Does Islamic banking really strengthen financial stability? Empirical evidence from Pakistan
Does Islamic banking really strengthen financial stability? Empirical evidence from Pakistan
复制标题
伊斯兰银行业真的能加强金融稳定吗？
DOI：
10.1108/imefm-11-2015-0137
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发表时间：
2017
影响因子：
3
通讯作者：
M. Khaleequzzaman
中科院分区：
文献类型：
--
作者：
A. Rashid;Saba Yousaf;M. Khaleequzzaman
目的-本文旨在实证评估伊斯兰银行对巴基斯坦金融稳定的贡献。为此，作者研究了伊斯兰银行的相对金融实力及其对金融稳定的贡献。他们还研究了银行竞争行为与银行体系稳定性之间的关系。设计/方法/方式-作者使用季度数据的10个传统银行，4个全面的伊斯兰银行和6个独立的伊斯兰分支机构的传统银行的巴基斯坦在2006年至2012年期间。计算了z得分，并将其用作银行稳定性的衡量标准，随机效应估计量用于量化银行特定变量和宏观经济指标对金融稳定性的影响。本文使用的实证框架使作者能够研究每个基础变量对伊斯兰银行和传统银行金融稳定性的差异影响。为了检查结果的稳健性，作者估计了几个具有不同规格的模型。结果-回归结果表明，收入的多样性，盈利能力的比率，贷款资产比率，资产规模和市场集中度的银行银行的稳定性有显着的影响。比较伊斯兰银行和传统银行，伊斯兰银行和传统银行的金融稳定的经验决定因素的显着差异效应已被观察到。结果表明，伊斯兰银行的表现优于传统银行，并更有效地促进了金融部门的稳定。总体而言，研究结果表明，伊斯兰银行对金融稳定的贡献是合理的和有前景的。实践意义-本文的实证结果是非常有用的，不仅对银行的管理，而且对投资者，银行客户和政策制定者。具体而言，研究结果有助于提高我们的理解，银行的具体变量和宏观经济指标是如何与银行体系的金融稳定。研究结果还有助于理解伊斯兰银行和传统银行在金融稳定中的作用。此外，研究结果表明，金融稳健性可以通过创造健康的竞争，在银行业。关于宏观经济指标的结果意味着，需要采取保护措施，以加强（减轻）国内生产总值（通货膨胀）对银行金融稳定的积极（消极）影响。独创性/价值-本文提供了一个整体的比较分析，巴基斯坦的伊斯兰和传统银行的金融稳定。首先，本文计算样本中每家银行的z得分，然后进行回归分析，研究银行特定变量和宏观经济因素与银行金融稳定性的关系。与以前的研究不同，我们的实证框架使作者能够研究每个基础变量对伊斯兰银行和传统银行金融稳定性的差异影响。
Purpose - This paper aims to empirically assess the contribution of Islamic banks toward the financial stability of Pakistan. For this, the authors investigate the relative financial strength of Islamic banks and their contribution toward the financial stability. They also examine the relationship between the competitive conduct of banks and banking system stability. Design/methodology/approach - The authors use quarterly data of ten conventional banks, four full-fledged Islamic banks and six standalone Islamic branches of conventional banks of Pakistan for the period 2006-2012. The z-score has been computed and used as the measure of stability of banks and the random effects estimator applied to quantify the impact of bank-specific variables and macroeconomic indicators on the financial stability. The empirical framework used in the paper enables the authors us to examine the differential effect of each underlying variable on the financial stability across Islamic and conventional banks. To check the robustness of the results, the authors have estimated several models with different specifications. Findings - The regression results indicate that income diversity, profitability ratio, loan to asset ratio, asset size and the market concentration ratio of banks have significant effects on the stability of banks. Comparing Islamic and conventional banks, notable differential effects of the empirical determinants of financial stability for Islamic and conventional banks have been observed. The results suggest that Islamic banks have performed better as compared to conventional banks and contributed more effectively in the stability of financial sector. Overall, the results depict that the contribution of Islamic banks toward the financial stability has been reasonable and prospective. Practical implications - The empirical results of the paper are very useful not only for banks’ managements but also for the investors, bank customers and policymakers. Specifically, the findings help in enhancing our understanding as to how the bank-specific variables and macroeconomic indicators are related to the financial stability of the banking system. The results also help understand the role of both Islamic and conventional banks in the financial stability. Further, the results suggest that the financial soundness can be enhanced by creating healthy competition in the banking industry. The results about macroeconomic indicators imply that protective measures are required to intensify (mitigate) the positive (negative) effect of gross domestic product (inflation) on banks’ financial stability. Originality/value - This paper provides an overall comparative analysis of financial stability of both Islamic and conventional banks of Pakistan. First, the paper computes the z-score for each bank included in the sample, and then, it performs the regression analysis to study how bank-specific variables and macroeconomic factors are related to the financial stability of banks. Unlike the previous studies, our empirical framework enables the authors to examine the differential effect of each underlying variable on the financial stability across Islamic and conventional banks.