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5 Result For : IIUM Journal of Economics and Management
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Towards an Islamic Common Market: Are OIC
Countries Heading the Right Direction?
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By
Ruzita Mohd. Amin and Zarinah Hamid © 2009. International Islamic University Malaysia
IIUM Journal of Economics and Management, Volume 17, Issue 1
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10 views |
133-180 Page(s)
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Abstract
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Economic cooperation through trade has been one of the important agendas
of the Organization of Islamic Conferences (OIC) since its establishment in
September 1969. This study analyzes intra-trade potentials by using the
Revealed Comparative Advantage (RCA) Indices on five countries that are
signatories to the Framework Agreement on Trade Preferential System among
the Member States of the OIC. These countries are Jordan, Malaysia, Pakistan,
Turkey and the United Arab Emirates (UAE). Sectors that show potential for
intra-trade among OIC countries are identified based on the RCA indices. The
corresponding MFN weighted average applied rates are also examined to
detennine the specific sectors that would benefit from tariff reductions under
the PRETAS. The findings of the analysis serve to provide an indication as to
whether the implementation of the TPS-OIC is strategically headed towards
the right direction. Such infonnation will be useful for member countries to
formulate strategies that would foster closer trade relations among themselves
in their effort towards establishing an Islamic Common Market. |
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Keywords
Intra-trade, Economic integration, Revealed comparative advantage,
Organization oflslamic Conference, Islamic Common Market
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Abstract
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While OIC countries play a vital economic role in oil exports, tourism, and
international investments, the stock market behavior in OIC countries has
been largely unrevealed and bypassed by financial market research. To fill
this gap, we examine the possibility of rational speculative bubbles in OIC
stock markets by employing alternative bubble tests, such as fractional bubble
tests and duration dependence tests. We confinn that log dividend yields of
OIC stock markets are fractionally integrated and none of the nonparametric
Nelson-Aalen smoothed hazard functions is monotonically decreasing.
Therefore, we do not find strong evidence of rational speculative bubbles in
OIC stock markets without regard to currency denominations. |
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Keywords
Rational speculative bubbles, OIC stock markets, Fractional
integration tests, Duration dependence tests
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Abstract
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Early writings in Islamic economics depicted a grand and, some would say,
utopian image of the type of societal development that would result from
implementing Islamic social and economic theory. However, despite the
emergence of Islamic economics in a modem sense in the 1960s, we now find
that the only manifestation that represents an Islamic alternative to mainstream
neo-classical development is the Islamic banking and finance industry (IBF).
However, the developments in the IBF industry indicate that it has converged
towards conventional finance. Consequently, it has failed to fulfil the
institutional and policy aspirations of Islamic economic system. This paper,
thus, attempts to identify how such divergence has taken place, presents a
conceptual model of development in Islam that goes beyond mere economics
and fiqh considerations and suggests a political economy approach to
demonstrate that the foundational axioms in fact rely wholly on major
institutional implementation. It also identifies the pre-requisites for achieving
this that includes political vision, will and leadership. |
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Keywords
Islamic economics, Political economy, Islamic development
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4. |
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Islamic Economics and Finance: An Institutional
Perspective
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By
Abbas Mirakhor © 2009. International Islamic University Malaysia
IIUM Journal of Economics and Management, Volume 17, Issue 1
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Table of Contents
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19 views |
31-72 Page(s)
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5. |
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Enhancing Economic Cooperation among Muslim
Countries - The Role of the OIC
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By
Dr. Ekmeleddin Ihsanoglu © 2006. International Islamic University Malaysia
IIUM Journal of Economics and Management, Volume 17, Issue 1
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Table of Contents
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16 views |
13-30 Page(s)
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