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Islamic Banks and Financial Stability

An Empirical Analysis

The relative financial strength of Islamic banks is assessed empirically based on evidence covering individual Islamic and commercial banks in 18 banking systems with a substantial presence of Islamic banking. We find that (i) small Islamic banks tend to be financially stronger than small commercial banks; (ii) large commercial banks tend to be financially stronger than large Islamic banks; and (iii) small Islamic banks tend to be financially stronger than large Islamic banks, which may reflect challenges of credit risk management in large Islamic banks. We also find that the market share of Islamic banks does not have a significant impact on the financial strength of other banks.

Section II provides a short overview of the specifics of Islamic banking from a
prudential perspective, and discusses the associated risks (more details are
provided in Appendix I). Section III discusses the methodology, and introduces
the ...

The Quality of Eligible Collateral, Central Bank Losses and Monetary Stability

An Empirical Analysis

This book investigates to what extent the quality of eligible collateral is able to explain inflation. Addressing this question, hypotheses derived from the "Theory of Property Economics" by Heinsohn & Steiger are tested. Data are collected using a questionnaire, answered by central banks. An index of the quality of eligible collateral is constructed. Regression analyses are performed based on a sample of 62 countries for the period 1990 to 2003. A negative, robust and statistically significant correlation between inflation and the quality of eligible collateral is found. Central bank independence cannot contribute to the explanation of inflation. The result supports the theory of Heinsohn & Steiger: Securitisation of central bank lending is crucial for price stability.

22 Finally, Ize argues that central bank recapitalisations call for an extensive
policy debate.223 He develops a simple framework to assess central bank
capital adequacy and, using capital structure data for a broad sample of central
banks, ...