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Conventional vs Islamic banking and macroeconomic risk: Impacton asset price bubbles
本文从宏观上考察了伊斯兰银行的负债方面如何受到风险的影响
经济。
本文首先建立了传统银行和伊斯兰银行的理论模型。
为
传统的银行，我们认为在经济风险上升的时期，投资者有
与其他资产类别相比，风险厌恶程度较高的人更倾向于将银行存款作为避风港，从而导致
传统银行会被过剩的流动性冲入，然后以
高风险贷款。
这可能会造成资产价格泡沫，进一步增加整体风险
经济。
对于伊斯兰银行，我们建立了一个具有宗教意识的客户的理论模型
基地谁要求产品与宗教合规性。
在宗教遵从的背景下，伊斯兰银行所面临的日益增强的自我监管环境有助于减少流入
宏观经济冲击加剧期间的流动性和风险贷款转换。
我们利用2000年至2015年期间20个穆斯林占主导地位的国家的世行数据
检验我们的理论模型的命题。
我们发现宏观经济风险对传统银行存款有显著的、积极的影响，而它对伊斯兰银行存款的影响要么是消极的，要么明显低于传统银行。
This paper examines how the liability side of Islamic banks is impacted by the risk in the macroeconomy. The paper first develops theoretical models for conventional and Islamic banks. Forconventional banks, we argue that during periods of rising risk in the economy, investors withhigher risk aversion prefer bank deposits as a haven compared to other asset classes, causingconventional banks to be flushed with excess liquidity, which is then disposed of in the form ofrisky loans. This may create asset price bubbles and a further increase in the overall risk of theeconomy. For Islamic banks, we build a theoretical model with a religious conscious customerbase who demands products with religious compliance. The increased self-regulatory environment faced by Islamic banks on the backdrop of religious compliance helps reducing the influx ofliquidity and conversion into risky loans during periods of heightened macroeconomic shocks.Using bank-level data from 20 Muslim-dominated countries for the period from 2000 to 2015, wetest the propositions of our theoretical model. We find that the macroeconomic risk has a significant, positive impact on conventional bank deposits, while its impact on Islamic banks' deposits is either negative or significantly lower than their conventional counterparts.
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