Why Economists (and Economies) Should Love Islamic Finance

Willem H. Buiter · Ebrahim Rahbari

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Islamic Finance and Banking Studies Banking stability, regulation, efficiency Halal products and consumer behavior

Abstract

The world has too much debt and too little equity. This circumstance cost it dearly; glaringly during the great financial crisis(GFC) between late 2007 and 2010 and the European sovereign debt and banking crises that started in 2010. Debt, characterized by fixed financial commitments, can be a poor financing choice in a risky, uncertain world where the private and social costs of default are high.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1977Determinants of corporate borrowing 1981Credit Rationing in Markets with Imperfect Information 1979Optimal contracts and competitive markets with costly state verification 2006The Theory of Corporate Finance 1986Costly monitoring, financial intermediation, and equilibrium credit rationing 2000Optimal Contracts when Enforcement is a Decision Variable

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2020Islamic Finance and Sustainable Development Goals (SDG)

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