Volume 19, Issue 2 (6-2024)
J. Mon. Ec. 2024, 19(2): 131-159 |
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saveh shemshaki H, dalman pour M, rahim zadeh A, mohammadi T. Studying the effect of Sukuk and governance quality on economic growth in selected countries of the MENA region. J. Mon. Ec. 2024; 19 (2) : 1
URL: http://jme.mbri.ac.ir/article-1-697-en.html
URL: http://jme.mbri.ac.ir/article-1-697-en.html
1- Department of Economics, Zanjan Branch, Islamic Azad University
2- Allameh Tabatabaei University
2- Allameh Tabatabaei University
Abstract: (970 Views)
This paper examines whether sukuk issuance can always affect the economic growth of Islamic countries and what is the role of institutional quality in this regard. A case study is conducted on selected MENA countries including Bahrain, Qatar, Saudi Arabia, Oman, and the United Arab Emirates. Macroeconomic data are collected from the World Bank and sukuk data are collected from the International Islamic Financial Market. Analyses are conducted using a balanced panel data model and weighted least squares method, and principal component analysis is used for the governance quality index. The results show that sukuk issuance, governance quality, inflation rate, and degree of economic openness all have a positive and significant effect on economic growth. These findings confirm the importance of institutional factors in enhancing the economic growth of Islamic countries.
Article number: 1
Keywords: Balanced panel data model, estimated weighted least squares (EGLS) method, economic growth, Sukuk, governance quality index, MENA countries
Type of Study: Original Research - Empirical |
Subject:
Macroeconomics
Received: 6 May 2025 | Accepted: 5 Jun 2025 | Published: 29 Jun 2025
Received: 6 May 2025 | Accepted: 5 Jun 2025 | Published: 29 Jun 2025
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