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Author Rizvi, Syed Aun R.,
Title Public finance and Islamic capital markets : theory and application / Syed Aun R. Rizvi, Obiyathulla I. Bacha, Abbas Mirakhor.
Imprint New York : Palgrave Macmillan, [2016]

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Author Rizvi, Syed Aun R.,
Series Palgrave studies in Islamic banking, finance, and economics
Palgrave studies in Islamic banking, finance, and economics.
Subject Finance, Public -- Islamic countries.
Capital market -- Islamic countries.
Alt Name Ismath Bacha, Obiyathulla,
Mirakhor, Abbas,
Description 1 online resource (xiii, 185 pages) : illustrations, map.
Bibliography Note Includes bibliographical references and index.
Summary Annotation This volume addresses the financing of government budgets with non-debt-creating flows through risk-sharing capital market instruments. It offers a comparative analysis with conventional finance to demonstrate the ability of Islamic capital market instruments to create an impetus for economic stability and growth. Rizvi, Bacha, and Mirakhor guide readers chronologically through the unfolding effects of macroeconomic policy implemented to reduce crippling sovereign debt, increase government financing, and guide governments to the path of economic progress.
Contents Dedication; Preface; Contents; List of Figures; List of Tables; Chapter 1: Conventional Macroeconomic Policy; Macroeconomic Objectives; Stabilization and Growth; Inflation; Does Inflation Impair Growth?; External Balance; Macroeconomic Policies; Fiscal Policy; Sources of Fiscal Revenues and Policy Constraints; Borrowing Constraints; Aid Delivery and Absorption; Public Resource Mobilization; The Effectiveness of Fiscal Policy; The Procyclical Bias of Fiscal Policy; Alternative Fiscal Policy Measures.
Management of Public-Private PartnershipsAutomatic Stabilizers: Fiscal Stabilization Funds; Countercyclical Tax Policies, Low-Cost Stimuli and Other Fiscal Policy Alternatives; Monetary Policy; Monetary Policy Instruments; Quantitative Instruments; Qualitative Instruments; The Effectiveness of Monetary Policy; Exchange Rate Policy; Impact of Devaluation; Impact on Aggregate Demand and Growth; References; Chapter 2: Islamic Macroeconomic Policies; Social and Economic Justice; Equality of Opportunity.
Justice in Exchange (Economic Transactions)Distributive Justice; Prohibition of Interest (Riba); Risk Sharing System; Goals of Macroeconomic Policy in Islam; Macroeconomic Equilibrium: Characteristics of an Islamic Economy; Open Economy Model; Conclusion; References; Chapter 3: Capital Markets: Conventional Versus Islamic; What and Why of Capital Markets; Capital Marketsa#x80;#x94;Conventional versus Islamic; Bond Markets; The Islamic Alternativea#x80;#x94;Sukuk and its Markets; The Equity Markets; Islamic Equity Markets.
Derivatives MarketsIslamic Derivatives; Forex Markets; Current Trends in Capital Markets; Reference; Chapter 4: Risk Sharing and Public Policy; Risk; Why Does it Even Exist?; Types of Risk; Risk in the Real Sector and in the Financial Sector; Risk, Uncertainty and Ambiguity; Risk Sharing; Government Policy and Risk Sharing; Islamic Finance and Risk Sharing: The Role of Public Policy; Conclusions; References; Chapter 5: Government Finance and the Debt Market; Why Debt Matters; The Short-Run Impact.
The Long Run: Reduced National Saving and its ConsequencesOther Effects; Types of Government Debt; Productive and Unproductive Debts; Voluntary and Compulsory Debt; Internal Versus External; Debt Dynamics of the Current World; Pitfalls of Government Debt; Conclusion; References; Chapter 6: Government Finance and the Equity Market; Advantages and Disadvantages of Stock Markets; Stock Markets and Risk Sharing; Conditions for a Vibrant, Robust Stock Market; References; Chapter 7: Macro Market Application.
Note Print version record.
ISBN 9781137553423 (electronic bk.)
1137553421 (electronic bk.)
9781137553416 (hardcover ; alkaline paper)
1137553413 (hardcover ; alkaline paper)
ISBN/ISSN 9781137553416
OCLC # 969446837
Additional Format Print version: Rizvi, Syed Aun R. Public finance and islamic capital markets. New York : Palgrave Macmillan, [2016] 9781137553416 (DLC) 2016956400 (OCoLC)953223140

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