scarcity in some specific markets leads to a speculative process, which in turn destabilizes the banking system and triggers the need for the lender of last resort.

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41

Fernández, Ana I., Francisco González, and Nuria Suárez. "Banking stability, competition, and economic volatility." Journal of Financial Stability 22 (February 2016): 101–20. http://dx.doi.org/10.1016/j.jfs.2016.01.005.

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42

Gorton, Gary. "Banking theory and free banking history: A Review Essay." Journal of Monetary Economics 16, no. 2 (September 1985): 267–76. http://dx.doi.org/10.1016/0304-3932(85)90035-2.

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43

Angkinand, Apanard P. "Banking regulation and the output cost of banking crises." Journal of International Financial Markets, Institutions and Money 19, no. 2 (April 2009): 240–57. http://dx.doi.org/10.1016/j.intfin.2007.12.001.

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44

Herring, Richard J., and Richard Dale. "International Banking Deregulation: The Great Banking Experiment." Journal of Finance 48, no. 4 (September 1993): 1553. http://dx.doi.org/10.2307/2329052.

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45

Garrison, Roger W. "Central banking, free banking, and financial crises." Review of Austrian Economics 9, no. 2 (1996): 109–27. http://dx.doi.org/10.1007/bf01103332.

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46

Sharma, Dipasha. "Nexus between financial inclusion and economic growth." Journal of Financial Economic Policy 8, no. 1 (April 4, 2016): 13–36. http://dx.doi.org/10.1108/jfep-01-2015-0004.

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Purpose The purpose of this study is to assess the nexus between the vast dimensions of financial inclusion and economic development of the emerging Indian economy. Design/methodology/approach In this study, vector auto-regression (VAR) models and Granger causality test were followed to test the main research question in Indian context. The data were collected on various dimensions of financial inclusion and economic development for the period 2004-2013. Findings Empirical results and discussion suggest that there is a positive association between economic growth and various dimensions of financial inclusion, specifically banking penetration, availability of banking services and usage of banking services in terms of deposits. Granger causality analysis reveals a bi-directional causality between geographic outreach and economic development and a unidirectional causality between the number of deposits/loan accounts and gross domestic product. The results obtained favor social banking experiments in India with a deepening of banking institutions. Research limitations/implications This study is limited to the banking institutions and specifically to the emerging and developing economies. Practical implications This study analyzes the quantitative value of social banking experiments and governments’ efforts to enhance financial inclusion in terms of economic growth. Social implications Financial inclusion plays a key role in developing a strong and an efficient financial infrastructure, which facilitates the growth of an economy. The findings of the study reveal that there is a strong association between banking penetration and growth. The discussion leads in the favor of deepening of the banking institutions, and therefore, policymakers can look forward to these findings to maintain a sustainable-inclusive-developed economic system in an emerging economy like India. Originality/value This study is original in nature and includes recent evidence and efforts to promote financial inclusion in the Indian economy. The findings of this study will be of value to banks and policymakers.

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Ross, Duncan M., and Charles Feinstein. "Banking, Currency and Finance in Europe between the Wars." Economic History Review 49, no. 2 (May 1996): 410. http://dx.doi.org/10.2307/2597952.

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48

Ibrahim, Mansor H., and M. Shahid Ebrahim. "Islamic Banking and Finance: Beyond Comparison and Investment Opportunities." Pacific-Basin Finance Journal 52 (December 2018): 1–4. http://dx.doi.org/10.1016/j.pacfin.2018.11.006.

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49

McALEER, MICHAEL. "EDITORIAL NOTE: REVIEW PAPERS FOR ANNALS OF FINANCIAL ECONOMICS." Annals of Financial Economics 13, no. 01 (March 2018): 1801001. http://dx.doi.org/10.1142/s2010495218010017.

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The Annals of Financial Economics (AFE) was inaugurated in 2006, and has continued publishing successfully with Volume 13 in 2018. Since the first issue, the journal has published a number of topical and interesting theoretical and empirical papers in financial economics, namely, financial econometrics, banking, finance, mathematical finance, statistical finance, accounting, decision sciences, information management, tourism economics and finance, international rankings of journals in financial economics, and bibliometric rankings of journals in cognate disciplines. Papers published in the journal range from novel technical and theoretical papers to innovative empirical contributions. The journal wishes to encourage critical review papers on topical subjects in any of the topics mentioned above in financial economics and in cognate disciplines.

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Al Balushi, Yasmeen, Stuart Locke, and Zakaria Boulanouar. "Omani SME perceptions towards Islamic financing systems." Qualitative Research in Financial Markets 11, no. 4 (November 4, 2019): 369–86. http://dx.doi.org/10.1108/qrfm-06-2018-0078.

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Purpose This paper aims to investigate small and medium enterprises’ (SMEs) owner–managers’ awareness, willingness and perceptions concerning Islamic financing instruments as an alternative sourcing decision in SMEs’ businesses. Design/methodology/approach The research employed mixed methods to gather data. A questionnaire survey was conducted via face-to-face interviews with 385 SME owner–managers operating in Muscat, Oman’s capital city, along with face-to-face discussion on Islamic finance with 86 SME owner–managers. Descriptive and thematic analysis were used to analyse the data. Findings The findings indicate that SME owner–managers are aware of Islamic banking principles and have knowledge of Islamic financial instruments, despite Islamic finance being new to Oman. Interestingly, although the majority of the participants indicated their intention to adopt this new finance method, they were motivated by special requirements other than finance. Their positive perception of Islamic financing methods could play a significant role in developing the Islamic banking industry. Research limitations/implications The research is limited in that its data came only from Omani SME owner–managers in Muscat. Future research could investigate wider samples. Secondly, the study’s findings lack generalisability to larger and public enterprises, because only SME owner–managers were surveyed. Practical implications This study will be important for policy makers concerned about SMEs’ financing, Islamic financial institutions and new entrants into the Islamic banking industry, as it provides empirically evidence of Omanis’ views, and more specifically those of Omani SME owner–managers, on the recent introduction of Islamic finance into the country. The insights this study offers should help them to develop the strategies required to attract SMEs and to construct policies and regulations to improve Oman’s Islamic banking industry. Originality/value The research is significant, as it is the first study to investigate the awareness, willingness and perceptions of Omani SMEs regarding Islamic banking in Oman. Even though all Omanis are Muslims, Oman was the last of the six-nation Gulf Cooperation Council countries to introduce Islamic finance. Thus, this emerging market provides an important basis from which to extend future research on Islamic finance to other potential Islamic finance markets.

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