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.The Book addresses theory and application of financing of government budget with non-debt creating flows through risk-sharing capital market instruments. Comparative analysis with the conventional finance will demonstrate the ability of Islamic capital market instruments to create impetus to economic stability and growth.
1. Conventional Macroeconomic Policy
2. Islamic Macroeconomic Policies
3. Capital Markets: Conventional versus Islamic
4. Risk Sharing and Public Policy
5. Government Finance and the Debt Market
6. Government Finance and the Equity Market
7. Macro Market Application
8. Micro Market Application
9. Markets and the Way Forward
Syed Aun R. Rizvi is Assistant Professor at Suleman Dawood School of Business at Lahore University of Management Sciences (LUMS), Pakistan. He is also a Research Affiliate of Centre for Islamic Business and Finance Research (CIBFR) at the University of Nottingham Malaysia Campus. He brings to academia his fund management industry experience and a diverse teaching and research background spanning over three countries. His research focuses on capital markets in Islamic and emerging economies.
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