Public Finance and Islamic Capital Markets
Theory and Application

Authors: Syed Aun R. Rizvi, Obiyathulla I. Bacha, Abbas Mirakhor



Explains empirical and mathematical concepts

Examines sequentially how fiscal policy impacts economic stability

Explores how Islamic capital markets share risk

This book 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.

Table of contents

Front Matter

Conventional Macroeconomic Policy

Islamic Macroeconomic Policies

Capital Markets: Conventional Versus Islamic

Risk Sharing and Public Policy

Government Finance and the Debt Market

Government Finance and the Equity Market

Macro Market Application

Micro Market Application

Markets and the Way Forward

Back Matter

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